# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001133228-25-011515
**Filing Date:** 2025-10
**Character Count:** 1710133
**Document Hash:** a13b2e7cbee9788c40e9fefa8608c12e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011515.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0001133228-25-011515

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 217

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**EFFECTIVENESS DATE**: 20251030

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FRANKLIN TAX FREE TRUST
- **CENTRAL INDEX KEY:** 0000757010

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 251432657

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-312-2000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

## Series and Classes Contracts Data

### FRANKLIN ALABAMA TAX-FREE INCOME FUND (Series ID: S000006911)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018753 | CLASS A1      | FRALX           |
| C000018754 | CLASS C       | FALEX           |
| C000173665 | Advisor Class | FALZX           |
| C000194353 | Class R6      | FALRX           |
| C000205892 | Class A       | FALQX           |

### FRANKLIN GEORGIA TAX-FREE INCOME FUND (Series ID: S000006912)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018755 | CLASS A1      | FTGAX           |
| C000018756 | CLASS C       | FGAIX           |
| C000173666 | Advisor Class | FGFZX           |
| C000194354 | Class R6      | FGFQX           |
| C000205893 | Class A       | FGAQX           |

### FRANKLIN HIGH YIELD TAX-FREE INCOME FUND (Series ID: S000006913)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018757 | ADVISOR CLASS | FHYVX           |
| C000018758 | CLASS A1      | FRHIX           |
| C000018760 | CLASS C       | FHYIX           |
| C000194355 | Class R6      | FHYRX           |
| C000199703 | Class A       | FHYQX           |

### FRANKLIN LOUISIANA TAX-FREE INCOME FUND (Series ID: S000006916)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018765 | CLASS A1      | FKLAX           |
| C000018766 | CLASS C       | FLAIX           |
| C000173668 | Advisor Class | FLTZX           |
| C000194357 | Class R6      | FLAQX           |
| C000205895 | Class A       | FQLAX           |

### FRANKLIN MARYLAND TAX-FREE INCOME FUND (Series ID: S000006917)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018767 | CLASS A1      | FMDTX           |
| C000018768 | CLASS C       | FMDIX           |
| C000079635 | ADVISOR CLASS | FMDZX           |
| C000194358 | Class R6      | FMDQX           |
| C000205896 | Class A       | FQMDX           |

### FRANKLIN MASSACHUSETTS TAX-FREE INCOME FUND (Series ID: S000006918)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018769 | CLASS A1      | FMISX           |
| C000018770 | CLASS C       | FMAIX           |
| C000079636 | ADVISOR CLASS | FMAHX           |
| C000194359 | Class R6      | FKTMX           |
| C000205897 | Class A       | FMAQX           |

### FRANKLIN MICHIGAN TAX-FREE INCOME FUND (Series ID: S000006919)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018771 | CLASS A1      | FTTMX           |
| C000018773 | CLASS C       | FRMTX           |
| C000068549 | ADVISOR CLASS | FMTFX           |
| C000194360 | Class R6      | FKTNX           |
| C000205898 | Class A       | FMQTX           |

### FRANKLIN MINNESOTA TAX-FREE INCOME FUND (Series ID: S000006920)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018774 | CLASS A1      | FMINX           |
| C000018775 | CLASS C       | FMNIX           |
| C000079637 | ADVISOR CLASS | FMNZX           |
| C000194361 | Class R6      | FKTDX           |
| C000205899 | Class A       | FMNQX           |

### FRANKLIN MISSOURI TAX-FREE INCOME FUND (Series ID: S000006921)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018776 | CLASS A1      | FRMOX           |
| C000018777 | CLASS C       | FMOIX           |
| C000079638 | ADVISOR CLASS | FRMZX           |
| C000194362 | Class R6      | FMOQX           |
| C000205900 | Class A       | FMQOX           |

### FRANKLIN ARIZONA TAX-FREE INCOME FUND (Series ID: S000006922)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018778 | CLASS A1      | FTAZX           |
| C000018780 | CLASS C       | FAZIX           |
| C000068550 | ADVISOR CLASS | FAZZX           |
| C000194363 | Class R6      | FAZRX           |
| C000205901 | Class A       | FAZQX           |

### FRANKLIN NEW JERSEY TAX-FREE INCOME FUND (Series ID: S000006923)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018781 | CLASS A1      | FRNJX           |
| C000018783 | CLASS C       | FNIIX           |
| C000068551 | ADVISOR CLASS | FNJZX           |
| C000194364 | Class R6      | FNJRX           |
| C000205902 | Class A       | FNJQX           |

### FRANKLIN NORTH CAROLINA TAX-FREE INCOME FUND (Series ID: S000006924)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018784 | CLASS A1      | FXNCX           |
| C000018785 | CLASS C       | FNCIX           |
| C000079639 | ADVISOR CLASS | FNCZX           |
| C000194365 | Class R6      | FNCQX           |
| C000205903 | Class A       | FQNCX           |

### FRANKLIN OHIO TAX-FREE INCOME FUND (Series ID: S000006925)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018786 | CLASS A1      | FTOIX           |
| C000018788 | CLASS C       | FOITX           |
| C000068552 | ADVISOR CLASS | FROZX           |
| C000194366 | Class R6      | FKTOX           |
| C000205904 | Class A       | FOHQX           |

### FRANKLIN OREGON TAX-FREE INCOME FUND (Series ID: S000006926)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018789 | CLASS A1      | FRORX           |
| C000018790 | CLASS C       | FORIX           |
| C000079640 | ADVISOR CLASS | FOFZX           |
| C000194367 | Class R6      | FOFRX           |
| C000205905 | Class A       | FOFQX           |

### FRANKLIN PENNSYLVANIA TAX-FREE INCOME FUND (Series ID: S000006927)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018791 | CLASS A1      | FRPAX           |
| C000018793 | CLASS C       | FRPTX           |
| C000079641 | ADVISOR CLASS | FPFZX           |
| C000194368 | Class R6      | FRPRX           |
| C000205906 | Class A       | FPAQX           |

### FRANKLIN VIRGINIA TAX-FREE INCOME FUND (Series ID: S000006928)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018794 | CLASS A1      | FRVAX           |
| C000018795 | CLASS C       | FVAIX           |
| C000079642 | ADVISOR CLASS | FRVZX           |
| C000194369 | Class R6      | FRVRX           |
| C000205907 | Class A       | FVAQX           |

### FRANKLIN COLORADO TAX-FREE INCOME FUND (Series ID: S000006929)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018796 | CLASS A1      | FRCOX           |
| C000018797 | CLASS C       | FCOIX           |
| C000079643 | ADVISOR CLASS | FCOZX           |
| C000194370 | Class R6      | FKTLX           |
| C000205908 | Class A       | FCOQX           |

### FRANKLIN CONNECTICUT TAX-FREE INCOME FUND (Series ID: S000006930)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018798 | CLASS A1      | FXCTX           |
| C000018799 | CLASS C       | FCTIX           |
| C000079644 | ADVISOR CLASS | FCNZX           |
| C000194371 | Class R6      | FCTQX           |
| C000205909 | Class A       | FQCTX           |

### FRANKLIN FEDERAL INTERMEDIATE-TERM TAX-FREE INCOME FUND (Series ID: S000006932)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018802 | CLASS A1      | FKITX           |
| C000018803 | CLASS C       | FCITX           |
| C000074134 | ADVISOR CLASS | FITZX           |
| C000194372 | Class R6      | FITQX           |
| C000205910 | Class A       | FKQTX           |

### FRANKLIN FEDERAL LIMITED-TERM TAX-FREE INCOME FUND (Series ID: S000006933)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018804 | CLASS A1      | FFTFX           |
| C000096868 | Advisor Class | FTFZX           |
| C000194373 | Class R6      | FFTRX           |
| C000205911 | Class A       | FFLQX           |

?xml version='1.0' encoding='ASCII'? 2025-09-1174200006200_FranklinFederalIntermediate-TermTax-FreeIncomeFund_ClassA_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-04149**

**Franklin Tax-Free Trust**

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

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

Date of fiscal year end: **February 28**

Date of reporting period: **August 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKQTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $36 | 0.71% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2010950161 |
| **Total Number of Portfolio Holdings** | 591 |
| **Portfolio Turnover Rate** | 18.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4980img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 1174-STSR-1025

17.315.813.410.79.49.07.37.23.63.42.00.9 ------

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKITX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $28 | 0.56% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2010950161 |
| **Total Number of Portfolio Holdings** | 591 |
| **Portfolio Turnover Rate** | 18.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4979img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 174-STSR-1025

17.315.813.410.79.49.07.37.23.63.42.00.9 ------

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCITX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $56 | 1.11% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2010950161 |
| **Total Number of Portfolio Holdings** | 591 |
| **Portfolio Turnover Rate** | 18.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4981img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 274-STSR-1025

17.315.813.410.79.49.07.37.23.63.42.00.9 ------

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FITQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $20 | 0.40% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2010950161 |
| **Total Number of Portfolio Holdings** | 591 |
| **Portfolio Turnover Rate** | 18.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4983img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 8174-STSR-1025

17.315.813.410.79.49.07.37.23.63.42.00.9 ------

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FITZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $23 | 0.46% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $2010950161 |
| **Total Number of Portfolio Holdings** | 591 |
| **Portfolio Turnover Rate** | 18.33% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4978img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 672-STSR-1025

17.315.813.410.79.49.07.37.23.63.42.00.9 ------

---

| | |
|:---|:---|
| **Franklin Federal Limited-Term Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FFLQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $33 | 0.65% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $878839085 |
| **Total Number of Portfolio Holdings** | 333 |
| **Portfolio Turnover Rate** | 19.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4967img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 1 1154-STSR-1025

26.511.010.39.08.78.68.47.34.43.51.60.7 ------

---

| | |
|:---|:---|
| **Franklin Federal Limited-Term Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FFTFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $28 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $878839085 |
| **Total Number of Portfolio Holdings** | 333 |
| **Portfolio Turnover Rate** | 19.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4965img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 1 154-STSR-1025

26.511.010.39.08.78.68.47.34.43.51.60.7 ------

---

| | |
|:---|:---|
| **Franklin Federal Limited-Term Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FFTRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $19 | 0.37% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $878839085 |
| **Total Number of Portfolio Holdings** | 333 |
| **Portfolio Turnover Rate** | 19.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4968img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 1 8154-STSR-1025

26.511.010.39.08.78.68.47.34.43.51.60.7 ------

---

| | |
|:---|:---|
| **Franklin Federal Limited-Term Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FTFZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $20 | 0.40% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $878839085 |
| **Total Number of Portfolio Holdings** | 333 |
| **Portfolio Turnover Rate** | 19.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4964img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 1 54-STSR-1025

26.511.010.39.08.78.68.47.34.43.51.60.7 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FHYQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $40 | 0.80% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4579030738 |
| **Total Number of Portfolio Holdings** | 1891 |
| **Portfolio Turnover Rate** | 7.22% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4935img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 1130-STSR-1025

30.114.612.010.47.25.95.74.33.32.71.51.40.9 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRHIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $32 | 0.65% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4579030738 |
| **Total Number of Portfolio Holdings** | 1891 |
| **Portfolio Turnover Rate** | 7.22% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4934img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 130-STSR-1025

30.114.612.010.47.25.95.74.33.32.71.51.40.9 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FHYIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $59 | 1.19% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4579030738 |
| **Total Number of Portfolio Holdings** | 1891 |
| **Portfolio Turnover Rate** | 7.22% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4936img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 230-STSR-1025

30.114.612.010.47.25.95.74.33.32.71.51.40.9 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FHYRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $25 | 0.50% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4579030738 |
| **Total Number of Portfolio Holdings** | 1891 |
| **Portfolio Turnover Rate** | 7.22% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4937img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 8130-STSR-1025

30.114.612.010.47.25.95.74.33.32.71.51.40.9 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FHYVX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $27 | 0.55% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $4579030738 |
| **Total Number of Portfolio Holdings** | 1891 |
| **Portfolio Turnover Rate** | 7.22% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4933img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 640-STSR-1025

30.114.612.010.47.25.95.74.33.32.71.51.40.9 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMAQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $44 | 0.89% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $330964141 |
| **Total Number of Portfolio Holdings** | 114 |
| **Portfolio Turnover Rate** | 16.35% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4876img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 1118-STSR-1025

27.420.412.29.48.57.54.34.13.91.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FMISX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $37 | 0.74% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $330964141 |
| **Total Number of Portfolio Holdings** | 114 |
| **Portfolio Turnover Rate** | 16.35% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4874img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 118-STSR-1025

27.420.412.29.48.57.54.34.13.91.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FMAIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $64 | 1.29% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $330964141 |
| **Total Number of Portfolio Holdings** | 114 |
| **Portfolio Turnover Rate** | 16.35% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4877img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 218-STSR-1025

27.420.412.29.48.57.54.34.13.91.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $29 | 0.59% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $330964141 |
| **Total Number of Portfolio Holdings** | 114 |
| **Portfolio Turnover Rate** | 16.35% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4878img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 8118-STSR-1025

27.420.412.29.48.57.54.34.13.91.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMAHX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $32 | 0.64% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $330964141 |
| **Total Number of Portfolio Holdings** | 114 |
| **Portfolio Turnover Rate** | 16.35% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4873img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 18-STSR-1025

27.420.412.29.48.57.54.34.13.91.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FNJQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $41 | 0.83% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $820246704 |
| **Total Number of Portfolio Holdings** | 209 |
| **Portfolio Turnover Rate** | 16.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4845img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 1171-STSR-1025

25.218.812.712.59.85.24.53.63.52.41.50.3 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRNJX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $34 | 0.68% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $820246704 |
| **Total Number of Portfolio Holdings** | 209 |
| **Portfolio Turnover Rate** | 16.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4844img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 171-STSR-1025

25.218.812.712.59.85.24.53.63.52.41.50.3 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FNIIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $61 | 1.22% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $820246704 |
| **Total Number of Portfolio Holdings** | 209 |
| **Portfolio Turnover Rate** | 16.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4846img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 271-STSR-1025

25.218.812.712.59.85.24.53.63.52.41.50.3 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FNJRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $26 | 0.53% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $820246704 |
| **Total Number of Portfolio Holdings** | 209 |
| **Portfolio Turnover Rate** | 16.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4847img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 8171-STSR-1025

25.218.812.712.59.85.24.53.63.52.41.50.3 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FNJZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $29 | 0.58% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $820246704 |
| **Total Number of Portfolio Holdings** | 209 |
| **Portfolio Turnover Rate** | 16.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4843img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 676-STSR-1025

25.218.812.712.59.85.24.53.63.52.41.50.3 ------

---

| | |
|:---|:---|
| **Franklin Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FALQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $45 | 0.90% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $167486834 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 10.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4930img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 1164-STSR-1025

30.715.814.713.311.37.62.61.81.50.7 ------

---

| | |
|:---|:---|
| **Franklin Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRALX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $37 | 0.75% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $167486834 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 10.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4931img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 164-STSR-1025

30.715.814.713.311.37.62.61.81.50.7 ------

---

| | |
|:---|:---|
| **Franklin Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FALEX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $64 | 1.29% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $167486834 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 10.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4929img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 264-STSR-1025

30.715.814.713.311.37.62.61.81.50.7 ------

---

| | |
|:---|:---|
| **Franklin Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FALRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $31 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $167486834 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 10.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4928img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 8164-STSR-1025

30.715.814.713.311.37.62.61.81.50.7 ------

---

| | |
|:---|:---|
| **Franklin Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FALZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $32 | 0.65% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $167486834 |
| **Total Number of Portfolio Holdings** | 97 |
| **Portfolio Turnover Rate** | 10.10% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4932img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 564-STSR-1025

30.715.814.713.311.37.62.61.81.50.7 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FGAQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $45 | 0.90% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $268048375 |
| **Total Number of Portfolio Holdings** | 104 |
| **Portfolio Turnover Rate** | 6.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4959img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 1128-STSR-1025

20.818.214.912.910.96.85.55.02.01.51.00.5 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FTGAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $37 | 0.75% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $268048375 |
| **Total Number of Portfolio Holdings** | 104 |
| **Portfolio Turnover Rate** | 6.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4958img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 128-STSR-1025

20.818.214.912.910.96.85.55.02.01.51.00.5 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FGAIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $64 | 1.29% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $268048375 |
| **Total Number of Portfolio Holdings** | 104 |
| **Portfolio Turnover Rate** | 6.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4960img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 228-STSR-1025

20.818.214.912.910.96.85.55.02.01.51.00.5 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FGFQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $30 | 0.61% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $268048375 |
| **Total Number of Portfolio Holdings** | 104 |
| **Portfolio Turnover Rate** | 6.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4961img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 8128-STSR-1025

20.818.214.912.910.96.85.55.02.01.51.00.5 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FGFZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $32 | 0.65% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $268048375 |
| **Total Number of Portfolio Holdings** | 104 |
| **Portfolio Turnover Rate** | 6.60% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4956img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 284-STSR-1025

20.818.214.912.910.96.85.55.02.01.51.00.5 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FQLAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $45 | 0.90% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $219220429 |
| **Total Number of Portfolio Holdings** | 102 |
| **Portfolio Turnover Rate** | 10.89% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4909img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 1168-STSR-1025

22.012.912.412.412.110.98.44.02.21.20.80.7 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKLAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $37 | 0.75% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $219220429 |
| **Total Number of Portfolio Holdings** | 102 |
| **Portfolio Turnover Rate** | 10.89% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4908img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 168-STSR-1025

22.012.912.412.412.110.98.44.02.21.20.80.7 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLAIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $64 | 1.29% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $219220429 |
| **Total Number of Portfolio Holdings** | 102 |
| **Portfolio Turnover Rate** | 10.89% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4910img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 268-STSR-1025

22.012.912.412.412.110.98.44.02.21.20.80.7 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLAQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $31 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $219220429 |
| **Total Number of Portfolio Holdings** | 102 |
| **Portfolio Turnover Rate** | 10.89% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4911img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 8168-STSR-1025

22.012.912.412.412.110.98.44.02.21.20.80.7 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLTZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $32 | 0.65% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $219220429 |
| **Total Number of Portfolio Holdings** | 102 |
| **Portfolio Turnover Rate** | 10.89% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4907img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 286-STSR-1025

22.012.912.412.412.110.98.44.02.21.20.80.7 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FQMDX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $44 | 0.89% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $312214257 |
| **Total Number of Portfolio Holdings** | 107 |
| **Portfolio Turnover Rate** | 13.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4884img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 1169-STSR-1025

21.419.415.412.212.09.83.42.92.40.70.4 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FMDTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $37 | 0.74% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $312214257 |
| **Total Number of Portfolio Holdings** | 107 |
| **Portfolio Turnover Rate** | 13.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4882img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 169-STSR-1025

21.419.415.412.212.09.83.42.92.40.70.4 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FMDIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $63 | 1.28% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $312214257 |
| **Total Number of Portfolio Holdings** | 107 |
| **Portfolio Turnover Rate** | 13.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4887img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 269-STSR-1025

21.419.415.412.212.09.83.42.92.40.70.4 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMDQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $30 | 0.60% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $312214257 |
| **Total Number of Portfolio Holdings** | 107 |
| **Portfolio Turnover Rate** | 13.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4888img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 8169-STSR-1025

21.419.415.412.212.09.83.42.92.40.70.4 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMDZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $32 | 0.64% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $312214257 |
| **Total Number of Portfolio Holdings** | 107 |
| **Portfolio Turnover Rate** | 13.72% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4881img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 669-STSR-1025

21.419.415.412.212.09.83.42.92.40.70.4 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMQOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $41 | 0.83% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $603898330 |
| **Total Number of Portfolio Holdings** | 163 |
| **Portfolio Turnover Rate** | 10.42% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4852img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 1160-STSR-1025

28.424.013.68.78.07.14.42.72.40.40.3 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRMOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $34 | 0.68% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $603898330 |
| **Total Number of Portfolio Holdings** | 163 |
| **Portfolio Turnover Rate** | 10.42% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4851img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 160-STSR-1025

28.424.013.68.78.07.14.42.72.40.40.3 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FMOIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $60 | 1.22% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $603898330 |
| **Total Number of Portfolio Holdings** | 163 |
| **Portfolio Turnover Rate** | 10.42% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4853img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 260-STSR-1025

28.424.013.68.78.07.14.42.72.40.40.3 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMOQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $27 | 0.54% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $603898330 |
| **Total Number of Portfolio Holdings** | 163 |
| **Portfolio Turnover Rate** | 10.42% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4854img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 8160-STSR-1025

28.424.013.68.78.07.14.42.72.40.40.3 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRMZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $29 | 0.58% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $603898330 |
| **Total Number of Portfolio Holdings** | 163 |
| **Portfolio Turnover Rate** | 10.42% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4850img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 679-STSR-1025

28.424.013.68.78.07.14.42.72.40.40.3 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FQNCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $42 | 0.85% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $550600107 |
| **Total Number of Portfolio Holdings** | 200 |
| **Portfolio Turnover Rate** | 10.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5028img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 1170-STSR-1025

22.515.713.211.711.78.66.56.22.60.50.40.4 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FXNCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $35 | 0.70% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $550600107 |
| **Total Number of Portfolio Holdings** | 200 |
| **Portfolio Turnover Rate** | 10.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5026img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 170-STSR-1025

22.515.713.211.711.78.66.56.22.60.50.40.4 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FNCIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $62 | 1.24% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $550600107 |
| **Total Number of Portfolio Holdings** | 200 |
| **Portfolio Turnover Rate** | 10.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5030img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 270-STSR-1025

22.515.713.211.711.78.66.56.22.60.50.40.4 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FNCQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $27 | 0.55% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $550600107 |
| **Total Number of Portfolio Holdings** | 200 |
| **Portfolio Turnover Rate** | 10.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5035img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 8170-STSR-1025

22.515.713.211.711.78.66.56.22.60.50.40.4 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FNCZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $30 | 0.60% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $550600107 |
| **Total Number of Portfolio Holdings** | 200 |
| **Portfolio Turnover Rate** | 10.00% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5032img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 71-STSR-1025

22.515.713.211.711.78.66.56.22.60.50.40.4 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FVAQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $43 | 0.87% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $435160482 |
| **Total Number of Portfolio Holdings** | 149 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4912img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 1163-STSR-1025

23.416.716.210.89.06.96.03.72.71.91.51.2 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRVAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $36 | 0.72% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $435160482 |
| **Total Number of Portfolio Holdings** | 149 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4917img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 163-STSR-1025

23.416.716.210.89.06.96.03.72.71.91.51.2 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FVAIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $62 | 1.26% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $435160482 |
| **Total Number of Portfolio Holdings** | 149 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4921img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 263-STSR-1025

23.416.716.210.89.06.96.03.72.71.91.51.2 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRVRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $28 | 0.57% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $435160482 |
| **Total Number of Portfolio Holdings** | 149 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4943img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 8163-STSR-1025

23.416.716.210.89.06.96.03.72.71.91.51.2 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRVZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $31 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $435160482 |
| **Total Number of Portfolio Holdings** | 149 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4949img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 84-STSR-1025

23.416.716.210.89.06.96.03.72.71.91.51.2 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FAZQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $41 | 0.82% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $633534968 |
| **Total Number of Portfolio Holdings** | 181 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4924img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 1126-STSR-1025

23.117.216.212.411.59.66.72.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FTAZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $33 | 0.67% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $633534968 |
| **Total Number of Portfolio Holdings** | 181 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4923img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 126-STSR-1025

23.117.216.212.411.59.66.72.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FAZIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $60 | 1.21% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $633534968 |
| **Total Number of Portfolio Holdings** | 181 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4926img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 226-STSR-1025

23.117.216.212.411.59.66.72.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FAZRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $27 | 0.54% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $633534968 |
| **Total Number of Portfolio Holdings** | 181 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4927img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 8126-STSR-1025

23.117.216.212.411.59.66.72.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FAZZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $28 | 0.57% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $633534968 |
| **Total Number of Portfolio Holdings** | 181 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4922img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 656-STSR-1025

23.117.216.212.411.59.66.72.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FCOQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $43 | 0.86% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $471870718 |
| **Total Number of Portfolio Holdings** | 185 |
| **Portfolio Turnover Rate** | 6.52% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4896img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 1127-STSR-1025

22.220.513.212.36.96.66.15.34.92.0 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRCOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $35 | 0.71% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $471870718 |
| **Total Number of Portfolio Holdings** | 185 |
| **Portfolio Turnover Rate** | 6.52% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4894img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 127-STSR-1025

22.220.513.212.36.96.66.15.34.92.0 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCOIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $62 | 1.25% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $471870718 |
| **Total Number of Portfolio Holdings** | 185 |
| **Portfolio Turnover Rate** | 6.52% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4897img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 227-STSR-1025

22.220.513.212.36.96.66.15.34.92.0 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTLX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $28 | 0.56% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $471870718 |
| **Total Number of Portfolio Holdings** | 185 |
| **Portfolio Turnover Rate** | 6.52% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4895img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 8127-STSR-1025

22.220.513.212.36.96.66.15.34.92.0 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCOZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $30 | 0.61% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $471870718 |
| **Total Number of Portfolio Holdings** | 185 |
| **Portfolio Turnover Rate** | 6.52% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4893img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 86-STSR-1025

22.220.513.212.36.96.66.15.34.92.0 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FQCTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $45 | 0.90% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $148212246 |
| **Total Number of Portfolio Holdings** | 90 |
| **Portfolio Turnover Rate** | 9.31% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5002img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 1166-STSR-1025

35.622.311.08.57.96.15.12.70.8 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FXCTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $37 | 0.75% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $148212246 |
| **Total Number of Portfolio Holdings** | 90 |
| **Portfolio Turnover Rate** | 9.31% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5000img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 166-STSR-1025

35.622.311.08.57.96.15.12.70.8 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCTIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $64 | 1.29% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $148212246 |
| **Total Number of Portfolio Holdings** | 90 |
| **Portfolio Turnover Rate** | 9.31% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5005img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 266-STSR-1025

35.622.311.08.57.96.15.12.70.8 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FCTQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $31 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $148212246 |
| **Total Number of Portfolio Holdings** | 90 |
| **Portfolio Turnover Rate** | 9.31% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5006img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 8166-STSR-1025

35.622.311.08.57.96.15.12.70.8 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCNZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $32 | 0.65% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $148212246 |
| **Total Number of Portfolio Holdings** | 90 |
| **Portfolio Turnover Rate** | 9.31% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4999img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 69-STSR-1025

35.622.311.08.57.96.15.12.70.8 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMQTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $41 | 0.83% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $651721877 |
| **Total Number of Portfolio Holdings** | 226 |
| **Portfolio Turnover Rate** | 12.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4865img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 1119-STSR-1025

37.111.310.89.87.67.05.64.74.21.20.40.3 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FTTMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $34 | 0.68% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $651721877 |
| **Total Number of Portfolio Holdings** | 226 |
| **Portfolio Turnover Rate** | 12.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4864img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 119-STSR-1025

37.111.310.89.87.67.05.64.74.21.20.40.3 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRMTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $61 | 1.22% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $651721877 |
| **Total Number of Portfolio Holdings** | 226 |
| **Portfolio Turnover Rate** | 12.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4866img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 219-STSR-1025

37.111.310.89.87.67.05.64.74.21.20.40.3 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTNX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $27 | 0.55% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $651721877 |
| **Total Number of Portfolio Holdings** | 226 |
| **Portfolio Turnover Rate** | 12.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4867img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 8119-STSR-1025

37.111.310.89.87.67.05.64.74.21.20.40.3 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMTFX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $29 | 0.58% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $651721877 |
| **Total Number of Portfolio Holdings** | 226 |
| **Portfolio Turnover Rate** | 12.47% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4863img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 657-STSR-1025

37.111.310.89.87.67.05.64.74.21.20.40.3 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMNQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $42 | 0.85% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $615906753 |
| **Total Number of Portfolio Holdings** | 190 |
| **Portfolio Turnover Rate** | 2.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4858img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 1120-STSR-1025

32.922.712.39.87.87.23.11.91.60.7 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FMINX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $35 | 0.70% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $615906753 |
| **Total Number of Portfolio Holdings** | 190 |
| **Portfolio Turnover Rate** | 2.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4857img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 120-STSR-1025

32.922.712.39.87.87.23.11.91.60.7 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FMNIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $62 | 1.24% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $615906753 |
| **Total Number of Portfolio Holdings** | 190 |
| **Portfolio Turnover Rate** | 2.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4859img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 220-STSR-1025

32.922.712.39.87.87.23.11.91.60.7 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTDX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $27 | 0.54% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $615906753 |
| **Total Number of Portfolio Holdings** | 190 |
| **Portfolio Turnover Rate** | 2.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4860img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 8120-STSR-1025

32.922.712.39.87.87.23.11.91.60.7 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMNZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $30 | 0.60% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $615906753 |
| **Total Number of Portfolio Holdings** | 190 |
| **Portfolio Turnover Rate** | 2.04% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4856img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 668-STSR-1025

32.922.712.39.87.87.23.11.91.60.7 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FOHQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A | $41 | 0.82% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $911283006 |
| **Total Number of Portfolio Holdings** | 242 |
| **Portfolio Turnover Rate** | 8.06% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5019img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 1122-STSR-1025

29.013.912.711.811.67.03.43.33.22.01.30.8 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FTOIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class A1 | $33 | 0.67% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $911283006 |
| **Total Number of Portfolio Holdings** | 242 |
| **Portfolio Turnover Rate** | 8.06% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5020img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 122-STSR-1025

29.013.912.711.811.67.03.43.33.22.01.30.8 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FOITX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class C | $60 | 1.21% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $911283006 |
| **Total Number of Portfolio Holdings** | 242 |
| **Portfolio Turnover Rate** | 8.06% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5022img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 222-STSR-1025

29.013.912.711.811.67.03.43.33.22.01.30.8 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTOX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $26 | 0.53% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $911283006 |
| **Total Number of Portfolio Holdings** | 242 |
| **Portfolio Turnover Rate** | 8.06% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5024img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 8122-STSR-1025

29.013.912.711.811.67.03.43.33.22.01.30.8 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FROZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Advisor Class | $28 | 0.57% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $911283006 |
| **Total Number of Portfolio Holdings** | 242 |
| **Portfolio Turnover Rate** | 8.06% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5023img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 633-STSR-1025

29.013.912.711.811.67.03.43.33.22.01.30.8 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FOFQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $40 | 0.81% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $789271680 |
| **Total Number of Portfolio Holdings** | 174 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5003img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 1161-STSR-1025

25.725.413.011.59.34.33.62.41.91.61.10.2 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRORX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $33 | 0.66% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $789271680 |
| **Total Number of Portfolio Holdings** | 174 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5008img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 161-STSR-1025

25.725.413.011.59.34.33.62.41.91.61.10.2 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FORIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $60 | 1.20% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $789271680 |
| **Total Number of Portfolio Holdings** | 174 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5009img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 261-STSR-1025

25.725.413.011.59.34.33.62.41.91.61.10.2 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FOFRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $26 | 0.52% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $789271680 |
| **Total Number of Portfolio Holdings** | 174 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5017img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 8161-STSR-1025

25.725.413.011.59.34.33.62.41.91.61.10.2 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FOFZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $28 | 0.56% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $789271680 |
| **Total Number of Portfolio Holdings** | 174 |
| **Portfolio Turnover Rate** | 12.39% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5013img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 51-STSR-1025

25.725.413.011.59.34.33.62.41.91.61.10.2 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FPAQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $41 | 0.83% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $660458455 |
| **Total Number of Portfolio Holdings** | 222 |
| **Portfolio Turnover Rate** | 10.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4982img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 1129-STSR-1025

25.723.414.48.27.87.04.43.93.70.80.7 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRPAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $34 | 0.68% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $660458455 |
| **Total Number of Portfolio Holdings** | 222 |
| **Portfolio Turnover Rate** | 10.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4984img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 129-STSR-1025

25.723.414.48.27.87.04.43.93.70.80.7 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRPTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $60 | 1.22% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $660458455 |
| **Total Number of Portfolio Holdings** | 222 |
| **Portfolio Turnover Rate** | 10.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4985img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 229-STSR-1025

25.723.414.48.27.87.04.43.93.70.80.7 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRPRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup><sup>,</sup><sup>†</sup>  |
| Class R6 | $27 | 0.55% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $660458455 |
| **Total Number of Portfolio Holdings** | 222 |
| **Portfolio Turnover Rate** | 10.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4993img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 8129-STSR-1025

25.723.414.48.27.87.04.43.93.70.80.7 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FPFZX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to August 31, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $29 | 0.58% |

---

† Annualized.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $660458455 |
| **Total Number of Portfolio Holdings** | 222 |
| **Portfolio Turnover Rate** | 10.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4991img003.jpg)

\* Does not include derivatives, except purchased options, if any.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 677-STSR-1025

25.723.414.48.27.87.04.43.93.70.80.7 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Tax-Free

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Semi-Annual
\|

August

31,

2025

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 285
Notes

to

Financial

Statements

#### 310
Changes

In

and

Disagreements

with

Accountants

#### 348
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.21

$10.20

$9.92

$10.97

$11.18

$11.40

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.15 0.27 0.25 0.24 0.22 0.28 Net

realized

and

unrealized

gains

(losses)

(0.40)

0.01 0.28 (1.06)

(0.21)

(0.23)

Total

from

investment

operations

........

(0.25)

0.28 0.53 (0.82)

0.01 0.05 Less

distributions

from:

Net

investment

income

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

(0.14)

(0.27)

(0.25)

(0.23)

(0.22)

(0.27)

Net

asset

value,

end

of

period

..........

$9.82

$10.21

$10.20

$9.92

$10.97

$11.18

Total

return

d

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

(2.51)%

2.84%

5.43%

(7.45)%

0.02%

0.49%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.96%

0.95%

0.93%

0.93%

0.91%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.90%

0.89%

f

0.90%

f

0.90%

f

0.91%

f

0.91%

f

Net

investment

income

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

2.92%

2.60%

2.50%

2.34%

1.91%

2.46%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$43,978

$47,227

$48,532

$42,244

$46,633

$30,415

Portfolio

turnover

rate

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

10.10%

14.27%

7.51%

19.06%

20.50%

24.03%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.20

$10.19

$9.91

$10.95

$11.16

$11.38

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.15 0.28 0.26 0.25 0.23 0.30 Net

realized

and

unrealized

gains

(losses)

(0.39)

0.01 0.28 (1.04)

(0.20)

(0.23)

Total

from

investment

operations

........

(0.24)

0.29 0.54 (0.79)

0.03 0.07 Less

distributions

from:

Net

investment

income

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

(0.15)

(0.28)

(0.26)

(0.25)

(0.24)

(0.29)

Net

asset

value,

end

of

period

..........

$9.81

$10.20

$10.19

$9.91

$10.95

$11.16

Total

return

d

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

(2.34)%

2.90%

5.59%

(7.24)%

0.17%

0.64%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.81%

0.80%

0.78%

0.78%

0.76%

0.77%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.75%

0.75%

f

0.75%

f

0.75%

f

0.76%

f

0.77%

f

Net

investment

income

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

3.07%

2.75%

2.66%

2.49%

2.07%

2.66%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$95,517

$103,724

$118,538

$125,644

$163,571

$174,802

Portfolio

turnover

rate

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

10.10%

14.27%

7.51%

19.06%

20.50%

24.03%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.34

$10.32

$10.05

$11.10

$11.32

$11.54

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.12 0.22 0.21 0.19 0.17 0.24 Net

realized

and

unrealized

gains

(losses)

(0.40)

0.02 0.27 (1.05)

(0.22)

(0.23)

Total

from

investment

operations

........

(0.28)

0.24 0.48 (0.86)

(0.05)

0.01 Less

distributions

from:

Net

investment

income

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

(0.12)

(0.22)

(0.21)

(0.19)

(0.17)

(0.23)

Net

asset

value,

end

of

period

..........

$9.94

$10.34

$10.32

$10.05

$11.10

$11.32

Total

return

d

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

(2.68)%

2.39%

4.83%

(7.74)%

(0.38)%

(0.01)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.35%

1.33%

1.32%

1.32%

1.30%

1.31%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.29%

1.29%

f

1.29%

f

1.29%

f

1.30%

f

1.31%

f

Net

investment

income

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

2.47%

2.15%

2.06%

1.89%

1.51%

2.10%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$2,767

$3,461

$6,046

$8,264

$13,416

$23,374

Portfolio

turnover

rate

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

10.10%

14.27%

7.51%

19.06%

20.50%

24.03%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.21

$10.19

$9.91

$10.95

$11.17

$11.39

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.16 0.29 0.28 0.26 0.25 0.31 Net

realized

and

unrealized

gains

(losses)

(0.40)

0.02 0.28 (1.04)

(0.22)

(0.22)

Total

from

investment

operations

........

(0.24)

0.31 0.56 (0.78)

0.03 0.09 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.29)

(0.28)

(0.26)

(0.25)

(0.31)

Net

asset

value,

end

of

period

..........

$9.81

$10.21

$10.19

$9.91

$10.95

$11.17

Total

return

d

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

(2.38)%

3.13%

5.73%

(7.11)%

0.22%

0.77%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.68%

0.68%

0.66%

0.66%

0.65%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.62%

0.62%

f

0.61%

f

0.62%

f

0.63%

f

0.63%

f

Net

investment

income

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

3.19%

2.89%

2.78%

2.62%

2.19%

2.78%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,737

$2,097

$1,279

$1,786

$2,308

$1,756

Portfolio

turnover

rate

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

10.10%

14.27%

7.51%

19.06%

20.50%

24.03%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.20

$10.19

$9.91

$10.95

$11.17

$11.39

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.16 0.29 0.27 0.26 0.25 0.31 Net

realized

and

unrealized

gains

(losses)

(0.39)

0.01 0.28 (1.04)

(0.22)

(0.23)

Total

from

investment

operations

........

(0.23)

0.30 0.55 (0.78)

0.03 0.08 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.29)

(0.27)

(0.26)

(0.25)

(0.30)

Net

asset

value,

end

of

period

..........

$9.81

$10.20

$10.19

$9.91

$10.95

$11.17

Total

return

d

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

(2.29)%

3.00%

5.70%

(7.14)%

0.18%

0.74%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.71%

0.70%

0.68%

0.68%

0.66%

0.67%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.65%

0.65%

f

0.65%

f

0.65%

f

0.66%

f

0.67%

f

Net

investment

income

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

3.19%

2.85%

2.76%

2.59%

2.16%

2.74%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$23,488

$20,943

$19,911

$18,309

$19,796

$15,036

Portfolio

turnover

rate

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

10.10%

14.27%

7.51%

19.06%

20.50%

24.03%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.3%

#### Software

#### 0.3%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

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

$

500,000

$

501,496

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 500,000

####)
........................................

#### 501,496

#### Municipal

#### Bonds

#### 97.1%

#### Alabama

#### 88.3%
Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/01/49

....

2,000,000

1,688,578

Shelton

State

Community

College

,

Revenue

,

2024

,

AG

Insured

,

%

,

8/01/49

.....

1,000,000

1,005,094

Alabama

Federal

Aid

Highway

Finance

Authority

,

Revenue

,

2025

A

,

%

,

3/01/45

....

750,000

776,993

Alabama

Housing

Finance

Authority

,

Revenue

,

2024

A

,

GNMA

Insured

,

4.7 %

,

10/01/54

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

1,000,000

949,771

Revenue

,

2024

D

,

GNMA

Insured

,

4.55 %

,

10/01/54

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

1,000,000

934,216

Revenue

,

2025

B

,

GNMA

Insured

,

5.05 %

,

10/01/45

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

1,000,000

1,006,197

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/46

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

3,000,000

2,997,089

Alabama

State

University

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

%

,

9/01/36

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

1,500,000

1,565,526

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

%

,

9/01/40

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

1,500,000

1,525,024

Revenue

,

2025

,

AG

Insured

,

5.75 %

,

9/01/50

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

500,000

525,481

Alabaster

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

%

,

9/01/47

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

1,500,000

1,519,613

Special

Tax

,

2022

,

BAM

Insured

,

%

,

9/01/52

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

1,500,000

1,505,462

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

%

,

2/01/52

...

3,000,000

2,551,832

Auburn

University

,

Revenue

,

2025

A

,

%

,

6/01/55

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

2,670,000

2,696,494

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

%

,

6/01/39

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

3,000,000

3,043,924

Birmingham

Airport

Authority

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

%

,

7/01/38

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

400,000

389,818

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

%

,

7/01/40

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

705,000

675,355

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

%

,

7/01/33

.....

1,605,000

1,669,751

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/29

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

1,000,000

999,649

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

12/01/30

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

3,000,000

3,238,579

Revenue

,

2024

A

,

Mandatory

Put

,

5.25 %

,

9/01/32

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

2,000,000

2,116,957

City

of

Albertville

,

GO

,

2025

A

,

BAM

Insured

,

5.5 %

,

4/01/51

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

1,000,000

1,051,139

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

1/01/47

.....

2,590,000

2,590,879

City

of

Huntsville

,

GO

,

2018

B

,

%

,

5/01/38

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

4,775,000

4,887,781

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

%

,

6/01/50

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

2,500,000

2,156,457

City

of

Trussville

,

GO

,

2018

A

,

%

,

8/01/41

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

3,000,000

2,829,474

City

of

Tuscaloosa

,

GO

,

2020

A

,

%

,

10/01/50

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

4,580,000

3,974,727

GO

,

2025

B

,

5.25 %

,

8/01/55

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

1,250,000

1,282,007

b

Columbia

Industrial

Development

Board

,

Alabama

Power

Co.

,

Revenue

,

2014

D

,

Refunding

,

Mandatory

Put

,

3.81 %

,

6/01/28

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

2,000,000

2,048,839

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5.5 %

,

10/01/53

..........

4,500,000

4,588,063

c

County

of

Marshall

,

GO

,

2025

,

%

,

11/01/54

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

1,000,000

999,986

d

County

of

Mobile

,

Revenue

,

144A,

2020

,

%

,

11/01/45

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

2,200,000

1,845,978

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

%

,

6/01/36

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

2,000,000

2,000,908

Revenue

,

2021

A

,

%

,

6/01/46

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

2,310,000

2,007,750

East

Alabama

Health

Care

Authority

(The)

,

Revenue

,

2018

A

,

%

,

9/01/41

........

3,000,000

3,015,024

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

,

Mandatory

Put

,

5.5 %

,

1/01/31

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

1,000,000

1,087,526

Revenue

,

2024

B

,

Mandatory

Put

,

5.25 %

,

6/01/32

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

2,000,000

2,148,340

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

%

,

3/01/46

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

3,000,000

2,630,032

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Alabama
(continued)

Florence

Public

Educational

Building

Authority

,

University

of

North

Alabama

,

Revenue

,

2024

,

AG

Insured

,

5.25 %

,

11/01/49

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

$

1,000,000

$

1,023,295

Health

Care

Authority

for

Baptist

Health

(The)

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/36

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

1,000,000

1,045,765

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/37

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

875,000

907,727

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

%

,

6/01/45

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

3,000,000

2,706,389

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

5.5 %

,

10/01/54

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

1,000,000

975,942

Samford

University

,

Revenue

,

2019

A

,

Refunding

,

%

,

12/01/49

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

2,500,000

1,972,720

Samford

University

,

Revenue

,

2021

A

,

%

,

12/01/51

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

1,470,000

1,140,655

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

%

,

2/01/41

.......

3,000,000

3,002,502

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/46

3,000,000

2,447,272

Jacksonville

State

University

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

12/01/36

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

5,000,000

5,155,181

Revenue

,

2020

,

Refunding

,

%

,

12/01/50

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

5,000,000

3,986,636

Jefferson

County

Board

of

Education

,

Special

Tax

,

2024

,

%

,

2/01/46

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

1,000,000

1,021,604

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Refunding

,

BAM

Insured

,

%

,

12/01/43

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

230,000

229,982

Revenue

,

2024

,

%

,

12/01/44

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

500,000

513,699

Revenue

,

2024

,

4.25 %

,

12/01/54

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

2,000,000

1,737,644

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

%

,

2/01/44

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

3,000,000

2,671,012

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/41

.....

4,610,000

4,636,005

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25 %

,

3/01/52

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

2,000,000

1,773,602

Mobile

County

Industrial

Development

Authority

,

AM/NS

Calvert

LLC

,

Revenue

,

2024

A

,

%

,

6/01/54

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

1,000,000

907,164

AM/NS

Calvert

LLC

,

Revenue

,

2024

B

,

4.75 %

,

12/01/54

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

1,250,000

1,087,866

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

%

,

6/01/41

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

2,000,000

1,842,417

Prattville

Waterworks

Board

,

Revenue

,

2023

,

5.125 %

,

8/01/53

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

1,000,000

1,010,738

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2020

A

,

Refunding

,

4.2 %

,

5/01/34

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

1,500,000

1,514,048

b

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2024

B

,

Refunding

,

Mandatory

Put

,

%

,

5/01/32

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

1,000,000

1,064,904

Southeast

Energy

Authority

A

Cooperative

District

,

b

Revenue

,

2021

A

,

Mandatory

Put

,

%

,

10/01/28

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

2,000,000

2,027,371

b

Revenue

,

2022

,

Mandatory

Put

,

5.5 %

,

12/01/29

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

2,000,000

2,143,697

b

Revenue

,

2023

B

,

Mandatory

Put

,

%

,

6/01/30

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

1,000,000

1,058,884

Revenue

,

2024

A

,

%

,

11/01/35

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

1,000,000

1,034,967

b

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

6/01/35

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

1,000,000

1,027,905

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/39

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

4,000,000

3,643,701

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

%

,

11/01/39

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

2,000,000

2,014,957

Town

of

Pike

Road

,

GO

,

2024

,

%

,

9/01/44

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

1,000,000

1,026,128

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AG

Insured

,

5.25 %

,

12/01/40

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

295,000

295,108

University

of

Alabama

(The)

,

Revenue

,

2018

,

%

,

9/01/48

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

5,000,000

5,031,032

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

%

,

5/01/42

....

2,500,000

2,520,257

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

%

,

4/01/49

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

2,000,000

1,999,931

Revenue

,

2024

A

,

Refunding

,

BAM

Insured

,

5.25 %

,

4/01/54

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

1,000,000

1,019,674

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue

,

2016

B

,

Pre-Refunded

,

%

,

1/01/43

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

4,000,000

4,141,519

147,886,213

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California

#### 0.4%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

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

$

700,000

$

586,673

#### Florida

#### 1.0%
d

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

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

500,000

317,949

d

,e

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

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

1,725,000

1,439,492

1,757,441

#### Georgia

#### 0.4%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

185,000

185,942

e

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

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

925,000

404,956

590,898

#### South

#### Carolina

#### 0.4%
d

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

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

750,000

597,416

#### Texas

#### 0.3%
d

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

800,000

573,353

#### Washington

#### 0.2%
d

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

500,000

414,670

#### Wisconsin

#### 2.6%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

855,000

859,354

e

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

4,200,000

1,838,718

d

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

500,000

383,339

d,e

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

2,125,000

1,244,902

4,326,313

#### U.S.

#### Territories

#### 3.5%

#### Guam

#### 2.2%
Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

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

1,000,000

954,206

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/45

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

1,000,000

994,936

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

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

600,000

603,191

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

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

1,100,000

1,120,969

3,673,302

#### Puerto

#### Rico

#### 1.3%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

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

500,000

499,694

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

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

1,000,000

993,370

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

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

500,000

458,629

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

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

$

250,000

$

220,856

2,172,549

#### Total

#### U.S.

#### Territories

#### ....................................................................
5,845,851

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 174,560,171

####)
.....................................

#### 162,578,828

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 175,060,171

####)
...............................

#### 163,080,324

#### a
a

a

a

#### Total

#### Investments

#### (Cost

#### $

#### 175,060,171

####)
97.4 #### %
...................................

#### $163,080,324

#### Other

#### Assets,

#### less

#### Liabilities
2.6 #### %
.............................................

#### 4,406,510

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $167,486,834
See

Abbreviations

on

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$6,817,099,

representing

4.1%

of

net

assets.

e

The

rate

shown

represents

the

yield

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.88

$9.81

$9.60

$10.64

$10.92

$11.24

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.16 0.30 0.30 0.27 0.25 0.27 Net

realized

and

unrealized

gains

(losses)

(0.44)

0.07 0.21 (1.04)

(0.28)

(0.32)

Total

from

investment

operations

........

(0.28)

0.37 0.51 (0.77)

(0.03)

(0.05)

Less

distributions

from:

Net

investment

income

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

(0.16)

(0.30)

(0.30)

(0.27)

(0.25)

(0.27)

Net

asset

value,

end

of

period

..........

$9.44

$9.88

$9.81

$9.60

$10.64

$10.92

Total

return

d

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

(2.88)%

3.83%

5.39%

(7.24)%

(0.37)%

(0.43)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

0.82%

0.82%

f

0.82%

f

0.83%

f

0.81%

f

0.81%

f

Net

investment

income

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

3.30%

3.06%

3.15%

2.79%

2.23%

2.46%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$209,807

$230,162

$220,872

$212,662

$210,355

$173,930

Portfolio

turnover

rate

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

12.39%

10.60%

7.72%

27.77%

17.24%

13.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.86

$9.80

$9.59

$10.62

$10.90

$11.22

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.17 0.32 0.32 0.29 0.26 0.29 Net

realized

and

unrealized

gains

(losses)

(0.44)

0.05 0.20 (1.04)

(0.28)

(0.32)

Total

from

investment

operations

........

(0.27)

0.37 0.52 (0.75)

(0.02)

(0.03)

Less

distributions

from:

Net

investment

income

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

(0.16)

(0.31)

(0.31)

(0.28)

(0.26)

(0.29)

Net

asset

value,

end

of

period

..........

$9.43

$9.86

$9.80

$9.59

$10.62

$10.90

Total

return

d

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

(2.71)%

3.89%

5.55%

(7.02)%

(0.22)%

(0.28)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

0.67%

0.67%

f

0.67%

f

0.68%

f

0.66%

f

0.66%

f

Net

investment

income

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

3.45%

3.22%

3.30%

2.94%

2.39%

2.64%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$271,682

$305,231

$349,407

$396,929

$526,131

$582,701

Portfolio

turnover

rate

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

12.39%

10.60%

7.72%

27.77%

17.24%

13.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.03

$9.97

$9.75

$10.81

$11.09

$11.42

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.14 0.26 0.26 0.23 0.20 0.23 Net

realized

and

unrealized

gains

(losses)

(0.44)

0.06 0.22 (1.06)

(0.28)

(0.33)

Total

from

investment

operations

........

(0.30)

0.32 0.48 (0.83)

(0.08)

(0.10)

Less

distributions

from:

Net

investment

income

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

(0.14)

(0.26)

(0.26)

(0.23)

(0.20)

(0.23)

Net

asset

value,

end

of

period

..........

$9.59

$10.03

$9.97

$9.75

$10.81

$11.09

Total

return

d

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

(3.03)%

3.24%

4.98%

(7.69)%

(0.76)%

(0.81)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

1.21%

1.21%

f

1.21%

f

1.22%

f

1.20%

f

1.20%

f

Net

investment

income

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

2.84%

2.61%

2.68%

2.33%

1.80%

2.05%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$14,896

$17,424

$24,653

$32,466

$48,833

$67,713

Portfolio

turnover

rate

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

12.39%

10.60%

7.72%

27.77%

17.24%

13.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.89

$9.83

$9.62

$10.66

$10.94

$11.26

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.17 0.33 0.33 0.30 0.28 0.30 Net

realized

and

unrealized

gains

(losses)

(0.43)

0.06 0.20 (1.04)

(0.28)

(0.32)

Total

from

investment

operations

........

(0.26)

0.39 0.53 (0.74)

—

(0.02)

Less

distributions

from:

Net

investment

income

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

(0.17)

(0.33)

(0.32)

(0.30)

(0.28)

(0.30)

Net

asset

value,

end

of

period

..........

$9.46

$9.89

$9.83

$9.62

$10.66

$10.94

Total

return

d

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

(2.63)%

4.01%

5.67%

(6.96)%

(0.08)%

(0.15)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.54%

0.54%

0.54%

0.55%

0.53%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.54%

0.54%

f

0.54%

f

0.54%

f

0.52%

f

0.53%

f,g

Net

investment

income

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

3.58%

3.33%

3.43%

3.06%

2.51%

2.75%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$23,375

$25,494

$25,018

$19,946

$28,123

$21,450

Portfolio

turnover

rate

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

12.39%

10.60%

7.72%

27.77%

17.24%

13.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.89

$9.83

$9.62

$10.65

$10.94

$11.26

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.17 0.33 0.33 0.30 0.27 0.30 Net

realized

and

unrealized

gains

(losses)

(0.44)

0.05 0.20 (1.04)

(0.29)

(0.32)

Total

from

investment

operations

........

(0.27)

0.38 0.53 (0.74)

(0.02)

(0.02)

Less

distributions

from:

Net

investment

income

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

(0.17)

(0.32)

(0.32)

(0.29)

(0.27)

(0.30)

Net

asset

value,

end

of

period

..........

$9.45

$9.89

$9.83

$9.62

$10.65

$10.94

Total

return

d

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

(2.75)%

3.98%

5.64%

(6.91)%

(0.21)%

(0.18)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

0.57%

0.57%

f

0.56%

f

0.57%

f

0.56%

f

0.56%

f

Net

investment

income

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

3.54%

3.31%

3.40%

3.02%

2.48%

2.71%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$113,775

$122,601

$103,552

$114,323

$178,256

$174,264

Portfolio

turnover

rate

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

12.39%

10.60%

7.72%

27.77%

17.24%

13.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 98.9%

#### Arizona

#### 92.7%
Arizona

Board

of

Regents

,

Arizona

State

University

,

Revenue

,

2015

B

,

Refunding

,

%

,

7/01/41

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

$

14,070,000

$

14,076,626

Arizona

State

University

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/43

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

4,005,000

4,031,602

Arizona

State

University

,

Revenue

,

2023

B

,

%

,

7/01/53

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

5,000,000

4,230,891

Arizona

State

University

,

Revenue

,

2024

A

,

%

,

7/01/50

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

6,225,000

6,318,137

Arizona

State

University

,

Revenue

,

2024

A

,

%

,

7/01/54

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

2,000,000

2,019,876

Arizona

State

University

SPEED

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

8/01/46

...

2,115,000

2,156,712

University

of

Arizona

(The)

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/39

...........

2,750,000

2,792,278

University

of

Arizona

(The)

,

Revenue

,

2016

B

,

Refunding

,

%

,

6/01/42

..........

2,000,000

2,027,474

University

of

Arizona

(The)

,

Revenue

,

2018

A

,

%

,

6/01/43

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

4,500,000

4,561,407

University

of

Arizona

(The)

,

Revenue

,

2025

A

,

Refunding

,

%

,

6/01/55

..........

5,000,000

5,034,173

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/42

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

2,045,000

1,972,700

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/51

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

1,080,000

989,723

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

2017

A

,

%

,

3/01/48

....

1,555,000

1,529,198

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

2.65 %

,

7/01/26

195,000

193,434

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/31

...

550,000

551,677

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/41

...

2,000,000

1,690,403

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/51

...

2,340,000

1,760,030

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

2017

F

,

Refunding

,

%

,

7/01/47

..

3,350,000

3,259,547

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/33

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

1,000,000

1,037,034

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/36

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

1,235,000

1,262,503

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/39

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

1,000,000

1,008,823

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/45

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

2,200,000

1,836,307

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/50

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

7,055,000

5,660,193

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

A

,

%

,

11/01/51

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

1,400,000

1,112,651

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/42

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

1,650,000

1,435,417

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/47

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

5,610,000

5,400,200

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4.25 %

,

11/01/52

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

3,500,000

2,891,741

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2023

A

,

5.25 %

,

11/01/53

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

5,540,000

5,428,948

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue

,

2025

,

5.125 %

,

1/01/59

2,425,000

2,194,433

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2025

B

,

5.125 %

,

1/01/59

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

6,899,966

5,286,930

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

%

,

7/01/31

..........

225,000

225,491

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

%

,

7/01/41

..........

405,000

344,995

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

%

,

7/01/52

..........

840,000

640,361

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2025

A

,

%

,

7/01/45

..........

900,000

864,966

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2025

A

,

%

,

7/01/50

..........

1,300,000

1,205,313

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2025

A

,

5.25 %

,

7/01/55

........

1,750,000

1,659,130

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

%

,

7/01/47

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

1,400,000

1,327,235

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

%

,

7/01/62

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

2,400,000

2,183,235

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/32

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

660,000

695,353

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/34

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

660,000

645,753

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/36

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

315,000

298,516

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/41

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

2,800,000

2,461,379

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

Arizona

Industrial

Development

Authority,

(continued)

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/51

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

$

8,000,000

$

6,481,201

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/61

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

15,580,000

11,997,767

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

C

,

3.25 %

,

7/01/31

..........

1,350,000

1,218,597

Leman

Academy

of

Excellence

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4.5 %

,

7/01/54

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

3,000,000

2,389,837

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

%

,

2/01/50

.....

2,540,000

2,087,678

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/41

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

885,000

701,385

Provident

Group-NCCU

Properties

LLC

,

Revenue

,

2019

A

,

BAM

Insured

,

%

,

6/01/58

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

6,250,000

6,006,460

Arizona

State

University

,

Revenue

,

2019

A

,

%

,

7/01/40

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

1,000,000

1,021,997

City

of

Bullhead

,

Excise

Taxes

,

Revenue

,

2022

,

%

,

7/01/47

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

2,065,000

1,796,412

City

of

Glendale

,

Water

&

Sewer

,

Revenue,

Senior

Lien

,

2024

,

%

,

7/01/41

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

1,000,000

1,059,061

Water

&

Sewer

,

Revenue,

Senior

Lien

,

2024

,

%

,

7/01/43

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

1,000,000

1,042,428

City

of

Goodyear

,

Water

&

Sewer

,

Revenue,

Sub.

Lien,

Second

Series

,

2020

,

AG

Insured

,

%

,

7/01/45

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

3,500,000

3,125,595

City

of

Kingman

,

Excise

Tax

,

Revenue

,

2025

,

4.5 %

,

7/15/44

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

1,000,000

962,535

City

of

Lake

Havasu

City

,

Wastewater

System

,

GO,

Senior

Lien

,

2025

,

Refunding

,

%

,

7/01/43

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

2,000,000

1,848,770

City

of

Mesa

,

Utility

System

,

Revenue

,

2018

,

%

,

7/01/38

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

1,425,000

1,410,954

Utility

System

,

Revenue

,

2018

,

%

,

7/01/39

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

6,135,000

6,008,446

Utility

System

,

Revenue,

Junior

Lien

,

2022

C

,

Refunding

,

%

,

7/01/36

..........

5,000,000

5,604,432

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue

,

2017

A

,

%

,

7/01/42

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

2,155,000

2,155,228

Airport

,

Revenue

,

2017

A

,

%

,

7/01/47

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

12,935,000

12,768,415

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

%

,

7/01/40

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

16,570,000

15,925,717

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

%

,

7/01/44

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

4,000,000

3,656,461

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

%

,

7/01/44

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

8,500,000

8,614,230

Airport

,

Revenue,

Senior

Lien

,

2018

,

%

,

7/01/48

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

5,000,000

4,935,910

Excise

Tax

,

Revenue

,

2022

,

%

,

7/01/46

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

8,300,000

8,479,176

Excise

Tax

,

Revenue

,

2025

C

,

Refunding

,

%

,

7/01/31

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

7,090,000

8,004,268

Excise

Tax

,

Revenue

,

2025

C

,

Refunding

,

%

,

7/01/34

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

5,000,000

5,734,724

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/34

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

2,500,000

2,634,065

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/37

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

1,500,000

1,553,007

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/38

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

4,420,000

4,542,990

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/39

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

4,090,000

4,183,668

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/45

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

12,500,000

11,089,680

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/27

.....

3,945,000

4,169,257

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/28

.....

2,000,000

2,170,985

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/29

.....

2,000,000

2,224,508

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/36

.....

5,000,000

5,875,540

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/37

.....

7,000,000

8,208,309

Wastewater

,

Revenue,

Junior

Lien

,

2018

A

,

%

,

7/01/39

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

5,000,000

4,995,731

Water

System

,

Revenue,

Junior

Lien

,

2016

,

Refunding

,

%

,

7/01/38

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

5,000,000

5,046,737

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

%

,

7/01/44

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

8,030,000

8,177,798

City

of

Scottsdale

,

GO

,

2023

,

%

,

7/01/39

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

1,500,000

1,486,394

City

of

Tucson

,

Water

System

,

Revenue

,

2025

,

Refunding

,

%

,

7/01/32

...........

1,350,000

1,523,492

Coconino

County

Jail

District

,

Excise

Tax

,

Revenue

,

2025

,

4.5 %

,

7/01/45

.........

1,000,000

966,392

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

County

of

Pinal

,

Pledged

,

Revenue

,

2025

,

Refunding

,

BAM

Insured

,

%

,

8/01/29

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

$

1,225,000

$

1,345,753

Pledged

,

Revenue

,

2025

,

Refunding

,

BAM

Insured

,

%

,

8/01/31

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

1,100,000

1,236,354

County

of

Yuma

,

Pledged

,

Revenue

,

2022

,

BAM

Insured

,

4.25 %

,

7/15/42

.........

3,250,000

3,104,190

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

%

,

7/15/39

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

10,000,000

9,841,807

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

%

,

7/15/42

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

4,700,000

4,411,007

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

%

,

7/15/47

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

9,030,000

8,189,961

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/31

...........

400,000

389,430

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/41

...........

1,000,000

921,171

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/56

...........

4,500,000

3,662,638

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

,

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

%

,

7/01/44

......

2,000,000

1,903,429

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

%

,

7/01/49

......

3,120,000

2,906,131

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

%

,

7/01/54

......

2,665,000

2,437,551

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

%

,

7/01/59

......

2,000,000

1,801,940

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/27

425,000

436,655

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/30

700,000

724,030

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/32

250,000

256,136

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/33

600,000

612,185

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/37

2,950,000

2,960,913

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/42

11,550,000

11,229,217

Vista

College

Preparatory

Obligated

Group

,

Revenue

,

2018

A

,

%

,

7/01/48

......

1,000,000

968,821

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/40

....

1,040,000

956,525

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/41

....

1,360,000

1,234,259

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/51

....

12,000,000

7,752,381

Industrial

Development

Authority

of

the

County

of

Yavapai

(The)

,

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

8/01/34

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

4,250,000

4,295,453

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

8/01/36

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

1,310,000

1,320,297

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools

,

Revenue

,

2018

A

,

%

,

2/15/38

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

1,000,000

990,587

Harmony

Public

Schools

,

Revenue

,

2018

A

,

%

,

2/15/48

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

1,000,000

893,896

Harmony

Public

Schools

,

Revenue

,

2021

A

,

%

,

2/15/26

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

95,000

95,480

Harmony

Public

Schools

,

Revenue

,

2021

A

,

%

,

2/15/27

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

75,000

76,390

Harmony

Public

Schools

,

Revenue

,

2021

A

,

%

,

2/15/28

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

80,000

82,501

Harmony

Public

Schools

,

Revenue

,

2021

A

,

%

,

2/15/29

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

110,000

114,522

Harmony

Public

Schools

,

Revenue

,

2021

A

,

%

,

2/15/30

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

100,000

104,736

Harmony

Public

Schools

,

Revenue

,

2021

A

,

%

,

2/15/41

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

430,000

358,915

Harmony

Public

Schools

,

Revenue

,

2021

A

,

%

,

2/15/46

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

345,000

272,373

Harmony

Public

Schools

,

Revenue

,

2021

A

,

%

,

2/15/51

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

580,000

432,858

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2019

F

,

%

,

1/01/49

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

5,000,000

3,487,697

Banner

Health

Obligated

Group

,

Revenue

,

A

,

%

,

1/01/41

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

9,630,000

8,692,318

Banner

Health

Obligated

Group

,

Revenue

,

A

,

%

,

1/01/41

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

37,590,000

38,084,113

Creighton

University

,

Revenue

,

2020

,

%

,

7/01/50

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

8,450,000

6,881,917

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/52

.

1,000,000

942,533

Highland

Prep

Obligated

Group

,

Revenue

,

2019

,

%

,

1/01/43

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

2,275,000

2,249,395

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/36

.......

2,100,000

2,161,501

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/37

.......

3,175,000

3,251,160

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/42

.......

2,750,000

2,757,538

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

Maricopa

County

Industrial

Development

Authority,

(continued)

HonorHealth

Obligated

Group

,

Revenue

,

2021

A

,

%

,

9/01/51

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

$

5,600,000

$

3,677,671

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

%

,

7/01/36

.........

1,120,000

1,109,870

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

%

,

7/01/47

.........

3,325,000

2,972,073

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.

,

Revenue

,

2009

B

,

Refunding

,

3.6 %

,

4/01/40

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

13,500,000

11,727,692

El

Paso

Electric

Co.

,

Revenue

,

2012

A

,

Refunding

,

4.5 %

,

8/01/42

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

10,000,000

9,368,929

a

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875 %

,

10/01/26

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

4,500,000

4,375,093

a

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

B

,

Refunding

,

Mandatory

Put

,

0.875 %

,

10/01/26

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

2,150,000

2,090,322

Southern

California

Edison

Co.

,

Revenue

,

2000

A

,

Refunding

,

2.4 %

,

6/01/35

.....

10,000,000

8,164,595

Maricopa

County

Unified

School

District

No.

Higley

,

COP

,

2023

,

Refunding

,

AG

Insured

,

%

,

6/01/53

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

3,000,000

3,005,148

Maricopa

County

Unified

School

District

No.

Paradise

Valley

,

GO

,

2025

A

,

%

,

7/01/43

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

7,150,000

7,528,196

McAllister

Academic

Village

LLC

,

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/37

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

2,095,000

2,111,901

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/39

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

1,000,000

1,004,893

Mohave

County

Union

High

School

District

No.

Colorado

River

,

GO

,

2017

,

%

,

7/01/35

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

1,000,000

1,032,906

Pima

County

Unified

School

District

No.

Sahuarita

,

GO

,

2017

,

BAM

Insured

,

%

,

7/01/33

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

2,665,000

2,758,474

GO

,

2017

,

BAM

Insured

,

%

,

7/01/34

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

2,800,000

2,894,666

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2017

A

,

Refunding

,

%

,

1/01/38

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

5,435,000

5,578,856

Revenue

,

2019

A

,

%

,

1/01/47

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

2,000,000

2,025,211

Revenue

,

2023

A

,

%

,

1/01/47

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

5,000,000

5,106,272

Revenue

,

2023

A

,

%

,

1/01/50

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

5,265,000

5,355,834

Revenue

,

2023

B

,

5.25 %

,

1/01/53

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

2,780,000

2,880,705

Revenue

,

2024

A

,

5.25 %

,

1/01/54

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

10,000,000

10,396,033

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

%

,

12/01/32

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

11,555,000

12,477,066

Revenue

,

2007-1

,

%

,

12/01/37

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

5,000,000

5,230,633

Student

&

Academic

Services

LLC

,

Northern

Arizona

Capital

Facilities

Finance

Corp.

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

%

,

6/01/44

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

1,030,000

1,048,664

Town

of

Marana

,

Pledged

Excise

,

Revenue

,

2024

,

%

,

7/01/44

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

2,250,000

2,031,803

Town

of

Queen

Creek

,

Excise

Tax

,

Revenue

,

2018

A

,

%

,

8/01/42

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

5,000,000

5,047,068

Excise

Tax

,

Revenue

,

2018

A

,

%

,

8/01/47

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

5,000,000

5,014,034

Excise

Tax

,

Revenue

,

2022

,

%

,

8/01/47

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

1,190,000

1,209,141

Excise

Tax

,

Revenue

,

2024

,

%

,

8/01/49

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

4,425,000

4,494,796

Yuma

Industrial

Development

Authority

,

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

8/01/49

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

4,000,000

3,436,008

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

8/01/54

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

4,000,000

3,349,591

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

8/01/54

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

1,750,000

1,761,232

587,283,072

#### Florida

#### 0.9%
b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

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

800,000

508,719

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

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

$

6,465,000

$

5,394,965

5,903,684

#### Georgia

#### 0.3%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

540,000

542,750

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

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

2,420,000

1,059,452

1,602,202

#### Oregon

#### 0.2%
b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

,

5.5 %

,

12/01/39

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

1,400,000

1,410,976

#### Texas

#### 0.7%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

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

2,000,000

1,759,739

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

3,300,000

2,365,082

4,124,821

#### Washington

#### 0.2%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

1,800,000

1,492,812

#### Wisconsin

#### 2.3%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

2,530,000

2,542,883

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

10,975,000

4,804,746

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

1,900,000

1,456,687

b

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5 %

,

8/01/53

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

1,500,000

1,381,392

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

5,075,000

2,973,118

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,500,000

1,442,427

14,601,253

#### U.S.

#### Territories

#### 1.6%

#### Guam

#### 0.1%
Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/44

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

450,000

449,072

#### Puerto

#### Rico

#### 1.5%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

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

3,700,000

3,697,738

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

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

1,550,000

1,391,944

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

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

4,906,000

4,500,069

9,589,751

#### Total

#### U.S.

#### Territories

#### ....................................................................
10,038,823

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 667,706,032

####)
.....................................

#### 626,457,643
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.4%

#### Municipal

#### Bonds

#### 0.4%

#### Arizona

#### 0.4%
d

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

1/01/46

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

800,000

800,000

d

Arizona

Industrial

Development

Authority

,

Phoenix

Children's

Hospital

,

Revenue

,

2019

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.9 %

,

2/01/48

...........

1,400,000

1,400,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

d

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The)

,

Mayo

Clinic

Arizona

,

Revenue

,

2014

B

,

SPA

Northern

Trust

Co.

(The)

,

Daily

VRDN

and

Put

,

3.1 %

,

11/15/52

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

$

600,000

$

600,000

2,800,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 2,800,000

####)
.......................................

#### 2,800,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,800,000

####)
.................................

#### 2,800,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 670,506,032

####)
99.3 #### %
...................................

#### $629,257,643

#### Other

#### Assets,

#### less

#### Liabilities
0.7 #### %
.............................................

#### 4,277,325

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $633,534,968
a

The

maturity

date

shown

represents

the

mandatory

put

date.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$18,426,178,

representing

2.9%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.59

$10.54

$10.26

$11.40

$11.69

$11.96

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.17 0.32 0.30 0.28 0.25 0.28 Net

realized

and

unrealized

gains

(losses)

(0.45)

0.05 0.28 (1.15)

(0.29)

(0.27)

Total

from

investment

operations

........

(0.28)

0.37 0.58 (0.87)

(0.04)

0.01 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.32)

(0.30)

(0.27)

(0.25)

(0.28)

Net

asset

value,

end

of

period

..........

$10.14

$10.59

$10.54

$10.26

$11.40

$11.69

Total

return

d

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

(2.67)%

3.57%

5.74%

(7.63)%

(0.43)%

0.07%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

0.86%

f

0.85%

g

0.85%

g

0.85%

g

0.83%

g

0.83%

g

Net

investment

income

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

3.29%

3.05%

2.90%

2.62%

2.08%

2.40%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$112,170

$122,273

$121,792

$117,511

$142,935

$119,598

Portfolio

turnover

rate

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

6.52%

13.97%

15.33%

13.39%

14.21%

19.32%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.58

$10.54

$10.26

$11.40

$11.68

$11.96

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.18 0.34 0.31 0.29 0.26 0.30 Net

realized

and

unrealized

gains

(losses)

(0.45)

0.04 0.28 (1.14)

(0.28)

(0.29)

Total

from

investment

operations

........

(0.27)

0.38 0.59 (0.85)

(0.02)

0.01 Less

distributions

from:

Net

investment

income

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

(0.17)

(0.34)

(0.31)

(0.29)

(0.26)

(0.29)

Net

asset

value,

end

of

period

..........

$10.14

$10.58

$10.54

$10.26

$11.40

$11.68

Total

return

d

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

(2.51)%

3.63%

5.90%

(7.49)%

(0.19)%

0.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

0.71%

f

0.70%

g

0.70%

g

0.70%

g

0.68%

g

0.68%

g

Net

investment

income

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

3.44%

3.20%

3.05%

2.77%

2.24%

2.57%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$205,802

$227,023

$255,227

$287,013

$386,962

$422,411

Portfolio

turnover

rate

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

6.52%

13.97%

15.33%

13.39%

14.21%

19.32%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.72

$10.67

$10.39

$11.54

$11.83

$12.11

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.15 0.28 0.26 0.23 0.20 0.24 Net

realized

and

unrealized

gains

(losses)

(0.46)

0.05 0.28 (1.15)

(0.29)

(0.29)

Total

from

investment

operations

........

(0.31)

0.33 0.54 (0.92)

(0.09)

(0.05)

Less

distributions

from:

Net

investment

income

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

(0.15)

(0.28)

(0.26)

(0.23)

(0.20)

(0.23)

Net

asset

value,

end

of

period

..........

$10.26

$10.72

$10.67

$10.39

$11.54

$11.83

Total

return

d

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

(2.93)%

3.10%

5.24%

(8.00)%

(0.83)%

(0.41)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

1.25%

f

1.25%

g

1.24%

g

1.24%

g

1.23%

g

1.22%

g

Net

investment

income

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

2.84%

2.60%

2.44%

2.18%

1.66%

2.01%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$9,728

$12,151

$16,388

$23,346

$36,062

$50,968

Portfolio

turnover

rate

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

6.52%

13.97%

15.33%

13.39%

14.21%

19.32%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.59

$10.55

$10.27

$11.41

$11.69

$11.97

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.19 0.35 0.33 0.31 0.28 0.32 Net

realized

and

unrealized

gains

(losses)

(0.46)

0.04 0.28 (1.15)

(0.28)

(0.29)

Total

from

investment

operations

........

(0.27)

0.39 0.61 (0.84)

—

0.03 Less

distributions

from:

Net

investment

income

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

(0.18)

(0.35)

(0.33)

(0.30)

(0.28)

(0.31)

Net

asset

value,

end

of

period

..........

$10.14

$10.59

$10.55

$10.27

$11.41

$11.69

Total

return

d

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

(2.53)%

3.77%

6.03%

(7.35)%

(0.05)%

0.27%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.56%

0.56%

0.56%

0.56%

0.55%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.56%

f

0.56%

g

0.56%

g

0.55%

g

0.54%

g

0.54%

g

Net

investment

income

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

3.60%

3.34%

3.18%

2.91%

2.38%

2.68%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$21,971

$16,355

$15,928

$15,147

$23,615

$19,296

Portfolio

turnover

rate

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

6.52%

13.97%

15.33%

13.39%

14.21%

19.32%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.58

$10.54

$10.26

$11.40

$11.68

$11.96

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.18 0.35 0.32 0.30 0.28 0.31 Net

realized

and

unrealized

gains

(losses)

(0.44)

0.04 0.28 (1.14)

(0.28)

(0.28)

Total

from

investment

operations

........

(0.26)

0.39 0.60 (0.84)

—

0.03 Less

distributions

from:

Net

investment

income

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

(0.18)

(0.35)

(0.32)

(0.30)

(0.28)

(0.31)

Net

asset

value,

end

of

period

..........

$10.14

$10.58

$10.54

$10.26

$11.40

$11.68

Total

return

d

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

(2.55)%

3.83%

6.00%

(7.40)%

(0.10)%

0.23%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

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

0.61%

f

0.60%

g

0.60%

g

0.60%

g

0.58%

g

0.58%

g

Net

investment

income

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

3.55%

3.30%

3.15%

2.87%

2.33%

2.66%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$122,199

$131,282

$97,040

$97,723

$137,797

$132,696

Portfolio

turnover

rate

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

6.52%

13.97%

15.33%

13.39%

14.21%

19.32%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.3%

#### Software

#### 0.3%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

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

$

1,400,000

$

1,404,189

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,400,000

####)
.......................................

#### 1,404,189

#### Municipal

#### Bonds

#### 96.7%

#### California

#### 0.4%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

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

2,000,000

1,676,208

#### Colorado

#### 90.1%
b

Access

Metropolitan

District

No.

,

GO

,

144A,

2023

,

6.75 %

,

12/01/53

..........

3,000,000

3,037,395

Adams

&

Arapahoe

Counties

Joint

School

District

28J

Aurora

,

COP

,

2025

,

BAM

Insured

,

5.5 %

,

12/01/50

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

2,000,000

2,076,553

Adams

&

Arapahoe

Joint

School

District

28J

Aurora

,

GO

,

2025

,

5.5 %

,

12/01/47

.....

3,000,000

3,206,287

Adams

State

University

,

Revenue

,

2012

,

%

,

5/15/37

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

630,000

615,522

Revenue

,

2019

A

,

Refunding

,

%

,

5/15/42

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

1,515,000

1,405,680

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

%

,

12/01/35

3,000,000

3,006,979

Arapahoe

County

School

District

No.

Cherry

Creek

,

GO

,

2024

,

5.25 %

,

12/15/44

...

2,000,000

2,120,262

Aurora

Crossroads

Metropolitan

District

No.

,

GO,

Senior

Lien

,

2020

A

,

%

,

12/01/40

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

1,500,000

1,462,698

GO,

Senior

Lien

,

2020

A

,

%

,

12/01/50

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

1,500,000

1,381,099

Baseline

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

12/01/46

2,000,000

1,804,103

Board

of

Governors

of

Colorado

State

University

System

,

Revenue

,

2013

A

,

Refunding

,

%

,

3/01/43

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

5,000,000

5,250,986

Revenue

,

2017

E

,

Refunding

,

%

,

3/01/43

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

4,500,000

4,038,558

Revenue

,

2024

A

,

Refunding

,

%

,

3/01/47

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

5,000,000

4,327,901

Revenue

,

A

,

Refunding

,

%

,

3/01/40

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

5,000,000

4,731,010

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

%

,

9/15/47

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

5,000,000

5,023,674

Revenue

,

2024

A

,

Refunding

,

%

,

9/15/54

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

1,500,000

1,530,640

b

Broadway

Park

North

Metropolitan

District

No.

,

GO

,

144A,

2020

,

Refunding

,

%

,

12/01/40

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

1,325,000

1,217,542

Bromley

Park

Metropolitan

District

No.

,

GO

,

2023

,

Refunding

,

BAM

Insured

,

5.375 %

,

12/01/53

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

2,500,000

2,574,644

b

Broomfield

Village

Metropolitan

District

No.

,

GO

,

144A,

2021

,

Refunding

,

%

,

12/01/49

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

4,227,000

3,667,883

Castle

Oaks

Metropolitan

District

No.

,

GO

,

2020

,

Refunding

,

AG

Insured

,

%

,

12/01/45

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

1,140,000

1,012,420

CCP

Metropolitan

District

No.

,

GO

,

2024

,

Refunding

,

%

,

12/01/53

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

1,175,000

1,089,350

Centennial

Water

&

Sanitation

District

,

Revenue

,

2019

,

5.25 %

,

12/01/48

..........

2,135,000

2,161,392

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

%

,

8/01/45

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

2,250,000

2,038,416

Revenue

,

2020

,

BAM

Insured

,

%

,

8/01/50

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

1,400,000

1,198,454

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

12/01/48

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

5,000,000

5,003,251

Airport

System

,

Revenue

,

2018

B

,

Refunding

,

%

,

12/01/48

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

4,440,000

4,430,513

Airport

System

,

Revenue

,

2022

A

,

%

,

11/15/37

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

4,250,000

4,435,634

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

%

,

11/15/53

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

5,000,000

4,926,298

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5 %

,

11/15/42

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

1,000,000

1,048,316

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5 %

,

11/15/43

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

1,000,000

1,042,247

Pledged

Excise

Tax

,

Revenue

,

2016

A

,

Refunding

,

%

,

8/01/46

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

3,500,000

3,048,666

Pledged

Excise

Tax

,

Revenue

,

2018

,

%

,

8/01/48

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

5,000,000

5,004,237

City

of

Aurora

,

Water

,

Revenue,

First

Lien

,

2024

,

%

,

8/01/54

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

2,250,000

1,908,342

City

of

Brighton

,

Water

Activity

,

Revenue

,

2025

,

4.25 %

,

6/01/55

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

3,000,000

2,617,378

City

of

Colorado

Springs

,

Utilities

System

,

Revenue

,

2015

A

,

Refunding

,

%

,

11/15/45

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

2,665,000

2,678,166

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado
(continued)

City

of

Colorado

Springs,

(continued)

Utilities

System

,

Revenue

,

2018

,

%

,

11/15/48

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

$

5,000,000

$

5,012,758

Utilities

System

,

Revenue

,

2024

A

,

%

,

11/15/49

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

1,500,000

1,527,586

Utilities

System

,

Revenue

,

2024

A

,

5.25 %

,

11/15/54

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

5,000,000

5,154,379

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

%

,

12/01/42

......

13,500,000

13,680,401

City

of

Grand

Junction

,

COP

,

2021

,

%

,

12/01/45

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

2,005,000

1,780,616

Sales

&

Use

Tax

,

Revenue

,

2020

B

,

%

,

3/01/49

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

3,775,000

3,277,250

Colorado

Bridge

&

Tunnel

Enterprise

,

Revenue

,

2024

A

,

AG

Insured

,

5.5 %

,

12/01/54

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

1,000,000

1,043,189

Revenue

,

2024

B

,

Refunding

,

%

,

12/01/49

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

2,925,000

2,983,384

Revenue,

Senior

Lien

,

2025

A

,

AG

Insured

,

5.25 %

,

12/01/54

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

3,490,000

3,563,510

Colorado

Educational

&

Cultural

Facilities

Authority

,

Addenbrooke

Classical

Academy,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

6/01/55

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

750,000

734,033

Alexander

Dawson

School

LLC

(The)

,

Revenue

,

2010

,

%

,

2/15/40

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

5,280,000

5,286,684

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

%

,

5/01/36

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

425,000

404,928

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

%

,

5/01/41

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

150,000

129,357

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

%

,

5/01/51

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

370,000

287,516

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

%

,

5/01/61

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

550,000

405,400

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

%

,

8/01/41

......

1,460,000

1,093,648

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

%

,

8/01/51

......

3,635,000

2,301,332

Eagle

Ridge

Academy

,

Revenue

,

2022

A

,

Refunding

,

%

,

11/01/37

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

1,000,000

1,027,173

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/26

.......

70,000

69,933

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/32

.......

280,000

280,104

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/52

.......

1,355,000

1,044,662

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/62

.......

1,600,000

1,173,140

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

%

,

9/01/52

750,000

690,881

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

%

,

9/01/57

1,765,000

1,600,928

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

%

,

10/01/46

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

325,000

257,844

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

%

,

10/01/56

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

1,000,000

738,687

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

%

,

10/01/61

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

2,210,000

1,590,644

Pinnacle

Charter

School,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/50

.......

5,820,000

4,870,605

Roosevelt

Charter

Academy

,

Revenue

,

2025

A

,

BAM

Insured

,

%

,

7/01/55

.......

725,000

704,169

Union

Colony

Schools

,

Revenue

,

2018

,

Refunding

,

%

,

4/01/48

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

715,000

684,640

University

of

Denver

,

Revenue

,

2017

A

,

%

,

3/01/47

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

3,950,000

3,965,974

West

Ridge

Academy

Charter

School

,

Revenue

,

2019

A

,

Refunding

,

%

,

6/01/49

..

400,000

376,656

Westgate

Community

School

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/41

........

2,370,000

2,074,007

Windsor

Charter

Academy

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/50

2,400,000

1,943,994

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

11/15/41

......

3,000,000

2,815,137

AdventHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/15/39

......

5,005,000

5,165,018

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/35

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

1,575,000

1,539,509

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/37

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

850,000

803,390

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/38

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

705,000

652,658

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/39

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

835,000

769,184

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/40

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

725,000

663,276

BSLC

II

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

4.75 %

,

9/15/53

.......

1,500,000

1,222,852

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.5 %

,

9/15/54

..........

2,000,000

1,878,889

BSLC

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

9/15/48

...........

3,000,000

2,653,150

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2016

A

,

%

,

12/01/41

...

5,195,000

5,200,120

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/38

3,000,000

3,067,029

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado
(continued)

Colorado

Health

Facilities

Authority,

(continued)

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/39

$

2,000,000

$

2,036,572

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/49

9,990,000

8,254,701

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5.25 %

,

11/01/52

......

3,000,000

2,999,836

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

12/01/54

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

4,000,000

3,986,538

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

A

,

%

,

12/01/48

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

5,000,000

4,689,304

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

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

5,700,000

4,531,587

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.125 %

,

12/01/45

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

1,000,000

990,660

Craig

Hospital

Obligated

Group

,

Revenue

,

2022

A

,

%

,

12/01/52

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

3,535,000

3,524,001

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

1/01/38

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

3,660,000

3,579,609

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

5/15/54

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

1,100,000

1,099,968

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/01/44

..........

3,495,000

3,434,962

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/01/49

..........

8,050,000

7,826,931

University

of

Colorado

Health

Obligated

Group

,

Revenue

,

2020

A

,

Pre-Refunded

,

%

,

9/01/50

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

6,275,000

6,729,669

Valley

View

Hospital

Association

,

Revenue

,

2015

,

%

,

5/15/40

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

2,000,000

2,000,223

Valley

View

Hospital

Association

,

Revenue

,

2015

,

%

,

5/15/45

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

1,000,000

985,672

Colorado

High

Performance

Transportation

Enterprise

,

Express

Lanes

System

,

Revenue

,

2017

,

%

,

12/31/47

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

2,555,000

2,465,562

Colorado

Housing

and

Finance

Authority

,

Revenue

,

2019

,

I

,

3.15 %

,

10/01/44

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

1,000,000

791,101

Revenue

,

2019

,

I

,

3.25 %

,

10/01/49

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

1,000,000

749,637

Colorado

School

of

Mines

,

Revenue

,

2023

C

,

5.25 %

,

12/01/53

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

3,000,000

3,049,661

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

12/01/54

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

750,000

715,381

Colorado

Springs

School

District

No.

Facilities

Corp.

,

COP

,

2024

,

BAM

Insured

,

5.25 %

,

12/15/48

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

1,000,000

1,023,355

Crystal

Valley

Metropolitan

District

No.

,

GO

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

12/01/49

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

3,000,000

2,133,978

Denver

City

&

County

School

District

No.

,

GO

,

2017

,

%

,

12/01/41

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

5,000,000

5,045,248

GO

,

2025

C

,

5.5 %

,

12/01/49

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

5,000,000

5,327,696

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

%

,

12/01/40

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

9,775,000

9,642,923

Denver

Health

&

Hospital

Authority

,

COP

,

2018

,

%

,

12/01/48

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

5,255,000

5,021,554

Revenue

,

2014

A

,

5.25 %

,

12/01/45

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

9,250,000

9,263,769

Revenue

,

2019

A

,

Refunding

,

%

,

12/01/30

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

1,000,000

1,068,615

Revenue

,

2019

A

,

Refunding

,

%

,

12/01/32

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

1,330,000

1,396,120

Revenue

,

2019

A

,

Refunding

,

%

,

12/01/37

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

3,540,000

3,309,436

Revenue

,

2025

A

,

5.125 %

,

12/01/50

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

1,015,000

985,809

Revenue

,

2025

A

,

%

,

12/01/55

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

1,000,000

1,047,580

Denver

International

Business

Center

Metropolitan

District

No.

,

GO

,

2019

A

,

%

,

12/01/48

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

350,000

280,720

Eagle

River

Water

&

Sanitation

District

,

GO

,

2016

,

%

,

12/01/45

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

1,360,000

1,363,897

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

%

,

11/15/38

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

1,000,000

980,759

Revenue

,

2019

A

,

%

,

11/15/39

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

1,200,000

1,171,336

Erie

Farm

Metropolitan

District

,

GO

,

2021

,

Refunding

,

AG

Insured

,

%

,

12/01/51

....

1,200,000

1,010,576

Evan's

Place

Metropolitan

District

,

GO

,

2020

,

%

,

12/01/40

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

550,000

519,209

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55 %

,

12/01/47

3,500,000

3,444,823

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado
(continued)

Gunnison

County

Housing

Authority

,

Revenue

,

2025

,

BAM

Insured

,

5.125 %

,

6/01/55

.

$

1,350,000

$

1,339,218

Gunnison

Watershed

School

District

No.

Re

1J

,

GO

,

2023

,

%

,

12/01/47

..........

3,250,000

3,306,095

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25 %

,

12/01/46

.....

3,000,000

2,488,338

Lakes

at

Centerra

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

4.5 %

,

12/01/54

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

2,500,000

2,209,386

Lambertson

Farms

Metropolitan

District

No.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

4.25 %

,

12/15/54

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

1,000,000

858,989

Larimer

County

School

District

No.

Poudre

,

GO

,

2018

,

%

,

12/15/39

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

2,660,000

2,714,573

GO

,

2018

,

%

,

12/15/40

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

2,340,000

2,382,986

Meridian

Metropolitan

District

,

GO

,

2023

,

AG

Insured

,

4.375 %

,

12/01/53

..........

2,000,000

1,806,429

Mesa

County

Valley

School

District

No.

Grand

Junction

,

GO

,

2025

,

5.25 %

,

12/01/49

2,000,000

2,075,497

North

Pine

Vistas

Metropolitan

District

No.

,

GO

,

2022

,

Refunding

,

AG

Insured

,

%

,

12/01/52

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

1,125,000

1,113,677

Park

Metropolitan

District

,

GO

,

2016

,

Refunding

,

%

,

12/01/36

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

1,000,000

1,003,994

GO

,

2016

,

Refunding

,

%

,

12/01/46

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

1,500,000

1,394,892

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2015

A

,

Refunding

,

%

,

12/01/45

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

8,500,000

8,331,024

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/01/46

.

2,875,000

2,833,552

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AG

Insured

,

4.25 %

,

12/01/47

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

1,000,000

912,929

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AG

Insured

,

4.5 %

,

12/01/51

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

1,500,000

1,388,588

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

%

,

11/01/42

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

6,475,000

6,547,852

Patriot

Park

Metropolitan

District

No.

,

GO

,

2021

,

4.3 %

,

12/01/50

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

535,000

428,722

Prairie

Center

Metropolitan

District

No.

,

GO

,

2024

B

,

5.875 %

,

12/15/46

.........

1,000,000

1,022,707

Prairie

Center

Metropolitan

District

No.

,

GO

,

2020

,

4.125 %

,

12/15/36

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

500,000

475,031

GO

,

2020

,

4.875 %

,

12/15/44

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

725,000

656,398

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5 %

,

11/15/38

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

9,900,000

11,645,010

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/34

........

550,000

550,214

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/35

........

1,750,000

1,729,790

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/38

........

700,000

661,713

Sales

Tax

,

Revenue

,

2016

A

,

%

,

11/01/41

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

10,000,000

10,078,703

Sales

Tax

,

Revenue

,

2016

A

,

%

,

11/01/46

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

6,000,000

6,014,092

Silver

Peaks

Metropolitan

District

No.

,

GO,

Senior

Lien

,

2020

A

,

%

,

12/01/50

....

1,000,000

895,884

South

Timnath

Metropolitan

District

No.

,

GO

,

2016

,

Refunding

,

%

,

12/01/42

.....

5,690,000

5,387,358

State

of

Colorado

,

COP

,

2020

,

Refunding

,

%

,

6/15/40

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

1,315,000

1,233,895

COP

,

2020

A

,

%

,

12/15/38

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

3,555,000

3,446,857

COP

,

2020

R

,

%

,

3/15/45

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

5,000,000

4,433,405

COP

,

2024

A

,

%

,

11/01/53

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

2,000,000

1,682,078

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

%

,

12/01/39

.......

1,125,000

1,139,845

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

,

Revenue

,

2020

A

,

Refunding

,

3.75 %

,

12/01/40

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

500,000

426,742

Sterling

Ranch

Colorado

Metropolitan

District

No.

,

Revenue

,

2020

A

,

Refunding

,

4.25 %

,

12/01/50

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

1,250,000

1,050,168

Thompson

Crossing

Metropolitan

District

No.

,

GO

,

2016

B

,

Refunding

,

AG

Insured

,

%

,

12/01/46

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

4,500,000

4,514,518

Town

of

Monument

,

COP

,

2020

,

AG

Insured

,

%

,

12/01/45

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

2,000,000

1,780,942

Trails

at

Crowfoot

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

4.25 %

,

12/01/54

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

2,000,000

1,669,247

University

of

Colorado

,

Revenue

,

2025

A

,

4.25 %

,

6/01/55

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

4,055,000

3,575,995

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado
(continued)

Upper

Eagle

Regional

Water

Authority

,

Revenue

,

2024

,

BAM

Insured

,

4.25 %

,

12/01/53

$

2,000,000

$

1,767,380

Whispering

Pines

Metropolitan

District

No.

,

GO

,

2023

,

Refunding

,

AG

Insured

,

%

,

12/01/52

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

900,000

897,566

Wildwing

Metropolitan

District

No.

,

GO

,

2024

,

Refunding

,

AG

Insured

,

4.5 %

,

12/01/53

750,000

658,502

Windsor

Highlands

Metropolitan

District

No.

,

GO

,

2024

,

Refunding

,

BAM

Insured

,

4.5 %

,

12/01/53

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

2,000,000

1,826,487

425,148,966

#### Florida

#### 1.7%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

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

4,104,000

3,518,690

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

800,000

508,719

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

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

4,920,000

4,105,681

8,133,090

#### Georgia

#### 0.4%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

550,000

552,800

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

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

2,735,000

1,197,356

1,750,156

#### South

#### Carolina

#### 0.1%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

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

750,000

597,415

#### Texas

#### 0.4%
b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

2,400,000

1,720,060

#### Washington

#### 0.2%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

1,400,000

1,161,076

#### Wisconsin

#### 2.4%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

2,570,000

2,583,086

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

12,405,000

5,430,786

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

1,400,000

1,073,349

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

3,650,000

2,138,302

11,225,523

#### U.S.

#### Territories

#### 1.0%

#### Guam

#### 0.4%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

10/01/39

600,000

619,843

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

.........

1,500,000

1,431,309

2,051,152

#### Puerto

#### Rico

#### 0.6%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

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

1,200,000

1,199,266

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

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

1,000,000

993,370

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

$

750,000

$

687,944

2,880,580

#### Total

#### U.S.

#### Territories

#### ....................................................................
4,931,732

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 487,732,950

####)
.....................................

#### 456,344,226

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 489,132,950

####)
...............................

#### 457,748,415

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.4%

#### Municipal

#### Bonds

#### 1.4%

#### Colorado

#### 1.4%
d

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

12/01/52

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

2,300,000

2,300,000

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

D

,

Daily

VRDN

and

Put

,

3.85 %

,

5/15/64

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

4,100,000

4,100,000

6,400,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 6,400,000

####)
.......................................

#### 6,400,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 6,400,000

####)
.................................

#### 6,400,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 495,532,950

####)
98.4 #### %
...................................

#### $464,148,415

#### Other

#### Assets,

#### less

#### Liabilities
1.6 #### %
.............................................

#### 7,722,303

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $471,870,718
a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$22,672,245,

representing

4.8%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.15

$9.12

$8.86

$9.85

$10.17

$10.39

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.13 0.24 0.24 0.22 0.20 0.26 Net

realized

and

unrealized

gains

(losses)

(0.36)

0.03 0.26 (0.99)

(0.32)

(0.22)

Total

from

investment

operations

........

(0.23)

0.27 0.50 (0.77)

(0.12)

0.04 Less

distributions

from:

Net

investment

income

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

(0.13)

(0.24)

(0.24)

(0.22)

(0.20)

(0.26)

Net

asset

value,

end

of

period

..........

$8.79

$9.15

$9.12

$8.86

$9.85

$10.17

Total

return

d

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

(2.66)%

3.14%

5.78%

(7.84)%

(1.23)%

0.42%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.99%

1.00%

0.98%

0.97%

0.98%

0.94%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.90%

f

0.90%

g

0.90%

g

0.91%

g

0.98%

g

0.94%

g

Net

investment

income

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

2.87%

2.66%

2.74%

2.44%

1.95%

2.58%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$28,580

$31,359

$29,938

$27,698

$34,084

$28,498

Portfolio

turnover

rate

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

9.31%

12.35%

13.95%

14.70%

23.52%

20.73%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.15

$9.11

$8.85

$9.84

$10.16

$10.38

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.13 0.26 0.26 0.23 0.22 0.28 Net

realized

and

unrealized

gains

(losses)

(0.37)

0.04 0.26 (0.99)

(0.32)

(0.22)

Total

from

investment

operations

........

(0.24)

0.30 0.52 (0.76)

(0.10)

0.06 Less

distributions

from:

Net

investment

income

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

(0.13)

(0.26)

(0.26)

(0.23)

(0.22)

(0.28)

Net

asset

value,

end

of

period

..........

$8.78

$9.15

$9.11

$8.85

$9.84

$10.16

Total

return

d

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

(2.59)%

3.30%

5.94%

(7.71)%

(1.08)%

0.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.84%

0.85%

0.83%

0.83%

0.83%

0.79%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.75%

f

0.75%

g

0.75%

g

0.76%

g

0.83%

g

0.79%

g

Net

investment

income

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

3.02%

2.81%

2.89%

2.59%

2.12%

2.76%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$73,181

$79,581

$89,034

$93,653

$119,599

$135,916

Portfolio

turnover

rate

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

9.31%

12.35%

13.95%

14.70%

23.52%

20.73%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.22

$9.18

$8.92

$9.92

$10.24

$10.46

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.11 0.21 0.21 0.18 0.16 0.23 Net

realized

and

unrealized

gains

(losses)

(0.36)

0.03 0.26 (1.00)

(0.32)

(0.23)

Total

from

investment

operations

........

(0.25)

0.24 0.47 (0.82)

(0.16)

—

Less

distributions

from:

Net

investment

income

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

(0.11)

(0.20)

(0.21)

(0.18)

(0.16)

(0.22)

Net

asset

value,

end

of

period

..........

$8.86

$9.22

$9.18

$8.92

$9.92

$10.24

Total

return

d

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

(2.73)%

2.70%

5.31%

(8.26)%

(1.62)%

0.02%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.38%

1.39%

1.37%

1.37%

1.38%

1.34%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.29%

f

1.29%

g

1.29%

g

1.31%

g

1.38%

g

1.34%

g

Net

investment

income

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

2.45%

2.23%

2.31%

2.01%

1.58%

2.21%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$2,177

$2,762

$4,067

$4,828

$7,281

$13,302

Portfolio

turnover

rate

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

9.31%

12.35%

13.95%

14.70%

23.52%

20.73%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.15

$9.11

$8.85

$9.84

$10.16

$10.38

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.14 0.27 0.27 0.25 0.23 0.29 Net

realized

and

unrealized

gains

(losses)

(0.37)

0.04 0.26 (1.00)

(0.32)

(0.22)

Total

from

investment

operations

........

(0.23)

0.31 0.53 (0.75)

(0.09)

0.07 Less

distributions

from:

Net

investment

income

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

(0.14)

(0.27)

(0.27)

(0.24)

(0.23)

(0.29)

Net

asset

value,

end

of

period

..........

$8.78

$9.15

$9.11

$8.85

$9.84

$10.16

Total

return

d

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

(2.42)%

3.43%

6.08%

(7.58)%

(0.91)%

0.71%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.69%

0.71%

0.69%

0.69%

0.68%

0.70%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.62%

f

0.62%

g

0.63%

g

0.63%

g

0.67%

g

0.66%

g

Net

investment

income

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

3.16%

2.94%

3.03%

2.75%

2.27%

2.79%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$9,472

$7,950

$6,947

$2,952

$1,815

$1,385

Portfolio

turnover

rate

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

9.31%

12.35%

13.95%

14.70%

23.52%

20.73%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.14

$9.10

$8.84

$9.83

$10.15

$10.37

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.14 0.26 0.27 0.24 0.23 0.29 Net

realized

and

unrealized

gains

(losses)

(0.36)

0.04 0.25 (0.99)

(0.32)

(0.22)

Total

from

investment

operations

........

(0.22)

0.30 0.52 (0.75)

(0.09)

0.07 Less

distributions

from:

Net

investment

income

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

(0.14)

(0.26)

(0.26)

(0.24)

(0.23)

(0.29)

Net

asset

value,

end

of

period

..........

$8.78

$9.14

$9.10

$8.84

$9.83

$10.15

Total

return

d

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

(2.43)%

3.40%

6.05%

(7.63)%

(0.98)%

0.67%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.74%

0.76%

0.73%

0.73%

0.73%

0.69%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.65%

f

0.65%

g

0.65%

g

0.66%

g

0.73%

g

0.69%

g

Net

investment

income

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

3.13%

2.91%

3.01%

2.69%

2.22%

2.85%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$34,801

$30,246

$15,886

$14,477

$20,378

$20,968

Portfolio

turnover

rate

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

9.31%

12.35%

13.95%

14.70%

23.52%

20.73%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 96.0%

#### Connecticut

#### 89.3%
City

of

Bridgeport

,

GO

,

2021

A

,

BAM

Insured

,

%

,

8/01/46

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

$

375,000

$

332,218

GO

,

2021

A

,

BAM

Insured

,

%

,

8/01/51

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

575,000

488,219

GO

,

2024

A

,

Refunding

,

BAM

Insured

,

%

,

7/01/44

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

550,000

565,801

City

of

New

Britain

,

GO

,

2017

C

,

AG

Insured

,

%

,

3/01/36

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

1,000,000

1,018,420

City

of

New

Haven

,

GO

,

2021

A

,

Refunding

,

%

,

8/01/41

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

2,000,000

1,789,922

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25 %

,

8/15/43

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

1,000,000

1,000,593

City

of

West

Haven

,

GO

,

2021

,

BAM

Insured

,

%

,

9/15/41

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

565,000

522,738

Connecticut

Housing

Finance

Authority

,

Revenue

,

2019

E-E1

,

3.05 %

,

11/15/44

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

5,000,000

3,911,130

Revenue

,

2019

E-E1

,

3.1 %

,

11/15/49

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

2,000,000

1,444,703

Revenue

,

2020

,

Refunding

,

2.05 %

,

5/15/37

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

1,000,000

756,642

Revenue

,

2020

,

Refunding

,

2.2 %

,

11/15/34

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

960,000

783,125

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Avon

Old

Farms

School

Obligated

Group

,

Revenue

,

,

Refunding

,

%

,

7/01/46

..

1,000,000

871,827

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

%

,

7/01/38

315,000

309,120

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

%

,

7/01/39

380,000

367,894

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

%

,

7/01/42

860,000

798,309

Connecticut

Children's

Medical

Center

Obligated

Group

,

Revenue

,

E

,

5.25 %

,

7/15/48

3,375,000

3,450,936

Connecticut

College

,

Revenue

,

,

Refunding

,

%

,

7/01/46

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

5,000,000

4,344,354

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

B

,

%

,

12/01/40

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

4,000,000

3,950,022

Fairfield

University

,

Revenue

,

,

%

,

7/01/46

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

9,000,000

9,001,560

Fairfield

University

,

Revenue

,

V

,

5.25 %

,

7/01/47

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

620,000

638,622

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/46

..........

6,000,000

5,140,433

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

%

,

7/01/41

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

735,000

626,458

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

%

,

7/01/51

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

1,250,000

929,992

Masonicare

Corp.

Obligated

Group

,

Revenue

,

F

,

Refunding

,

%

,

7/01/43

........

1,000,000

905,341

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/38

.....

1,000,000

956,404

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/41

.....

6,310,000

5,732,159

Quinnipiac

University

,

Revenue

,

L

,

Refunding

,

%

,

7/01/45

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

8,250,000

8,135,365

Sacred

Heart

University,

Inc.

,

Revenue

,

,

Refunding

,

%

,

7/01/42

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

4,375,000

4,391,790

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

%

,

7/01/35

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

550,000

580,782

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

%

,

7/01/45

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

1,200,000

1,022,291

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

%

,

7/01/37

...

2,550,000

2,482,757

Taft

School

Corp.

(The)

,

Revenue

,

L

,

Refunding

,

%

,

7/01/46

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

2,210,000

1,628,021

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

CT

,

%

,

12/01/45

.........

5,000,000

5,002,921

Trustees

of

Trinity

College

(The)

,

Revenue

,

R

,

Refunding

,

%

,

6/01/45

..........

2,500,000

2,156,973

Trustees

of

Trinity

College

(The)

,

Revenue

,

S

,

Refunding

,

%

,

6/01/51

..........

4,800,000

3,908,065

University

of

Hartford

(The)

,

Revenue

,

2022

P

,

5.375 %

,

7/01/52

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

2,000,000

1,737,219

Yale

University

,

Revenue

,

2015

A

,

Refunding

,

%

,

7/01/35

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

2,435,000

2,791,674

Yale

University

,

Revenue

,

,

%

,

7/01/37

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

3,000,000

3,320,907

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/44

520,000

539,911

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/45

500,000

516,236

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/46

500,000

514,529

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/47

420,000

429,009

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/48

500,000

508,872

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue

,

2020

B

,

3.25 %

,

11/15/36

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

1,425,000

1,298,126

Revenue

,

2020

D

,

Pre-Refunded

,

%

,

11/15/35

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

1,145,000

1,153,468

Revenue

,

2021

B

,

2.25 %

,

11/15/37

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

2,445,000

1,865,007

Revenue

,

2025

,

%

,

11/15/40

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

500,000

491,176

South

Central

Connecticut

Regional

Water

Authority

,

Revenue

,

38th

,

Refunding

,

%

,

8/01/38

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

1,000,000

1,111,076

Revenue

,

38th

,

Refunding

,

%

,

8/01/40

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

500,000

544,063

Revenue

,

38th

,

Refunding

,

%

,

8/01/41

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

300,000

322,718

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Connecticut
(continued)

South

Central

Connecticut

Regional

Water

Authority,

(continued)

Revenue

,

39th

A

,

%

,

8/01/54

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

$

1,000,000

$

1,022,374

Revenue,

Second

Series

,

32nd

B

,

Refunding

,

%

,

8/01/38

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

1,720,000

1,736,717

State

of

Connecticut

,

GO

,

2020

A

,

%

,

1/15/38

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

7,250,000

7,262,083

GO

,

2020

C

,

%

,

6/01/39

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

600,000

591,927

GO

,

2024

G

,

%

,

11/15/41

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

3,990,000

4,230,096

Special

Tax

,

2016

A

,

%

,

9/01/33

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

1,000,000

1,018,280

Special

Tax

,

2018

A

,

%

,

1/01/36

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

1,000,000

1,033,393

Special

Tax

,

2020

A

,

%

,

5/01/35

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

4,500,000

4,814,984

Special

Tax

,

2020

A

,

%

,

5/01/40

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

2,000,000

2,065,491

Special

Tax

,

2021

A

,

%

,

5/01/41

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

1,500,000

1,557,840

Special

Tax

,

2021

D

,

%

,

11/01/40

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

2,075,000

2,014,333

Special

Tax

,

2024

,

%

,

7/01/45

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

1,250,000

1,292,352

Bradley

International

Airport

CFC

,

Revenue

,

2019

A

,

AG

Insured

,

%

,

7/01/49

....

1,400,000

1,361,897

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2015

A

,

%

,

3/01/34

.......

1,000,000

1,001,411

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2017

A

,

%

,

5/01/37

.......

1,000,000

1,023,154

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

8/15/41

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

500,000

467,926

Town

of

Stafford

,

GO

,

2021

,

Refunding

,

%

,

2/01/36

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

250,000

227,008

GO

,

2021

,

Refunding

,

%

,

2/01/38

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

310,000

269,746

GO

,

2021

,

Refunding

,

%

,

2/01/41

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

300,000

248,576

Town

of

Stratford

,

GO

,

2017

,

AG

Insured

,

%

,

7/01/33

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

1,000,000

1,001,359

University

of

Connecticut

,

Revenue

,

2017

A

,

%

,

1/15/37

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

1,000,000

1,017,663

132,348,508

#### Florida

#### 1.0%
a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

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

500,000

317,949

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

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

1,325,000

1,105,697

1,423,646

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

185,000

185,942

b

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

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

420,000

183,872

369,814

#### Illinois

#### 0.6%
State

of

Illinois

,

GO

,

2020

C

,

%

,

10/01/42

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

1,000,000

861,062

#### Texas

#### 0.3%
a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

615,000

440,765

#### Washington

#### 0.3%
a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

500,000

414,670

#### Wisconsin

#### 1.7%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

855,000

859,354

b

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

1,910,000

836,179

a

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

400,000

306,671

a,b

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

800,000

468,669

2,470,873

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories

#### 2.6%

#### Guam

#### 1.7%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

10/01/36

$

365,000

$

384,451

Guam

Government

Waterworks

Authority

,

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

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

600,000

603,191

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

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

1,000,000

1,019,063

Territory

of

Guam

,

Revenue

,

2025

G

,

Refunding

,

5.25 %

,

1/01/39

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

500,000

525,269

2,531,974

#### Puerto

#### Rico

#### 0.9%
Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

1,500,000

1,375,887

#### Total

#### U.S.

#### Territories

#### ....................................................................
3,907,861

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 154,194,878

####)
.....................................

#### 142,237,199
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.7%

#### Municipal

#### Bonds

#### 2.7%

#### Connecticut

#### 2.7%
c

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Yale

University

,

Revenue

,

2001

,

Daily

VRDN

and

Put

,

3.5 %

,

7/01/36

........

1,100,000

1,100,000

Yale

University

,

Revenue

,

2001

,

Daily

VRDN

and

Put

,

3.5 %

,

7/01/36

........

530,000

530,000

Yale

University

,

Revenue

,

2010

A-4-1

,

Daily

VRDN

and

Put

,

3.5 %

,

7/01/49

.......

2,300,000

2,300,000

3,930,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 3,930,000

####)
.......................................

#### 3,930,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 3,930,000

####)
.................................

#### 3,930,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 158,124,878

####)
98.7 #### %
...................................

#### $146,167,199

#### Other

#### Assets,

#### less

#### Liabilities
1.3 #### %
.............................................

#### 2,045,047

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $148,212,246
See

A

bbreviations

on

.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$3,054,421,

representing

2.1%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.35

$11.27

$11.02

$11.82

$12.22

$12.39

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.18 0.32 0.30 0.26 0.23 0.26 Net

realized

and

unrealized

gains

(losses)

(0.20)

0.08 0.25 (0.82)

(0.40)

(0.17)

Total

from

investment

operations

........

(0.02)

0.40 0.55 (0.56)

(0.17)

0.09 Less

distributions

from:

Net

investment

income

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

(0.18)

(0.32)

(0.30)

(0.24)

(0.23)

(0.26)

Net

asset

value,

end

of

period

..........

$11.15

$11.35

$11.27

$11.02

$11.82

$12.22

Total

return

d

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

(0.18)%

3.63%

5.05%

(4.70)%

(1.42)%

0.72%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.82%

0.81%

0.81%

0.83%

0.80%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.71%

0.71%

f

0.70%

f

0.71%

f

0.70%

f

0.70%

f

Net

investment

income

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

3.22%

2.87%

2.70%

2.31%

1.89%

2.09%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$632,329

$655,106

$667,503

$707,816

$754,463

$629,566

Portfolio

turnover

rate

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

18.33%

18.10%

16.21%

24.76%

22.05%

18.84%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.34

$11.26

$11.01

$11.81

$12.21

$12.38

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.19 0.34 0.32 0.27 0.25 0.28 Net

realized

and

unrealized

gains

(losses)

(0.20)

0.08 0.24 (0.81)

(0.40)

(0.17)

Total

from

investment

operations

........

(0.01)

0.42 0.56 (0.54)

(0.15)

0.11 Less

distributions

from:

Net

investment

income

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

(0.19)

(0.34)

(0.31)

(0.26)

(0.25)

(0.28)

Net

asset

value,

end

of

period

..........

$11.14

$11.34

$11.26

$11.01

$11.81

$12.21

Total

return

d

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

(0.11)%

3.79%

5.22%

(4.56)%

(1.27)%

0.87%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.67%

0.66%

0.66%

0.68%

0.65%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.56%

0.56%

f

0.55%

f

0.56%

f

0.55%

f

0.55%

f

Net

investment

income

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

3.37%

3.02%

2.85%

2.45%

2.05%

2.26%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$565,814

$623,410

$730,605

$864,508

$1,265,052

$1,403,417

Portfolio

turnover

rate

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

18.33%

18.10%

16.21%

24.76%

22.05%

18.84%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.37

$11.29

$11.05

$11.85

$12.24

$12.42

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.16 0.28 0.25 0.21 0.18 0.21 Net

realized

and

unrealized

gains

(losses)

(0.20)

0.08 0.24 (0.81)

(0.39)

(0.18)

Total

from

investment

operations

........

(0.04)

0.36 0.49 (0.60)

(0.21)

0.03 Less

distributions

from:

Net

investment

income

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

(0.16)

(0.28)

(0.25)

(0.20)

(0.18)

(0.21)

Net

asset

value,

end

of

period

..........

$11.17

$11.37

$11.29

$11.05

$11.85

$12.24

Total

return

d

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

(0.38)%

3.21%

4.53%

(5.07)%

(1.73)%

0.24%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

1.22%

1.21%

1.21%

1.23%

1.20%

1.20%

Expenses

net

of

waiver

and

payments

by

affiliates

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

1.11%

1.10%

f

1.10%

f

1.11%

f

1.10%

f

1.10%

f

Net

investment

income

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

2.80%

2.45%

2.29%

1.88%

1.50%

1.72%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$15,682

$20,682

$28,661

$42,983

$67,008

$121,312

Portfolio

turnover

rate

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

18.33%

18.10%

16.21%

24.76%

22.05%

18.84%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

In

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.37

$11.29

$11.04

$11.84

$12.24

$12.41

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.20 0.36 0.33 0.29 0.27 0.30 Net

realized

and

unrealized

gains

(losses)

(0.20)

0.08 0.25 (0.81)

(0.40)

(0.18)

Total

from

investment

operations

........

—

0.44 0.58 (0.52)

(0.13)

0.12 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.36)

(0.33)

(0.28)

(0.27)

(0.29)

Net

asset

value,

end

of

period

..........

$11.17

$11.37

$11.29

$11.04

$11.84

$12.24

Total

return

d

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

(0.03)%

3.94%

5.36%

(4.40)%

(1.12)%

1.03%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.51%

0.51%

0.51%

0.53%

0.50%

0.50%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.40%

0.40%

f

0.40%

f

0.40%

f

0.40%

f

0.40%

f

Net

investment

income

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

3.52%

3.17%

3.00%

2.60%

2.19%

2.41%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$116,643

$123,010

$127,665

$135,524

$257,641

$414,751

Portfolio

turnover

rate

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

18.33%

18.10%

16.21%

24.76%

22.05%

18.84%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.37

$11.28

$11.04

$11.84

$12.24

$12.41

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.19 0.35 0.33 0.28 0.26 0.29 Net

realized

and

unrealized

gains

(losses)

(0.20)

0.09 0.24 (0.81)

(0.40)

(0.17)

Total

from

investment

operations

........

(0.01)

0.44 0.57 (0.53)

(0.14)

0.12 Less

distributions

from:

Net

investment

income

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

(0.19)

(0.35)

(0.33)

(0.27)

(0.26)

(0.29)

Net

asset

value,

end

of

period

..........

$11.17

$11.37

$11.28

$11.04

$11.84

$12.24

Total

return

d

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

(0.06)%

3.98%

5.21%

(4.45)%

(1.17)%

0.97%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

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

0.57%

0.56%

0.56%

0.58%

0.55%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.46%

0.45%

f

0.45%

f

0.46%

0.45%

f

0.45%

f

Net

investment

income

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

3.46%

3.12%

2.95%

2.53%

2.14%

2.36%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$680,483

$689,045

$644,787

$633,982

$1,126,152

$1,153,049

Portfolio

turnover

rate

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

18.33%

18.10%

16.21%

24.76%

22.05%

18.84%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Management

#### Investment

#### Companies

#### 0.9%

#### Capital

#### Markets

#### 0.9%
a

Franklin

Municipal

Green

Bond

ETF

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

830,000

$

19,027,833

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 22,459,625

####)
....................

#### 19,027,833

#### Principal

#### Amount
a

#### a
a

#### Municipal

#### Bonds

#### 96.9%

#### Alabama

#### 6.1%
b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

E

,

Mandatory

Put

,

%

,

6/01/28

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

$

7,000,000

7,305,213

Revenue

,

2022

F

,

Mandatory

Put

,

5.5 %

,

12/01/28

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

6,970,000

7,369,255

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

12/01/30

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

14,000,000

15,113,368

Revenue

,

2024

C

,

Mandatory

Put

,

%

,

7/01/31

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

4,000,000

4,278,975

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

%

,

10/01/33

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

5,000,000

5,532,754

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

,

Mandatory

Put

,

5.5 %

,

1/01/31

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

8,570,000

9,320,092

Revenue

,

2023

,

Mandatory

Put

,

5.75 %

,

11/01/31

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

6,000,000

6,618,153

Revenue

,

2024

B

,

Mandatory

Put

,

5.25 %

,

6/01/32

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

7,000,000

7,519,191

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

%

,

6/01/39

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

2,250,000

2,163,103

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

%

,

2/01/27

.......

4,920,000

4,959,178

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

%

,

2/01/28

.......

5,000,000

5,042,773

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

%

,

2/01/33

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

2,855,000

2,940,773

Special

Tax

,

2019

,

%

,

2/01/34

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

2,970,000

3,038,037

Special

Tax

,

2019

,

%

,

2/01/35

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

3,095,000

3,145,104

Special

Tax

,

2019

,

%

,

2/01/37

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

3,350,000

3,360,143

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2022

,

Mandatory

Put

,

5.5 %

,

12/01/29

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

4,585,000

4,914,425

Revenue

,

2022

,

Mandatory

Put

,

%

,

8/01/28

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

5,250,000

5,471,662

Revenue

,

2022

,

Mandatory

Put

,

4.725 %

,

8/01/28

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

15,000,000

15,277,964

Revenue

,

2025

B

,

Mandatory

Put

,

5.25 %

,

1/01/33

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

9,700,000

10,167,920

123,538,083

#### Alaska

#### 0.1%
Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2020

,

Refunding

,

%

,

12/01/35

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

1,710,000

1,723,155

Revenue

,

2020

,

Refunding

,

%

,

12/01/37

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

1,305,000

1,289,044

3,012,199

#### Arizona

#### 3.3%
Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/30

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

600,000

631,104

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/31

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

630,000

659,094

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/32

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

1,000,000

1,040,558

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/35

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

1,115,000

1,145,165

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/36

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

1,250,000

1,277,837

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/37

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

1,050,000

1,068,038

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/37

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

1,105,000

1,045,656

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

Arizona

Industrial

Development

Authority,

(continued)

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/38

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

$

600,000

$

556,967

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/41

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

6,000,000

5,331,285

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/27

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

55,000

56,577

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/28

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

60,000

62,619

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/29

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

60,000

63,344

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/30

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

65,000

69,060

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/31

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

70,000

74,385

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/27

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

160,000

162,113

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/28

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

170,000

172,245

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/29

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

160,000

162,028

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/30

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

185,000

187,123

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/31

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

195,000

196,899

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

%

,

2/01/39

.....

1,200,000

1,005,530

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue,

Junior

Lien

,

2019

B

,

%

,

7/01/35

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

7,500,000

7,753,541

Airport

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

%

,

7/01/32

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

4,250,000

4,660,906

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/35

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

3,340,000

3,494,531

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/36

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

6,380,000

6,630,431

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/39

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

6,365,000

6,510,770

Maricopa

County

Industrial

Development

Authority

,

c

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

18,555,000

19,488,842

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/30

.......

850,000

902,119

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/31

.......

1,000,000

1,054,525

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/32

.......

1,000,000

1,050,319

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/33

.......

800,000

835,628

67,349,239

#### Arkansas

#### 0.6%
Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/35

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

4,630,000

4,759,093

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/36

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

3,625,000

3,701,383

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/37

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

1,250,000

1,268,166

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/38

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

1,000,000

1,006,652

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/39

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

1,000,000

1,001,506

11,736,800

#### California

#### 7.7%
Bay

Area

Toll

Authority

,

Revenue

,

2017

,

Refunding

,

%

,

4/01/31

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

7,000,000

7,139,085

Burbank-Glendale-Pasadena

Airport

Authority

Brick

Campaign

,

Revenue

,

2024

A

,

AG

Insured

,

%

,

7/01/54

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

4,900,000

4,236,587

b

California

Community

Choice

Financing

Authority

,

Revenue

,

2021

,

Mandatory

Put

,

%

,

8/01/31

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

5,000,000

5,023,997

Revenue

,

2023

C

,

Mandatory

Put

,

5.25 %

,

10/01/31

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

11,000,000

11,570,621

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

2/01/43

..........

6,685,000

5,862,972

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/46

...

6,485,000

5,269,868

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

California

Municipal

Finance

Authority

,

d

Revenue

,

FRN

,

2025-1

,

,

3.438 %

,

2/20/41

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

$

9,974,820

$

8,525,743

Witmer

Manor

Community

Partners

LP

,

Revenue

,

2025

A

,

FNMA

Insured

,

4.875 %

,

11/01/43

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

3,100,000

3,158,143

California

Statewide

Communities

Development

Authority

,

Southern

California

Edison

Co.

,

Revenue

,

2010

A

,

Refunding

,

1.75 %

,

9/01/29

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

5,000,000

4,684,350

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/15/38

14,960,000

15,762,561

City

of

Riverside

,

Sewer

,

Revenue

,

2015

A

,

Refunding

,

%

,

8/01/34

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

10,605,000

10,624,835

Sewer

,

Revenue

,

2015

A

,

Refunding

,

%

,

8/01/35

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

11,000,000

11,020,573

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/47

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

5,345,000

4,719,569

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/47

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

4,900,000

4,237,401

c

CSCDA

Community

Improvement

Authority

,

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

9/01/46

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

4,825,000

3,800,147

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

3.85 %

,

6/01/50

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

3,010,000

2,712,561

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/31

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

8,220,000

8,418,298

Power

System

,

Revenue

,

2017

C

,

%

,

7/01/32

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

4,615,000

4,752,964

Power

System

,

Revenue

,

2017

C

,

%

,

7/01/33

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

3,960,000

4,067,158

Power

System

,

Revenue

,

2017

C

,

%

,

7/01/34

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

4,080,000

4,178,975

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/01/44

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

6,760,000

6,761,462

Revenue,

Second

Series

,

2023

C

,

Refunding

,

%

,

5/01/33

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

15,000,000

16,422,006

d

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

4.524 %

,

(3-month

TSOF

+

1.645 %),

11/01/38

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

3,000,000

2,880,968

155,830,844

#### Colorado

#### 4.3%
City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75 %

,

11/15/41

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

5,325,000

5,681,674

Colorado

Health

Facilities

Authority

,

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/32

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

750,000

802,284

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/33

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

1,000,000

1,062,609

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/34

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

1,100,000

1,158,680

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/31

2,500,000

2,662,249

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/39

1,250,000

1,160,625

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/33

9,595,000

10,095,686

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/36

11,635,000

12,030,971

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/38

2,000,000

2,044,686

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/39

5,500,000

5,600,574

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/44

8,195,000

8,071,577

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/40

.........

3,000,000

3,067,738

Denver

City

&

County

School

District

No.

,

GO

,

2025

A

,

5.5 %

,

12/01/44

..........

10,000,000

10,818,563

Denver

Health

&

Hospital

Authority

,

Revenue

,

2025

A

,

%

,

12/01/55

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

1,500,000

1,571,371

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

%

,

12/01/32

..

1,000,000

1,021,720

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86 %

,

11/15/29

..

9,900,000

10,447,074

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/33

........

1,000,000

1,009,726

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/35

........

1,400,000

1,383,831

South

Maryland

Creek

Ranch

Metropolitan

District

,

GO

,

2023

,

Refunding

,

AG

Insured

,

%

,

12/01/43

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

1,000,000

1,010,838

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado
(continued)

c

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

%

,

4/01/35

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

$

4,100,000

$

4,357,702

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

,

Revenue

,

2020

A

,

Refunding

,

3.375 %

,

12/01/30

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

500,000

482,710

85,542,888

#### Connecticut

#### 1.2%
City

of

Stamford

,

GO

,

2019

,

%

,

6/01/35

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

3,025,000

2,867,880

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/38

..........

2,500,000

2,344,746

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/33

.....

5,000,000

5,215,567

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/35

.....

250,000

250,015

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/36

.....

4,750,000

4,696,738

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

%

,

7/01/27

...

250,000

259,200

State

of

Connecticut

,

Special

Tax

,

2020

A

,

%

,

5/01/36

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

3,500,000

3,525,473

University

of

Connecticut

,

Revenue

,

2016

A

,

%

,

3/15/31

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

5,025,000

5,081,502

24,241,121

#### Delaware

#### 0.4%
Delaware

State

Economic

Development

Authority

,

Delmarva

Power

&

Light

Co.

,

Revenue

,

2020

A

,

Refunding

,

3.6 %

,

1/01/31

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

8,500,000

8,757,338

#### Florida

#### 7.8%
Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

,

Refunding

,

%

,

12/01/35

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

2,350,000

2,425,449

Beach

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

Refunding

,

AG

Insured

,

5.25 %

,

5/01/44

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

1,400,000

1,415,296

Capital

Projects

Finance

Authority

,

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

,

%

,

11/01/48

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

2,500,000

2,274,779

c

Capital

Trust

Agency,

Inc.

,

Kingdom

Kensington

LLC

,

Revenue

,

144A,

2021

,

3.65 %

,

12/01/36

..........

5,345,000

4,538,232

Kingdom

Kensington

LLC

,

Revenue

,

144A,

2021

,

5.1 %

,

12/01/31

...........

1,725,000

1,600,771

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

T

,

5.05 %

,

7/01/34

..........

855,000

742,355

c,e

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

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

17,400,000

14,520,091

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

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

750,000

601,093

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75 %

,

5/01/30

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

255,000

243,278

City

of

Clearwater

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/33

......

5,520,000

5,687,902

City

of

Jacksonville

,

Revenue

,

2023

A

,

Refunding

,

5.5 %

,

10/01/53

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

5,175,000

5,397,911

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/01/39

..

1,650,000

1,512,026

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/40

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

2,500,000

2,197,573

City

of

Port

St.

Lucie

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

%

,

9/01/30

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

1,500,000

1,512,407

Utility

System

,

Revenue

,

2016

,

Refunding

,

%

,

9/01/31

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

1,635,000

1,645,630

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Foundation,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/33

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

6,000,000

6,045,290

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

%

,

7/01/38

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

700,000

655,240

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

%

,

7/01/39

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

500,000

464,381

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

%

,

7/01/40

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

1,000,000

1,019,465

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/37

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

$

1,000,000

$

856,094

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

3.75 %

,

5/01/32

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

460,000

461,494

East

Palm

Drive

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.1 %

,

6/15/44

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

750,000

718,080

Everlands

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.25 %

,

6/15/44

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

1,000,000

969,211

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC

,

Revenue

,

2024

,

Refunding

,

AG

Insured

,

%

,

7/01/44

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

20,000,000

19,171,004

c

Forest

Lake

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/40

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

1,270,000

1,138,090

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

%

,

10/01/33

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

10,500,000

10,981,944

Revenue

,

2019

A

,

%

,

10/01/37

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

8,430,000

8,127,585

Harvest

Ridge

Community

Development

District

,

Special

Assessment

,

2024

,

4.375 %

,

5/01/31

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

240,000

243,558

Special

Assessment

,

2024

,

5.125 %

,

5/01/44

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

260,000

251,814

Special

Assessment

,

2024

,

5.375 %

,

5/01/54

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

650,000

619,767

Herons

Glen

Recreation

District

,

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/32

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

185,000

180,251

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/33

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

300,000

287,528

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/34

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

245,000

229,140

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/35

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

255,000

234,849

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/36

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

260,000

234,790

Hillsborough

County

Housing

Finance

Authority

,

Tampa

47th

Street

Apartments

LLC

,

Revenue

,

2025

A

,

FNMA

Insured

,

%

,

12/01/42

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

3,075,000

3,079,296

Keys

Edge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.1 %

,

5/01/44

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

500,000

469,917

c

Knightsbridge

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

6/15/31

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

190,000

193,217

Lakewood

Ranch

Stewardship

District

,

Special

Assessment

,

2025

,

5.7 %

,

5/01/45

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

1,100,000

1,095,982

f

Special

Assessment

,

2025

,

5.8 %

,

5/01/45

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

2,000,000

1,990,448

Assessments

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/44

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

485,000

472,404

Lee

County

Industrial

Development

Authority

,

Lee

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

4/01/37

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

5,000,000

4,795,629

Lee

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

4/01/49

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

12,000,000

9,899,750

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.45 %

,

5/01/32

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

1,000,000

1,067,599

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/28

.....

1,000,000

1,024,758

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/30

.....

2,875,000

2,938,137

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

12/15/41

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

1,000,000

824,769

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4.2 %

,

5/01/33

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

800,000

811,765

Special

Assessment

,

2023

,

%

,

5/01/43

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

2,000,000

1,945,932

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/31

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

500,000

474,101

State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526 %

,

7/01/34

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

6,600,000

6,821,947

State

of

Florida

,

GO

,

2017

C

,

Refunding

,

%

,

6/01/32

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

7,855,000

7,946,053

GO

,

2017

C

,

Refunding

,

%

,

6/01/33

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

5,000,000

5,046,092

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

c

Summerstone

Community

Development

District

,

Assessment

Phase

,

Special

Assessment

,

144A,

2021

,

3.15 %

,

5/01/41

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

$

725,000

$

599,738

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

%

,

10/01/32

..........

2,855,000

2,877,795

c

Village

Community

Development

District

No.

,

Special

Assessment

,

144A,

2024

,

%

,

5/01/34

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

1,000,000

987,699

Special

Assessment

,

144A,

2024

,

4.2 %

,

5/01/39

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

1,000,000

935,243

Phase

I

,

Special

Assessment

,

144A,

2023

,

4.85 %

,

5/01/38

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

845,000

852,186

156,354,825

#### Georgia

#### 3.8%
Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/33

565,000

567,915

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/34

450,000

449,672

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/35

865,000

854,675

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/36

1,400,000

1,363,541

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

%

,

4/01/32

250,000

252,739

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

%

,

4/01/33

250,000

251,290

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

%

,

4/01/34

275,000

274,800

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

%

,

4/01/35

275,000

271,717

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

%

,

4/01/36

275,000

267,838

DeKalb

County

Housing

Authority

,

HADC

Avenues

LLC

,

Revenue

,

2024

,

Refunding

,

4.125 %

,

12/01/34

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

2,500,000

2,451,450

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

%

,

8/21/26

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

2,375,000

2,314,221

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

5,050,000

5,075,714

e

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

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

1,260,000

551,616

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

%

,

2/15/28

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

2,100,000

2,174,467

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

%

,

2/15/29

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

2,000,000

2,068,444

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

%

,

2/15/30

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

1,000,000

1,030,788

b

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

C

,

Mandatory

Put

,

%

,

12/01/28

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

5,000,000

5,073,161

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/29

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

10,000,000

10,129,106

Revenue

,

2022

B

,

Mandatory

Put

,

%

,

6/01/29

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

10,200,000

10,687,227

c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

%

,

11/01/27

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

12,000,000

11,992,627

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/31

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

11,495,000

12,311,574

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

%

,

1/01/33

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

1,000,000

1,046,789

Revenue

,

2019

B

,

%

,

1/01/32

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

750,000

778,406

Revenue

,

2019

B

,

%

,

1/01/34

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

700,000

721,006

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

%

,

1/01/29

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

500,000

524,957

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

%

,

1/01/30

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

480,000

502,835

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

%

,

1/01/31

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

700,000

729,740

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

%

,

1/01/33

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

1,045,000

1,080,438

75,798,753

#### Hawaii

#### 0.2%
State

of

Hawaii

,

Airports

System

,

Revenue

,

2020

A

,

%

,

7/01/35

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

4,420,000

4,388,913

#### Idaho

#### 0.1%
Boise

State

University

,

Revenue

,

2025

A

,

Refunding

,

%

,

4/01/50

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

850,000

858,800

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Idaho
(continued)

Boise

State

University,

(continued)

Revenue

,

2025

A

,

Refunding

,

%

,

4/01/54

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

$

825,000

$

829,995

1,688,795

#### Illinois

#### 7.5%
Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.25 %

,

4/01/40

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

3,720,000

3,802,033

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2020

E

,

Refunding

,

%

,

1/01/34

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

5,345,000

5,395,924

Chicago

Park

District

,

GO

,

2020

,

Refunding

,

%

,

1/01/32

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

1,500,000

1,597,734

GO

,

2020

,

Refunding

,

%

,

1/01/33

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

3,000,000

3,177,423

GO

,

2020

,

Refunding

,

%

,

1/01/34

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

1,100,000

1,105,670

GO

,

2020

,

Refunding

,

%

,

1/01/35

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

2,375,000

2,487,720

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AG

Insured

,

%

,

12/01/41

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

6,000,000

5,676,526

City

of

Chicago

,

e

GO

,

1999

,

NATL

Insured

,

3.59 %,

1/01/31

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

4,000,000

3,313,974

GO

,

2021

A

,

Refunding

,

%

,

1/01/33

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

9,500,000

9,906,079

GO

,

2021

A

,

Refunding

,

%

,

1/01/34

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

6,655,000

6,880,232

GO

,

2021

B

,

Refunding

,

%

,

1/01/35

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

4,295,000

4,071,726

GO

,

2021

B

,

Refunding

,

BAM

Insured

,

%

,

1/01/38

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

5,150,000

5,032,040

GO

,

2023

A

,

%

,

1/01/35

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

10,000,000

10,244,556

GO

,

2024

B

,

Refunding

,

%

,

1/01/35

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

5,575,000

5,863,313

City

of

Galesburg

,

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/36

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

1,125,000

1,017,966

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/41

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

1,475,000

1,211,324

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

8/15/40

12,645,000

11,518,942

b,c

Centerpoint

Joliet

Terminal

Railroad

LLC

,

Revenue

,

144A,

2012

,

Mandatory

Put

,

4.8 %

,

7/02/35

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

5,000,000

5,006,812

g

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/28

.........

341,673

17,084

g

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/29

.........

352,902

17,645

g

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/30

.........

420,274

21,014

g

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/31

.........

351,298

17,565

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

5/15/35

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

500,000

500,010

Northwestern

University

,

Revenue

,

2015

,

%

,

12/01/28

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

1,675,000

1,808,771

c

Rosalind

Franklin

University

of

Medicine

and

Science

,

Revenue

,

144A,

2025

,

5.25 %

,

8/01/35

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

5,000,000

4,985,400

e

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2002

A

,

BAM,

NATL

RE

Insured

,

4.54 %,

12/15/37

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

13,045,000

7,557,839

Northern

Illinois

University

,

Revenue

,

2021

,

BAM

Insured

,

%

,

10/01/41

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

400,000

364,696

Revenue

,

2021

,

BAM

Insured

,

%

,

10/01/43

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

2,075,000

1,845,448

State

of

Illinois

,

GO

,

2019

B

,

%

,

11/01/38

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

4,680,000

4,321,122

GO

,

2020

C

,

%

,

10/01/37

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

8,170,000

7,693,302

GO

,

2021

A

,

%

,

3/01/46

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

2,000,000

1,942,166

GO

,

2022

A

,

%

,

3/01/29

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

6,385,000

6,875,719

GO

,

2022

B

,

%

,

10/01/30

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

10,000,000

11,040,411

GO

,

2022

C

,

5.5 %

,

10/01/40

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

3,700,000

3,901,383

GO

,

2024

C

,

%

,

10/01/39

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

2,500,000

2,274,248

c

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

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

5,000,000

5,002,439

Village

of

Bellwood

,

Tax

Allocation

,

2024

,

%

,

12/01/50

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

2,750,000

2,592,266

150,088,522

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Indiana

#### 1.2%
Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

%

,

6/01/32

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

$

650,000

$

691,661

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

%

,

6/01/33

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

830,000

880,426

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

%

,

6/01/38

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

1,600,000

1,627,193

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/26

..

1,065,000

1,060,505

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/27

..

1,150,000

1,146,023

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/28

..

1,235,000

1,234,334

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/29

..

1,330,000

1,331,005

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/30

..

1,425,000

1,423,294

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

4.3 %

,

5/01/29

...

750,000

765,949

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5.25 %

,

5/01/45

..

1,000,000

953,883

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

6/01/37

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

14,000,000

13,994,376

25,108,649

#### Iowa

#### 1.1%
Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/32

....

680,000

683,780

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/36

....

650,000

650,957

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/41

....

350,000

338,542

b

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.602 %

,

5/15/26

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

3,250,000

3,173,792

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75 %

,

5/15/33

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

2,500,000

2,834,795

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/31

.

1,800,000

1,927,800

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/32

.

1,920,000

2,040,306

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/33

.

2,030,000

2,140,096

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/34

.

2,135,000

2,236,105

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/35

.

1,250,000

1,300,188

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/36

.

2,470,000

2,553,048

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/37

.

2,595,000

2,666,842

22,546,251

#### Kentucky

#### 2.1%
County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2024

,

5.25 %

,

4/01/49

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

3,250,000

3,281,194

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/29

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

1,355,000

1,404,816

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/30

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

1,410,000

1,464,780

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/31

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

1,470,000

1,515,333

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/35

1,000,000

1,038,155

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/36

1,000,000

1,032,205

Kentucky

Municipal

Energy

Agency

,

Revenue

,

2025

,

AG

Insured

,

%

,

1/01/55

......

14,000,000

14,071,700

Kentucky

Municipal

Power

Agency

,

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

%

,

9/01/34

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

6,500,000

6,594,145

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/31

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

1,500,000

1,567,346

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/32

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

1,600,000

1,663,794

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/33

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

1,000,000

1,035,304

Kentucky

State

Property

&

Building

Commission

,

Commonwealth

of

Kentucky

,

Revenue

,

BAM

Insured

,

%

,

5/01/32

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

2,000,000

2,105,595

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

%

,

10/01/31

5,500,000

5,611,389

42,385,756

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Louisiana

#### 3.0%
East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

%

,

2/01/35

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

$

1,310,000

$

1,324,515

Revenue

,

2019

A

,

Refunding

,

%

,

2/01/36

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

2,000,000

2,011,730

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AG

Insured

,

%

,

12/01/36

.........

6,000,000

6,036,850

Lafayette

Consolidated

Government

,

Revenue

,

2015

,

Refunding

,

AG

Insured

,

%

,

11/01/27

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

3,500,000

3,513,961

Revenue

,

2015

,

Refunding

,

AG

Insured

,

%

,

11/01/29

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

4,685,000

4,703,687

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

c

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

%

,

11/01/46

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

9,130,000

7,616,930

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

,

Revenue

,

2022

A

,

3.615 %

,

2/01/29

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

4,350,116

4,330,647

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

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

6,295,000

6,298,071

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75 %

,

9/01/64

.....

5,650,000

5,641,218

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/29

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

10,000

10,177

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/30

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

5,000

5,088

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/32

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

15,000

15,266

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/28

1,000,000

1,034,911

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/29

2,000,000

2,066,856

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/30

2,250,000

2,319,715

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/31

1,745,000

1,794,568

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/32

1,750,000

1,794,563

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/33

2,000,000

2,044,689

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2020

E

,

%

,

4/01/35

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

1,000,000

1,033,476

Revenue

,

2020

E

,

%

,

4/01/36

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

1,495,000

1,536,719

Revenue

,

2020

E

,

%

,

4/01/37

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

1,065,000

1,090,348

Revenue

,

2020

E

,

%

,

4/01/38

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

1,000,000

1,019,850

Revenue

,

2020

E

,

%

,

4/01/39

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

2,750,000

2,791,824

60,035,659

#### Maine

#### 0.2%
Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/36

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

1,000,000

1,002,830

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/37

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

1,150,000

1,138,789

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/38

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

2,690,000

2,611,575

4,753,194

#### Maryland

#### 3.3%
City

of

Baltimore

,

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

%

,

7/01/29

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

1,000,000

1,030,311

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

%

,

7/01/30

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

2,940,000

3,020,315

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

%

,

7/01/31

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

2,085,000

2,137,221

Wastewater

Utility

Fund

,

Revenue

,

2017

A

,

%

,

7/01/32

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

3,240,000

3,314,767

Wastewater

Utility

Fund

,

Revenue

,

2017

C

,

Refunding

,

%

,

7/01/32

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

5,905,000

6,049,033

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

%

,

7/01/28

......

2,790,000

2,795,092

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

%

,

7/01/29

......

5,835,000

5,844,959

Water

Utility

Fund

,

Revenue

,

2017

A

,

%

,

7/01/29

.........................

1,320,000

1,360,011

Water

Utility

Fund

,

Revenue

,

2017

A

,

%

,

7/01/30

.........................

1,785,000

1,833,762

Water

Utility

Fund

,

Revenue

,

2017

A

,

%

,

7/01/31

.........................

3,765,000

3,859,298

Water

Utility

Fund

,

Revenue

,

2017

A

,

%

,

7/01/32

.........................

4,000,000

4,092,304

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Maryland
(continued)

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

%

,

9/01/34

.............................................

$

5,000,000

$

4,616,918

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3.25 %

,

7/01/39

500,000

392,197

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/40

..

300,000

271,809

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/30

............................................

8,520,000

8,871,360

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/31

............................................

7,415,000

7,679,605

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/28

...............

1,000,000

1,035,920

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/29

...............

1,340,000

1,402,827

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/30

...............

2,810,000

2,959,203

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/31

...............

1,480,000

1,559,026

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/32

...............

1,550,000

1,617,017

65,742,955

#### Massachusetts

#### 1.2%
Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2025

B

,

%

,

7/01/46

...............................

7,630,000

7,865,207

Sales

Tax

,

Revenue

,

2025

B

,

5.25 %

,

7/01/47

.............................

6,780,000

7,126,067

Massachusetts

Development

Finance

Agency

,

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/38

...........................

845,000

904,741

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/40

...........................

1,100,000

1,152,434

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/43

...........................

1,000,000

1,015,950

Tufts

Medicine

Obligated

Group

,

Revenue

,

2020

C

,

Refunding

,

AG

Insured

,

%

,

10/01/33

.......................................................

525,000

561,158

University

of

Massachusetts

Building

Authority

,

Revenue

,

2017-3

,

Refunding

,

%

,

11/01/32

........................................................

5,000,000

5,207,456

23,833,013

#### Michigan

#### 1.4%
Detroit

Downtown

Development

Authority

,

Catalyst

Development

Area

,

Tax

Allocation

,

2024

,

Refunding

,

%

,

7/01/48

........................................

4,445,000

4,496,880

Michigan

Finance

Authority

,

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5 %

,

2/28/49

.........................................................

5,375,000

5,502,033

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

,

Pre-Refunded

,

%

,

11/15/33

.

5,100,000

5,318,013

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Refunding

,

%

,

12/01/31

.

2,700,000

2,816,394

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Pre-Refunded

,

%

,

12/01/32

135,000

142,772

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

,

%

,

10/01/39

..

3,500,000

2,904,306

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875 %

,

10/08/26

..................................................

5,000,000

4,771,941

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue,

Junior

Lien

,

2017

B

,

Refunding

,

%

,

12/01/29

............................

1,980,000

2,047,632

27,999,971

#### Mississippi

#### 0.5%
County

of

Warren

,

International

Paper

Co.

,

Revenue

,

2018

,

Refunding

,

%

,

9/01/32

.

3,250,000

3,302,588

c

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55 %

,

11/01/39

........................................................

1,745,000

1,695,857

c

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

...................................

5,000,000

5,002,439

10,000,884

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Missouri

#### 1.4%
Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

2/01/48

........................................................

$

2,500,000

$

2,398,353

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

%

,

6/01/31

....................

12,500,000

13,255,847

Southeast

Missouri

State

University

,

Revenue

,

2020

,

Refunding

,

%

,

4/01/33

.................................

2,745,000

2,784,502

Revenue

,

2020

,

Refunding

,

%

,

4/01/34

.................................

2,180,000

2,196,314

Revenue

,

2020

,

Refunding

,

%

,

4/01/35

.................................

1,575,000

1,586,643

Revenue

,

2020

,

Refunding

,

%

,

4/01/36

.................................

3,205,000

3,202,516

Revenue

,

2020

,

Refunding

,

%

,

4/01/37

.................................

2,000,000

1,966,205

27,390,380

#### Nebraska

#### 0.3%
b

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

%

,

10/01/29

.....

5,000,000

5,265,278

#### New

#### Hampshire

#### 0.5%
New

Hampshire

Business

Finance

Authority

,

d

Revenue

,

FRN

,

2024-3

,

A

,

4.163 %

,

10/20/41

.............................

1,490,232

1,366,757

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

5.125 %

,

8/01/40

..

2,600,000

2,535,520

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

5.75 %

,

8/01/45

...

1,750,000

1,717,478

Roseville

Sustainable

Energy

Partner

LLC

,

Revenue

,

2024

D

,

6.129 %

,

7/01/38

...

4,080,000

4,105,335

9,725,090

#### New

#### Jersey

#### 1.7%
New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

LLL

,

%

,

6/15/39

......................

1,000,000

1,028,540

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

11/01/39

.......................

16,000,000

16,670,469

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

%

,

9/01/36

......................................................

5,000,000

5,052,508

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/30

...............

900,000

932,861

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/31

...............

1,080,000

1,114,637

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5 %

,

12/01/39

...................

2,095,000

2,048,115

Revenue,

Senior

Lien

,

2020

B

,

3.5 %

,

12/01/39

............................

975,000

943,052

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/36

...........................................

6,200,000

6,129,765

33,919,947

#### New

#### Mexico

#### 0.6%
Aspire

Public

Improvement

District

,

Special

Tax

,

2024

,

5.05 %

,

10/01/44

....................................

525,000

472,159

Special

Tax

,

2024

,

5.3 %

,

10/01/53

.....................................

800,000

713,765

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15 %

,

4/01/33

...................................................

13,500,000

11,482,920

12,668,844

#### New

#### York

#### 5.5%
Build

NYC

Resource

Corp.

,

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/43

......................

1,230,000

1,265,852

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/45

......................

400,000

407,588

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/55

......................

500,000

501,467

City

of

New

York

,

GO

,

2021

C

,

%

,

8/01/37

............................................

5,000,000

4,930,768

GO

,

2022

,

5.5 %

,

5/01/44

.........................................

2,500,000

2,620,196

GO

,

2022

,

5.5 %

,

5/01/46

.........................................

2,600,000

2,704,712

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Metropolitan

Transportation

Authority

,

b

Revenue

,

2015

,

Mandatory

Put

,

%

,

5/15/30

..........................

$

7,000,000

$

7,361,490

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/34

..............................

3,265,000

3,319,691

Revenue

,

2017

B

,

Refunding

,

%

,

11/15/26

..............................

2,140,000

2,204,758

Revenue

,

2017

,

Refunding

,

%

,

11/15/31

............................

1,870,000

1,971,236

Revenue

,

2017

,

Refunding

,

%

,

11/15/37

............................

2,500,000

2,429,776

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

11/15/47

.............................

5,000,000

5,160,758

New

York

City

Housing

Development

Corp.

,

Revenue

,

2019

,

Refunding

,

4.15 %

,

11/01/38

........................................................

1,825,000

1,787,498

New

York

City

Industrial

Development

Agency

,

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

3/01/36

....................................

2,500,000

2,275,612

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2024

,

5.25 %

,

6/15/54

..........................................

15,090,000

15,571,796

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2020

C

,

%

,

5/01/37

........................

1,400,000

1,378,343

Future

Tax

Secured

,

Revenue

,

2022

,

%

,

8/01/45

......................

5,000,000

4,394,144

Future

Tax

Secured

,

Revenue

,

2022

,

%

,

2/01/42

......................

12,000,000

12,379,771

Future

Tax

Secured

,

Revenue

,

2026

,

5.25 %

,

5/01/46

....................

7,500,000

7,826,269

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95 %

,

11/15/27

2,340,000

2,189,643

New

York

State

Dormitory

Authority

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Pre-Refunded

,

%

,

3/15/32

........................................................

5,000

5,401

State

of

New

York

Sales

Tax

,

Revenue

,

2024

A

,

%

,

3/15/46

.................

10,000,000

10,206,996

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

%

,

4/01/35

..........................

4,275,000

4,638,060

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/42

..............................

1,625,000

1,728,983

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/44

..............................

1,000,000

1,052,256

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

,

Refunding

,

5.25 %

,

8/01/42

.

2,500,000

2,586,212

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/30

......

2,900,000

3,165,812

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/34

......

4,425,000

4,687,678

110,752,766

#### North

#### Carolina

#### 0.1%
North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/27

..............................

450,000

464,701

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/28

..............................

500,000

521,485

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/29

..............................

350,000

371,326

1,357,512

#### North

#### Dakota

#### 0.3%
City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/29

..

1,600,000

1,692,851

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/30

..

1,600,000

1,700,969

City

of

Horace

,

GO

,

2024

C

,

Refunding

,

4.75 %

,

5/01/44

......................

1,100,000

1,019,916

North

Dakota

Housing

Finance

Agency

,

Revenue

,

2024

C

,

%

,

7/01/42

...........

2,240,000

2,299,967

6,713,703

#### Ohio

#### 1.7%
Columbus

Metropolitan

Housing

Authority

,

Revenue

,

2024

,

%

,

12/01/34

..........

5,500,000

5,508,960

County

of

Franklin

,

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

%

,

7/01/31

.........................................................

5,000,000

5,120,412

c

Ohio

Housing

Finance

Agency

,

Revenue

,

144A,

2023

B

,

%

,

2/01/26

...................................

4,100,000

4,120,007

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25 %

,

3/01/26

...........

6,850,000

6,899,203

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

AG

Insured

,

4.375 %

,

12/01/58

...........................................

12,535,000

11,065,853

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/36

.....................................................

$

905,000

$

865,123

33,579,558

#### Oregon

#### 1.3%
Clackamas

County

School

District

No.

North

Clackamas

,

GO

,

B

,

%

,

6/15/32

....

3,725,000

3,863,702

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/35

...

5,240,000

5,315,928

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/36

.......................................

1,300,000

1,360,426

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/25

.......................................................

425,000

425,498

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/26

.......................................................

150,000

152,513

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/28

.......................................................

325,000

341,383

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/29

.......................................................

600,000

636,632

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/35

.......................................................

275,000

284,385

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/51

.............

1,000,000

764,284

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/15/34

.............................................

3,780,000

3,968,404

Salem-Keizer

School

District

No.

24J

,

GO

,

2020

C

,

%

,

6/15/37

................

5,620,000

5,639,210

c

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

,

5.5 %

,

12/01/39

............................

2,405,000

2,423,856

25,176,221

#### Pennsylvania

#### 2.6%
Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AG

Insured

,

5.5 %

,

1/01/41

.............................

1,000,000

1,057,061

Revenue

,

2023

A

,

AG

Insured

,

5.5 %

,

1/01/42

.............................

1,000,000

1,049,062

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/15/33

............

4,000,000

4,213,526

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/15/34

............

1,000,000

1,047,989

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/28

.................................

600,000

628,270

Revenue

,

2022

,

Refunding

,

%

,

5/01/29

.................................

600,000

636,541

Revenue

,

2022

,

Refunding

,

%

,

5/01/30

.................................

700,000

751,172

Revenue

,

2022

,

Refunding

,

%

,

5/01/31

.................................

675,000

730,135

City

of

Philadelphia

,

Water

&

Wastewater

,

Revenue

,

2023

B

,

Refunding

,

AG

Insured

,

5.5 %

,

9/01/53

....................................................

3,000,000

3,126,242

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

4/15/34

.....................

1,750,000

1,851,311

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/15/40

............

2,525,000

2,310,340

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/15/41

............

2,375,000

2,158,429

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/15/42

............

2,815,000

2,506,324

b

Waste

Management

Obligated

Group

,

Revenue

,

2009

,

Mandatory

Put

,

0.95 %

,

12/01/26

.......................................................

3,000,000

2,891,130

b

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1 %

,

11/02/26

.......................................................

6,750,000

6,540,942

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

5/01/39

........

6,950,000

7,144,345

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2017

A

,

%

,

8/15/34

....................................................

5,895,000

5,916,808

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

%

,

8/01/40

........................................

300,000

295,702

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Philadelphia

Gas

Works

Co.

,

Revenue

,

15th

,

Refunding

,

%

,

8/01/30

.................................

$

2,000,000

$

2,076,935

Revenue

,

15th

,

Refunding

,

%

,

8/01/31

.................................

4,030,000

4,168,756

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799 %

,

9/01/33

.................................

2,425,000

2,152,469

53,253,489

#### South

#### Carolina

#### 2.8%
c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.625 %

,

11/01/31

...............................

1,000,000

893,021

b

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

8/01/31

.........................................................

27,500,000

29,312,541

South

Carolina

Jobs-Economic

Development

Authority

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

11/01/43

...

4,500,000

4,708,773

Novant

Health

Obligated

Group

,

Revenue

,

2024

A

,

5.5 %

,

11/01/45

.............

5,715,000

5,970,356

Novant

Health

Obligated

Group

,

Revenue

,

2024

A

,

5.5 %

,

11/01/50

.............

4,000,000

4,134,588

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

5/01/33

......

6,000,000

6,269,617

South

Carolina

Public

Service

Authority

,

Revenue

,

2025

A

,

%

,

12/01/55

..........

1,750,000

1,728,363

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

%

,

12/01/25

..................................

3,300,000

3,298,289

56,315,548

#### South

#### Dakota

#### 0.6%
County

of

Turner

,

GO

,

2025

,

4.35 %

,

12/01/44

..........................................

3,330,000

3,150,444

GO

,

2025

,

4.5 %

,

12/01/49

...........................................

4,520,000

4,200,634

Huron

School

District

No.

2-2

,

GO

,

2024

,

%

,

8/01/39

.............................................

1,940,000

2,045,725

GO

,

2024

,

%

,

8/01/44

.............................................

1,700,000

1,497,384

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/41

..................

1,150,000

849,337

11,743,524

#### Tennessee

#### 1.7%
Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/35

................

2,550,000

2,648,232

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5 %

,

12/01/30

..............

21,895,000

23,310,930

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

%

,

11/01/28

.........

8,180,000

8,208,333

34,167,495

#### Texas

#### 8.3%
Arlington

Higher

Education

Finance

Corp.

,

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

%

,

6/15/49

..........

250,000

214,964

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4.125 %

,

6/15/54

.......

475,000

408,846

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4.25 %

,

6/15/59

........

1,000,000

870,905

Bexar

Management

And

Development

Corp.

,

Oso

Apartments

Ltd.

,

Revenue

,

2024

,

FNMA

Insured

,

4.61 %

,

7/01/44

........................................

8,250,000

8,007,617

Central

Texas

Turnpike

System

,

Revenue,

Second

Tier

,

2024

C

,

Refunding

,

%

,

8/15/31

.........................................................

2,000,000

2,226,505

c

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/01/44

.........................................

360,000

334,916

City

of

Dallas

,

Waterworks

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/32

1,000,000

1,039,424

City

of

Dallas

Housing

Finance

Corp.

,

TX

Illinois

2024

Ltd.

,

Revenue

,

2025

A

,

FNMA

Insured

,

%

,

3/01/44

...............................................

2,850,000

2,819,013

City

of

El

Paso

,

GO

,

2020

A

,

Refunding

,

%

,

8/15/35

...................................

1,000,000

1,006,698

GO

,

2020

A

,

Refunding

,

%

,

8/15/36

...................................

1,000,000

1,000,824

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Kyle

,

Creeks

Public

Improvement

District

Improvement

Area

No.

3B

,

Special

Assessment

,

144A,

2025

,

4.375 %

,

9/01/35

...............................

$

722,000

$

707,800

c

City

of

Lavon

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/54

..................

1,304,000

1,307,259

City

of

Lubbock

,

GO

,

2024

,

%

,

2/15/42

.............................................

4,130,000

4,302,447

GO

,

2024

,

%

,

2/15/43

.............................................

4,350,000

4,501,114

GO

,

2024

,

%

,

2/15/44

.............................................

2,205,000

2,270,479

Clifton

Higher

Education

Finance

Corp.

,

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/41

....................................................

3,850,000

3,953,606

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

4.375 %

,

2/15/42

.................................................

3,275,000

3,142,047

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

5.25 %

,

2/15/44

..................................................

4,450,000

4,552,866

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

5.25 %

,

2/15/49

..................................................

2,250,000

2,299,732

Southwestern

University

,

Revenue

,

2022

,

%

,

8/15/42

......................

10,535,000

9,617,883

Dallas

Convention

Center

Hotel

Development

Corp.

,

Revenue

,

2009

B

,

7.088 %

,

1/01/42

.........................................................

8,715,000

9,737,627

Ector

County

Hospital

District

,

GO

,

2020

,

Refunding

,

%

,

9/15/29

.....................................

800,000

838,912

GO

,

2020

,

Refunding

,

%

,

9/15/30

.....................................

745,000

785,283

GO

,

2020

,

Refunding

,

%

,

9/15/31

.....................................

450,000

469,339

GO

,

2020

,

Refunding

,

%

,

9/15/32

.....................................

600,000

622,080

GO

,

2020

,

Refunding

,

%

,

9/15/33

.....................................

650,000

669,512

GO

,

2020

,

Refunding

,

%

,

9/15/34

.....................................

650,000

609,471

GO

,

2020

,

Refunding

,

%

,

9/15/35

.....................................

700,000

642,859

EP

Cimarron

Ventanas

PFC

,

Revenue

,

2024

,

Refunding

,

4.125 %

,

12/01/39

........

4,020,000

3,763,739

EP

Royal

Estates

PFC

,

Revenue

,

2024

,

4.25 %

,

10/01/39

.....................

1,000,000

941,879

Houston

Higher

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2025

,

5.125 %

,

10/01/51

..................................................

725,000

648,294

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

%

,

9/01/28

.............................................

155,000

144,391

GO

,

2021

,

%

,

9/01/29

.............................................

155,000

141,064

GO

,

2024

,

AG

Insured

,

%

,

9/01/39

....................................

935,000

883,451

GO

,

2024

,

AG

Insured

,

4.25 %

,

9/01/43

..................................

715,000

648,429

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/34

200,000

177,618

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/35

225,000

213,537

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/36

250,000

233,794

Lake

View

Management

and

Development

District

,

GO

,

2024

,

BAM

Insured

,

%

,

2/15/44

...................................

1,000,000

869,505

GO

,

2024

,

BAM

Insured

,

4.125 %

,

2/15/49

...............................

1,725,000

1,465,752

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48 %

,

12/15/39

........................................................

3,851,152

2,802,536

Lower

Colorado

River

Authority

,

Revenue

,

2022

,

Refunding

,

AG

Insured

,

%

,

5/15/40

.......................

5,000,000

4,753,432

Revenue

,

2024

,

Refunding

,

%

,

5/15/41

.................................

3,025,000

3,137,511

North

Texas

Tollway

Authority

,

Revenue,

First

Tier

,

A

,

Refunding

,

%

,

1/01/33

......

5,000,000

5,032,800

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

4.5 %

,

12/01/37

...........

11,900,000

9,992,492

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/37

......

635,000

573,969

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/39

......

2,435,000

2,108,346

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/40

......

2,000,000

1,687,759

Tarrant

Regional

Water

District

,

City

of

Dallas

Waterworks

&

Sewer

System

,

Revenue

,

2025

,

4.25 %

,

9/01/55

...............................................

13,865,000

12,131,989

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Terrell

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

5.25 %

,

8/01/43

...............................

$

2,600,000

$

2,744,258

GO

,

2025

,

PSF

Guaranty

,

5.25 %

,

8/01/44

...............................

3,000,000

3,158,261

GO

,

2025

,

PSF

Guaranty

,

5.25 %

,

8/01/45

...............................

2,250,000

2,359,905

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

%

,

12/15/27

................................

1,000,000

1,039,249

Revenue

,

2021

,

Refunding

,

%

,

12/15/30

................................

10,000,000

10,676,286

b

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5 %

,

1/01/30

....................................................

19,500,000

20,806,849

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

9/01/31

.........................

281,000

254,586

Town

of

Trophy

Club

,

Public

Improvement

District

No.

,

Special

Assessment

,

2025

,

Refunding

,

%

,

9/01/30

........................................................

264,000

279,818

Public

Improvement

District

No.

,

Special

Assessment

,

2025

,

Refunding

,

%

,

9/01/32

........................................................

252,000

267,430

Travis

County

Development

Authority

,

Special

Assessment

,

2025

,

%

,

9/01/44

.....

500,000

467,866

Westpointe

Special

Improvement

District

,

GO

,

2024

,

BAM

Insured

,

%

,

8/15/37

...................................

450,000

468,909

GO

,

2024

,

BAM

Insured

,

%

,

8/15/45

...................................

1,000,000

1,007,745

GO

,

2024

,

BAM

Insured

,

%

,

8/15/49

...................................

1,095,000

1,096,303

Westside

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

%

,

8/15/29

.....................................

290,000

271,780

GO,

Sub.

Lien

,

2021

,

2.25 %

,

8/15/31

...................................

300,000

269,912

GO,

Sub.

Lien

,

2021

,

%

,

8/15/33

.....................................

315,000

285,166

GO,

Sub.

Lien

,

2021

,

%

,

8/15/35

.....................................

335,000

290,710

GO,

Sub.

Lien

,

2021

,

%

,

8/15/37

.....................................

355,000

290,215

167,347,563

#### Utah

#### 0.3%
City

of

Lehi

,

Franchise

&

Sales

Tax

,

Revenue

,

2021

,

AG

Insured

,

%

,

2/01/48

......

3,000,000

2,543,598

Downtown

Revitalization

Public

Infrastructure

District

,

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

First

Lien

,

2025

A

,

AG

Insured

,

%

,

6/01/39

..............................................

1,300,000

1,334,604

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5.25 %

,

6/01/43

...........................................

1,000,000

1,053,221

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5.5 %

,

6/01/50

............................................

1,000,000

1,047,763

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

%

,

10/15/35

.....................

400,000

385,001

6,364,187

#### Virginia

#### 0.9%
Virginia

Public

Building

Authority

,

Commonwealth

of

Virginia

,

Revenue

,

B

,

%

,

8/01/29

9,605,000

9,732,188

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/32

........................................................

2,500,000

2,547,654

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

7/01/32

........................................................

2,000,000

2,030,000

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/35

....................................................

3,000,000

3,122,443

17,432,285

#### Washington

#### 3.3%
City

of

Seattle

,

Drainage

&

Wastewater

,

Revenue

,

2014

,

Refunding

,

%

,

5/01/26

..............

2,995,000

2,995,601

Municipal

Light

&

Power

,

Revenue

,

2017

C

,

Refunding

,

%

,

9/01/35

............

5,000,000

5,031,215

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/37

..............

9,420,000

8,817,909

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Washington
(continued)

King

County

Housing

Authority

,

Revenue

,

2025

,

Refunding

,

%

,

7/01/40

.................................

$

500,000

$

502,745

Revenue

,

2025

,

Refunding

,

5.375 %

,

7/01/45

.............................

2,000,000

2,031,667

State

of

Washington

,

GO

,

2024

A

,

%

,

8/01/43

.............................

10,000,000

10,348,884

Vancouver

Housing

Authority

,

2200

Norris

LLLP

,

Revenue

,

2025

,

Refunding

,

4.125 %

,

12/01/39

..............

2,000,000

1,842,156

Cascara

Vancouver

LLLP

,

Revenue

,

2024

A

,

%

,

12/01/42

...................

2,500,000

2,421,415

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

B

,

4.5 %

,

10/01/42

...............

2,000,000

1,938,248

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/31

..

2,250,000

2,309,975

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/32

..

1,605,000

1,637,286

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/35

..

2,400,000

2,419,632

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/36

1,200,000

1,238,646

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/35

1,665,000

1,729,140

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/36

3,250,000

3,354,667

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/38

........................................................

1,000,000

1,035,788

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/39

........................................................

1,000,000

1,029,558

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/40

........................................................

1,000,000

1,015,039

c

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/35

.......................................................

440,000

394,416

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

%

,

7/01/30

........................................................

1,000,000

1,030,318

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

%

,

7/01/31

........................................................

1,925,000

1,975,897

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5 %

,

12/20/35

...................................

6,544,683

6,180,000

c

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

B

,

5.3 %

,

1/01/30

.

940,000

910,379

c

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

%

,

7/01/45

........................................................

2,250,000

2,202,885

c

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5.625 %

,

7/01/38

........................................................

2,000,000

2,145,959

66,539,425

#### Wisconsin

#### 5.5%
City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/46

..

4,600,000

3,218,828

Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

23,650,000

23,770,423

e

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

5,725,000

2,506,348

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/15/37

.......................................................

600,000

575,312

BlueHub

Loan

Fund,

Inc.

,

Revenue

,

2024

B

,

5.25 %

,

7/01/44

.................

8,200,000

8,403,554

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/29

..........

285,000

290,637

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/30

..........

200,000

203,338

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/31

..........

200,000

201,395

c

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

,

6.81 %

,

4/28/36

........

3,500,000

3,558,774

EMU

Campus

Living

LLC

,

Revenue

,

2022

,

BAM

Insured

,

5.375 %

,

7/01/47

....

7,000,000

7,130,372

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

,

7.125 %

,

7/25/34

........................................................

5,350,000

5,523,356

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

A

,

3.8 %

,

12/01/37

5,600,000

4,724,722

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

B

,

5.75 %

,

12/01/27

.......................................................

1,240,000

1,228,010

KSU

Bixby

Real

Estate

Foundation

LLC

,

Revenue,

Senior

Lien

,

2025

A

,

5.25 %

,

6/15/50

........................................................

1,000,000

989,931

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Wisconsin
(continued)

Public

Finance

Authority,

(continued)

North

East

Carolina

Preparatory

School,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

%

,

6/15/44

........................................................

$

800,000

$

755,113

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

..................................................

24,350,000

24,361,878

Renown

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/35

....................................................

2,100,000

2,075,783

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/46

.......

1,100,000

836,424

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/27

...........................................

195,000

196,755

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/28

...........................................

250,000

253,461

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/29

...........................................

320,000

324,830

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/30

...........................................

265,000

268,175

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/28

....................................................

375,000

376,302

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/29

....................................................

390,000

392,136

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/30

....................................................

405,000

405,464

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/37

....................................................

1,460,000

1,341,177

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

2/15/34

.

600,000

608,688

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

2/15/35

.

1,000,000

1,010,605

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

2/15/36

.

600,000

604,089

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

2/15/37

.

600,000

600,437

Sanford

Obligated

Group

,

Revenue

,

2024

A

,

5.5 %

,

2/15/54

..................

11,500,000

11,908,612

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

%

,

8/15/41

......

1,790,000

1,510,931

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

A

,

5.5 %

,

8/15/44

.....

1,000,000

1,004,302

111,160,162

#### U.S.

#### Territories

#### 0.4%

#### District

#### of

#### Columbia

#### 0.3%
Washington

Metropolitan

Area

Transit

Authority

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/30

.............................

5,185,000

5,400,566

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

4.375 %

,

7/15/56

.................

505,000

460,769

5,861,335

#### Puerto

#### Rico

#### 0.1%
Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/27

..

450,000

463,472

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/30

..

550,000

588,637

1,052,109

#### Total

#### U.S.

#### Territories

#### ....................................................................
6,913,444

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 1,983,103,600

####)
...................................

#### 1,948,521,073

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 2,005,563,225

####)
.............................

#### 1,967,548,906

#### a
a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

#### Short

#### Term

#### Investments

#### 1.3%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 1.3%

#### Missouri

#### 0.8%
h

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

3.9 %

,

6/01/44

.........

$

15,500,000

$

15,500,000

#### New

#### York

#### 0.5%
h

City

of

New

York

,

GO

,

2014

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.85 %

,

3/01/44

.........................................................

10,100,000

10,100,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 25,600,000

####)
......................................

#### 25,600,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 25,600,000

####)
................................

#### 25,600,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,031,163,225

####)
99.1 #### %
..................................

#### $1,993,148,906

#### Other

#### Assets,

#### less

#### Liabilities
0.9 #### %
.............................................

#### 17,801,255

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $2,010,950,161
a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

The

maturity

date

shown

represents

the

mandatory

put

date.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$201,375,531,

representing

10.0%

of

net

assets.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

The

rate

shown

represents

the

yield

at

period

end.

f

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. h

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.33

$10.20

$10.03

$10.34

$10.56

$10.59

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14 0.27 0.24 0.15 0.07 0.11 Net

realized

and

unrealized

gains

(losses)

0.03 0.13 0.17 (0.33)

(0.22)

(0.03)

Total

from

investment

operations

........

0.17 0.40 0.41 (0.18)

(0.15)

0.08 Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.24)

(0.13)

(0.07)

(0.11)

Net

asset

value,

end

of

period

..........

$10.36

$10.33

$10.20

$10.03

$10.34

$10.56

Total

return

d

.......................

1.65%

4.00%

4.09%

(1.75)%

(1.39)%

0.75%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.85%

0.84%

0.82%

0.86%

0.80%

0.81%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.65%

0.65%

f

0.65%

f

0.65%

f

0.65%

f

0.64%

f

Net

investment

income

...............

2.73%

2.65%

2.34%

1.51%

0.70%

1.01%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$331,343

$332,695

$331,917

$385,372

$345,670

$294,622

Portfolio

turnover

rate

................

19.04%

20.89%

24.84%

29.88%

33.22%

19.85%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.34

$10.21

$10.04

$10.35

$10.57

$10.60

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.28 0.25 0.16 0.09 0.12 Net

realized

and

unrealized

gains

(losses)

0.02 0.13 0.17 (0.33)

(0.22)

(0.03)

Total

from

investment

operations

........

0.17 0.41 0.42 (0.17)

(0.13)

0.09 Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.28)

(0.25)

(0.14)

(0.09)

(0.12)

Net

asset

value,

end

of

period

..........

$10.37

$10.34

$10.21

$10.04

$10.35

$10.57

Total

return

d

.......................

1.70%

4.10%

4.19%

(1.65)%

(1.29)%

0.85%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.75%

0.74%

0.72%

0.75%

0.70%

0.71%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.55%

0.55%

f

0.55%

f

0.55%

f

0.55%

f

0.55%

f

Net

investment

income

...............

2.83%

2.75%

2.44%

1.55%

0.81%

1.14%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$206,092

$221,207

$252,596

$305,208

$413,869

$468,057

Portfolio

turnover

rate

................

19.04%

20.89%

24.84%

29.88%

33.22%

19.85%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.33

$10.20

$10.03

$10.34

$10.56

$10.59

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.30 0.26 0.18 0.10 0.14 Net

realized

and

unrealized

gains

(losses)

0.02 0.13 0.17 (0.33)

(0.22)

(0.03)

Total

from

investment

operations

........

0.18 0.43 0.43 (0.15)

(0.12)

0.11 Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.26)

(0.16)

(0.10)

(0.14)

Net

asset

value,

end

of

period

..........

$10.36

$10.33

$10.20

$10.03

$10.34

$10.56

Total

return

d

.......................

1.80%

4.30%

4.38%

(1.48)%

(1.12)%

1.03%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.54%

0.54%

0.58%

0.53%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.37%

0.37%

f

0.37%

f

0.37%

f

0.37%

f

0.37%

f

Net

investment

income

...............

3.01%

2.93%

2.62%

1.74%

0.98%

1.30%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$55,706

$57,065

$56,991

$68,248

$86,417

$70,227

Portfolio

turnover

rate

................

19.04%

20.89%

24.84%

29.88%

33.22%

19.85%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.34

$10.20

$10.03

$10.35

$10.57

$10.60

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.30 0.26 0.16 0.10 0.13 Net

realized

and

unrealized

gains

(losses)

0.02 0.14 0.17 (0.33)

(0.22)

(0.02)

Total

from

investment

operations

........

0.17 0.44 0.43 (0.17)

(0.12)

0.11 Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.26)

(0.15)

(0.10)

(0.14)

Net

asset

value,

end

of

period

..........

$10.36

$10.34

$10.20

$10.03

$10.35

$10.57

Total

return

d

.......................

1.68%

4.36%

4.35%

(1.60)%

(1.05)%

1.00%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.60%

0.59%

0.57%

0.59%

0.55%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.40%

0.40%

f

0.40%

f

0.40%

f

0.40%

f

0.40%

f

Net

investment

income

...............

2.98%

2.90%

2.60%

1.63%

0.95%

1.26%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$285,698

$269,894

$265,437

$220,088

$542,557

$517,221

Portfolio

turnover

rate

................

19.04%

20.89%

24.84%

29.88%

33.22%

19.85%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

#### Management

#### Investment

#### Companies

#### 2.2%

#### Capital

#### Markets

#### 2.2%
a

Franklin

Municipal

Green

Bond

ETF

.....................................

860,000

$

19,715,586

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 21,583,650

####)
....................

#### 19,715,586

#### Principal

#### Amount
a

#### a
a

#### Corporate

#### Bonds

#### 0.0%

#### †

#### Electric

#### Utilities

#### 0.0%

#### †
b

,c

AES

Puerto

Rico

LP

,

144A,

12.5 %

,

3/04/26

................................

$

121,526

121,526

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 120,500

####)
........................................

#### 121,526

#### Municipal

#### Bonds

#### 91.1%

#### Alabama

#### 6.5%
d

Black

Belt

Energy

Gas

District

,

Revenue

,

2019

,

Mandatory

Put

,

%

,

12/01/25

.........................

5,000,000

5,008,297

Revenue

,

2021

B

,

Mandatory

Put

,

%

,

12/01/26

...........................

5,000,000

5,052,133

Revenue

,

2022

E

,

Mandatory

Put

,

%

,

6/01/28

............................

4,000,000

4,174,408

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

12/01/30

.......................

10,000,000

10,795,263

Revenue

,

2023

,

Refunding

,

Mandatory

Put

,

4.785 %

,

2/01/29

..............

5,000,000

5,102,158

Revenue

,

2024

A

,

Mandatory

Put

,

5.25 %

,

9/01/32

.........................

2,000,000

2,116,957

Revenue

,

2024

C

,

Mandatory

Put

,

%

,

7/01/31

...........................

10,000,000

10,697,437

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

%

,

10/01/33

............

2,500,000

2,766,377

d

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

,

Mandatory

Put

,

5.5 %

,

1/01/31

.........................

4,285,000

4,660,047

Revenue

,

2023

,

Mandatory

Put

,

5.75 %

,

11/01/31

.......................

3,500,000

3,860,589

d

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2025

B

,

Mandatory

Put

,

5.25 %

,

1/01/33

...................................................

1,575,000

1,650,977

Special

Care

Facilities

Financing

Authority

of

the

City

of

Pell

City

Alabama

,

Noland

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/26

.................

1,030,000

1,052,227

56,936,870

#### Arizona

#### 1.5%
Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/25

.........................

1,000,000

1,002,172

c

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

..........................

11,630,000

12,215,318

13,217,490

#### Arkansas

#### 0.2%
Arkansas

Development

Finance

Authority

,

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

%

,

2/01/27

............

735,000

752,319

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

%

,

2/01/28

............

800,000

831,195

1,583,514

#### California

#### 4.8%
California

Community

Choice

Financing

Authority

,

Revenue

,

2021

,

%

,

2/01/26

......................................

850,000

853,533

Revenue

,

2021

,

%

,

8/01/26

......................................

325,000

328,173

Revenue

,

2021

,

%

,

8/01/27

......................................

400,000

407,717

Revenue

,

2021

,

%

,

2/01/28

......................................

375,000

383,356

Revenue

,

2021

,

%

,

8/01/28

......................................

470,000

482,490

d

Revenue

,

2023

C

,

Mandatory

Put

,

5.25 %

,

10/01/31

........................

4,245,000

4,465,208

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

2/01/43

..............................................

2,795,000

2,451,310

d

California

Health

Facilities

Financing

Authority

,

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

Mandatory

Put

,

%

,

10/01/25

...........

13,340,000

13,334,211

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

c

California

Housing

Finance

Agency

,

Found

Middle

LP

,

Revenue

,

144A,

2024

L

,

5.2 %

,

12/01/27

........................................................

$

1,000,000

$

1,021,588

City

of

Los

Angeles

,

Revenue

,

2025

,

%

,

6/25/26

...........................

7,500,000

7,681,298

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/47

..............................................

875,000

772,614

e

Long

Beach

Bond

Finance

Authority

,

Revenue

,

FRN

,

2007

B

,

4.447 %

,

(3-month

TSOF

+

1.45 %),

11/15/27

.................................................

6,125,000

6,203,714

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2025

A

,

Refunding

,

%

,

7/01/28

.............................................

4,000,000

4,213,858

42,599,070

#### Colorado

#### 2.0%
Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/29

...............................................

900,000

975,609

Denver

City

&

County

School

District

No.

,

GO

,

2025

A

,

%

,

12/01/34

...........................................

5,000,000

5,759,858

GO

,

2025

A

,

5.5 %

,

12/01/44

..........................................

3,000,000

3,245,569

Fort

Carson

Family

Housing

LLC

,

Revenue

,

1999

,

NATL

Insured

,

7.86 %

,

11/15/29

..

4,250,000

4,484,855

c

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

%

,

4/01/35

................................................

2,750,000

2,922,849

17,388,740

#### Delaware

#### 0.6%
d

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

1.25 %

,

10/01/25

..............................

5,000,000

4,986,344

#### Florida

#### 4.8%
Alachua

County

Health

Facilities

Authority

,

Oak

Hammock

at

the

University

of

Florida

Obligated

Group

,

Revenue

,

2025

,

3.625 %

,

10/01/30

....................

1,140,000

1,142,936

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

%

,

5/01/30

.......................................

515,000

503,664

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.75 %

,

5/01/31

.........................................................

240,000

228,422

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/27

.......

4,650,000

4,860,858

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

.........................................................

325,000

308,499

East

Palm

Drive

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.375 %

,

6/15/31

...................................

325,000

328,963

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

...............................................

110,000

109,784

c

Entrada

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

5/01/31

..............................................

370,000

350,535

Florida

Municipal

Power

Agency

,

All-Requirements

Power

Supply

Project

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/25

......................................

1,000,000

1,002,026

Halifax

Hospital

Medical

Center

,

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/27

.........................................................

2,890,000

2,936,293

Hillsborough

County

Aviation

Authority

,

Revenue

,

2024

B

,

%

,

10/01/32

..........

10,085,000

11,067,667

Ibis

Landing

Community

Development

District

,

Special

Assessment

,

2025

,

4.7 %

,

6/15/35

.........................................................

465,000

468,804

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien

,

2020

,

%

,

8/01/26

.....

1,940,000

1,984,442

Keys

Edge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.375 %

,

5/01/31

..............................................

405,000

408,361

Kindred

Community

Development

District

II

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

235,000

224,577

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2021

,

3.125 %

,

6/15/31

.........................................................

250,000

245,663

Lakes

by

the

Bay

South

Community

Development

District

,

Special

Assessment

,

2024

,

Refunding

,

%

,

5/01/26

.............................................

710,000

716,626

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Lakewood

Ranch

Stewardship

District

,

f

Special

Assessment

,

2025

,

%

,

5/01/30

.................................

$

1,425,000

$

1,478,350

Special

Assessment

,

2025

,

4.6 %

,

5/01/35

...............................

440,000

438,907

Assessments

,

Special

Assessment

,

2024

,

4.625 %

,

5/01/31

..................

130,000

132,441

c,d

Lee

County

Housing

Finance

Authority

,

Fort

Myers

Leased

Housing

Associates

I

LLLP

,

Revenue

,

144A,

2023

B

,

Mandatory

Put

,

5.5 %

,

7/01/26

.....................

4,000,000

4,006,194

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

,

4.125 %

,

11/15/29

..........................................

3,000,000

3,025,329

Leomas

Landing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.95 %

,

5/01/31

....................................

105,000

101,207

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.2 %

,

5/01/27

....................................................

200,000

203,438

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

%

,

12/15/31

........................................................

230,000

223,731

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

5/01/28

300,000

302,875

Preserve

at

South

Branch

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

%

,

5/01/31

.......................................

350,000

342,631

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/32

.......................................

195,000

186,844

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/26

.....................................

220,000

218,868

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1 %

,

6/15/31

................................................

500,000

488,621

South

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.875 %

,

6/15/31

...................................

175,000

168,352

c,d

St.

Johns

County

Housing

Finance

Authority

,

Ponte

Vedra

Beach

Leased

Housing

Associates

I

LLLP

,

Revenue

,

144A,

2023

B

,

Mandatory

Put

,

5.5 %

,

12/01/26

......

1,000,000

1,001,734

c

Storey

Park

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

6/15/31

...............................

170,000

165,101

Summerstone

Community

Development

District

,

Assessment

Phase

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

....................................

165,000

164,746

c

Village

Community

Development

District

No.

,

Special

Assessment

,

144A,

2024

,

3.75 %

,

5/01/29

...................................................

740,000

744,767

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2 %

,

5/01/30

240,000

237,478

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2025

,

%

,

10/15/28

........

625,000

672,405

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2025

,

%

,

10/15/29

........

800,000

879,127

42,071,266

#### Georgia

#### 4.5%
City

of

Atlanta

,

Department

of

Aviation

,

Revenue

,

2024

,

%

,

7/01/26

....................

300,000

306,449

Department

of

Aviation

,

Revenue

,

2024

,

%

,

7/01/28

....................

215,000

230,638

Cobb-Marietta

Coliseum

&

Exhibit

Hall

Authority

,

County

of

Cobb

,

Revenue

,

2025

,

%

,

10/01/27

...........................

300,000

315,721

County

of

Cobb

,

Revenue

,

2025

,

%

,

10/01/28

...........................

400,000

430,626

d

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.

,

Revenue

,

4th

1995

,

Mandatory

Put

,

3.8 %

,

5/21/26

.........

3,000,000

3,015,990

Georgia

Power

Co.

,

Revenue

,

5th

1994

,

Mandatory

Put

,

3.7 %

,

6/13/28

.........

1,750,000

1,775,923

d

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

%

,

8/21/26

........................................................

2,000,000

1,948,818

Georgia

Power

Co.

,

Revenue,

Second

Series

,

2006

,

Refunding

,

Mandatory

Put

,

3.875 %

,

3/06/26

.................................................

3,500,000

3,514,026

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

........................................................

460,000

462,342

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Georgia
(continued)

d

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

A

,

Mandatory

Put

,

%

,

9/01/27

............................

$

3,250,000

$

3,298,725

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/29

...........................

4,500,000

4,558,098

c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

%

,

11/01/27

......................

15,000,000

14,990,784

Revenue

,

2023

D

,

Mandatory

Put

,

%

,

12/01/30

...........................

4,000,000

4,254,397

Private

Colleges

&

Universities

Authority

,

Mercer

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/25

............................................

425,000

425,739

39,528,276

#### Hawaii

#### 1.4%
University

of

Hawaii

,

Revenue

,

2020

B

,

Refunding

,

%

,

10/01/25

..............................

3,440,000

3,446,546

Revenue

,

2020

B

,

Refunding

,

%

,

10/01/26

..............................

2,865,000

2,942,539

Revenue

,

2020

D

,

Refunding

,

%

,

10/01/25

..............................

1,725,000

1,728,283

Revenue

,

2020

D

,

Refunding

,

%

,

10/01/26

..............................

4,360,000

4,478,001

12,595,369

#### Illinois

#### 4.7%
Chicago

Park

District

,

GO

,

2020

,

Refunding

,

%

,

1/01/26

..................................

500,000

503,803

GO

,

2020

,

Refunding

,

%

,

1/01/27

..................................

550,000

567,479

City

of

Chicago

,

GO

,

2020

A

,

Refunding

,

%

,

1/01/28

...................................

3,100,000

3,213,549

GO

,

2024

B

,

Refunding

,

%

,

1/01/29

...................................

1,000,000

1,049,873

GO

,

2024

B

,

Refunding

,

%

,

1/01/31

...................................

3,220,000

3,418,897

City

of

Moline

,

GO

,

2021

C

,

AG

Insured

,

1.439 %

,

12/01/25

....................

925,000

918,759

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/29

......................

845,000

922,380

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/27

.......................

500,000

525,809

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/28

.......................

1,000,000

1,074,736

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/29

.......................

1,000,000

1,091,574

Illinois

Finance

Authority

,

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

%

,

4/01/26

...........

340,000

343,879

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

%

,

4/01/27

...........

400,000

412,120

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

%

,

4/01/28

...........

400,000

418,736

g

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/27

.........

901,503

45,075

d,h

Field

Museum

of

Natural

History

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

4.238 %

,

9/01/25

.................................................

5,070,000

5,067,640

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

5/15/27

........................................................

590,000

590,253

Sangamon

County

School

District

No.

Springfield

,

GO

,

2020

C

,

AG

Insured

,

%

,

6/01/36

.........................................................

1,485,000

1,561,722

State

of

Illinois

,

GO

,

2016

,

Refunding

,

%

,

2/01/29

.....................................

750,000

774,531

GO

,

2017

C

,

%

,

11/01/29

...........................................

2,000,000

2,095,358

GO

,

2017

D

,

%

,

11/01/27

...........................................

5,025,000

5,273,879

GO

,

2018

A

,

Refunding

,

%

,

10/01/29

..................................

375,000

400,175

GO

,

2018

B

,

Refunding

,

%

,

10/01/31

..................................

625,000

658,987

GO

,

2019

B

,

%

,

11/01/30

...........................................

375,000

405,266

f

GO

,

2025

A

,

4.1 %

,

9/01/26

...........................................

8,200,000

8,198,295

Sales

Tax

,

Revenue

,

2021

A

,

%

,

6/15/27

...............................

1,500,000

1,533,717

41,066,492

#### Indiana

#### 1.3%
Indiana

Finance

Authority

,

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/25

..

1,000,000

998,590

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/30

....

785,000

828,475

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Indiana
(continued)

Indiana

Finance

Authority,

(continued)

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/31

....

$

875,000

$

924,749

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/32

....

920,000

970,889

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/33

....

965,000

1,016,968

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/34

....

1,015,000

1,064,384

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/35

....

535,000

556,535

d

Southern

Indiana

Gas

&

Electric

Co.

,

Revenue

,

2013

E

,

Refunding

,

Mandatory

Put

,

3.55 %

,

8/01/28

..................................................

5,000,000

5,055,255

11,415,845

#### Iowa

#### 1.9%
Crawford

County

Memorial

Hospital,

Inc.

,

Revenue

,

2024

,

%

,

6/15/27

...........

2,000,000

2,029,465

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AG

Insured

,

%

,

6/01/29

................................

9,300,000

9,318,666

Iowa

Finance

Authority

,

d

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.602 %

,

5/15/26

.....................................

1,500,000

1,464,827

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.6 %

,

5/15/28

........................................................

640,000

673,264

Iowa

Higher

Education

Loan

Authority

,

University

of

Dubuque

,

Revenue

,

2025

,

%

,

10/01/30

.......................

1,370,000

1,455,303

University

of

Dubuque

,

Revenue

,

2025

,

%

,

10/01/35

.......................

2,050,000

2,143,188

17,084,713

#### Kansas

#### 0.2%
Reno

County

Unified

School

District

No.

Hutchinson

,

GO

,

2019

,

Refunding

,

%

,

9/01/27

.........................................................

1,575,000

1,649,645

#### Kentucky

#### 4.3%
County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625 %

,

9/01/26

...

3,375,000

3,283,596

d

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.7 %

,

6/01/27

..

2,500,000

2,532,038

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

3.5 %

,

10/01/25

.............................

1,155,000

1,155,632

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/26

..............................

1,205,000

1,220,586

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/27

..............................

1,255,000

1,292,613

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/28

..............................

1,305,000

1,348,712

Kentucky

Municipal

Energy

Agency

,

Revenue

,

2025

,

%

,

1/01/34

.........................................

2,875,000

3,193,264

Revenue

,

2025

,

%

,

1/01/35

.........................................

3,020,000

3,347,433

d

Kentucky

Public

Energy

Authority

,

Revenue

,

2022

,

Mandatory

Put

,

4.121 %

,

(SOFR

+

1.2 %),

8/01/30

..................................................

14,125,000

14,122,453

Kentucky

State

Property

&

Building

Commission

,

Commonwealth

of

Kentucky

,

Revenue

,

A

,

%

,

4/01/33

............................................

5,715,000

6,450,918

37,947,245

#### Louisiana

#### 2.2%
City

of

New

Orleans

,

Sewerage

Service

,

Revenue

,

2020

B

,

%

,

6/01/26

.........................

450,000

458,001

Sewerage

Service

,

Revenue

,

2020

B

,

%

,

6/01/27

.........................

600,000

625,332

Sewerage

Service

,

Revenue

,

2020

B

,

%

,

6/01/28

.........................

550,000

582,838

Lafayette

Consolidated

Government

,

Revenue

,

2015

,

Refunding

,

AG

Insured

,

%

,

11/01/25

........................................................

2,400,000

2,409,373

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

,

Revenue

,

2023

,

,

5.081 %

,

6/01/31

..........................................

1,372,782

1,396,243

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15 %

,

9/01/27

.........................................................

1,500,000

1,522,969

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Louisiana
(continued)

Louisiana

Public

Facilities

Authority

,

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/25

.......

$

250,000

$

250,350

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

%

,

5/15/30

........................................................

4,000,000

4,371,951

d

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

C

,

Refunding

,

Mandatory

Put

,

3.3 %

,

7/03/28

........................................

5,000,000

5,045,605

d

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

Mandatory

Put

,

3.552 %

,

(SOFR

+

0.5 %),

5/01/26

..........................

2,875,000

2,868,999

19,531,661

#### Maine

#### 0.1%
Maine

Governmental

Facilities

Authority

,

State

of

Maine

,

Revenue

,

2025

A

,

%

,

10/01/26

...........................

700,000

719,475

State

of

Maine

,

Revenue

,

2025

A

,

%

,

10/01/27

...........................

600,000

631,568

1,351,043

#### Maryland

#### 2.0%
Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

%

,

11/12/28

...............................................

10,000,000

10,098,291

d

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

%

,

7/01/27

......................................................

5,110,000

5,244,630

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

%

,

8/01/26

......................

30,000

30,739

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/26

...............

1,035,000

1,041,260

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/27

...............

1,215,000

1,242,166

17,657,086

#### Massachusetts

#### 1.6%
City

of

Quincy

,

GO

,

2025

,

%

,

7/24/26

....................................

4,000,000

4,089,768

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2022

,

FHA

Insured

,

%

,

6/01/26

.........................................................

10,000,000

10,007,250

14,097,018

#### Michigan

#### 2.0%
City

of

Detroit

,

GO

,

2018

,

%

,

4/01/33

.............................................

950,000

982,286

GO

,

2018

,

%

,

4/01/37

.............................................

2,280,000

2,323,235

GO

,

2018

,

%

,

4/01/38

.............................................

1,110,000

1,126,570

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/27

.......................................

2,000,000

2,057,278

d

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875 %

,

10/08/26

..................................................

5,915,000

5,645,206

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2017

E

,

Refunding

,

%

,

12/01/26

......................................

5,000,000

5,070,600

17,205,175

#### Minnesota

#### 1.8%
d

City

of

Mounds

View

,

OAHS

Sibley

TC

LLLP

,

Revenue

,

2024

,

Mandatory

Put

,

3.375 %

,

3/01/28

.........................................................

5,500,000

5,537,931

Minnesota

Health

&

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2019

,

%

,

10/01/26

................................................

1,000,000

1,024,904

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2019

,

%

,

10/01/27

................................................

1,000,000

1,049,075

d

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

B

,

Mandatory

Put

,

3.921 %

,

(SOFR

+

%),

12/01/27

....................................................

8,000,000

8,003,471

15,615,381

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Mississippi

#### 0.3%
d

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7 %

,

9/01/26

........................................

$

2,500,000

$

2,427,407

#### Missouri

#### 0.7%
Citizens

Memorial

Hospital

District

,

Revenue

,

2024

A

,

Refunding

,

%

,

12/01/26

.....

5,000,000

5,036,871

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/26

...............

405,000

407,489

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/27

...............

660,000

673,305

6,117,665

#### Montana

#### 0.1%
d

Montana

Board

of

Housing

,

Aspen

Village

Housing

Partners

LP

,

Revenue

,

2025

,

Mandatory

Put

,

2.9 %

,

12/01/26

.......................................

1,000,000

999,891

#### Nevada

#### 0.4%
d

County

of

Washoe

,

Sierra

Pacific

Power

Co.

,

Revenue

,

2016

F

,

Refunding

,

Mandatory

Put

,

4.125 %

,

10/01/29

..............................................

3,575,000

3,586,432

#### New

#### Hampshire

#### 0.3%
e

New

Hampshire

Business

Finance

Authority

,

Revenue

,

FRN

,

2024-3

,

A

,

4.163 %

,

10/20/41

........................................................

993,488

911,172

New

Hampshire

Municipal

Bond

Bank

,

Revenue

,

2025

B

,

%

,

8/15/27

...........

1,500,000

1,577,098

2,488,270

#### New

#### Jersey

#### 7.8%
City

of

Newark

,

GO

,

2025

B

,

4.5 %

,

5/07/26

................................

4,000,000

4,037,835

County

of

Morris

,

GO

,

2021

,

%

,

2/01/26

.................................

4,215,000

4,201,093

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AG

Insured

,

5.75 %

,

11/01/28

...

20,560,000

21,640,356

Jersey

City

Municipal

Utilities

Authority

,

Water

Fund

,

Revenue

,

2025

A

,

%

,

5/01/26

.

1,000,000

1,014,176

Jersey

City

Redevelopment

Agency

,

Revenue

,

2024

A

,

Refunding

,

4.5 %

,

12/11/25

..

3,500,000

3,513,991

New

Jersey

Economic

Development

Authority

,

c

Revenue

,

144A,

2019

,

Refunding

,

5.25 %

,

9/01/27

.........................

6,000,000

6,325,399

d

New

Jersey-American

Water

Co.,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

Mandatory

Put

,

2.05 %

,

12/03/29

.................................................

7,500,000

6,832,487

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

11/01/25

.......................

1,000,000

1,003,822

i

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2006

C

,

AMBAC

Insured

,

2.68 %,

12/15/26

.......

10,000,000

9,664,033

State

of

New

Jersey

,

Revenue

,

2006

C

,

BHAC

Insured

,

2.66 %,

12/15/27

........

11,110,000

10,462,588

68,695,780

#### New

#### Mexico

#### 3.1%
d

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875 %

,

10/01/26

................................................

4,250,000

4,132,470

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

C

,

Refunding

,

Mandatory

Put

,

3.875 %

,

6/01/29

.................................................

11,000,000

11,233,254

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

D

,

Refunding

,

Mandatory

Put

,

3.9 %

,

6/01/28

...................................................

4,000,000

4,072,097

d

County

of

Santa

Fe

,

Cresta

Ranch

Apartments

LLP

,

Revenue

,

2024

,

Mandatory

Put

,

3.29 %

,

6/01/28

...................................................

3,700,000

3,723,816

d

New

Mexico

Mortgage

Finance

Authority

,

JLG

NM

SAF

2023

LLLP

,

Revenue

,

2023

,

Mandatory

Put

,

3.73 %

,

12/01/25

......................................

4,100,000

4,105,639

27,267,276

#### New

#### York

#### 5.0%
County

of

Suffolk

,

GO

,

2018

B

,

AG

Insured

,

%

,

10/15/28

.....................

4,205,000

4,279,378

Metropolitan

Transportation

Authority

,

Revenue

,

2017

,

Refunding

,

%

,

11/15/25

.

3,980,000

3,997,593

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2025

D

,

%

,

5/01/26

........................

3,000,000

3,052,617

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

City

Transitional

Finance

Authority,

(continued)

Future

Tax

Secured

,

Revenue

,

2025

,

Refunding

,

%

,

11/01/33

.............

$

2,000,000

$

2,258,896

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95 %

,

11/15/27

780,000

729,881

New

York

State

Energy

Research

&

Development

Authority

,

New

York

State

Electric

&

Gas

Corp.

,

Revenue

,

1994

D

,

Refunding

,

3.5 %

,

10/01/29

....................

3,000,000

3,006,931

d

New

York

State

Housing

Finance

Agency

,

Revenue

,

2022

,

Mandatory

Put

,

2.5 %

,

5/01/27

.........................

2,825,000

2,809,386

Revenue

,

2025

,

Mandatory

Put

,

3.4 %

,

5/01/29

.........................

4,000,000

4,036,747

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/36

..........................

7,195,000

7,252,956

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/25

...

500,000

502,345

JFK

International

Air

Terminal

LLC

,

Revenue

,

2020

C

,

Refunding

,

%

,

12/01/25

...

2,200,000

2,212,464

JFK

NTO

LLC

,

Revenue

,

2025

,

5.5 %

,

6/30/37

............................

2,000,000

2,129,853

JFK

NTO

LLC

,

Revenue

,

2025

,

AG

Insured

,

5.5 %

,

6/30/38

...................

1,600,000

1,723,966

JFK

NTO

LLC

,

Revenue

,

2025

,

5.5 %

,

6/30/39

............................

2,100,000

2,205,225

Triborough

Bridge

&

Tunnel

Authority

,

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue

,

2025

,

%

,

3/15/27

............................

3,500,000

3,638,407

43,836,645

#### North

#### Carolina

#### 0.7%
North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/25

..........

1,000,000

1,001,171

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/26

..........

850,000

864,876

North

Carolina

State

University

at

Raleigh

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/26

................................

3,000,000

3,086,067

Revenue

,

2018

,

Refunding

,

%

,

10/01/27

................................

1,500,000

1,582,993

6,535,107

#### North

#### Dakota

#### 0.8%
City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/27

..

2,325,000

2,408,117

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/28

..

1,680,000

1,762,616

City

of

Horace

,

GO

,

2024

B

,

Refunding

,

4.85 %

,

8/01/26

.................................

1,750,000

1,750,723

GO

,

2024

C

,

Refunding

,

%

,

5/01/26

...................................

385,000

389,938

GO

,

2024

C

,

Refunding

,

%

,

5/01/27

...................................

400,000

412,608

GO

,

2024

C

,

Refunding

,

%

,

5/01/28

...................................

475,000

497,009

7,221,011

#### Ohio

#### 2.7%
American

Municipal

Power,

Inc.

,

City

of

Wapakoneta

,

Revenue

,

2025

,

%

,

6/17/26

..

1,555,000

1,568,224

Columbus

Metropolitan

Housing

Authority

,

Revenue

,

2024

,

%

,

6/01/34

.........................................

1,500,000

1,475,223

Cobblestone

Manor

LLC

,

Revenue

,

2024

,

%

,

8/01/27

......................

2,000,000

2,037,336

Ohio

Air

Quality

Development

Authority

,

American

Electric

Power

Co.,

Inc.

,

Revenue

,

2014

D

,

Refunding

,

3.2 %

,

5/01/26

...

3,500,000

3,494,482

d

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25 %

,

6/01/27

.

7,500,000

7,641,096

Ohio

Housing

Finance

Agency

,

c

Revenue

,

144A,

2023

B

,

%

,

2/01/26

...................................

1,700,000

1,708,295

d

At

Main

LLC

,

Revenue

,

2025

,

Mandatory

Put

,

3.7 %

,

5/01/28

.................

1,200,000

1,214,198

c

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25 %

,

3/01/26

...........

3,000,000

3,021,549

Youngstown

State

University

,

Revenue

,

2021

,

Refunding

,

AG

Insured

,

%

,

12/15/25

......................

580,000

582,548

Revenue

,

2021

,

Refunding

,

AG

Insured

,

%

,

12/15/26

......................

850,000

867,914

23,610,865

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Oregon

#### 0.6%
d

State

of

Oregon

Housing

&

Community

Services

Department

,

Hollywood

Hub

LP

,

Revenue

,

2024

R

,

Mandatory

Put

,

%

,

1/01/29

...........................

$

5,000,000

$

5,118,753

#### Pennsylvania

#### 3.7%
Adams

County

General

Authority

,

Brethren

Home

Community

Obligated

Group

(The)

,

Revenue

,

2024

,

Refunding

,

3.6 %

,

6/01/29

............................

1,500,000

1,500,286

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AG

Insured

,

5.25 %

,

1/01/36

...

1,000,000

1,081,112

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/26

.................................

500,000

504,338

Revenue

,

2022

,

Refunding

,

%

,

5/01/27

.................................

590,000

607,240

Chester

County

Industrial

Development

Authority

,

Avon

Grove

Charter

School

,

Revenue

,

2024

,

%

,

3/01/27

.........................................

3,250,000

3,294,980

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625 %

,

2/15/27

...................................

5,000,000

5,005,519

d

Montgomery

County

Industrial

Development

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

2023

A

,

Refunding

,

Mandatory

Put

,

4.1 %

,

4/03/28

.............

5,000,000

5,117,704

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/29

...........

1,230,000

1,286,643

d

UPMC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

Mandatory

Put

,

%

,

3/15/32

8,200,000

8,868,598

d

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1 %

,

11/02/26

.......................................................

4,000,000

3,876,114

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2025-149

A

,

%

,

4/01/27

....................................

300,000

310,738

Revenue

,

2025-149

A

,

Refunding

,

%

,

10/01/27

...........................

300,000

313,914

Philadelphia

Gas

Works

Co.

,

Revenue

,

16th

A

,

AG

Insured

,

%

,

8/01/26

..........

600,000

614,239

32,381,425

#### Rhode

#### Island

#### 0.1%
City

of

Providence

,

GO

,

2021

A

,

Refunding

,

%

,

1/15/26

......................

500,000

503,896

#### South

#### Carolina

#### 1.4%
c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

%

,

11/01/26

...................................

320,000

312,769

d

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

8/01/31

.........................................................

3,535,000

3,767,994

South

Carolina

Public

Service

Authority

,

Revenue

,

2024

A

,

%

,

12/01/26

.......................................

675,000

695,512

Revenue

,

2024

A

,

%

,

12/01/27

.......................................

525,000

554,631

Revenue

,

2024

A

,

%

,

12/01/28

.......................................

500,000

539,769

Revenue

,

2024

A

,

%

,

12/01/29

.......................................

550,000

603,761

Revenue

,

2024

A

,

%

,

12/01/30

.......................................

675,000

747,116

Revenue

,

2024

A

,

5.5 %

,

12/01/54

.....................................

3,000,000

3,091,928

Revenue

,

2025

B

,

Refunding

,

%

,

12/01/28

..............................

750,000

809,654

c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

B

,

%

,

12/01/25

..................................

1,500,000

1,499,222

12,622,356

#### Tennessee

#### 3.6%
State

of

Tennessee

,

GO

,

2023

A

,

%

,

5/01/31

..............................

6,670,000

7,537,339

d

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5 %

,

12/01/30

..............

8,010,000

8,528,000

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2021

A

,

%

,

11/01/25

.......................................

350,000

351,018

d

Revenue

,

2023

,

Refunding

,

Mandatory

Put

,

%

,

5/01/28

.................

14,560,000

15,115,075

31,531,432

#### Texas

#### 5.9%
d

Austin

Housing

Finance

Corp.

,

Austin

Leased

Housing

Associates

V

LP

,

Revenue

,

2024

,

Mandatory

Put

,

3.4 %

,

11/01/27

...................................

8,500,000

8,575,384

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

i

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

2.65 %,

8/15/27

...................................................

$

3,280,000

$

3,116,671

c

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

4.375 %

,

9/01/31

.........................................

190,000

190,795

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

%

,

11/15/26

........................................................

1,000,000

1,031,950

c

City

of

Lavon

,

Special

Assessment

,

144A,

2025

,

4.25 %

,

9/15/32

................

700,000

702,591

c

City

of

Lowry

Crossing

,

Simpson

Road

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

4.75 %

,

9/15/35

...............................

295,000

297,150

City

of

Pflugerville

,

GO

,

2025

,

%

,

8/01/26

................................

1,685,000

1,722,983

City

of

San

Antonio

,

Electric

&

Gas

Systems

,

Revenue

,

2015

,

Refunding

,

%

,

2/01/27

10,415,000

10,515,632

County

of

Hidalgo

,

GO

,

2025

,

Refunding

,

%

,

8/15/26

.....................................

1,150,000

1,176,742

GO

,

2025

,

Refunding

,

%

,

8/15/27

.....................................

400,000

418,916

Forney

Independent

School

District

,

GO

,

2025

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/26

.........................

600,000

614,810

GO

,

2025

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/27

.........................

1,600,000

1,678,791

Hays

Consolidated

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

%

,

2/15/26

1,125,000

1,138,194

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

%

,

9/01/25

.............................................

145,000

145,000

GO

,

2021

,

%

,

9/01/26

.............................................

150,000

146,467

GO

,

2021

,

%

,

9/01/27

.............................................

155,000

147,976

GO

,

2024

,

AG

Insured

,

%

,

9/01/29

....................................

385,000

401,409

GO

,

2024

,

AG

Insured

,

%

,

9/01/33

....................................

470,000

502,757

San

Antonio

Independent

School

District

,

GO

,

2025

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/26

.........................................................

2,875,000

2,944,869

Sherman

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

%

,

2/15/26

......

2,360,000

2,387,679

d

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Texas

Health

Resources

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

Mandatory

Put

,

%

,

11/15/29

....

7,250,000

7,856,294

d

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5 %

,

1/01/30

....................................................

5,000,000

5,335,089

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

9/01/26

.........................

117,000

115,440

Town

of

Trophy

Club

,

Public

Improvement

District

No.

,

Special

Assessment

,

2025

,

Refunding

,

%

,

9/01/28

.............................................

590,000

607,926

Westside

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

%

,

8/15/27

.....

280,000

271,423

52,042,938

#### Utah

#### 0.5%
Downtown

Revitalization

Public

Infrastructure

District

,

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

First

Lien

,

2025

A

,

AG

Insured

,

%

,

6/01/26

..............................................

575,000

585,395

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

First

Lien

,

2025

A

,

AG

Insured

,

%

,

6/01/28

..............................................

1,130,000

1,204,267

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

%

,

6/01/26

..............................................

1,330,000

1,351,857

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

%

,

6/01/27

..............................................

350,000

363,435

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

%

,

6/01/28

..............................................

470,000

498,960

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

%

,

6/01/29

..............................................

545,000

588,800

4,592,714

#### Virgin

#### Islands

#### 0.2%
Virgin

Islands

Transportation

&

Infrastructure

Corp.

,

Revenue

,

2025

,

Refunding

,

%

,

9/01/26

.................................

800,000

816,801

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virgin

#### Islands
(continued)

Virgin

Islands

Transportation

&

Infrastructure

Corp.,

(continued)

Revenue

,

2025

,

Refunding

,

%

,

9/01/27

.................................

$

640,000

$

666,899

1,483,700

#### Virginia

#### 0.3%
Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/29

........................................................

180,000

184,328

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

7/01/29

........................................................

1,750,000

1,794,736

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/25

...

230,000

229,652

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/26

...

235,000

233,742

2,442,458

#### Washington

#### 1.4%
Auburn

School

District

No.

of

King

&

Pierce

Counties

,

GO

,

2018

,

%

,

12/01/27

..

1,700,000

1,800,552

Spokane

County

School

District

No.

Mead

,

GO

,

2018

,

%

,

12/01/32

.............................................

1,150,000

1,167,754

GO

,

2018

,

%

,

12/01/33

.............................................

1,500,000

1,564,379

Vancouver

Housing

Authority

,

Cascara

Vancouver

LLLP

,

Revenue

,

2024

A

,

%

,

12/01/26

...................

1,655,000

1,662,496

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

A

,

%

,

10/01/27

.................

1,460,000

1,492,425

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

B

,

%

,

10/01/27

.................

1,055,000

1,077,750

c

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/31

..............................

280,000

306,207

c

Washington

State

Housing

Finance

Commission

,

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

%

,

7/01/31

........................................................

500,000

541,379

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

%

,

7/01/32

........................................................

750,000

812,997

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

%

,

7/01/33

........................................................

1,000,000

1,085,576

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

%

,

7/01/28

410,000

427,608

11,939,123

#### West

#### Virginia

#### 0.1%
d

West

Virginia

Economic

Development

Authority

,

Appalachian

Power

Co.

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.625 %

,

12/15/25

......................

1,000,000

992,039

#### Wisconsin

#### 1.5%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

2,145,000

2,155,922

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/26

..........

150,000

149,912

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

,

7.125 %

,

7/25/34

........................................................

2,285,000

2,359,040

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/25

...........................................

285,000

285,048

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/26

...........................................

300,000

301,161

Wisconsin

Health

&

Educational

Facilities

Authority

,

Hospital

Sisters

Services

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

8/15/28

........................................................

1,000,000

1,066,312

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/26

....................................................

345,000

344,963

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/27

....................................................

360,000

360,494

Sanford

Obligated

Group

,

Revenue

,

2024

A

,

%

,

2/15/29

....................

5,000,000

5,363,015

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Wisconsin
(continued)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

,

4.2 %

,

8/15/28

...

$

675,000

$

675,024

13,060,891

#### Wyoming

#### 0.1%
County

of

Laramie

,

Cheyenne

Regional

Medical

Center

,

Revenue

,

2021

,

Refunding

,

%

,

5/01/27

......................................................

550,000

560,580

#### U.S.

#### Territories

#### 1.4%

#### District

#### of

#### Columbia

#### 1.3%
d

District

of

Columbia

,

Georgetown

University

(The)

,

Revenue

,

2025

A

,

Refunding

,

Mandatory

Put

,

%

,

4/03/35

..........................................

3,250,000

3,534,042

d

District

of

Columbia

Housing

Finance

Agency

,

Florida

Avenue

Apartments

LLC

,

Revenue

,

2024

,

Mandatory

Put

,

4.1 %

,

9/01/30

.........................

6,335,000

6,593,227

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2025

A

,

Refunding

,

%

,

10/01/26

........................................................

1,145,000

1,171,541

11,298,810

#### Guam

#### 0.1%
Guam

Government

Waterworks

Authority

,

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

%

,

7/01/32

................................................

640,000

703,171

#### 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

463,472

#### Total

#### U.S.

#### Territories

#### ....................................................................
12,465,453

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 795,862,300

####)
.....................................

#### 800,052,350

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 817,566,450

####)
...............................

#### 819,889,462

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 6.6%

#### Municipal

#### Bonds

#### 6.6%

#### Georgia

#### 0.7%
j

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

3.9 %

,

4/01/47

................

6,400,000

6,400,000

#### Kentucky

#### 0.0%

#### †
j

City

of

Berea

,

Berea

College

,

Revenue

,

2002

A

,

Daily

VRDN

and

Put

,

3.88 %

,

6/01/32

100,000

100,000

#### Minnesota

#### 3.4%
j

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

11/15/48

.....

2,100,000

2,100,000

j

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

3.1 %

,

11/15/64

.............................................

27,510,000

27,510,000

29,610,000

#### Missouri

#### 1.5%
j

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

3.9 %

,

6/01/44

........................................................

12,000,000

12,000,000

Washington

University

(The)

,

Revenue

,

2000

C

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.75 %

,

3/01/40

..............................................

1,300,000

1,300,000

13,300,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### New

#### York

#### 0.6%
j

City

of

New

York

,

GO

,

2014

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.85 %

,

3/01/44

.........................................................

$

5,000,000

$

5,000,000

#### Ohio

#### 0.1%
j

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

8/15/51

..........

1,000,000

1,000,000

#### Oregon

#### 0.3%
j

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.8 %

,

8/01/34

.............

2,890,000

2,890,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 58,300,000

####)
......................................

#### 58,300,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 58,300,000

####)
................................

#### 58,300,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 875,866,450

####)
99.9 #### %
...................................

#### $878,189,462

#### Other

#### Assets,

#### less

#### Liabilities
0.1 #### %
.............................................

#### 649,623

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $878,839,085
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(f)

regarding

investments

in

affiliated

management

investment

companies.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$60,694,068,

representing

6.9%

of

net

assets.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

i

The

rate

shown

represents

the

yield

at

period

end.

j

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.69

$10.68

$10.40

$11.57

$11.91

$12.19

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.30 0.29 0.28 0.26 0.30 Net

realized

and

unrealized

gains

(losses)

(0.45)

0.01 0.28 (1.17)

(0.34)

(0.29)

Total

from

investment

operations

........

(0.29)

0.31 0.57 (0.89)

(0.08)

0.01 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.29)

(0.28)

(0.26)

(0.29)

Net

asset

value,

end

of

period

..........

$10.24

$10.69

$10.68

$10.40

$11.57

$11.91

Total

return

d

.......................

(2.64)%

2.91%

5.55%

(7.71)%

(0.71)%

0.14%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.90%

f

0.90%

f,g

0.89%

g

0.88%

g

0.86%

g

0.85%

g

Net

investment

income

...............

3.06%

2.76%

2.76%

2.65%

2.20%

2.48%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$65,444

$74,081

$76,014

$76,312

$92,129

$77,256

Portfolio

turnover

rate

................

6.60%

14.81%

9.84%

15.85%

22.60%

16.89%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.69

$10.68

$10.40

$11.57

$11.91

$12.19

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.31 0.30 0.30 0.28 0.32 Net

realized

and

unrealized

gains

(losses)

(0.46)

0.01 0.28 (1.18)

(0.34)

(0.29)

Total

from

investment

operations

........

(0.29)

0.32 0.58 (0.88)

(0.06)

0.03 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.30)

(0.29)

(0.28)

(0.31)

Net

asset

value,

end

of

period

..........

$10.24

$10.69

$10.68

$10.40

$11.57

$11.91

Total

return

d

.......................

(2.67)%

3.07%

5.71%

(7.57)%

(0.56)%

0.29%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.75%

f

0.75%

f,g

0.74%

g

0.73%

g

0.71%

g

0.71%

g

Net

investment

income

...............

3.21%

2.91%

2.91%

2.79%

2.36%

2.66%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$136,545

$152,912

$172,564

$189,496

$249,763

$274,232

Portfolio

turnover

rate

................

6.60%

14.81%

9.84%

15.85%

22.60%

16.89%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.85

$10.85

$10.56

$11.75

$12.09

$12.38

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14 0.25 0.24 0.24 0.22 0.25 Net

realized

and

unrealized

gains

(losses)

(0.45)

(—)

d

0.29 (1.20)

(0.35)

(0.29)

Total

from

investment

operations

........

(0.31)

0.25 0.53 (0.96)

(0.13)

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.25)

(0.24)

(0.23)

(0.21)

(0.25)

Net

asset

value,

end

of

period

..........

$10.40

$10.85

$10.85

$10.56

$11.75

$12.09

Total

return

e

.......................

(2.90)%

2.36%

5.14%

(8.14)%

(1.10)%

(0.34)%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

.........................

1.29%

g

1.29%

g,h

1.28%

h

1.27%

h

1.25%

h

1.25%

h

Net

investment

income

...............

2.60%

2.31%

2.30%

2.19%

1.79%

2.08%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$7,749

$9,589

$14,486

$19,610

$28,904

$45,512

Portfolio

turnover

rate

................

6.60%

14.81%

9.84%

15.85%

22.60%

16.89%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.69

$10.69

$10.40

$11.57

$11.91

$12.20

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.33 0.32 0.31 0.30 0.33 Net

realized

and

unrealized

gains

(losses)

(0.44)

(—)

d

0.29 (1.17)

(0.34)

(0.29)

Total

from

investment

operations

........

(0.27)

0.33 0.61 (0.86)

(0.04)

0.04 Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.33)

(0.32)

(0.31)

(0.30)

(0.33)

Net

asset

value,

end

of

period

..........

$10.25

$10.69

$10.69

$10.40

$11.57

$11.91

Total

return

e

.......................

(2.50)%

3.11%

5.95%

(7.44)%

(0.42)%

0.35%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.61%

0.61%

0.61%

0.59%

0.57%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.61%

0.61%

g,h

0.61%

g

0.59%

g,h

0.57%

g,h

0.56%

g

Net

investment

income

...............

3.35%

3.05%

3.04%

2.92%

2.49%

2.73%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$12,522

$12,203

$11,082

$10,366

$17,047

$13,813

Portfolio

turnover

rate

................

6.60%

14.81%

9.84%

15.85%

22.60%

16.89%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.69

$10.69

$10.40

$11.57

$11.92

$12.20

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.32 0.31 0.31 0.29 0.33 Net

realized

and

unrealized

gains

(losses)

(0.44)

(—)

d

0.29 (1.18)

(0.35)

(0.29)

Total

from

investment

operations

........

(0.27)

0.32 0.60 (0.87)

(0.06)

0.04 Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.31)

(0.30)

(0.29)

(0.32)

Net

asset

value,

end

of

period

..........

$10.25

$10.69

$10.69

$10.40

$11.57

$11.92

Total

return

e

.......................

(2.52)%

3.07%

5.91%

(7.48)%

(0.46)%

0.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

.........................

0.65%

g

0.65%

h

0.64%

h

0.63%

h

0.61%

h

0.61%

h

Net

investment

income

...............

3.31%

3.01%

3.01%

2.88%

2.46%

2.74%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$45,788

$48,251

$46,388

$48,473

$72,069

$68,009

Portfolio

turnover

rate

................

6.60%

14.81%

9.84%

15.85%

22.60%

16.89%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

h

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.3%

#### Software

#### 0.3%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

900,000

$

902,693

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 900,000

####)
........................................

#### 902,693

#### Municipal

#### Bonds

#### 97.2%

#### California

#### 0.4%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

1,300,000

1,089,536

#### Florida

#### 1.9%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

2,592,000

2,222,330

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

750,000

476,924

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

2,950,000

2,461,740

5,160,994

#### Georgia

#### 90.7%
Athens

Housing

Authority

,

UGAREF

East

Campus

Housing

Phase

II

LLC

,

Revenue

,

2017

,

Refunding

,

%

,

6/15/40

........................................................

3,500,000

3,334,787

UGAREF

Lumpkin

Street

Housing

Phase

I

LLC

,

Revenue

,

2024

,

%

,

6/15/49

.....

2,000,000

1,780,409

UGAREF

Lumpkin

Street

Housing

Phase

I

LLC

,

Revenue

,

2024

,

4.125 %

,

6/15/56

.

3,500,000

3,065,934

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

,

Revenue

,

2024

,

Refunding

,

%

,

12/01/35

............................................

300,000

342,602

Atlanta

Development

Authority

(The)

,

Tuff

Yamacraw

LLC

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

%

,

1/01/26

................................

2,555,000

2,569,002

Augusta

,

Water

&

Sewer

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

%

,

10/01/50

...

1,500,000

1,288,228

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AG

Insured

,

%

,

3/01/43

......................................................

3,000,000

2,775,740

Bleckley

County

School

District

,

GO

,

2020

,

%

,

10/01/42

.....................

2,055,000

2,105,825

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

........................................

3,000,000

2,582,525

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/50

.

1,450,000

1,267,555

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

7/01/50

.

5,000,000

5,056,588

City

of

Atlanta

,

Airport

Passenger

Facility

Charge

,

Revenue

,

2023

E

,

5.25 %

,

7/01/43

...........

3,000,000

3,073,676

Airport

Passenger

Facility

Charge

,

Revenue

,

2025

B

,

Refunding

,

5.5 %

,

7/01/50

...

3,000,000

3,131,024

Department

of

Aviation

,

Revenue

,

2021

C

,

Refunding

,

%

,

7/01/37

.............

1,500,000

1,553,087

Department

of

Aviation

,

Revenue

,

2024

B

,

5.25 %

,

7/01/54

...................

7,000,000

7,063,760

Water

&

Wastewater

,

Revenue

,

2001

A

,

AG,

NATL

RE

Insured

,

5.5 %

,

11/01/27

....

3,145,000

3,257,398

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

%

,

6/01/46

.........................................................

1,835,000

1,384,873

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

%

,

1/01/43

......................

5,000,000

5,098,547

City

of

Cartersville

,

Water

&

Sewer

,

Revenue

,

2018

,

Refunding

,

%

,

6/01/48

.......

4,000,000

4,004,254

City

of

Dalton

,

GO

,

2018

,

%

,

2/01/48

....................................

3,000,000

3,011,695

City

of

Valdosta

,

Water

&

Sewer

,

Revenue

,

2024

,

AG

Insured

,

%

,

10/01/51

.......

3,000,000

2,558,993

Clayton

County

Development

Authority

,

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

%

,

6/15/32

..........

1,295,000

1,448,257

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

%

,

6/15/33

..........

1,210,000

1,356,980

Cobb-Marietta

Coliseum

&

Exhibit

Hall

Authority

,

County

of

Cobb

,

Revenue

,

2025

,

5.5 %

,

10/01/50

...................................................

1,000,000

1,048,280

Columbia

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

5.125 %

,

4/01/48

....................................

3,000,000

3,015,035

County

of

Columbia

,

Water

&

Sewerage

,

Revenue

,

2024

,

%

,

6/01/49

............

610,000

621,204

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Georgia
(continued)

County

of

DeKalb

,

Water

&

Sewerage

,

Revenue

,

2006

B

,

Refunding

,

AG

Insured

,

%

,

10/01/35

........................................................

$

4,000,000

$

4,037,309

County

of

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

%

,

1/01/45

.............

5,000,000

3,662,761

Coweta

County

Water

&

Sewage

Authority

,

Revenue

,

2021

B

,

%

,

6/01/43

........................................

820,000

631,030

Revenue

,

2021

B

,

%

,

6/01/46

........................................

1,000,000

729,091

Revenue

,

2024

,

%

,

6/01/54

.........................................

2,000,000

2,023,955

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

%

,

8/15/41

.....

3,000,000

2,763,161

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2024

B

,

Refunding

,

%

,

8/15/37

........................................................

3,075,000

3,344,539

DeKalb

County

Development

Authority

,

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

%

,

6/01/45

.................

350,000

330,279

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

%

,

6/01/50

.................

550,000

503,777

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2018

,

%

,

3/01/43

...................

2,000,000

1,850,493

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

%

,

6/15/49

...................

1,750,000

1,774,101

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

%

,

6/15/56

...................

2,000,000

2,015,422

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/46

........................................................

5,840,000

5,840,375

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

......

5,000,000

4,199,826

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

%

,

4/01/50

........

3,000,000

2,469,761

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

D

,

Refunding

,

4.125 %

,

11/01/45

..................................

6,000,000

5,193,629

Development

Authority

of

Cobb

County

(The)

,

KSU

2020

Housing

Real

Estate

Foundation

LLC

,

Revenue

,

2020

,

%

,

7/15/52

....

5,720,000

4,865,859

University

System

of

Georgia

,

Revenue

,

2020

C

,

%

,

7/15/52

................

2,000,000

1,701,349

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

2,085,000

2,095,617

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

8,155,000

3,570,178

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

%

,

3/01/44

.........................................................

1,250,000

905,428

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

%

,

7/01/43

.............................................

3,000,000

3,032,547

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/42

..........

6,000,000

5,821,558

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/15/42

....................................................

7,000,000

7,014,699

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

%

,

2/15/51

5,000,000

4,056,193

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2013

A

,

3.8 %

,

12/01/37

.....................................

1,655,000

1,582,483

Revenue

,

2018

A

,

3.85 %

,

12/01/38

....................................

1,170,000

1,094,956

Revenue

,

2018

A

,

3.95 %

,

12/01/43

....................................

1,210,000

1,062,185

Revenue

,

2019

A

,

Refunding

,

3.7 %

,

6/01/49

..............................

4,405,000

3,679,927

Georgia

Ports

Authority

,

Revenue

,

2021

,

%

,

7/01/51

.........................................

1,145,000

986,367

Revenue

,

2022

,

5.25 %

,

7/01/52

.......................................

2,000,000

2,057,875

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

%

,

8/01/47

............................

5,000,000

4,826,843

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

%

,

8/01/33

.............

5,000,000

5,073,739

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5 %

,

9/15/25

......................................

2,500,000

2,502,029

Revenue

,

2007

A

,

5.5 %

,

9/15/27

......................................

5,000,000

5,230,786

Revenue

,

2019

A

,

%

,

5/15/37

........................................

1,975,000

2,060,750

Revenue

,

2019

A

,

%

,

5/15/38

........................................

1,000,000

1,029,679

b,d

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

%

,

11/01/27

......................

6,000,000

5,996,314

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Georgia
(continued)

Main

Street

Natural

Gas,

Inc.,

(continued)

d

Revenue

,

2023

A

,

Mandatory

Put

,

%

,

6/01/30

............................

$

5,000,000

$

5,294,811

d

Revenue

,

2023

D

,

Mandatory

Put

,

%

,

12/01/30

...........................

2,000,000

2,127,198

d

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/31

..........................

2,000,000

2,142,075

d

Revenue

,

2024

E

,

Mandatory

Put

,

%

,

12/01/32

...........................

2,000,000

2,141,286

d

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

6/01/32

............................

2,505,000

2,677,015

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

%

,

12/01/43

...................

4,815,000

4,843,385

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

AG

Insured

,

%

,

1/01/44

..............................

5,000,000

4,549,071

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/50

...............................

3,500,000

3,459,452

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/56

...............................

750,000

718,366

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

1/01/49

.............................

500,000

508,395

Revenue

,

2024

A

,

Refunding

,

BAM

Insured

,

5.25 %

,

1/01/54

..................

500,000

508,756

PowerSouth

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/46

.....

330,000

287,945

PowerSouth

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/51

.....

425,000

354,854

PowerSouth

Energy

Cooperative

,

Revenue

,

2023

A

,

5.5 %

,

7/01/64

............

2,000,000

2,033,598

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2013

A

,

%

,

10/01/43

.........................

5,000,000

5,000,128

Emory

University

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

9/01/45

...............

2,000,000

2,098,424

Mercer

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/50

.................

5,400,000

4,455,132

Mercer

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

10/01/51

...............

5,500,000

5,565,680

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/43

...............................

10,000,000

8,788,668

Sinclair

Water

Authority

,

Revenue

,

2019

,

Refunding

,

AG

Insured

,

%

,

4/01/48

......

2,000,000

2,005,431

Upper

Oconee

Basin

Water

Authority

,

Revenue

,

2024

,

%

,

7/01/49

.........................................

3,000,000

3,064,237

Revenue

,

2024

,

%

,

7/01/55

.........................................

1,000,000

1,016,356

243,053,391

#### Illinois

#### 1.0%
State

of

Illinois

,

GO

,

2024

C

,

%

,

10/01/38

................................

3,000,000

2,721,107

#### New

#### Jersey

#### 0.5%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/35

..........................................

1,200,000

1,246,059

#### New

#### York

#### 0.0%

#### †
Metropolitan

Transportation

Authority

,

Revenue

,

2020

,

%

,

11/15/53

..........

100,000

80,913

#### South

#### Carolina

#### 0.1%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

500,000

398,277

#### Texas

#### 0.4%
b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

1,500,000

1,075,037

#### Washington

#### 0.3%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

900,000

746,406

#### Wisconsin

#### 0.8%
b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

900,000

690,010

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

2,300,000

1,347,423

2,037,433

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories

#### 1.1%

#### Puerto

#### Rico

#### 1.1%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

$

560,000

$

559,658

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

2,000,000

1,834,516

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

480,000

424,045

2,818,219

#### Total

#### U.S.

#### Territories

#### ....................................................................
2,818,219

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 281,205,067

####)
.....................................

#### 260,427,372

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

115,316

28,829

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 28,829

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 282,105,067

####)
...............................

#### 261,358,894

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 2.0%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 2.0%

#### Georgia

#### 2.0%
f

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

3.9 %

,

4/01/47

................

5,400,000

5,400,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 5,400,000

####)
.......................................

#### 5,400,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 5,400,000

####)
.................................

#### 5,400,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 287,505,067

####)
99.5 #### %
...................................

#### $266,758,894

#### Other

#### Assets,

#### less

#### Liabilities
0.5 #### %
.............................................

#### 1,289,481

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $268,048,375
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$13,192,131,

representing

4.9%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.06

$8.84

$8.68

$10.05

$10.29

$10.46

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.21 0.40 0.40 0.38 0.36 0.40 Net

realized

and

unrealized

gains

(losses)

(0.48)

0.21 0.15 (1.40)

(0.24)

(0.19)

Total

from

investment

operations

........

(0.27)

0.61 0.55 (1.02)

0.12 0.21 Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.39)

(0.39)

(0.35)

(0.36)

(0.38)

Net

asset

value,

end

of

period

..........

$8.59

$9.06

$8.84

$8.68

$10.05

$10.29

Total

return

d

.......................

(2.96)%

7.09%

6.59%

(10.15)%

1.07%

2.15%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.80%

0.79%

f,g

0.83%

f,g

0.91%

f

0.80%

f,g

0.79%

f

Net

investment

income

...............

4.72%

4.49%

4.62%

4.20%

3.49%

3.97%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,518,708

$1,600,757

$1,452,358

$1,390,633

$1,559,216

$1,177,730

Portfolio

turnover

rate

................

7.22%

14.31%

14.74%

23.04%

18.70%

38.24%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.05

$8.84

$8.67

$10.04

$10.28

$10.45

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.22 0.42 0.41 0.39 0.38 0.42 Net

realized

and

unrealized

gains

(losses)

(0.48)

0.20 0.17 (1.39)

(0.24)

(0.20)

Total

from

investment

operations

........

(0.26)

0.62 0.58 (1.00)

0.14 0.22 Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.41)

(0.41)

(0.37)

(0.38)

(0.39)

Net

asset

value,

end

of

period

..........

$8.58

$9.05

$8.84

$8.67

$10.04

$10.28

Total

return

d

.......................

(2.89)%

7.13%

6.88%

(10.02)%

1.22%

2.30%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.65%

0.64%

f,g

0.68%

f,g

0.75%

f

0.65%

f,g

0.65%

f

Net

investment

income

...............

4.87%

4.64%

4.77%

4.35%

3.65%

4.14%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,986,027

$2,191,612

$2,349,443

$2,577,670

$3,518,033

$3,756,501

Portfolio

turnover

rate

................

7.22%

14.31%

14.74%

23.04%

18.70%

38.24%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.24

$9.02

$8.84

$10.24

$10.49

$10.66

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19 0.36 0.36 0.34 0.32 0.36 Net

realized

and

unrealized

gains

(losses)

(0.49)

0.22 0.18 (1.42)

(0.25)

(0.19)

Total

from

investment

operations

........

(0.30)

0.58 0.54 (1.08)

0.07 0.17 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.36)

(0.36)

(0.32)

(0.32)

(0.34)

Net

asset

value,

end

of

period

..........

$8.76

$9.24

$9.02

$8.84

$10.24

$10.49

Total

return

d

.......................

(3.32)%

6.51%

6.15%

(10.52)%

0.54%

1.71%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.19%

1.18%

f,g

1.21%

f,g

1.29%

f

1.19%

f,g

1.19%

f

Net

investment

income

...............

4.22%

3.99%

4.12%

3.71%

3.03%

3.53%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$99,115

$116,587

$137,544

$175,131

$262,313

$359,050

Portfolio

turnover

rate

................

7.22%

14.31%

14.74%

23.04%

18.70%

38.24%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.10

$8.88

$8.71

$10.09

$10.33

$10.50

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.21 0.43 0.42 0.40 0.40 0.43 Net

realized

and

unrealized

gains

(losses)

(0.48)

0.21 0.17 (1.40)

(0.25)

(0.19)

Total

from

investment

operations

........

(0.27)

0.64 0.59 (1.00)

0.15 0.24 Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.42)

(0.42)

(0.38)

(0.39)

(0.41)

Net

asset

value,

end

of

period

..........

$8.62

$9.10

$8.88

$8.71

$10.09

$10.33

Total

return

d

.......................

(2.92)%

7.37%

6.99%

(9.94)%

1.36%

2.43%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.50%

0.50%

0.53%

0.62%

0.51%

0.51%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.50%

0.50%

f,g

0.53%

f,g

0.61%

f

0.51%

f,g

0.50%

f

Net

investment

income

...............

4.99%

4.76%

4.88%

4.48%

3.77%

4.25%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$195,182

$205,197

$174,493

$181,286

$228,725

$157,328

Portfolio

turnover

rate

................

7.22%

14.31%

14.74%

23.04%

18.70%

38.24%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.09

$8.88

$8.71

$10.08

$10.33

$10.50

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.22 0.42 0.42 0.40 0.39 0.43 Net

realized

and

unrealized

gains

(losses)

(0.48)

0.21 0.16 (1.39)

(0.25)

(0.20)

Total

from

investment

operations

........

(0.26)

0.63 0.58 (0.99)

0.14 0.23 Less

distributions

from:

Net

investment

income

..............

(0.21)

(0.42)

(0.41)

(0.38)

(0.39)

(0.40)

Net

asset

value,

end

of

period

..........

$8.62

$9.09

$8.88

$8.71

$10.08

$10.33

Total

return

d

.......................

(2.83)%

7.21%

6.95%

(9.89)%

1.22%

2.39%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.55%

0.54%

f,g

0.57%

f,g

0.65%

f

0.55%

f,g

0.54%

f

Net

investment

income

...............

4.95%

4.72%

4.85%

4.42%

3.73%

4.22%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$779,998

$828,084

$780,675

$846,496

$1,284,270

$1,229,100

Portfolio

turnover

rate

................

7.22%

14.31%

14.74%

23.04%

18.70%

38.24%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 0.0%

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%
a,b

AES

Guayama

Holdings

BV

...........................................

231,664

$

—

b

#### Total

#### Common

#### Stocks

#### (Cost

#### $

#### –

####)
...............................................

#### —
a

#### Management

#### Investment

#### Companies

#### 3.3%

#### Capital

#### Markets

#### 3.3%
iShares

National

Muni

Bond

ETF

........................................

450,000

47,007,000

Vanguard

Tax-Exempt

Bond

Index

ETF

...................................

2,150,000

105,371,500

152,378,500

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 155,926,230

####)
...................

#### 152,378,500

#### Principal

#### Amount
a

#### a
a

#### Corporate

#### Bonds

#### 2.7%

#### Commercial

#### Services

#### &

#### Supplies

#### 0.5%
a

,c

CalPlant

I

LLC

,

Senior

Secured

Note

,

144A,

%

,

2/28/27

...............................

$

5,795,000

5,795,000

d

A

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

1,920,000

249,600

d

B

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

7,205,000

936,650

d

A

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

3,975,000

516,750

d

B

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

345,000

44,850

d

C

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

2,610,000

2,610,000

d

X

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

3,910,000

3,910,000

d

A

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

1,380,000

1,380,000

d

B

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

1,225,000

1,225,000

d

C

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

1,955,000

1,955,000

d

D

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

1,700,000

1,700,000

d

E

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/31/23

..........................

1,915,000

1,915,000

22,237,850

#### Diversified

#### Consumer

#### Services

#### 1.8%
Grand

Canyon

University

,

Secured

Note

,

5.125 %

,

10/01/28

....................

84,910,000

83,631,086

#### Electric

#### Utilities

#### 0.4%
c

Mission

Rock

Utilities,

Inc.

,

144A,

%

,

7/01/27

..............................

15,000,000

15,161,683

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 133,756,163

####)
.....................................

#### 121,030,619

#### Municipal

#### Bonds

#### 93.3%

#### Alabama

#### 0.4%
e

Black

Belt

Energy

Gas

District

,

Revenue

,

2024

A

,

Mandatory

Put

,

5.25 %

,

9/01/32

...

1,000,000

1,058,478

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

%

,

10/01/56

.....................................................

750,000

674,924

MidCity

Improvement

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3.875 %

,

11/01/27

..............

300,000

294,339

Assessment

Area

,

Special

Assessment

,

2022

,

4.25 %

,

11/01/32

...............

600,000

569,280

Assessment

Area

,

Special

Assessment

,

2022

,

4.5 %

,

11/01/42

................

2,090,000

1,759,383

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

11/01/49

...............

2,400,000

1,965,846

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

6.5 %

,

11/01/44

...........

250,000

230,435

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

6.75 %

,

11/01/53

..........

540,000

490,357

e

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2025

B

,

Mandatory

Put

,

5.25 %

,

1/01/33

...................................................

10,000,000

10,482,392

17,525,434

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona

#### 2.1%
Arizona

Industrial

Development

Authority

,

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2025

B

,

5.125 %

,

1/01/59

..........................

$

3,141,519

$

2,407,112

c

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2022

,

Refunding

,

%

,

6/15/57

8,500,000

6,092,799

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

A

,

%

,

11/15/57

.......................................................

5,000,000

5,170,334

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

,

6.625 %

,

5/15/31

........................................................

4,000,000

4,010,699

c

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

%

,

7/01/38

........................................................

5,000,000

5,103,935

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

%

,

7/01/52

........................................................

10,000,000

10,010,332

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

8,800,000

9,242,889

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.5 %

,

12/01/29

..................

11,105,000

11,989,433

c

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2023

,

5.75 %

,

6/15/58

......

5,000,000

4,793,572

f

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

A

,

0.587 %,

10/01/56

.......................................................

18,880,000

14,582,378

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

B

,

6.25 %

,

10/01/36

.......................................................

3,945,000

3,380,328

f

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

A

,

0.644 %,

10/01/56

.......................................................

2,327,000

2,242,501

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

B

,

%

,

10/01/37

.......................................................

250,000

242,839

Tempe

Industrial

Development

Authority

,

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

%

,

10/01/37

................

1,900,000

1,406,416

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125 %

,

10/01/47

.............

4,850,000

3,154,393

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125 %

,

10/01/52

.............

2,800,000

1,766,725

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/50

........

4,550,000

3,967,575

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/54

........

8,000,000

6,851,680

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2021

B

,

%

,

12/01/56

.......

2,130,000

1,579,575

97,995,515

#### Arkansas

#### 0.5%
Arkansas

Development

Finance

Authority

,

c

Hybar

LLC

,

Revenue

,

144A,

2023

B

,

7.375 %

,

7/01/48

......................

12,500,000

13,461,460

United

States

Steel

Corp.

,

Revenue

,

2022

,

5.45 %

,

9/01/52

...................

3,000,000

2,914,221

United

States

Steel

Corp.

,

Revenue

,

2023

,

5.7 %

,

5/01/53

....................

4,575,000

4,604,248

20,979,929

#### California

#### 19.2%
f

Alvord

Unified

School

District

,

GO

,

2011

B

,

AG

Insured

,

5.09 %,

8/01/41

...........

30,750,000

13,960,937

c

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

4.25 %

,

7/01/32

.....

500,000

466,684

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

5.75 %

,

7/01/60

.....

17,500,000

14,330,295

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

C

,

6.75 %

,

7/01/60

.....

7,000,000

5,857,134

c

California

Community

Housing

Agency

,

Annadel

Apartments

,

Revenue

,

144A,

2019

A

,

%

,

4/01/49

..................

5,800,000

4,697,720

Arbors

Apartments

,

Revenue

,

144A,

2020

A

,

%

,

8/01/50

....................

16,550,000

14,733,581

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

2/01/43

..........

11,985,000

10,511,253

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue

,

144A,

2021

,

%

,

8/01/47

16,500,000

12,046,714

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/46

...

19,890,000

16,163,095

K

Street

Flats

,

Revenue

,

144A,

2021

,

%

,

8/01/50

......................

17,730,000

13,208,992

Mira

Vista

Hills

Apartments

,

Revenue

,

144A,

2021

A

,

%

,

2/01/56

.............

33,000,000

16,221,553

Twin

Creek

Apartments

,

Revenue,

Junior

Lien

,

144A,

2022

B

,

5.5 %

,

2/01/40

.....

4,400,000

3,761,296

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

%

,

8/01/49

.......

20,000,000

17,526,692

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

c,e

California

Infrastructure

&

Economic

Development

Bank

,

Desertxpress

Enterprises

LLC

,

Revenue

,

144A,

2025

A

,

Refunding

,

Mandatory

Put

,

9.5 %

,

1/01/35

........

$

23,600,000

$

21,701,106

c

California

Municipal

Finance

Authority

,

California

Baptist

University

,

Revenue

,

144A,

2015

A

,

5.5 %

,

11/01/45

...........

17,400,000

16,864,696

California

Baptist

University

,

Revenue

,

144A,

2016

A

,

%

,

11/01/46

............

5,000,000

4,570,754

Capital

Christian

Center

,

Revenue

,

144A,

2021

A

,

%

,

10/01/51

...............

8,425,000

6,594,924

a

,c

,d

California

Pollution

Control

Financing

Authority

,

CalPlant

I

LLC

,

Revenue

,

144A,

2017

,

7.5 %

,

7/01/32

.......................

24,500,000

CalPlant

I

LLC

,

Revenue

,

144A,

2017

,

%

,

7/01/39

........................

10,000,000

CalPlant

I

LLC

,

Revenue

,

144A,

2020

,

7.5 %

,

7/01/32

.......................

10,000,000

c

California

Public

Finance

Authority

,

Crossroads

Christian

Schools

Obligated

Group

,

Revenue

,

144A,

2020

,

%

,

1/01/56

....................................

4,015,000

3,239,178

California

Statewide

Communities

Development

Authority

,

Special

Tax

,

2023

,

%

,

9/02/43

....................................

3,965,000

3,896,687

c

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25 %

,

7/01/39

.............

1,275,000

1,279,530

c

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25 %

,

7/01/49

.............

3,725,000

3,537,417

c

City

&

County

of

San

Francisco

,

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2021

B

,

5.25 %

,

9/01/49

.............................................

2,500,000

2,167,494

City

of

San

Francisco

,

5.25 %

,

9/01/49

....................................

10,000,000

8,669,974

c

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/45

...........

30,500,000

25,574,735

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

..........

1,700,000

1,378,960

c

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

,

4.5 %

,

8/01/51

.........................................................

38,000,000

25,101,652

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/47

..............................................

27,280,000

24,087,904

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/47

.........................................

10,305,000

8,911,514

c

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

,

4.375 %

,

8/01/49

...................................................

21,215,000

17,169,883

c

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

3/01/57

............

15,000,000

10,361,769

Crescent

(The)

,

Revenue

,

144A,

2022

B

,

5.5 %

,

7/01/59

.....................

15,935,000

12,448,999

Dublin

,

Revenue

,

144A,

2021

B

,

%

,

2/01/57

.............................

7,500,000

5,381,825

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/48

........

10,000,000

6,798,567

Park

Crossing

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

12/01/48

.............

14,235,000

10,731,041

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

%

,

7/01/51

.............

19,925,000

17,820,619

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

9/01/46

................

5,970,000

4,701,944

Wood

Creek

Apartments

,

Revenue,

Sub.

Lien

,

144A,

2021

B

,

%

,

12/01/59

......

19,800,000

10,423,112

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.125 %

,

11/01/29

...................................

22,790,000

24,146,949

Revenue

,

2009

B

,

%

,

11/01/34

.......................................

20,000,000

23,912,130

Revenue

,

2009

C

,

6.5 %

,

11/01/39

.....................................

20,000,000

23,772,650

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

5.625 %

,

8/01/34

........................................................

2,500,000

2,713,713

f

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

2.72 %,

8/01/28

........................................................

1,500,000

1,387,113

f

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

%,

8/01/30

1,250,000

1,081,037

f

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

3.2 %,

8/01/31

........................................................

1,250,000

1,037,280

f

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien

,

2013

B

,

3.57 %,

6/01/32

............................

4,000,000

3,156,910

Revenue,

Senior

Lien

,

2013

B

,

3.72 %,

6/01/33

............................

5,500,000

4,144,325

Revenue,

Senior

Lien

,

2013

B

,

4.83 %,

6/01/41

............................

5,000,000

2,378,597

Revenue,

Senior

Lien

,

2013

B

,

4.96 %,

6/01/42

............................

7,000,000

3,111,813

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

f

San

Diego

Unified

School

District

,

GO

,

2012

E

,

5.105 %,

7/01/42

.........................................

$

44,565,000

$

34,198,539

GO

,

2012

E

,

5.422 %,

7/01/47

.........................................

33,305,000

24,968,725

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/45

...............................

35,834,000

43,151,468

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/46

...............................

35,834,000

43,352,439

f

Revenue,

Junior

Lien

,

ETM,

2.19 %,

1/01/26

..............................

55,000,000

54,596,448

f

Revenue,

Junior

Lien

,

ETM,

2.17 %,

1/01/27

..............................

125,100,000

121,554,028

f

San

Mateo

Foster

City

School

District

,

GO

,

A

,

5.562 %,

8/01/42

.................

40,000,000

42,792,356

f

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

6.34 %,

9/01/41

..............

20,000,000

20,414,030

f

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue

,

2007

C

,

8.12 %,

6/01/56

...

60,000,000

5,443,014

878,214,239

#### Colorado

#### 5.0%
3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25 %

,

12/01/49

.............

3,775,000

3,032,643

9th

Avenue

Metropolitan

District

No.

,

GO

,

2018

,

%

,

12/01/48

................

7,411,000

6,871,189

Allison

Valley

Metropolitan

District

No.

,

GO

,

2020

,

Refunding

,

%

,

12/01/47

......

5,250,000

4,713,323

Allison

Valley

Metropolitan

District

No.

,

GO

,

2020

,

Refunding

,

4.7 %

,

12/01/47

.....

4,720,000

4,104,632

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

,

GO

,

2018

A

,

5.375 %

,

12/01/48

........................................................

2,070,000

1,893,858

Baseline

Metropolitan

District

No.

,

GO

,

2024

B

,

6.75 %

,

12/15/54

..............

2,500,000

2,448,357

Bradburn

Metropolitan

District

No.

,

GO

,

2018

A

,

Refunding

,

%

,

12/01/47

........

2,400,000

2,151,909

c

Broomfield

Village

Metropolitan

District

No.

,

GO

,

144A,

2021

,

Refunding

,

%

,

12/01/49

........................................................

708,000

622,509

Clear

Creek

Transit

Metropolitan

District

No.

,

GO

,

2021

A

,

%

,

12/01/41

...........................................

578,000

441,781

GO

,

2021

A

,

%

,

12/01/50

...........................................

1,000,000

702,215

Colliers

Hill

Metropolitan

District

No.

,

GO

,

2022

,

Refunding

,

5.75 %

,

12/15/47

..

2,840,000

2,639,949

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/49

..........

2,235,000

1,584,987

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/58

..........

4,750,000

3,179,966

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.25 %

,

9/15/45

.........

3,600,000

3,435,923

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25 %

,

5/15/47

........................................................

6,500,000

6,195,476

Conestoga

Metropolitan

District

No.

,

GO

,

2021

,

Refunding

,

5.25 %

,

12/01/51

..

1,625,000

1,371,954

Copperleaf

Metropolitan

District

No.

,

GO

,

2022

B

,

%

,

12/15/41

...............

1,225,000

1,217,807

Cornerstar

Metropolitan

District

,

GO

,

A

,

Refunding

,

5.125 %

,

12/01/37

...................................

2,000,000

1,940,965

GO

,

A

,

Refunding

,

5.25 %

,

12/01/47

....................................

5,200,000

4,756,796

Creekwalk

Marketplace

Business

Improvement

District

,

Revenue

,

2024

A

,

Refunding

,

%

,

12/01/54

.....................................................

7,500,000

6,990,574

Denver

International

Business

Center

Metropolitan

District

No.

,

GO

,

2019

B

,

%

,

12/01/48

........................................................

6,579,000

6,584,142

Eagle

Brook

Meadows

Metropolitan

District

No.

,

GO

,

2021-3

,

%

,

12/01/51

......

1,600,000

1,402,175

Greenways

Metropolitan

District

No.

,

GO

,

2021

,

4.625 %

,

12/01/51

..........

1,580,000

1,167,215

c

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

,

4.625 %

,

12/01/45

........

1,140,000

919,724

c

Horizon

Metropolitan

District

No.

,

GO

,

144A,

2021

,

4.5 %

,

12/01/51

..........

1,675,000

1,236,330

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25 %

,

12/01/51

...................

1,225,000

887,948

Jefferson

Center

Metropolitan

District

No.

,

Revenue

,

2020

,

4.125 %

,

12/01/40

..................................

575,000

508,321

Revenue

,

2020

,

4.375 %

,

12/01/47

..................................

1,125,000

966,871

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

%

,

12/01/51

............

1,500,000

1,205,526

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25 %

,

12/01/46

.....

5,500,000

4,561,952

c

Karl's

Farm

Metropolitan

District

No.

,

GO

,

144A,

2020

,

Pre-Refunded

,

5.375 %

,

12/01/40

......................

645,000

664,350

GO

,

144A,

2020

,

Pre-Refunded

,

5.625 %

,

12/01/50

......................

1,900,000

1,957,000

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25 %

,

12/01/51

......

6,590,000

5,527,864

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado
(continued)

Morgan

Hill

Metropolitan

District

No.

,

GO

,

2021

B

,

Refunding

,

6.375 %

,

12/15/51

...

$

1,465,000

$

1,418,496

Murphy

Creek

Metropolitan

District

No.

,

GO

,

2021

,

%

,

12/01/51

..............

8,000,000

6,679,596

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

%

,

12/01/51

...............

565,000

494,819

c

Platte

River

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5 %

,

8/01/53

.........................................................

1,241,000

1,227,082

Prairie

Center

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

5.875 %

,

12/15/46

.

750,000

767,030

Prairie

Center

Metropolitan

District

No.

,

GO

,

2021

,

6.375 %

,

6/15/46

............

1,330,000

1,286,905

Ptarmigan

West

Metropolitan

District

No.

,

GO

,

2021-3

,

4.125 %

,

12/01/51

........

1,475,000

993,693

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.25 %

,

11/15/28

......................................

10,430,000

10,941,666

Revenue

,

2008

,

6.5 %

,

11/15/38

.......................................

60,100,000

70,693,442

Raindance

Metropolitan

District

No.

,

Non-Potable

Water

System

,

Revenue

,

2020

,

%

,

12/01/40

...................

623,000

585,679

Non-Potable

Water

System

,

Revenue

,

2020

,

5.25 %

,

12/01/50

................

4,250,000

3,879,385

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

,

Revenue

,

2021

A

,

3.625 %

,

12/01/44

........................................................

5,858,891

4,065,517

RRC

Metropolitan

District

No.

,

GO

,

2021

,

5.25 %

,

12/01/51

...................

5,625,000

4,718,397

Southglenn

Metropolitan

District

,

GO

,

2016

,

Refunding

,

%

,

12/01/30

....................................

3,470,000

3,470,642

GO

,

2016

,

Refunding

,

%

,

12/01/36

....................................

810,000

786,656

GO

,

2016

,

Refunding

,

%

,

12/01/46

....................................

3,700,000

3,243,895

c

STC

Metropolitan

District

No.

,

GO,

Second

Lien

,

144A,

2025

,

Refunding

,

6.25 %

,

12/01/55

........................................................

3,500,000

3,518,775

Trails

at

Crowfoot

Metropolitan

District

No.

,

GO

,

2024

B

,

Refunding

,

6.875 %

,

12/15/52

..................................................

1,215,000

1,196,005

Village

at

Dry

Creek

Metropolitan

District

No.

(The)

,

GO

,

2019

,

4.375 %

,

12/01/44

..

500,000

453,212

Villages

at

Castle

Rock

Metropolitan

District

No.

,

1989

,

11.12 %

,

6/01/31

.........

3,000,000

3,000,000

Waterfront

at

Foster

Lake

Metropolitan

District

No.

,

GO

,

2022

A3-1

,

%

,

12/01/42

.........................................

3,705,000

3,225,315

GO

,

2022

A3-1

,

%

,

12/01/51

.........................................

4,085,000

3,274,688

f

GO

,

2022

A3-2

,

1.094 %,

12/01/51

.....................................

5,130,000

4,112,306

Water

Tap

Fee

,

Revenue

,

2022

,

4.625 %

,

12/01/28

.........................

6,000,000

5,458,263

c

West

Meadow

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5 %

,

12/01/50

........................................................

2,750,000

2,766,576

230,144,271

#### Connecticut

#### 0.5%
Connecticut

State

Health

&

Educational

Facilities

Authority

,

c

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

2016

A

,

%

,

9/01/46

..

1,000,000

906,295

c

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

A

,

%

,

9/01/53

......

7,850,000

6,840,659

Masonicare

Corp.

Obligated

Group

,

Revenue

,

F

,

Refunding

,

%

,

7/01/43

........

6,500,000

5,884,716

c

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

1/01/45

........

1,000,000

837,017

c

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

1/01/55

........

5,695,000

4,420,926

Stamford

Housing

Authority

,

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.375 %

,

10/01/45

.......................................................

1,415,000

1,414,908

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.5 %

,

10/01/55

.......................................................

1,765,000

1,744,210

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.25 %

,

10/01/60

.......................................................

1,280,000

1,212,342

23,261,073

#### Florida

#### 19.3%
Abbott

Square

Community

Development

District

,

Special

Assessment

,

2022

,

5.375 %

,

6/15/42

.............................

1,040,000

1,041,238

Special

Assessment

,

2022

,

5.5 %

,

6/15/52

...............................

1,620,000

1,559,385

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Anabelle

Island

Community

Development

District

,

Special

Assessment

,

2022

,

2.7 %

,

5/01/27

...............................

$

275,000

$

270,811

Special

Assessment

,

2022

,

3.1 %

,

5/01/32

...............................

750,000

704,375

Special

Assessment

,

2022

,

3.5 %

,

5/01/42

...............................

1,945,000

1,546,694

Antillia

Community

Development

District

,

Special

Assessment

,

2024

,

5.6 %

,

5/01/44

.

645,000

629,344

Arbors

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

4.5 %

,

5/01/30

.................

540,000

552,268

2023

Project

Area

,

Special

Assessment

,

2023

,

5.4 %

,

5/01/43

.................

1,705,000

1,712,741

2023

Project

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

...............

2,235,000

2,245,843

c

2024

Project

Area

,

Special

Assessment

,

144A,

2024

,

5.15 %

,

5/01/44

...........

630,000

603,427

c

2024

Project

Area

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

5/01/55

............

815,000

775,368

Artisan

Lakes

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021-1

,

2.75 %

,

5/01/31

.............

250,000

234,398

Assessment

Area

,

Special

Assessment

,

2021-1

,

3.125 %

,

5/01/41

............

470,000

359,042

c

Assessment

Area

,

Special

Assessment

,

144A,

2021-2

,

2.75 %

,

5/01/31

........

275,000

257,838

c

Assessment

Area

,

Special

Assessment

,

144A,

2021-2

,

3.125 %

,

5/01/41

.......

515,000

393,419

Astonia

Community

Development

District

,

c

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/40

......................

540,000

497,122

c

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/51

......................

1,370,000

1,126,860

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.5 %

,

5/01/26

...........

50,000

49,629

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/31

............

500,000

479,245

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.2 %

,

5/01/41

...........

750,000

597,309

Assessment

Area

,

Special

Assessment

,

2023

,

5.125 %

,

6/15/43

..............

410,000

401,395

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

..............

680,000

661,641

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.5 %

,

5/01/26

..

50,000

49,629

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/31

....

320,000

306,717

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.2 %

,

5/01/41

..

750,000

597,309

Aurora

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.35 %

,

5/01/44

...............

665,000

620,754

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/55

..............

1,030,000

941,369

Avalon

Groves

Community

Development

District

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.............................

360,000

285,155

Special

Assessment

,

2021

,

%

,

5/01/51

.................................

500,000

408,228

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/32

.................

200,000

188,577

Assessment

Area

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

..............

495,000

394,290

Avalon

Park

West

Community

Development

District

,

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.25 %

,

5/01/30

..

215,000

211,017

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.75 %

,

5/01/40

..

580,000

504,824

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/51

.....

880,000

681,615

2022

Project

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/42

.................

500,000

506,765

2022

Project

Area

,

Special

Assessment

,

2022

,

5.625 %

,

5/01/52

...............

875,000

876,413

c

Ave

Maria

Stewardship

Community

District

,

BAN

Assessment

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

5/01/53

...........................................

2,790,000

2,658,511

Avenir

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

3,030,000

2,981,987

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/54

..............

5,115,000

4,986,082

Parcel

,

Special

Assessment

,

2024

A

,

4.875 %

,

5/01/31

..................

270,000

274,303

Parcel

,

Special

Assessment

,

2024

A

,

5.75 %

,

5/01/44

...................

1,005,000

975,380

Parcel

,

Special

Assessment

,

2024

A

,

%

,

5/01/55

.....................

1,625,000

1,560,478

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.1 %

,

11/01/31

...............

170,000

160,489

Assessment

Area

,

Special

Assessment

,

2021

,

3.4 %

,

11/01/41

...............

410,000

324,297

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.875 %

,

5/01/31

..............

465,000

437,321

Assessment

Area

2C

,

Special

Assessment

,

2020

,

%

,

5/01/30

................

250,000

245,765

Assessment

Area

2C

,

Special

Assessment

,

2020

,

%

,

5/01/40

................

775,000

706,564

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Babcock

Ranch

Community

Independent

Special

District,

(continued)

Assessment

Area

2C

,

Special

Assessment

,

2020

,

%

,

5/01/51

................

$

1,550,000

$

1,237,862

Assessment

Area

3A

,

Special

Assessment

,

2020

,

%

,

5/01/30

................

250,000

244,497

Assessment

Area

3B

,

Special

Assessment

,

2020

,

%

,

5/01/40

................

385,000

350,247

Assessment

Area

3B

,

Special

Assessment

,

2020

,

%

,

5/01/51

................

890,000

710,772

Balm

Grove

Community

Development

District

,

Special

Assessment

,

2022

,

3.25 %

,

11/01/27

........................................................

645,000

640,836

Bannon

Lakes

Community

Development

District

,

c

Phase

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

5/01/41

...................

700,000

581,282

Phase

,

Special

Assessment

,

2022

,

3.3 %

,

5/01/32

........................

365,000

351,749

Phase

,

Special

Assessment

,

2022

,

%

,

5/01/42

..........................

1,370,000

1,177,800

Bella

Tara

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

6.125 %

,

5/01/56

..............

1,600,000

1,598,749

Master

Infrastructure

Project

,

Special

Assessment

,

2025

,

6.5 %

,

5/01/56

.........

4,000,000

3,994,289

Bellehaven

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.8 %

,

5/01/45

................

1,335,000

1,325,529

Assessment

Area

,

Special

Assessment

,

2025

,

6.05 %

,

5/01/55

...............

1,215,000

1,205,524

Belmond

Reserve

Community

Development

District

,

2020

Project

,

Special

Assessment

,

2020

,

%

,

5/01/40

......................

1,745,000

1,630,974

2020

Project

,

Special

Assessment

,

2020

,

%

,

5/01/51

......................

2,000,000

1,618,510

Belmont

II

Community

Development

District

,

Special

Assessment

,

2020

,

3.125 %

,

12/15/30

.............................

325,000

318,662

Special

Assessment

,

2020

,

3.625 %

,

12/15/40

.............................

1,390,000

1,233,270

Berry

Bay

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.625 %

,

5/01/26

..............

55,000

54,619

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

..............

400,000

382,769

Assessment

Area

,

Special

Assessment

,

2021

,

3.625 %

,

5/01/41

..............

1,250,000

1,030,987

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

................

985,000

989,452

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

1,675,000

1,679,471

Berry

Bay

II

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.45 %

,

5/01/31

...............

120,000

121,126

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/44

................

145,000

136,185

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/54

...............

115,000

105,711

Black

Creek

Community

Development

District

,

Special

Assessment

,

2022

,

5.125 %

,

6/15/32

.............................

150,000

157,180

Special

Assessment

,

2022

,

5.625 %

,

6/15/52

.............................

2,000,000

2,006,462

Boggy

Branch

Community

Development

District

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

...............................

30,000

29,741

Special

Assessment

,

2021

,

%

,

5/01/31

.................................

450,000

426,910

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

...............................

1,165,000

939,040

Bradbury

Community

Development

District

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

2,245,000

2,154,035

Bridgewalk

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

6.25 %

,

12/15/43

..............

760,000

781,028

Assessment

Area

,

Special

Assessment

,

2023

,

6.5 %

,

12/15/53

...............

700,000

719,209

Bridgewater

North

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

3.125 %

,

5/01/27

..................

85,000

84,378

Assessments

,

Special

Assessment

,

2022

,

3.5 %

,

5/01/32

....................

350,000

337,773

Bridle

Creek

Community

Development

District

,

Special

Assessment

,

2025

,

6.375 %

,

5/01/56

.........................................................

3,525,000

3,522,278

Brightwater

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.85 %

,

5/01/31

...............

280,000

262,441

Assessment

Area

,

Special

Assessment

,

2021

,

3.15 %

,

5/01/41

...............

700,000

539,082

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.35 %

,

5/01/44

..........

405,000

389,977

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

5/01/55

.........

525,000

500,156

Brookstone

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

5/01/32

...............

325,000

333,410

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Brookstone

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/42

................

$

1,000,000

$

1,002,387

Assessment

Area

,

Special

Assessment

,

2022

,

5.625 %

,

5/01/52

..............

1,750,000

1,723,930

Buckhead

Trails

Community

Development

District

,

Special

Assessment

,

2022

,

5.25 %

,

5/01/32

..............................

400,000

412,301

Special

Assessment

,

2022

,

5.625 %

,

5/01/42

.............................

1,000,000

995,602

Special

Assessment

,

2022

,

5.75 %

,

5/01/52

..............................

1,410,000

1,367,989

Special

Assessment

,

2024

,

4.7 %

,

5/01/31

...............................

425,000

429,230

Special

Assessment

,

2024

,

5.6 %

,

5/01/44

...............................

580,000

556,995

Special

Assessment

,

2024

,

5.875 %

,

5/01/54

.............................

1,305,000

1,235,690

Buena

Lago

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/52

.....................................

1,135,000

1,124,860

Caldera

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/54

................................................

390,000

353,138

c

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

%

,

7/01/45

..........................

5,250,000

3,243,703

c

Capital

Projects

Finance

Authority

,

PRG

-

UnionWest

Properties

LLC

,

Revenue,

Senior

Lien

,

144A,

2024

,

%

,

6/01/58

.....................................

1,250,000

1,121,360

c

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

%

,

7/01/31

..........

100,000

92,736

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

%

,

7/01/41

..........

450,000

373,003

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

%

,

7/01/51

..........

540,000

391,624

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

%

,

7/01/56

..........

445,000

316,756

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

,

%

,

7/01/41

.........

750,000

621,671

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

,

%

,

7/01/51

.........

975,000

707,100

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

,

%

,

7/01/56

.........

750,000

533,858

f

Educational

Growth

Fund

LLC

,

Revenue

,

144A,

2021

B

,

5.91 %,

7/01/31

........

8,245,000

5,898,754

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

7/01/46

............................................

3,250,000

2,294,996

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

4.43 %

,

1/01/57

...........

10,245,000

6,796,610

South

Tech

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

6/15/55

......

3,805,000

3,122,327

University

Bridge

LLC

,

Revenue

,

144A,

2018

A

,

5.25 %

,

12/01/43

..............

27,380,000

26,262,866

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

,

3.3 %

,

1/01/31

..............

645,000

605,991

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

,

%

,

1/01/55

.................

3,500,000

2,822,288

c

Capital

Trust

Authority

,

f

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

........................................................

17,100,000

14,269,745

Madrone

Florida

Tech

Student

Housing

I

LLC

,

Revenue

,

144A,

2025

A

,

5.25 %

,

7/01/55

........................................................

275,000

252,972

Madrone

Florida

Tech

Student

Housing

I

LLC

,

Revenue

,

144A,

2025

A

,

5.375 %

,

7/01/65

........................................................

2,650,000

2,433,478

Caymas

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/44

................

800,000

764,870

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/54

..............

690,000

650,613

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.25 %

,

5/01/26

..............................

75,000

74,341

Special

Assessment

,

2021

,

2.75 %

,

5/01/31

..............................

240,000

228,423

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.............................

590,000

472,860

d

Celebration

Pointe

Community

Development

District

No.

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

...................................................

885,000

708,000

Center

Lake

Ranch

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/43

...............

1,360,000

1,366,709

Assessment

Area

,

Special

Assessment

,

2023

,

%

,

5/01/54

.................

2,325,000

2,337,885

Central

Parc

Community

Development

District

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/44

...............................

500,000

481,941

Special

Assessment

,

2024

,

%

,

5/01/54

.................................

750,000

720,638

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Chaparral

Palm

Bay

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/44

................

$

1,000,000

$

945,776

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/55

................

2,190,000

2,048,510

Assessments

,

Special

Assessment

,

2020

,

%

,

5/01/40

...................

1,220,000

1,115,874

Assessments

,

Special

Assessment

,

2020

,

%

,

5/01/50

...................

1,985,000

1,623,622

Chapel

Creek

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/31

..............

165,000

155,972

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

5/01/41

..........

540,000

431,125

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

.................

570,000

556,059

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

................

1,055,000

1,011,249

c

Chapel

Crossings

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

,

3.2 %

,

5/01/30

...............

645,000

624,150

Assessments

,

Special

Assessment

,

144A,

2020

,

3.7 %

,

5/01/40

...............

1,700,000

1,433,081

Charlotte

County

Industrial

Development

Authority

,

c

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

144A,

2021

B

,

%

,

10/01/36

.......

2,400,000

2,194,831

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

2025

,

6.125 %

,

10/01/55

..........

3,175,000

3,206,005

Coddington

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

5.75 %

,

5/01/42

...................

610,000

623,979

Assessments

,

Special

Assessment

,

2022

,

5.75 %

,

5/01/52

...................

1,090,000

1,100,458

Connerton

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.25 %

,

6/15/43

...............

1,395,000

1,384,047

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

..............

2,245,000

2,184,389

Copes

Landing

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/43

................

210,000

215,368

2023

Project

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/53

...............

1,825,000

1,863,306

Coral

Creek

Community

Development

District

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

..............................

2,070,000

2,023,840

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

..............................

1,625,000

1,564,016

Coral

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

11/01/44

...............

780,000

772,519

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

11/01/53

..............

1,000,000

976,681

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/31

.............

835,000

812,378

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/37

.............

825,000

706,278

Cordova

Palms

Community

Development

District

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

...............................

25,000

24,782

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

...............................

330,000

309,116

Special

Assessment

,

2021

,

%

,

5/01/41

.................................

995,000

756,749

Special

Assessment

,

2022-1

,

5.7 %

,

5/01/42

..............................

275,000

281,480

Special

Assessment

,

2022-1

,

5.8 %

,

5/01/53

..............................

410,000

417,361

Assessment

Area

,

Special

Assessment

,

2022-2

,

4.5 %

,

5/01/27

..............

115,000

116,188

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.1 %

,

5/01/32

..............

335,000

348,139

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.4 %

,

5/01/42

..............

1,010,000

1,018,613

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.6 %

,

5/01/53

..............

1,990,000

2,004,665

Creekview

Community

Development

District

,

Phase

,

Special

Assessment

,

2022

,

4.25 %

,

5/01/32

.......................

560,000

564,190

Phase

,

Special

Assessment

,

2024

,

4.6 %

,

5/01/31

........................

865,000

873,613

Phase

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/44

......................

2,000,000

1,896,260

Phase

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/55

......................

2,260,000

2,105,675

Cresswind

DeLand

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/44

..............

700,000

665,217

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

730,000

691,201

c

Crestview

II

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/31

...................

250,000

256,812

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/37

...................

475,000

460,812

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.25 %

,

5/01/42

..............................

$

2,340,000

$

2,102,465

Special

Assessment

,

2023

,

5.125 %

,

5/01/43

.............................

990,000

967,349

Special

Assessment

,

2023

,

5.375 %

,

5/01/53

.............................

1,250,000

1,213,127

Crossings

Community

Development

District

,

Area

,

Special

Assessment

,

2024

,

5.35 %

,

5/01/44

........................

595,000

570,287

Area

,

Special

Assessment

,

2024

,

5.6 %

,

5/01/54

.........................

535,000

507,522

Crosswinds

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

................

1,220,000

1,192,898

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

1,500,000

1,449,657

Assessment

Area

,

Special

Assessment

,

2024

,

4.5 %

,

5/01/31

................

170,000

171,381

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/54

...............

300,000

277,298

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

...............................

200,000

189,845

Special

Assessment

,

2021

,

3.05 %

,

5/01/41

..............................

850,000

682,378

Special

Assessment

,

2021

,

%

,

5/01/51

.................................

1,000,000

821,307

c

Curiosity

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.4 %

,

5/01/44

...........

900,000

854,874

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.7 %

,

5/01/55

...........

1,475,000

1,381,690

c

Currents

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

A

,

%

,

5/01/40

................................................

3,100,000

2,733,716

Cypress

Bay

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.25 %

,

5/01/43

...............

1,370,000

1,339,701

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

................

1,200,000

1,164,241

c

Cypress

Bluff

Community

Development

District

,

Special

Assessment

,

144A,

2020

A

,

3.125 %

,

5/01/30

.......................

250,000

248,703

Special

Assessment

,

144A,

2020

A

,

3.625 %

,

5/01/40

.......................

800,000

710,520

Special

Assessment

,

144A,

2020

A

,

3.8 %

,

5/01/50

.........................

1,165,000

913,102

Cypress

Creek

Reserve

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/45

...............

525,000

524,312

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/56

.................

1,355,000

1,347,351

Cypress

Park

Estates

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375 %

,

5/01/27

...............

55,000

55,303

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

5/01/32

................

350,000

357,233

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

5/01/30

..........

295,000

286,576

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.875 %

,

5/01/40

.........

1,170,000

1,009,221

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/51

............

1,210,000

933,163

Cypress

Ridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/43

..............

1,460,000

1,456,504

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/53

..............

1,250,000

1,243,104

Darby

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

...............

1,290,000

1,279,728

Assessments

,

Special

Assessment

,

2024

,

%

,

5/01/54

...................

1,610,000

1,595,507

Assessments

,

Special

Assessment

,

2024

,

5.875 %

,

5/01/35

...............

500,000

511,180

Deerbrook

Community

Development

District

,

Special

Assessment

,

2023

,

4.375 %

,

5/01/30

.............................

105,000

106,935

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

...............................

1,250,000

1,217,834

c

,g

Deering

Park

Stewardship

District

,

DPSD

JV1

No.

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/45

3,000,000

3,006,460

DPSD

JV1

No.

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

6.25 %

,

5/01/55

........................................................

2,300,000

2,303,850

Del

Webb

Oak

Creek

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

5/01/43

.................................

1,430,000

1,386,534

Special

Assessment

,

2023

,

5.25 %

,

5/01/53

..............................

1,995,000

1,893,167

DG

Farms

Community

Development

District

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

..............................

200,000

196,295

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

DG

Farms

Community

Development

District,

(continued)

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

..............................

$

255,000

$

220,748

Dowden

West

Community

Development

District

,

Special

Assessment

,

2024

,

5.25 %

,

5/01/44

..............................

495,000

475,942

Special

Assessment

,

2024

,

5.55 %

,

5/01/54

..............................

855,000

808,611

DW

Bayview

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

5/01/26

..........

85,000

84,372

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/32

..............

430,000

415,471

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

5/01/41

..........

1,160,000

980,201

Assessment

Area

,

Special

Assessment

,

2022

,

4.5 %

,

5/01/32

.................

185,000

190,707

Assessment

Area

,

Special

Assessment

,

2022

,

5.125 %

,

5/01/42

...............

1,115,000

1,108,705

East

547

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

20,000

19,840

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

90,000

85,470

Assessment

Area

,

Special

Assessment

,

2021

,

3.3 %

,

5/01/41

................

375,000

294,715

Assessment

Area

,

Special

Assessment

,

2023

,

6.25 %

,

5/01/43

...............

305,000

313,049

Assessment

Area

,

Special

Assessment

,

2023

,

6.5 %

,

5/01/54

................

730,000

752,522

East

Bonita

Beach

Road

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/32

.................

255,000

245,943

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/41

...............

750,000

605,537

East

Nassau

Stewardship

District

,

Special

Assessment

,

2025

,

6.25 %

,

5/01/56

..............................

7,130,000

7,154,907

Assessments

,

Special

Assessment

,

2021

,

%

,

5/01/31

......................

500,000

473,129

Assessments

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

....................

1,185,000

951,898

Wildlight

Village

Phase

,

Special

Assessment

,

2024

,

5.25 %

,

5/01/44

...........

1,500,000

1,425,573

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

................

110,000

109,784

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

5/01/40

...................

300,000

276,776

Assessment

Area

,

Special

Assessment

,

2022

,

3.25 %

,

5/01/27

................

190,000

189,963

Assessment

Area

,

Special

Assessment

,

2022

,

3.625 %

,

5/01/32

...............

610,000

601,137

Edgewater

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

110,000

109,198

Assessment

Area

,

Special

Assessment

,

2021

,

3.1 %

,

5/01/31

................

700,000

672,060

Assessment

Area

,

Special

Assessment

,

2021

,

3.6 %

,

5/01/41

................

2,625,000

2,160,595

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/42

.................

3,980,000

3,393,958

Edgewater

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.5 %

,

5/01/31

................

900,000

905,114

Assessment

Area

,

Special

Assessment

,

2024

,

5.25 %

,

5/01/44

...............

2,000,000

1,861,613

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/54

................

2,750,000

2,508,280

c

Enbrook

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/40

............................

500,000

436,237

Special

Assessment

,

144A,

2020

,

%

,

5/01/51

............................

1,150,000

892,037

Entrada

Community

Development

District

,

Special

Assessment

,

2023

,

5.6 %

,

5/01/43

...............................

500,000

508,809

c

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

5/01/31

.............

370,000

350,535

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

5/01/41

.............

935,000

764,534

Assessments

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/55

....................

310,000

285,832

Epperson

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

45,000

44,628

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

235,000

222,942

Assessment

Area

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

................

1,200,000

973,902

Assessment

Area

,

Special

Assessment

,

2021

A

,

2.45 %

,

11/01/26

............

125,000

123,261

Assessment

Area

,

Special

Assessment

,

2021

A

,

3.1 %

,

11/01/31

.............

400,000

376,995

Assessment

Area

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/44

................

465,000

442,016

Assessment

Area

,

Special

Assessment

,

2024

,

5.6 %

,

5/01/55

................

500,000

468,036

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.625 %

,

5/01/30

...................................

$

460,000

$

452,994

c

Everlands

Community

Development

District

,

Assessment

Area

Phase

,

Special

Assessment

,

144A,

2024

,

5.2 %

,

6/15/44

....

750,000

710,798

Assessment

Area

Phase

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

6/15/54

....

2,350,000

2,193,524

Everlands

II

Community

Development

District

,

Special

Assessment

,

2024

,

5.2 %

,

6/15/44

...............................

500,000

482,271

Special

Assessment

,

2024

,

5.45 %

,

6/15/54

..............................

485,000

458,275

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

.........................................................

1,000,000

797,462

c

Florida

Development

Finance

Corp.

,

e

AAF

Operations

Holdings

LLC

,

Revenue

,

144A,

2024

,

Refunding

,

Mandatory

Put

,

%

,

7/15/28

...................................................

15,000,000

9,300,000

e

Brightline

Florida

Holdings

LLC

,

Revenue

,

144A,

2025

B

,

Mandatory

Put

,

%

,

6/15/26

........................................................

3,275,000

2,783,930

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

6/01/31

........................................................

450,000

467,975

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

6/01/51

........................................................

5,500,000

4,801,894

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25 %

,

6/01/50

........................................................

7,000,000

6,262,913

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

6/01/55

............................................

3,900,000

2,616,844

c

Florida

Local

Government

Finance

Commission

,

BridgePrep

Academy,

Inc.

Obligated

Group

,

Revenue

,

144A,

2025

A

,

6.125 %

,

6/15/65

........................................................

12,400,000

11,978,420

g

Ponte

Vedra

Pine

Co.

LLC

Obligated

Group

,

Revenue

,

144A,

2025

A

,

6.75 %

,

11/15/55

.......................................................

2,650,000

2,663,221

c

Forest

Lake

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

5/01/30

..........

350,000

346,177

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

5/01/27

..........

20,000

20,225

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

%

,

5/01/32

............

75,000

77,617

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

5.375 %

,

5/01/42

.........

310,000

311,521

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

5/01/52

...........

275,000

271,414

c

Gas

Worx

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/36

............................

525,000

530,756

Special

Assessment

,

144A,

2025

,

5.75 %

,

5/01/45

.........................

800,000

786,943

Special

Assessment

,

144A,

2025

,

%

,

5/01/57

............................

1,980,000

1,933,227

Grand

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

4.25 %

,

5/01/40

...............

1,095,000

991,438

Assessment

Area

,

Special

Assessment

,

2020

,

4.5 %

,

5/01/52

................

3,500,000

2,959,637

Assessment

Area

,

Special

Assessment

,

2021

,

3.2 %

,

11/01/31

...............

215,000

201,782

Assessment

Area

,

Special

Assessment

,

2021

,

3.5 %

,

11/01/41

...............

555,000

440,819

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

11/01/51

................

1,205,000

935,149

Grande

Pines

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.75 %

,

5/01/41

...............

710,000

587,647

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/51

.................

750,000

582,606

Assessment

Area

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

................

1,010,000

968,329

Greenbriar

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.65 %

,

5/01/45

...............

1,000,000

961,997

Assessment

Area

,

Special

Assessment

,

2025

,

5.875 %

,

5/01/54

..............

1,200,000

1,143,916

Grove

Resort

Community

Development

District

,

Special

Assessment

,

2022

,

3.3 %

,

5/01/32

...............................

170,000

160,859

Special

Assessment

,

2022

,

3.55 %

,

5/01/42

..............................

435,000

345,828

Hamilton

Bluff

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

................

1,000,000

964,430

Assessment

Area

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

................

1,250,000

1,187,106

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Hammock

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.875 %

,

5/01/30

..............

$

155,000

$

158,856

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/43

..............

645,000

646,503

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

1,000,000

978,898

Assessment

Area

,

Special

Assessment

,

2024

,

5.85 %

,

5/01/44

...............

750,000

731,317

Assessment

Area

,

Special

Assessment

,

2024

,

6.15 %

,

5/01/54

...............

730,000

712,089

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.55 %

,

5/01/45

..........

1,040,000

1,007,224

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

5/01/55

..........

1,455,000

1,391,846

Hammock

Reserve

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

5/01/40

.................

540,000

490,198

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

5/01/51

.................

860,000

687,821

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

200,000

189,349

Assessment

Area

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

..............

520,000

418,518

Assessment

Area

,

Special

Assessment

,

2022

,

4.4 %

,

5/01/32

................

445,000

453,696

Harmony

on

Lake

Eloise

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.45 %

,

11/01/45

..............

500,000

479,359

Assessment

Area

,

Special

Assessment

,

2025

,

5.65 %

,

11/01/54

..............

1,250,000

1,186,476

Harmony

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

%

,

5/01/43

.................

360,000

346,653

Assessment

Area

,

Special

Assessment

,

2023

,

5.3 %

,

5/01/53

................

305,000

293,631

Hawkstone

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.6 %

,

5/01/26

................

45,000

44,660

Assessment

Area

,

Special

Assessment

,

2021

,

3.2 %

,

5/01/31

................

440,000

422,920

Assessment

Area

,

Special

Assessment

,

2021

,

3.45 %

,

5/01/41

...............

1,120,000

911,386

Assessment

Area

,

Special

Assessment

,

2023

,

4.375 %

,

5/01/30

..............

215,000

218,659

Hawthorne

Mill

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/44

................

1,000,000

937,073

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/54

................

1,400,000

1,303,575

Hickory

Tree

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.15 %

,

5/01/44

...............

890,000

837,635

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/55

...............

365,000

336,051

Highland

Trails

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

....................

780,000

755,707

Assessments

,

Special

Assessment

,

2024

,

5.85 %

,

5/01/54

...................

785,000

754,817

c

Hillcrest

Preserve

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

%

,

5/01/44

............................

750,000

684,841

Special

Assessment

,

144A,

2024

,

5.3 %

,

5/01/54

..........................

1,000,000

906,460

Hills

of

Minneola

Community

Development

District

,

North

Parcel

Assessment

Area

,

Special

Assessment

,

2024

,

5.55 %

,

5/01/44

.....

525,000

528,758

North

Parcel

Assessment

Area

,

Special

Assessment

,

2024

,

5.875 %

,

5/01/54

....

725,000

737,684

South

Parcel

Assessment

Area

Phase

,

Special

Assessment

,

2021

,

2.375 %

,

5/01/26

........................................................

25,000

24,786

South

Parcel

Assessment

Area

Phase

,

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

250,000

235,026

South

Parcel

Assessment

Area

Phase

,

Special

Assessment

,

2021

,

3.2 %

,

5/01/41

500,000

388,591

Hilltop

Point

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.375 %

,

5/01/52

............

700,000

665,815

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.6 %

,

5/01/53

..............

745,000

723,024

Hobe-St.

Lucie

Conservancy

District

,

Unit

of

Development

No.

1A

,

Special

Assessment

,

2024

,

5.875 %

,

5/01/55

...................................

3,000,000

2,945,384

Holly

Hill

Road

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

4.5 %

,

11/01/31

...............

165,000

175,416

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

11/01/41

................

350,000

355,143

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

11/01/50

................

520,000

504,249

Hyde

Park

Community

Development

District

No.

,

Assessments

,

Special

Assessment

,

2024

A

,

5.35 %

,

5/01/44

..................

420,000

399,320

Assessments

,

Special

Assessment

,

2024

A

,

5.625 %

,

5/01/55

.................

280,000

262,693

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Indigo

Community

Development

District

,

Special

Assessment

,

1999

A

,

%

,

5/01/31

...............................

$

350,000

$

350,697

Special

Assessment

,

1999

C

,

%

,

5/01/30

...............................

4,123,752

2,433,013

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.2 %

,

5/01/26

.........

65,000

64,341

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

.........

240,000

226,755

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.......

855,000

661,577

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/52

...........

1,375,000

1,087,512

Island

Lake

Estates

Community

Development

District

,

Special

Assessment

,

2023

,

5.75 %

,

12/15/43

.............................

1,240,000

1,260,072

Special

Assessment

,

2023

,

%

,

12/15/53

................................

1,430,000

1,446,413

Juniper

Cove

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

,

5.45 %

,

5/01/45

...................

515,000

496,874

Assessments

,

Special

Assessment

,

2025

,

5.7 %

,

5/01/55

....................

1,070,000

1,019,058

c

K-Bar

Ranch

III

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

5/01/45

.........................

1,765,000

1,780,230

Special

Assessment

,

144A,

2025

,

6.125 %

,

5/01/55

.........................

1,940,000

1,954,172

Kelly

Park

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

%

,

11/01/43

................

640,000

646,417

Assessment

Area

,

Special

Assessment

,

2023

,

6.25 %

,

11/01/53

..............

860,000

864,793

Assessment

Area

,

Special

Assessment

,

2025

,

4.375 %

,

5/01/32

..............

150,000

151,581

Assessment

Area

,

Special

Assessment

,

2025

,

5.5 %

,

5/01/55

................

750,000

699,577

Kindred

Community

Development

District

II

,

Special

Assessment

,

2020

,

3.5 %

,

5/01/40

...............................

395,000

345,626

Special

Assessment

,

2020

,

3.75 %

,

5/01/50

..............................

570,000

450,113

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

...............................

235,000

224,577

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.............................

500,000

407,877

Special

Assessment

,

2023

,

5.875 %

,

5/01/54

.............................

1,100,000

1,105,898

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2020

,

3.125 %

,

6/15/30

.............................

375,000

372,500

Special

Assessment

,

2020

,

%

,

6/15/40

.................................

775,000

726,003

Special

Assessment

,

2020

,

%

,

6/15/50

.................................

2,270,000

1,896,005

Special

Assessment

,

2021

,

2.5 %

,

6/15/26

...............................

20,000

19,865

Special

Assessment

,

2021

,

3.125 %

,

6/15/31

.............................

250,000

245,663

Special

Assessment

,

2021

,

3.6 %

,

6/15/41

...............................

750,000

656,266

Kings

Creek

I

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/45

...............

775,000

761,466

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/55

.................

1,300,000

1,268,834

Kingston

One

Community

Development

District

,

Assessment

Area

-

2025

Project

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/45

....

2,600,000

2,569,486

Assessment

Area

-

2025

Project

,

Special

Assessment

,

2025

,

%

,

5/01/57

......

6,000,000

5,907,495

Kissimmee

Park

Community

Development

District

,

Offsite

Master

Infrastructure

Project

,

Special

Assessment

,

2025

,

6.5 %

,

5/01/56

...............................

6,200,000

6,191,147

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

,

Refunding

,

%

,

5/01/32

.............................................

1,835,000

1,836,334

Lake

Deer

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/32

...................

220,000

223,585

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/42

.................

740,000

722,959

Assessment

Area

,

Special

Assessment

,

2022

,

5.625 %

,

5/01/53

...............

1,325,000

1,264,201

c

Lake

Emma

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

5/01/43

..........

1,230,000

1,212,397

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

5/01/53

...........

805,000

797,583

Lake

Harris

Community

Development

District

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

.............................

590,000

589,232

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

.............................

570,000

566,780

Lake

Hideaway

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.75 %

,

5/01/31

...............

495,000

503,570

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Lake

Hideaway

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2024

,

5.65 %

,

5/01/44

...............

$

1,470,000

$

1,424,734

Assessment

Area

,

Special

Assessment

,

2024

,

5.9 %

,

5/01/54

................

2,415,000

2,300,875

Lake

Mattie

Preserve

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

...............................

2,005,000

1,920,481

Special

Assessment

,

2024

,

5.85 %

,

5/01/54

..............................

1,750,000

1,664,635

Phase

,

Special

Assessment

,

2025

,

5.45 %

,

5/01/45

.......................

975,000

914,508

Phase

,

Special

Assessment

,

2025

,

5.65 %

,

5/01/55

.......................

1,075,000

990,153

Lakes

at

Bella

Lago

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023-1

,

5.75 %

,

5/01/43

.............

805,000

807,111

Assessment

Area

,

Special

Assessment

,

2023-1

,

%

,

5/01/53

................

1,895,000

1,901,151

Assessment

Area

,

Special

Assessment

,

2023-2

,

5.75 %

,

5/01/43

.............

1,000,000

1,002,623

Assessment

Area

,

Special

Assessment

,

2023-2

,

%

,

5/01/54

................

2,395,000

2,401,193

Lakes

of

Sarasota

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.4 %

,

5/01/31

.............

135,000

131,250

Assessment

Area

,

Special

Assessment

,

2021

,

3.9 %

,

5/01/41

.............

285,000

243,072

Assessment

Area

,

Special

Assessment

,

2021

,

3.875 %

,

5/01/31

...........

100,000

100,317

Assessment

Area

,

Special

Assessment

,

2021

,

3.625 %

,

5/01/31

...........

125,000

124,007

Assessment

Area

,

Special

Assessment

,

2021

,

4.125 %

,

5/01/41

...........

200,000

175,716

Assessments

,

Special

Assessment

,

2024

A

,

5.6 %

,

5/01/55

...................

280,000

261,011

Lakes

of

Sarasota

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

A

,

5.7 %

,

5/01/55

....................................

760,000

714,867

Lakeside

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

5/01/43

.................................

725,000

737,867

Special

Assessment

,

2023

,

6.375 %

,

5/01/54

.............................

1,230,000

1,255,201

Lakewood

Park

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.2 %

,

5/01/31

................

125,000

119,841

Assessment

Area

,

Special

Assessment

,

2021

,

3.625 %

,

5/01/41

..............

325,000

264,135

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

910,000

912,989

Lakewood

Ranch

Stewardship

District

,

c

Assessment

Lorraine

Lakes

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

5/01/30

..

250,000

244,356

c

Assessment

Northeast

Sector

Project

Phase

2B

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.2 %

,

5/01/30

..........................................

440,000

429,072

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

%

,

5/01/30

........................................................

470,000

453,562

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

3.5 %

,

5/01/40

........................................................

750,000

621,775

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.3 %

,

5/01/26

....

50,000

49,570

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

....

100,000

93,556

Assessments

,

Special

Assessment

,

2023

,

6.125 %

,

5/01/43

..................

1,500,000

1,551,617

Assessments

,

Special

Assessment

,

2023

,

6.3 %

,

5/01/54

....................

5,000,000

5,125,753

Assessments

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/55

....................

765,000

723,690

Langley

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.125 %

,

5/01/44

..............

1,510,000

1,433,511

Assessment

Area

,

Special

Assessment

,

2024

,

5.4 %

,

5/01/55

................

3,140,000

2,926,643

Laurel

Road

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

%

,

5/01/31

...................

350,000

330,003

Assessments

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/41

................

1,195,000

942,645

Assessments

,

Special

Assessment

,

2021

,

%

,

5/01/52

...................

1,445,000

1,106,325

Lawson

Dunes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375 %

,

5/01/27

...............

85,000

85,601

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

5/01/32

................

510,000

522,304

Leomas

Landing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

................

55,000

54,517

Assessment

Area

,

Special

Assessment

,

2021

,

2.95 %

,

5/01/31

...............

310,000

298,033

Assessment

Area

,

Special

Assessment

,

2021

,

2.95 %

,

5/01/31

...............

100,000

96,388

Assessment

Area

,

Special

Assessment

,

2021

,

3.35 %

,

5/01/41

...............

795,000

645,902

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Leomas

Landing

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2021

,

3.35 %

,

5/01/41

...............

$

265,000

$

216,551

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/52

.................

530,000

404,000

Live

Oak

Lake

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

4.4 %

,

5/01/40

................................................

1,600,000

1,412,822

Longleaf

Community

Development

District

,

c

Neighborhood

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.4 %

,

5/01/44

........................................................

820,000

807,240

c

Neighborhood

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.75 %

,

5/01/54

........................................................

1,115,000

1,089,510

Neighborhood

Assessment

Area

,

Special

Assessment

,

2024

A

,

5.2 %

,

5/01/44

..

750,000

698,714

Neighborhood

Assessment

Area

,

Special

Assessment

,

2024

A

,

5.45 %

,

5/01/55

.

815,000

739,957

c

Lowery

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.85 %

,

5/01/55

...............................

1,000,000

944,094

LT

Ranch

Community

Development

District

,

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.3 %

,

5/01/32

.........

120,000

125,897

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.75 %

,

5/01/42

........

380,000

388,709

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.9 %

,

5/01/53

.........

500,000

501,998

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

%

,

5/01/32

.........

1,245,000

1,295,491

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.5 %

,

5/01/42

........

2,620,000

2,624,804

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.7 %

,

5/01/53

........

5,790,000

5,769,460

LTC

Ranch

West

Residential

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A

,

3.125 %

,

5/01/31

............

700,000

666,424

Assessment

Area

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/44

...........

300,000

290,797

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/54

.............

305,000

293,842

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/44

...........

1,240,000

1,208,879

Assessment

Area

,

Special

Assessment

,

2024

,

6.05 %

,

5/01/54

...........

1,365,000

1,324,087

Magnolia

Island

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.55 %

,

5/01/45

...............

500,000

476,929

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/55

...............

1,000,000

943,508

c

Magnolia

Park

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/31

...................

250,000

256,465

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/39

...................

688,000

647,548

Malabar

Springs

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.5 %

,

5/01/31

................

385,000

388,248

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/44

................

455,000

426,348

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/54

................

925,000

850,667

c

Mandarin

Grove

Community

Development

District

,

Special

Assessment

,

144A,

2022

,

6.625 %

,

5/01/53

...................................................

1,000,000

1,103,694

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District

,

Special

Assessment

,

2022

,

%

,

5/01/32

.......................................

345,000

345,222

Marion

Ranch

Community

Development

District

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/44

.........................................................

675,000

659,484

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

%

,

5/01/32

.............................................

1,290,000

1,290,820

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Phase

3B

,

Special

Assessment

,

2021

,

%

,

5/01/31

........................

205,000

193,983

Phase

3B

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/41

......................

785,000

608,570

Phase

3B

,

Special

Assessment

,

2021

,

3.75 %

,

5/01/52

......................

625,000

451,882

Phase

,

Special

Assessment

,

2021

,

%

,

5/01/31

..........................

225,000

212,908

Phase

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/41

.......................

1,155,000

895,413

Merrick

Square

Community

Development

District

,

Special

Assessment

,

2023

,

4.5 %

,

5/01/30

...............................

175,000

178,979

Special

Assessment

,

2023

,

5.4 %

,

5/01/43

...............................

725,000

727,387

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

.............................

1,000,000

1,003,614

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

6.2 %

,

5/01/53

....................................................

3,125,000

3,214,118

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Mirada

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/32

...............................................

$

210,000

$

198,456

Mirada

II

Community

Development

District

,

2021

Project

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

.................

105,000

104,119

2021

Project

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

...............

645,000

605,334

2021

Project

Area

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

.................

2,080,000

1,693,898

2022

Project

Area

,

Special

Assessment

,

2022

,

5.125 %

,

5/01/32

...............

200,000

208,221

2022

Project

Area

,

Special

Assessment

,

2022

,

5.6 %

,

5/01/42

.................

615,000

620,890

2022

Project

Area

,

Special

Assessment

,

2022

,

5.75 %

,

5/01/53

................

1,120,000

1,122,658

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment

,

2021

,

2.875 %

,

5/01/26

.............................

95,000

94,379

Special

Assessment

,

2021

,

3.5 %

,

5/01/31

...............................

500,000

484,428

Special

Assessment

,

2021

,

3.875 %

,

5/01/41

.............................

1,250,000

1,052,147

Newport

Isles

Community

Development

District

,

Special

Assessment

,

2024

,

%

,

5/01/44

.........................................................

2,000,000

1,874,308

c

Normandy

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.3 %

,

5/01/44

...........

1,000,000

941,837

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.55 %

,

5/01/54

..........

1,380,000

1,273,150

North

Pasco

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.625 %

,

5/01/26

..............

35,000

34,739

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

..............

275,000

261,944

Assessment

Area

,

Special

Assessment

,

2021

A

,

3.25 %

,

5/01/31

.............

170,000

162,994

Assessment

Area

,

Special

Assessment

,

2021

A

,

3.55 %

,

5/01/41

.............

460,000

374,050

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/43

...............

410,000

410,068

Assessment

Area

,

Special

Assessment

,

2023

,

%

,

5/01/54

.................

600,000

598,646

Assessment

Area

,

Special

Assessment

,

2024

,

4.625 %

,

5/01/31

..............

175,000

177,628

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

...............

800,000

773,209

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

850,000

807,013

Assessment

Area

,

Special

Assessment

,

2024

A

,

4.875 %

,

5/01/31

............

335,000

341,157

Assessment

Area

,

Special

Assessment

,

2024

A

,

5.75 %

,

5/01/44

.............

970,000

957,459

Assessment

Area

,

Special

Assessment

,

2024

A

,

%

,

5/01/54

................

1,035,000

1,018,773

North

Loop

Community

Development

District

,

Special

Assessment

,

2023

,

6.375 %

,

5/01/43

.............................

525,000

545,793

Special

Assessment

,

2023

,

6.625 %

,

5/01/54

.............................

1,000,000

1,041,241

North

Park

Isle

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.45 %

,

11/01/26

..............

110,000

108,458

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

11/01/31

................

500,000

470,893

North

Powerline

Road

Community

Development

District

,

Special

Assessment

,

2020

,

3.125 %

,

5/01/30

.............................

490,000

477,091

Special

Assessment

,

2020

,

3.625 %

,

5/01/40

.............................

1,000,000

851,914

c

Special

Assessment

,

144A,

2022

,

5.25 %

,

5/01/32

.........................

200,000

206,930

c

Special

Assessment

,

144A,

2022

,

5.625 %

,

5/01/52

.........................

1,395,000

1,400,330

North

River

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

3.5 %

,

5/01/30

.................

855,000

842,837

Assessments

,

Special

Assessment

,

2020

,

%

,

5/01/40

...................

1,150,000

1,030,554

Assessments

,

Special

Assessment

,

2020

,

4.2 %

,

5/01/35

.................

230,000

225,133

North

River

Ranch

Improvement

Stewardship

District

,

Assessments

,

Special

Assessment

,

2023

A

,

6.7 %

,

5/01/55

...................

1,400,000

1,450,349

Assessments

,

Special

Assessment

,

2023

,

%

,

5/01/54

...................

4,930,000

4,839,637

Northlake

Stewardship

District

,

Rye

Ranch

Pod

C1

-

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/45

.

875,000

874,868

Rye

Ranch

Pod

C1

-

Assessment

Area

,

Special

Assessment

,

2025

,

6.2 %

,

5/01/56

2,570,000

2,566,247

c

Northridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

5/01/45

..........

1,500,000

1,472,095

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/55

............

2,000,000

1,954,710

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Orange

Blossom

Groves

Community

Development

District

,

Special

Assessment

,

2023

,

4.25 %

,

6/15/30

..............................

$

365,000

$

373,318

Special

Assessment

,

2023

,

5.25 %

,

6/15/43

..............................

1,100,000

1,102,831

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

.............................

1,375,000

1,353,162

c

Osceola

Village

Center

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

5/01/31

.........................

180,000

169,024

Special

Assessment

,

144A,

2021

,

3.3 %

,

5/01/41

..........................

370,000

289,782

Palermo

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

6/15/43

.................................

1,945,000

1,887,308

Special

Assessment

,

2023

,

5.25 %

,

6/15/53

..............................

1,500,000

1,437,235

Palm

Beach

County

Health

Facilities

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.5 %

,

5/15/53

........................................................

2,035,000

2,233,936

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.625 %

,

5/15/58

.................................................

1,620,000

1,784,180

c,h

Palm

Coast

Community

Development

District

,

Special

Assessment

,

144A,

2025

A

,

6.75 %

,

5/01/57

...................................................

2,315,000

2,322,865

Palm

Coast

Park

Community

Development

District

,

Special

Assessment

,

2023

,

5.6 %

,

5/01/53

...............................

1,000,000

969,166

Sawmill

Branch

-

Phase

,

Special

Assessment

,

2024

,

%

,

5/01/44

............

1,000,000

930,556

Sawmill

Branch

-

Phase

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/55

...........

670,000

614,255

Spring

Lake

-

Tracts

&

,

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

...........

350,000

326,165

Spring

Lake

-

Tracts

&

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.........

730,000

554,428

Palm

Gate

Community

Development

District

,

Special

Assessment

,

2025

,

5.55 %

,

6/15/55

.........................................................

630,000

585,235

Park

East

Community

Development

District

,

Special

Assessment

,

2021

,

3.15 %

,

11/01/41

........................................................

595,000

451,974

Parker

Pointe

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

.........................................................

555,000

534,037

Parkland

Community

Development

District

,

Phase

,

Special

Assessment

,

2023

,

6.45 %

,

5/01/54

...................................................

2,445,000

2,442,855

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

...............................................

955,000

807,278

Parrish

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.4 %

,

5/01/53

................

980,000

932,040

Assessment

Area

,

Special

Assessment

,

2023

A

,

5.375 %

,

5/01/43

............

1,080,000

1,054,554

Assessment

Area

,

Special

Assessment

,

2023

A

,

5.625 %

,

5/01/53

............

1,535,000

1,494,968

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

................

1,525,000

1,465,724

Assessment

Area

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

................

660,000

628,491

Parrish

Lakes

II

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.125 %

,

5/01/44

..............

2,500,000

2,332,127

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/54

...............

5,220,000

4,791,725

Parrish

Plantation

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

70,000

69,485

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

..............

235,000

225,453

Assessment

Area

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

................

790,000

640,420

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

5/01/32

...............

120,000

123,155

Assessment

Area

,

Special

Assessment

,

2022

,

5.375 %

,

5/01/42

..............

440,000

440,934

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/52

................

710,000

701,712

Assessment

Area

,

Special

Assessment

,

2024

,

4.875 %

,

5/01/31

..............

260,000

265,485

Assessment

Area

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/44

................

490,000

489,730

Assessment

Area

,

Special

Assessment

,

2024

,

6.05 %

,

5/01/54

...............

1,320,000

1,321,112

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..............

250,000

247,161

Assessment

Area

,

Special

Assessment

,

2024

,

5.875 %

,

5/01/54

..............

375,000

370,311

Pasadena

Ridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.05 %

,

5/01/44

....................................

750,000

699,756

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Peace

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.125 %

,

6/15/43

..............

$

1,450,000

$

1,421,202

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

..............

1,615,000

1,566,957

Peace

Creek

Village

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

...............................

1,115,000

1,086,481

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

..............................

910,000

868,697

c

Special

Assessment

,

144A,

2025

,

5.85 %

,

5/01/55

.........................

1,685,000

1,597,298

Peace

Crossing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/31

.................

435,000

438,380

Assessment

Area

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/44

................

2,825,000

2,644,900

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/54

.................

4,000,000

3,694,449

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

12/15/26

........................

45,000

44,485

Special

Assessment

,

144A,

2021

,

%

,

12/15/31

...........................

225,000

218,868

Special

Assessment

,

144A,

2021

,

3.25 %

,

12/15/41

.........................

1,000,000

824,769

Special

Assessment

,

144A,

2021

,

%

,

12/15/51

...........................

1,200,000

991,871

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment

,

2020

,

Refunding

,

3.75 %

,

5/01/37

.......................................

700,000

658,294

Preserve

at

Savannah

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

...............

135,000

131,990

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

1,000,000

962,471

Preserve

at

South

Branch

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

%

,

5/01/31

..........................

150,000

146,842

Phase

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

........................

750,000

653,024

Prosperity

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

12/15/43

.............

355,000

366,048

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

12/15/53

.............

990,000

1,025,852

Quail

Roost

Community

Development

District

,

Expansion

Area

,

Special

Assessment

,

2021

,

2.2 %

,

12/15/26

.................

80,000

78,761

Expansion

Area

,

Special

Assessment

,

2021

,

2.7 %

,

12/15/31

.................

200,000

187,623

Expansion

Area

,

Special

Assessment

,

2021

,

3.125 %

,

12/15/41

................

975,000

749,629

Expansion

Area

,

Special

Assessment

,

2021

,

%

,

12/15/51

...................

2,345,000

1,886,766

c

,g

Radiance

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

6.2 %

,

5/01/45

...........

1,000,000

996,390

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

6.4 %

,

5/01/56

...........

2,100,000

2,088,660

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

6/15/53

...............................

730,000

709,055

Reserve

at

Van

Oaks

Community

Development

District

,

Special

Assessment

,

2023

,

5.125 %

,

5/01/43

.............................

285,000

281,045

Special

Assessment

,

2023

,

5.375 %

,

5/01/53

.............................

965,000

945,856

Reunion

East

Community

Development

District

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

...............................

110,000

109,126

Special

Assessment

,

2021

,

2.85 %

,

5/01/31

..............................

400,000

376,658

Special

Assessment

,

2021

,

3.15 %

,

5/01/41

..............................

1,455,000

1,157,759

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

2.6 %

,

5/01/27

.................

55,000

54,362

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/32

...................

190,000

182,053

Assessment

Area

,

Special

Assessment

,

2022

,

3.3 %

,

5/01/42

.................

490,000

389,142

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/52

...............................

2,145,000

2,128,784

Parcel

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

........................

310,000

311,401

Parcel

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

.......................

545,000

543,076

River

Glen

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

350,000

332,041

Assessment

Area

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

..............

1,000,000

806,701

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/31

.......

$

895,000

$

848,641

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/36

.......

890,000

759,003

Assessment

Area

,

Special

Assessment

,

2020

A

,

3.625 %

,

5/01/40

............

1,030,000

860,446

Assessment

Area

,

Special

Assessment

,

2023

A

,

6.25 %

,

5/01/43

.............

500,000

515,592

Assessment

Area

,

Special

Assessment

,

2023

A

,

6.5 %

,

5/01/54

..............

1,300,000

1,338,341

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

5/01/55

.........

335,000

312,989

River

Landing

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A

,

3.6 %

,

5/01/30

...................

475,000

467,264

Assessments

,

Special

Assessment

,

2020

A

,

4.125 %

,

5/01/40

.................

850,000

759,595

Assessments

,

Special

Assessment

,

2020

A

,

4.35 %

,

5/01/51

..................

1,100,000

911,450

Assessments

,

Special

Assessment

,

2023

A

,

5.5 %

,

5/01/43

...................

750,000

757,134

Assessments

,

Special

Assessment

,

2023

A

,

5.75 %

,

5/01/53

..................

1,000,000

1,010,704

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment

,

2001

A

,

7.625 %

,

5/01/30

............................

695,000

676,204

d

Special

Assessment

,

2001

B

,

7.25 %

,

5/01/10

.............................

35,000

1,750

Rivers

Edge

II

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................................................

200,000

189,251

Rivers

Edge

III

Community

Development

District

,

c

Assessments

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/31

.................

295,000

279,146

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

5/01/41

...............

775,000

622,549

Assessments

,

Special

Assessment

,

2024

,

5.95 %

,

5/01/55

...................

1,920,000

1,850,888

Rivington

Community

Development

District

,

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

..............................

1,685,000

1,433,615

Special

Assessment

,

2022

,

3.625 %

,

5/01/32

.............................

430,000

415,161

Rolling

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

3.65 %

,

5/01/32

...................................

700,000

660,101

c

Rolling

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

6.5 %

,

5/01/53

...........................................

1,500,000

1,531,994

Rookery

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.25 %

,

5/01/31

...............

300,000

301,526

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/44

.................

775,000

715,276

Assessment

Area

,

Special

Assessment

,

2024

,

5.35 %

,

5/01/55

...............

495,000

450,204

Rustic

Oaks

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

3.2 %

,

5/01/32

................................................

1,000,000

942,147

Rye

Crossing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.2 %

,

5/01/31

................

270,000

271,462

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/44

.................

630,000

585,561

Rye

Ranch

Community

Development

District

,

Pod

A

Assessment

Area

,

Special

Assessment

,

2023

,

6.5 %

,

5/01/43

...........

1,000,000

1,048,722

Pod

A

Assessment

Area

,

Special

Assessment

,

2023

,

6.625 %

,

5/01/54

.........

1,600,000

1,660,516

c

Pod

B

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

11/01/43

....

710,000

708,166

c

Pod

B

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

%

,

11/01/53

......

215,000

215,660

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

6/15/30

.................

250,000

244,571

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

6/15/40

.................

610,000

552,494

Assessment

Area

,

Special

Assessment

,

2022

,

3.1 %

,

12/15/32

...............

300,000

284,141

Assessment

Area

,

Special

Assessment

,

2022

,

3.35 %

,

12/15/41

..............

485,000

386,563

Saltleaf

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

4.75 %

,

5/01/31

...................

450,000

458,787

Assessments

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..................

1,565,000

1,533,176

Assessments

,

Special

Assessment

,

2024

,

%

,

5/01/56

......................

3,000,000

2,954,245

Sanctuary

Cove

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.625 %

,

5/01/31

...............

190,000

180,098

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

...............

400,000

316,467

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/52

...................

770,000

625,633

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Sandmine

Road

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

5/01/30

.........

$

300,000

$

298,315

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.625 %

,

5/01/40

.........

1,040,000

943,255

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

5/01/50

..........

2,020,000

1,614,111

Assessment

Area

,

Special

Assessment

,

2021

,

2.3 %

,

11/01/26

...............

105,000

103,785

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

11/01/31

................

450,000

437,439

Assessment

Area

,

Special

Assessment

,

2021

,

3.3 %

,

11/01/41

...............

1,180,000

980,464

Sandridge

Community

Development

District

,

Special

Assessment

,

2021

,

2.875 %

,

5/01/26

..........................

35,000

34,855

Special

Assessment

,

2021

,

3.4 %

,

5/01/31

............................

750,000

744,957

Special

Assessment

,

2021

,

3.875 %

,

5/01/41

..........................

730,000

639,832

Special

Assessment

,

2021

,

%

,

5/01/51

..............................

735,000

593,053

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

...............................

1,000,000

967,931

Sarasota

National

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

3.5 %

,

5/01/31

...........

1,490,000

1,501,340

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

%

,

5/01/39

.............

2,210,000

2,105,998

Savanna

Lakes

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.125 %

,

6/15/43

.........

395,000

388,048

c

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

6/15/53

.........

1,065,000

1,034,781

Assessment

Area

,

Special

Assessment

,

2024

,

5.25 %

,

6/15/44

...............

480,000

458,200

Sawgrass

Village

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.875 %

,

5/01/30

..............

440,000

449,662

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

................

1,500,000

1,482,223

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

1,595,000

1,552,869

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

11/01/43

.............

1,000,000

1,021,303

Assessment

Area

,

Special

Assessment

,

2023

,

6.375 %

,

11/01/53

.............

1,000,000

1,019,273

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

4.7 %

,

5/01/31

...........

315,000

320,074

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.55 %

,

5/01/44

..........

700,000

675,965

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.875 %

,

5/01/54

.........

1,180,000

1,129,401

Scenic

Highway

Community

Development

District

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

..............................

470,000

465,465

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

..............................

1,230,000

1,078,754

Scenic

Terrace

North

Community

Development

District

,

2023

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/43

...........

1,500,000

1,502,533

2023

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

5/01/54

...........

1,310,000

1,317,745

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment

,

2022

,

3.75 %

,

5/01/27

..............................

200,000

200,014

Special

Assessment

,

2022

,

4.125 %

,

5/01/32

.............................

585,000

582,989

c

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

6/15/53

................................

980,000

962,602

Sebastian

Isles

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

4.25 %

,

5/01/31

...................

220,000

221,858

Assessments

,

Special

Assessment

,

2024

,

%

,

5/01/44

......................

500,000

470,794

Sedona

Point

Community

Development

District

,

Special

Assessment

,

2023

,

4.125 %

,

6/15/30

.............................

55,000

55,933

Special

Assessment

,

2023

,

%

,

6/15/43

.................................

705,000

692,073

c

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

%

,

6/15/36

.....

310,000

285,631

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

%

,

6/15/41

.....

425,000

354,228

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

%

,

6/15/51

.....

830,000

617,751

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

%

,

6/15/56

.....

705,000

508,801

Seminole

Palms

Community

Development

District

,

Special

Assessment

,

2023

,

4.75 %

,

5/01/30

..............................

220,000

224,780

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

...............................

900,000

898,332

Special

Assessment

,

2023

,

5.7 %

,

5/01/53

...............................

920,000

905,442

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.2 %

,

5/01/44

...........

1,215,000

1,115,061

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Seminole

Palms

Community

Development

District,

(continued)

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

5/01/55

...........

$

1,705,000

$

1,553,122

Sherwood

Manor

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

................

1,695,000

1,700,554

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

..............

1,570,000

1,558,960

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1 %

,

6/15/31

...............................

375,000

366,466

Special

Assessment

,

2021

,

3.5 %

,

6/15/41

...............................

1,000,000

852,989

Silver

Oaks

Community

Development

District

,

Special

Assessment

,

2024

,

5.55 %

,

5/01/44

..............................

990,000

964,775

Special

Assessment

,

2024

,

5.85 %

,

5/01/54

..............................

1,480,000

1,426,957

Silver

Palms

West

Community

Development

District

,

Special

Assessment

,

2022

,

2.6 %

,

6/15/27

...............................

170,000

166,646

Special

Assessment

,

2022

,

%

,

6/15/32

.................................

765,000

717,595

Special

Assessment

,

2022

,

3.25 %

,

6/15/42

..............................

1,750,000

1,423,439

Silverlake

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

245,000

244,681

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

................

985,000

978,677

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

Refunding

,

3.125 %

,

11/01/25

....

75,000

74,939

Assessment

Area

,

Special

Assessment

,

2020

,

Refunding

,

3.625 %

,

11/01/31

....

495,000

496,850

Assessment

Area

,

Special

Assessment

,

2020

,

Refunding

,

4.125 %

,

11/01/40

....

1,370,000

1,271,802

Assessment

Area

,

Special

Assessment

,

2020

,

Refunding

,

4.25 %

,

11/01/50

.....

2,275,000

1,929,028

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

2.5 %

,

5/01/26

.......

65,000

64,430

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

3.1 %

,

5/01/31

.......

250,000

238,305

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

3.4 %

,

5/01/41

.......

750,000

598,013

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

75,000

74,453

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

520,000

493,065

Assessment

Area

,

Special

Assessment

,

2021

,

3.4 %

,

5/01/41

................

805,000

641,867

Assessment

Area

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

................

1,575,000

1,269,517

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

4.75 %

,

5/01/30

...........

420,000

429,593

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.5 %

,

5/01/43

...........

1,200,000

1,201,699

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.7 %

,

5/01/54

...........

1,500,000

1,490,249

Project

Area

,

Special

Assessment

,

2024

,

4.3 %

,

5/01/31

.....................

225,000

226,214

Solaeris

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/31

................

175,000

181,750

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/44

.................

1,000,000

1,016,327

Assessment

Area

,

Special

Assessment

,

2024

,

6.25 %

,

5/01/55

...............

2,535,000

2,582,253

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/45

............

1,325,000

1,312,737

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

6.3 %

,

5/01/56

...........

2,300,000

2,281,251

c

Somerset

Bay

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

5/01/44

.........

920,000

866,338

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.9 %

,

5/01/54

...........

1,075,000

1,009,270

Somerset

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

%

,

5/01/32

.............

750,000

742,450

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

4.2 %

,

5/01/37

...........

1,000,000

935,914

Sorrento

Pines

Community

Development

District

,

Assessment

Area

,

Revenue

,

2023

,

5.25 %

,

5/01/43

.......................

445,000

442,142

Assessment

Area

,

Revenue

,

2023

,

5.5 %

,

5/01/53

........................

500,000

496,790

South

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.875 %

,

6/15/31

..............

175,000

168,352

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

6/15/41

...............

500,000

397,597

Southern

Groves

Community

Development

District

No.

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

.................

105,000

104,214

Assessment

Area

,

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

.................

400,000

384,691

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

...............

1,100,000

905,855

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Southern

Groves

Community

Development

District

No.

5,

(continued)

Assessment

Area

,

Special

Assessment

,

2022-1

,

%

,

5/01/49

.................

$

1,210,000

$

1,240,430

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

................

900,000

904,613

Assessment

Area

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/50

.................

1,025,000

1,034,289

Stellar

North

Community

Development

District

,

Special

Assessment

,

2021

,

2.45 %

,

5/01/26

..............................

35,000

34,681

Special

Assessment

,

2021

,

%

,

5/01/31

.................................

215,000

203,341

Special

Assessment

,

2021

,

3.2 %

,

5/01/41

...............................

755,000

580,011

c

Stillwater

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

6/15/26

.........................

75,000

74,188

Special

Assessment

,

144A,

2021

,

%

,

6/15/31

............................

325,000

305,813

Stonegate

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

5.875 %

,

12/15/43

.............................

700,000

722,730

Special

Assessment

,

2023

,

6.125 %

,

12/15/53

.............................

1,250,000

1,296,946

c

Stonewater

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

%

,

11/01/32

................

250,000

230,404

Assessments

,

Special

Assessment

,

144A,

2021

,

3.3 %

,

11/01/41

..............

635,000

496,621

Stoneybrook

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

6.375 %

,

11/01/52

..........................

1,295,000

1,340,874

Stoneybrook

South

at

Championsgate

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.5 %

,

6/15/30

.................

80,000

82,599

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/43

...............

395,000

403,452

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

6/15/53

.................

390,000

395,227

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

%

,

12/15/30

....

500,000

492,477

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.5 %

,

12/15/40

...

1,000,000

877,695

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

12/15/50

..

1,500,000

1,197,660

Storey

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

6/15/32

.................

240,000

250,456

Assessment

Area

,

Special

Assessment

,

2022

,

5.2 %

,

6/15/42

................

625,000

607,079

Assessment

Area

,

Special

Assessment

,

2022

,

5.375 %

,

6/15/52

..............

1,000,000

945,652

Assessment

Area

,

Special

Assessment

,

2024

,

4.45 %

,

6/15/31

...............

230,000

234,161

Assessment

Area

,

Special

Assessment

,

2024

,

5.25 %

,

6/15/44

...............

650,000

629,987

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

6/15/54

................

810,000

786,332

Storey

Drive

Community

Development

District

,

Special

Assessment

,

2022

,

2.55 %

,

6/15/27

..............................

80,000

78,421

Special

Assessment

,

2022

,

%

,

6/15/32

.................................

375,000

347,119

Special

Assessment

,

2022

,

3.25 %

,

6/15/42

..............................

900,000

687,096

c

Storey

Park

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

6/15/31

.........

230,000

223,372

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.3 %

,

6/15/41

...........

620,000

528,193

Summer

Woods

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

150,000

145,486

Assessment

Area

,

Special

Assessment

,

2021

,

3.4 %

,

5/01/41

................

395,000

324,904

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

50,000

49,564

Assessment

Area

,

Special

Assessment

,

2021

,

3.15 %

,

5/01/31

...............

200,000

190,755

Assessment

Area

,

Special

Assessment

,

2021

,

3.45 %

,

5/01/41

...............

725,000

578,579

Summerstone

Community

Development

District

,

Assessment

Phase

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

.............

165,000

164,746

Assessment

Phase

,

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

.............

700,000

628,840

Assessment

Phase

,

Special

Assessment

,

2020

,

%

,

5/01/51

................

910,000

752,958

c

Assessment

Phase

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

5/01/31

........

175,000

169,519

c

Assessment

Phase

,

Special

Assessment

,

144A,

2021

,

3.15 %

,

5/01/41

........

700,000

579,058

c

Assessment

Phase

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/51

...........

1,750,000

1,447,997

Summit

View

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..............

975,000

956,262

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/54

.................

1,250,000

1,225,436

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Sunbridge

Stewardship

District

,

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/32

........................................................

$

350,000

$

362,666

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.4 %

,

5/01/42

...................................................

920,000

919,394

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/52

...................................................

1,720,000

1,688,228

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.2 %

,

5/01/27

........................................................

235,000

236,328

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.6 %

,

5/01/32

........................................................

460,000

467,754

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

5.2 %

,

5/01/42

........................................................

1,000,000

977,556

Tamarindo

Community

Development

District

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................................

185,000

174,878

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

.............................

820,000

651,668

Tern

Bay

Community

Development

District

,

Special

Assessment

,

2022

,

%

,

6/15/42

.

2,000,000

1,706,734

Terra

Lago

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.625 %

,

5/01/45

..............

450,000

435,648

Assessment

Area

,

Special

Assessment

,

2025

,

5.8 %

,

5/01/55

................

1,170,000

1,121,023

Terreno

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.65 %

,

5/01/55

...............................................

540,000

515,592

Three

Rivers

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

Refunding

,

5.75 %

,

5/01/53

......................................

2,300,000

2,251,466

Timber

Creek

Southwest

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.35 %

,

12/15/26

..............

165,000

162,407

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

12/15/31

................

750,000

703,232

Tohoqua

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

2.875 %

,

5/01/31

......................

215,000

207,485

Phase

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

......................

810,000

663,316

Tolomato

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022-1

,

3.3 %

,

5/01/32

..............

515,000

491,637

Assessment

Area

,

Special

Assessment

,

2022-2

,

3.3 %

,

5/01/32

..............

195,000

186,154

c

Towne

Park

Community

Development

District

,

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

5/01/30

........

410,000

402,123

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.625 %

,

5/01/40

........

1,075,000

929,928

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/51

...........

1,000,000

817,665

c

Towns

at

Woodsdale

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2023

,

6.125 %

,

11/01/43

.............

380,000

389,087

Assessments

,

Special

Assessment

,

144A,

2023

,

6.375 %

,

11/01/53

.............

1,325,000

1,357,385

Tradition

Community

Development

District

No.

,

Assessments

,

Special

Assessment

,

2021

,

2.3 %

,

5/01/26

....................

100,000

99,122

Assessments

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

....................

445,000

414,822

c

Trevesta

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

5/01/30

..........

235,000

231,737

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

5/01/40

..........

880,000

767,606

Triple

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

11/01/31

..................

250,000

234,275

Assessment

Area

,

Special

Assessment

,

2021

,

3.5 %

,

11/01/41

................

740,000

595,336

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

11/01/26

.......................................................

75,000

73,793

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

11/01/31

.......................................................

450,000

418,201

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

11/01/41

.......................................................

1,190,000

907,218

Tuckers

Pointe

Community

Development

District

,

Phase

Project

,

Special

Assessment

,

2022

,

%

,

5/01/27

....................

130,000

128,643

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Tuckers

Pointe

Community

Development

District,

(continued)

Phase

Project

,

Special

Assessment

,

2022

,

3.375 %

,

5/01/32

................

$

565,000

$

537,691

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

740,000

724,190

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

..............

500,000

486,960

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/43

..............

500,000

503,298

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

5/01/54

..............

500,000

503,566

Assessment

Area

,

Special

Assessment

,

2024

,

4.8 %

,

5/01/31

................

345,000

350,219

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..............

1,000,000

970,799

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/55

.................

1,400,000

1,351,691

Two

Rivers

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.875 %

,

5/01/30

..............

155,000

158,441

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/43

...............

2,000,000

2,007,708

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/53

..............

3,465,000

3,413,417

Two

Rivers

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.625 %

,

5/01/27

.............................

45,000

45,338

Special

Assessment

,

2022

,

4.875 %

,

5/01/32

.............................

380,000

389,394

Two

Rivers

West

Community

Development

District

,

Special

Assessment

,

2022

,

%

,

5/01/43

.................................

1,190,000

1,212,857

Special

Assessment

,

2022

,

6.25 %

,

5/01/53

..............................

1,465,000

1,491,132

Special

Assessment

,

2023

,

%

,

11/01/43

................................

1,555,000

1,580,678

Special

Assessment

,

2023

,

6.125 %

,

11/01/53

.............................

2,145,000

2,170,102

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

.............................

405,000

398,123

c

Union

Park

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.95 %

,

5/01/31

..........

60,000

56,625

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.35 %

,

5/01/41

..........

160,000

126,297

Varrea

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.125 %

,

5/01/43

...............

1,075,000

1,052,813

Assessment

Area

,

Special

Assessment

,

2023

,

5.4 %

,

5/01/53

.................

1,320,000

1,287,498

V-Dana

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.5 %

,

5/01/31

...........

375,000

369,652

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/40

............

1,775,000

1,587,227

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

..............

400,000

383,750

Assessment

Area

,

Special

Assessment

,

2021

,

3.625 %

,

5/01/41

..............

1,250,000

1,046,348

Assessment

Area

,

Special

Assessment

,

2023

,

4.3 %

,

5/01/30

................

620,000

630,991

Assessment

Area

,

Special

Assessment

,

2023

,

5.25 %

,

5/01/43

...............

1,560,000

1,530,701

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/54

................

2,060,000

1,997,487

Assessment

Area

,

Special

Assessment

,

2025

,

5.375 %

,

5/01/45

..............

500,000

477,454

Assessment

Area

,

Special

Assessment

,

2025

,

5.55 %

,

5/01/55

...............

1,100,000

1,035,085

Veranda

Community

Development

District

II

,

Assessment

Area

,

Special

Assessment

,

2024

,

Refunding

,

5.125 %

,

5/01/44

.....

1,680,000

1,630,952

Assessment

Area

,

Special

Assessment

,

2024

,

Refunding

,

5.375 %

,

5/01/54

.....

3,480,000

3,341,824

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5 %

,

5/01/26

..

50,000

49,577

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1 %

,

5/01/31

..

265,000

251,442

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.6 %

,

5/01/41

..

535,000

435,377

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5 %

,

5/01/26

..

25,000

24,790

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1 %

,

5/01/31

..

65,000

61,738

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.6 %

,

5/01/41

..

275,000

225,065

Assessment

Area

Phase

,

Special

Assessment

,

2024

,

Refunding

,

5.375 %

,

5/01/44

........................................................

615,000

600,162

Assessment

Area

Phase

,

Special

Assessment

,

2024

,

Refunding

,

5.625 %

,

5/01/54

........................................................

275,000

262,901

Verano

No.

Community

Development

District

,

Pod

D

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

..........................

1,630,000

1,579,232

Pod

D

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

..........................

1,910,000

1,828,710

Pod

D

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/55

........................

195,000

182,188

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Verano

No.

Community

Development

District

,

Phase

Assessment

Area

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

.........

$

750,000

$

582,530

Phase

Assessment

Area

,

Special

Assessment

,

2022

,

6.45 %

,

11/01/42

.........

1,000,000

1,035,977

Phase

Assessment

Area

,

Special

Assessment

,

2022

,

6.625 %

,

11/01/52

........

1,475,000

1,526,184

Verano

No.

Community

Development

District

,

Astor

Creek

Phase

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

1,020,000

1,020,502

Astor

Creek

Phase

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

250,000

250,286

Viera

Stewardship

District

,

Assessments

,

Special

Assessment

,

2021

,

2.3 %

,

5/01/26

....................

200,000

198,050

Assessments

,

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

....................

800,000

745,136

Assessments

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

..................

1,750,000

1,347,802

Assessments

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/54

....................

2,500,000

2,383,559

Village

Community

Development

District

No.

,

Phase

III

,

Special

Assessment

,

2021

,

%

,

5/01/41

.........................

2,425,000

1,879,428

Phase

III

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/52

.......................

5,200,000

3,554,198

Village

Community

Development

District

No.

,

Phase

I

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/53

....................................................

11,390,000

11,419,188

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

3.15 %

,

5/01/32

......

200,000

188,076

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

3.45 %

,

5/01/42

......

545,000

426,340

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

%

,

5/01/52

........

1,170,000

907,719

Assessment

Area

,

Special

Assessment

,

2022

A

,

4.625 %

,

5/01/27

............

100,000

100,819

Assessment

Area

,

Special

Assessment

,

2022

A

,

4.875 %

,

5/01/32

............

250,000

256,712

Assessment

Area

,

Special

Assessment

,

2022

A

,

5.125 %

,

5/01/42

............

710,000

692,833

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2 %

,

5/01/30

...............................

240,000

237,478

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

..............................

655,000

578,224

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/43

..............

405,000

407,699

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

1,230,000

1,208,981

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

................

670,000

661,175

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

495,000

480,363

Phase

Project

,

Special

Assessment

,

2022

,

3.25 %

,

5/01/27

.................

75,000

74,493

Phase

Project

,

Special

Assessment

,

2022

,

3.625 %

,

5/01/32

................

250,000

240,529

Phase

Project

,

Special

Assessment

,

2022

,

%

,

5/01/42

....................

670,000

569,362

Waterford

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

315,000

314,590

Assessment

Area

,

Special

Assessment

,

2023

,

5.6 %

,

5/01/53

................

610,000

610,887

Assessment

Area

,

Special

Assessment

,

2024

,

4.375 %

,

5/01/31

..............

165,000

166,270

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/54

...............

610,000

561,502

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

6.25 %

,

5/01/56

..........

1,590,000

1,592,207

Waterset

South

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

6.1 %

,

5/01/53

....................

665,000

677,117

Assessments

,

Special

Assessment

,

2024

,

5.65 %

,

5/01/54

...................

1,680,000

1,648,087

Wellness

Ridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.125 %

,

6/15/43

..............

1,405,000

1,385,050

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

..............

1,340,000

1,313,103

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

6/15/31

..........

235,000

236,269

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

%

,

6/15/44

............

500,000

468,431

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.2 %

,

6/15/55

...........

1,000,000

909,029

West

Hillcrest

Community

Development

District

,

Special

Assessment

,

2023

,

5.25 %

,

6/15/43

.........................................................

825,000

823,223

West

Port

Community

Development

District

,

Assessment

Area

2021

Project

Area

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

..

55,000

54,507

Assessment

Area

2021

Project

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

...

570,000

538,813

Assessment

Area

2021

Project

Area

,

Special

Assessment

,

2021

,

3.4 %

,

5/01/41

..

1,470,000

1,164,067

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

5/01/31

..........

410,000

392,101

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.625 %

,

5/01/41

.........

1,085,000

883,804

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

West

Villages

Improvement

District

,

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/44

........................................................

$

945,000

$

911,590

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/54

........................................................

995,000

936,915

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/35

........................................................

855,000

880,486

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/45

........................................................

500,000

504,365

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/55

........................................................

1,570,000

1,586,298

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

..........

55,000

54,528

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

........

200,000

190,115

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

..........

800,000

644,099

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

%

,

5/01/43

............

245,000

252,551

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

6.25 %

,

5/01/54

.........

585,000

602,036

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

..........

40,000

39,659

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

........

525,000

497,777

Unit

of

Development

No.

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/53

..........

1,905,000

1,845,661

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

4.625 %

,

5/01/30

........

205,000

209,782

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

........

1,495,000

1,499,462

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

........

2,005,000

2,007,291

Westside

Haines

City

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

65,000

64,560

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

350,000

334,438

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/41

...............

1,000,000

806,442

Assessment

Area

,

Special

Assessment

,

2024

,

4.875 %

,

5/01/31

..............

395,000

403,115

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/44

...............

1,515,000

1,488,673

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/54

.................

2,130,000

2,090,959

Westview

North

Community

Development

District

,

Special

Assessment

,

2022

,

5.75 %

,

6/15/42

..............................

1,000,000

1,020,579

Special

Assessment

,

2022

,

%

,

6/15/52

.................................

1,250,000

1,273,160

Westview

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.875 %

,

5/01/28

..............

270,000

273,865

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

1,495,000

1,464,705

Assessment

Area

,

Special

Assessment

,

2023

,

5.6 %

,

5/01/53

................

2,600,000

2,523,306

c

Assessment

Area

2025

Project

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/45

........................................................

2,455,000

2,465,799

c

Assessment

Area

2025

Project

Area

,

Special

Assessment

,

144A,

2025

,

6.2 %

,

5/01/55

........................................................

2,225,000

2,233,669

Assessment

Area

,

Special

Assessment

,

2023

,

4.75 %

,

5/01/28

...............

140,000

141,907

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

1,240,000

1,214,872

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

..............

995,000

975,757

Westwood

of

Pasco

Community

Development

District

,

Assessments

,

Special

Assessment

,

2023

,

5.4 %

,

5/01/43

....................

500,000

495,703

Assessments

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

..................

145,000

142,787

Whispering

Pines

Community

Development

District

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

.............................

500,000

502,116

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

...............................

930,000

924,030

Willowbrook

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..............

625,000

600,596

Assessment

Area

,

Special

Assessment

,

2024

,

5.9 %

,

5/01/55

................

815,000

773,847

Willows

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.7 %

,

5/01/29

................

235,000

240,446

Assessment

Area

,

Special

Assessment

,

2022

,

5.625 %

,

5/01/42

..............

1,440,000

1,462,213

Assessment

Area

,

Special

Assessment

,

2022

,

5.75 %

,

5/01/52

...............

1,200,000

1,210,849

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

................

$

60,000

$

59,407

Assessment

Area

,

Special

Assessment

,

2021

,

2.95 %

,

5/01/31

...............

250,000

233,647

Assessment

Area

,

Special

Assessment

,

2021

,

3.35 %

,

5/01/41

...............

940,000

731,003

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

920,000

908,487

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

..............

980,000

962,376

Winding

Oaks

Community

Development

District

,

Special

Assessment

,

2024

,

5.4 %

,

5/01/44

...............................

315,000

297,832

Special

Assessment

,

2024

,

5.7 %

,

5/01/55

...............................

1,125,000

1,056,735

Windsor

Cay

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

...............

1,000,000

1,005,125

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

765,000

774,512

Windward

Community

Development

District

,

Special

Assessment

,

2020

,

3.65 %

,

5/01/30

.........................................................

130,000

128,429

Wiregrass

II

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.125 %

,

5/01/30

..............

645,000

622,109

Assessment

Area

,

Special

Assessment

,

2020

,

3.7 %

,

5/01/40

................

1,680,000

1,420,828

c

Woodland

Crossing

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

5/01/45

.........................

830,000

819,880

Special

Assessment

,

144A,

2025

,

6.125 %

,

5/01/56

.........................

1,760,000

1,734,689

Woodland

Ranch

Estates

Community

Development

District

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/55

...................................................

715,000

676,464

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

45,000

44,631

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

140,000

132,272

Assessment

Area

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

..............

650,000

514,198

882,876,152

#### Georgia

#### 1.0%
c

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

%

,

12/01/39

1,825,000

1,506,723

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

%

,

12/01/49

10,760,000

7,758,892

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,835,000

1,844,344

f

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

16,820,000

7,363,629

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375 %

,

10/01/28

...........................

3,800,000

4,041,623

c

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC

,

Revenue,

Second

Tier

,

144A,

2021

B

,

%

,

1/01/54

.................................

7,500,000

6,610,876

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2025

C

,

5.125 %

,

12/01/50

........

5,000,000

5,017,357

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5 %

,

9/15/27

......................................

4,000,000

4,184,629

Revenue

,

2007

A

,

5.5 %

,

9/15/28

......................................

5,000,000

5,337,151

43,665,224

#### Idaho

#### 0.3%
Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

%

,

2/01/36

............

13,305,000

13,325,805

#### Illinois

#### 2.3%
City

of

Chicago

,

GO

,

2025

A

,

%

,

1/01/50

............................................

7,500,000

7,642,985

GO

,

2025

F

,

%

,

1/01/44

............................................

1,660,000

1,722,712

Illinois

Finance

Authority

,

c

DePaul

College

Prep

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.5 %

,

8/01/43

........

500,000

509,920

c

DePaul

College

Prep

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.625 %

,

8/01/53

......

2,055,000

2,059,727

c

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

A

,

Refunding

,

5.125 %

,

11/01/55

.......................................

13,560,000

10,437,657

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Illinois
(continued)

Illinois

Finance

Authority,

(continued)

c

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

B

,

%

,

11/01/37

.......................................................

$

3,235,000

$

3,199,944

Plymouth

Place

Obligated

Group

,

Revenue

,

2022

A

,

6.75 %

,

5/15/58

...........

3,000,000

3,082,076

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

5/01/48

........................................................

10,000,000

8,520,717

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.5 %

,

5/01/53

........................................................

10,810,000

9,239,445

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

1996

,

ETM,

%

,

7/01/26

.....................................

1,075,000

1,113,318

f

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2010

,

Refunding

,

AG

Insured

,

5.28 %,

6/15/45

................................

18,100,000

6,542,732

State

of

Illinois

,

GO

,

2022

C

,

5.5 %

,

10/01/44

...............................

4,645,000

4,780,604

c

,f

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

62,345,000

36,523,951

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

6.07 %,

12/01/35

.......................................................

12,135,000

6,571,678

f

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

6.262 %,

12/31/38

..................................................

1,815,000

1,494,484

103,441,950

#### Indiana

#### 0.6%
c

City

of

Anderson

,

Sweet

Galilee

at

the

Wigwam

LLC

,

Revenue

,

144A,

2020

A

,

5.375 %

,

1/01/40

.........................................................

2,740,000

2,357,235

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

%

,

8/01/41

..

5,345,000

4,358,710

c

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25 %

,

11/01/40

...................................................

4,500,000

3,859,235

c

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375 %

,

12/01/41

........................................................

4,650,000

4,004,369

Indiana

Finance

Authority

,

SFP-PUFW

I

LLC

,

Revenue

,

2024

C

,

5.75 %

,

7/01/64

.......................

1,730,000

1,540,233

University

of

Evansville

,

Revenue

,

2022

B

,

%

,

9/01/32

.....................

3,765,000

3,680,815

Westminster

Village

Greenwood,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

5.75 %

,

5/15/60

........................................................

3,585,000

3,459,548

c

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25 %

,

4/01/41

........................................

4,750,000

3,941,163

27,201,308

#### Iowa

#### 0.2%
Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

%

,

5/15/48

....

2,090,000

1,898,065

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75 %

,

5/15/33

........................................................

1,000,000

1,133,918

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.25 %

,

5/15/38

........................................................

1,500,000

1,690,033

Northcrest

Obligated

Group

,

Revenue

,

2018

A

,

%

,

3/01/48

..................

7,500,000

6,689,436

11,411,452

#### Kansas

#### 0.0%

#### †
Wyandotte

County-Kansas

City

Unified

Government

,

Revenue

,

2018

,

4.5 %

,

6/01/40

.

1,165,000

1,102,546

#### Kentucky

#### 0.4%
Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier

,

2013

C

,

6.6 %

,

7/01/39

...............................

10,000,000

11,242,196

Revenue,

First

Tier

,

2013

C

,

6.75 %

,

7/01/43

..............................

5,000,000

5,552,542

16,794,738

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Louisiana

#### 1.4%
Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment

,

2021

,

2.375 %

,

6/01/26

.............................

$

95,000

$

93,716

Special

Assessment

,

2021

,

2.875 %

,

6/01/31

.............................

695,000

633,741

Special

Assessment

,

2021

,

3.2 %

,

6/01/41

...............................

2,730,000

2,048,767

Special

Assessment

,

2021

,

%

,

6/01/51

.................................

2,035,000

1,519,479

Special

Assessment

,

2022

,

5.5 %

,

6/01/52

...............................

1,425,000

1,369,926

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA

,

Revenue

,

144A,

2018

,

5.375 %

,

11/01/38

........................

1,525,000

1,555,743

Parish

of

Lafourche

,

Revenue

,

144A,

2019

,

3.95 %

,

11/01/43

.................

1,711,581

1,450,801

Parish

of

St.

Martin

,

Revenue

,

144A,

2019

,

4.4 %

,

11/01/44

...................

5,105,000

4,635,203

Parish

of

Vermilion

,

Revenue

,

144A,

2019

,

4.625 %

,

11/01/38

.................

1,455,000

1,447,156

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

..................................................

5,000,000

5,002,439

f

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

6.17 %,

12/01/35

.......................................................

12,800,000

6,931,807

Terrebonne

Parish

Consolidated

Government

,

Revenue

,

144A,

2018

,

5.5 %

,

11/01/39

1,190,000

1,211,785

Louisiana

Public

Facilities

Authority

,

c

Acadiana

Renaissance

Charter

Academy

,

Revenue

,

144A,

2025

,

%

,

6/15/59

....

2,435,000

2,342,910

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75 %

,

9/01/64

.....

5,000,000

4,992,228

c

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.375 %

,

1/01/40

5,000,000

4,072,195

c

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.5 %

,

1/01/50

.

4,500,000

3,454,509

c

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

%

,

1/01/57

...

10,000,000

7,908,455

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8 %

,

2/01/27

...

13,990,000

14,020,241

64,691,101

#### Maryland

#### 0.2%
County

of

Frederick

,

Oakdale-Lake

Linganore

Development

District

,

Special

Tax

,

2019

,

Refunding

,

3.25 %

,

7/01/29

........................................................

620,000

602,463

Urbana

Community

Development

Authority

,

Special

Tax

,

2020

B

,

Refunding

,

%

,

7/01/40

........................................................

295,000

269,902

c

Town

of

La

Plata

,

Heritage

Green

Special

Taxing

District

,

Special

Tax

,

144A,

2023

A

,

6.5 %

,

2/15/53

....................................................

8,500,000

8,191,727

9,064,092

#### Massachusetts

#### 0.0%

#### †
c

Massachusetts

Development

Finance

Agency

,

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

%

,

7/01/54

..................

1,200,000

1,068,111

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

%

,

7/01/60

..................

1,100,000

961,541

2,029,652

#### Michigan

#### 0.4%
City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2006

B

,

NATL

Insured

,

%

,

7/01/36

..........................

15,000

15,030

City

of

Ecorse

,

GO

,

2011

,

6.5 %

,

11/01/35

.................................

440,000

440,719

Kalamazoo

Economic

Development

Corp.

,

c

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/31

....................................................

700,000

690,343

c

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/51

....................................................

3,015,000

2,308,022

Heritage

Community

of

Kalamazoo

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/55

8,860,000

7,313,502

c

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/31

....................................................

570,000

562,137

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/41

....................................................

895,000

763,824

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

c

Michigan

Strategic

Fund,

(continued)

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/51

....................................................

$

1,380,000

$

1,056,408

f

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue

,

2007

B

,

8.43 %,

6/01/52

............................

26,990,000

3,097,359

16,247,344

#### Minnesota

#### 0.2%
City

of

Apple

Valley

,

PHS

Apple

Valley

Senior

Housing,

Inc.

,

Revenue

,

2025

A

,

5.375 %

,

9/01/45

.........................................................

475,000

459,479

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.25 %

,

11/01/45

..............

2,900,000

2,594,573

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.375 %

,

11/01/50

..............

1,000,000

874,023

City

of

Ramsey

,

PACT

Charter

School

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/32

...

5,535,000

5,488,789

c

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue

,

144A,

2022

B

,

6.25 %

,

8/01/37

.............................................

590,000

581,301

9,998,165

#### Mississippi

#### 0.4%
c

Mississippi

Development

Bank

,

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

10/01/34

900,000

818,861

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

10/01/36

850,000

739,042

c

,f

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

,

Refunding

,

2.34 %,

12/01/44

.................................................

14,500,000

8,494,624

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

B

,

Refunding

,

6.17 %,

12/01/35

.................................................

12,850,000

6,958,884

17,011,411

#### Missouri

#### 0.3%
Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

A

,

Refunding

,

%

,

3/01/33

.......................................

3,250,000

3,286,609

City

of

Maryland

Heights

,

Westport

Plaza

Redevelopment

Area

,

Tax

Allocation

,

2020

,

4.125 %

,

11/01/38

..................................................

2,300,000

2,111,646

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25 %

,

5/15/42

...................................

1,000,000

903,790

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25 %

,

5/15/50

...................................

3,500,000

2,932,744

Stoddard

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

B

,

Refunding

,

%

,

3/01/37

.............................................

3,290,000

3,326,493

12,561,282

#### Nevada

#### 0.7%
City

of

Henderson

,

Local

Improvement

District

No.

,

Special

Assessment

,

2016

,

Refunding

,

%

,

9/01/32

.............................................

1,650,000

1,593,727

City

of

Las

Vegas

,

Special

Improvement

District

No.

610

,

Special

Assessment

,

2018

,

%

,

6/01/48

....

6,990,000

6,514,497

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

%

,

6/01/33

....

175,000

163,711

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

%

,

6/01/34

....

175,000

161,517

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

%

,

6/01/35

....

175,000

159,004

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

%

,

6/01/40

....

425,000

364,299

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

3.5 %

,

6/01/35

........................................................

190,000

171,123

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

%

,

6/01/50

........................................................

925,000

731,430

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

%

,

12/01/30

...

1,425,000

1,429,682

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Nevada
(continued)

City

of

Las

Vegas,

(continued)

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

%

,

12/01/35

...

$

900,000

$

901,721

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

%

,

6/01/39

....

415,000

377,781

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

%

,

6/01/44

....

670,000

555,988

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75 %

,

6/01/33

.

515,000

445,091

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75 %

,

6/01/36

.

810,000

648,634

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

%

,

6/01/41

....

630,000

466,235

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3.125 %

,

6/01/51

1,400,000

914,756

c

City

of

North

Las

Vegas

,

Special

Assessment

,

144A,

2025

,

6.75 %

,

6/01/55

.........................

4,850,000

4,676,548

Special

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.75 %

,

6/01/47

........................................................

1,555,000

1,528,782

Special

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

%

,

6/01/52

1,750,000

1,752,205

c,f

City

of

Reno

,

Sales

Tax

,

Revenue

,

144A,

2018

C

,

Refunding

,

5.99 %,

7/01/58

......

11,000,000

1,630,538

County

of

Clark

,

Special

Improvement

District

No.

,

Special

Assessment

,

2001-2007

,

%

,

2/01/26

270,000

271,655

Special

Improvement

District

No.

,

Special

Assessment

,

2001-2007

,

5.05 %

,

2/01/31

........................................................

980,000

985,496

Special

Improvement

District

No.

,

Special

Assessment

,

2015

,

%

,

8/01/35

....

1,905,000

1,905,662

Henderson

Local

Improvement

Districts

,

City

of

Henderson

Local

Improvement

District

No.

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

%

,

9/01/36

...............................

310,000

260,283

City

of

Henderson

Local

Improvement

District

No.

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

3.5 %

,

9/01/45

..............................

740,000

540,810

City

of

Henderson

Local

Improvement

District

No.

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

%

,

9/01/51

...............................

495,000

387,983

Local

Improvement

District

No.

,

Special

Assessment

,

2023

,

%

,

3/01/38

.....

770,000

767,541

Local

Improvement

District

No.

,

Special

Assessment

,

2023

,

%

,

3/01/43

.....

5,000

4,690

Local

Improvement

District

No.

,

Special

Assessment

,

2023

,

5.25 %

,

3/01/48

..

990,000

930,135

Local

Improvement

District

No.

,

Special

Assessment

,

2023

,

5.25 %

,

3/01/53

..

300,000

276,945

c

,d

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

5.875 %

,

12/15/27

..........

6,386,895

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

6.25 %

,

12/15/37

...........

7,028,570

31,518,603

#### New

#### Hampshire

#### 0.4%
New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

3.75 %

,

8/15/30

...............

100,000

98,649

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.125 %

,

8/15/40

..............

2,545,000

2,195,171

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.25 %

,

8/15/46

...............

2,860,000

2,334,208

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.5 %

,

8/15/55

................

5,940,000

4,680,455

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

%

,

8/01/65

.....

11,875,000

11,456,901

20,765,384

#### New

#### Jersey

#### 1.2%
New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

%

,

7/01/47

..........

2,200,000

1,970,667

United

Airlines,

Inc.

,

Revenue

,

2003

,

5.5 %

,

6/01/33

........................

8,480,000

8,489,411

c

White

Horse

HMT

Urban

Renewal

LLC

,

Revenue

,

144A,

2020

,

%

,

1/01/40

......

2,949,126

2,036,713

f

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2008

A

,

4.54 %,

12/15/38

................................................

46,750,000

25,907,803

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

6/01/46

.............................

7,000,000

6,938,280

Revenue

,

2018

B

,

Refunding

,

%

,

6/01/46

...............................

10,360,000

9,973,166

55,316,040

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Mexico

#### 0.0%

#### †
Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax

,

2018

,

Refunding

,

%

,

10/01/33

..............................

$

500,000

$

493,909

Special

Tax

,

2018

,

Refunding

,

%

,

10/01/38

..............................

450,000

432,062

Special

Tax

,

2018

,

Refunding

,

%

,

10/01/48

..............................

1,205,000

1,103,567

2,029,538

#### New

#### York

#### 2.9%
Metropolitan

Transportation

Authority

,

Revenue

,

2016

,

5.25 %

,

11/15/56

...................................

4,765,000

4,728,482

Revenue

,

2020

,

4.75 %

,

11/15/45

...................................

13,220,000

12,672,811

Revenue

,

2020

,

%

,

11/15/50

.....................................

10,000,000

9,798,505

Revenue

,

2020

,

5.25 %

,

11/15/55

...................................

29,500,000

29,409,140

Revenue

,

2020

D

,

%

,

11/15/50

.......................................

5,000,000

4,139,726

New

York

Liberty

Development

Corp.

,

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25 %

,

10/01/35

.....................................

21,500,000

24,213,857

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.

,

Revenue

,

2020

,

Refunding

,

5.375 %

,

8/01/36

...........

5,000,000

5,108,945

Laguardia

Gateway

Partners

LLC

,

Revenue

,

2016

A

,

%

,

7/01/46

.............

13,505,000

12,791,729

c,f

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue

,

144A,

2005

A

,

6.49 %,

8/15/45

55,000,000

15,678,569

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

%

,

12/01/53

............

7,175,000

7,153,501

Suffolk

Regional

Off-Track

Betting

Corp.

,

Revenue

,

2024

,

5.75 %

,

12/01/44

........

5,000,000

5,001,780

130,697,045

#### North

#### Dakota

#### 0.1%
County

of

Burleigh

,

University

of

Mary

,

Revenue

,

2016

,

5.1 %

,

4/15/36

.........................

3,550,000

3,487,040

University

of

Mary

,

Revenue

,

2016

,

5.2 %

,

4/15/46

.........................

3,130,000

2,783,286

a

,c

,d

County

of

Grand

Forks

,

Red

River

Biorefinery

LLC

,

Revenue

,

144A,

2021

A

,

6.625 %

,

12/15/31

..........

2,875,000

—

Red

River

Biorefinery

LLC

,

Revenue

,

144A,

2021

A

,

%

,

12/15/43

.............

14,000,000

—

6,270,326

#### Ohio

#### 2.8%
Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

6/01/55

.............................................

7,060,000

5,712,305

City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25 %

,

11/01/50

..........................................

5,000,000

4,253,733

Cleveland-Cuyahoga

County

Port

Authority

,

c

Flats

East

Bank

TIF

District

,

Tax

Allocation

,

144A,

2021

B

,

Refunding

,

4.5 %

,

12/01/55

1,500,000

1,182,392

c

Flats

East

Bank

TIF

District

,

Tax

Allocation,

Senior

Lien

,

144A,

2021

A

,

Refunding

,

%

,

12/01/55

...................................................

1,050,000

784,275

Playhouse

Square

Foundation

,

Revenue

,

2018

,

Refunding

,

5.25 %

,

12/01/38

.....

700,000

701,590

Playhouse

Square

Foundation

,

Revenue

,

2018

,

Refunding

,

5.5 %

,

12/01/43

......

700,000

698,394

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

%

,

6/15/43

.............................................

10,000,000

8,294,732

County

of

Franklin

,

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25 %

,

11/15/40

2,910,000

2,788,729

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25 %

,

11/15/55

8,800,000

7,495,133

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.625 %

,

12/01/42

................................................

10,000,000

10,308,566

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.75 %

,

12/01/52

.......................................................

17,000,000

17,519,280

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/42

...........

1,360,000

1,282,586

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/45

...........

1,205,000

1,099,767

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

...........

2,570,000

2,265,295

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

Ohio

Housing

Finance

Agency

,

Revenue

,

2023

C

,

%

,

8/01/34

........................................

$

1,000,000

$

1,020,822

c

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

C

,

%

,

9/01/39

..............

1,400,000

1,409,477

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

,

5.75 %

,

2/15/35

.........................................................

35,000,000

39,285,876

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

%

,

12/01/35

.......................................................

1,000,000

919,102

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

%

,

12/01/43

.......................................................

1,000,000

818,027

c

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

%

,

12/01/38

.......................................................

5,000,000

4,727,073

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

%

,

12/01/48

.......................................................

15,195,000

13,088,973

g

,i

West

Central

Ohio

Port

Authority

,

DR

Horton-Indiana

LLC

,

Revenue

,

2025

,

Zero

Cpn.,

12/01/58

........................................................

5,825,000

3,613,547

129,269,674

#### Oklahoma

#### 0.2%
Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25 %

,

11/15/37

.......

1,000,000

1,003,012

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25 %

,

11/15/45

.......

6,500,000

6,202,471

Tulsa

Municipal

Airport

Trust

Trustees

,

American

Airlines,

Inc.

,

Revenue

,

2025

,

Refunding

,

6.25 %

,

12/01/35

...........

1,735,000

1,917,354

American

Airlines,

Inc.

,

Revenue

,

2025

,

Refunding

,

6.25 %

,

12/01/40

...........

1,390,000

1,506,974

10,629,811

#### Oregon

#### 0.3%
Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.125 %

,

11/15/40

.

500,000

483,229

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.25 %

,

11/15/50

..

1,250,000

1,118,725

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.375 %

,

11/15/55

.

1,500,000

1,339,300

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125 %

,

7/01/55

.......................

3,500,000

2,987,568

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

11/15/51

..

4,325,000

3,458,790

Friendsview

Manor

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/56

..

6,115,000

4,748,291

14,135,903

#### Pennsylvania

#### 2.3%
c

Allentown

Commercial

and

Industrial

Development

Authority

,

Executive

Education

Academy

Charter

School

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/59

........

1,800,000

1,573,139

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Center

City

Investment

Corp.

,

Revenue

,

144A,

2018

,

5.375 %

,

5/01/42

..........

5,000,000

4,907,748

Center

City

Investment

Corp.

,

Revenue

,

144A,

2022

,

5.25 %

,

5/01/42

...........

5,765,000

5,729,570

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

%

,

6/30/34

..............

2,083,000

2,131,585

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

%

,

6/30/34

..............

1,045,000

1,087,526

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

%

,

6/30/39

..............

13,996,000

12,539,659

f

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

1.361 %,

6/30/44

...........

6,993,000

4,906,441

c

Chester

County

Industrial

Development

Authority

,

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.75 %

,

3/01/50

..............................

4,205,000

3,378,273

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

%

,

3/01/38

...........................................

225,000

217,596

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

c

Chester

County

Industrial

Development

Authority,

(continued)

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

5.125 %

,

3/01/48

.......................................

$

800,000

$

717,670

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

%

,

5/01/48

......................................................

4,000,000

3,387,226

c

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

B

,

7.25 %

,

3/01/50

.................................................

4,495,000

3,919,293

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/38

...

1,000,000

937,175

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/43

...

1,200,000

1,052,269

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/48

...

4,600,000

3,854,423

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/53

...

3,050,000

2,470,969

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/54

............

1,000,000

806,642

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.125 %

,

7/01/37

...

1,105,000

1,071,619

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25 %

,

7/01/41

....

3,705,000

3,455,901

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

%

,

5/01/31

............

580,000

563,597

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

%

,

5/01/51

............

2,385,000

1,742,187

f

Pennsylvania

Turnpike

Commission

,

Revenue

,

,

5.594 %,

12/01/37

......................................

20,000,000

19,370,602

Revenue

,

,

5.692 %,

12/01/40

......................................

25,075,000

23,584,788

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

%

,

7/01/49

......................

3,000,000

2,562,561

105,968,459

#### South

#### Carolina

#### 0.9%
County

of

Dorchester

,

Summers

Corner

Improvement

District

,

Special

Assessment

,

2023

,

5.5 %

,

10/01/51

...............................................

2,110,000

1,946,297

c

County

of

Lancaster

,

Roselyn

Residential

Improvement

District

,

Special

Assessment

,

144A,

2025

,

%

,

6/01/45

........................................................

1,295,000

1,288,147

Roselyn

Residential

Improvement

District

,

Special

Assessment

,

144A,

2025

,

6.2 %

,

6/01/55

........................................................

1,000,000

992,178

c

Greenville

Housing

Authority

,

Revenue

,

144A,

2023

B

,

8.375 %

,

5/01/47

..........

10,600,000

9,938,526

South

Carolina

Jobs-Economic

Development

Authority

,

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.75 %

,

11/15/54

...

2,000,000

2,005,550

c

FAH

Pelham

LLC

,

Revenue

,

144A,

2023

B

,

II

,

7.5 %

,

8/01/47

.................

9,565,000

9,163,924

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2017

,

%

,

4/01/52

........................................................

1,750,000

1,516,112

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

4/01/48

............................................

3,500,000

3,111,981

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

4/01/53

.........................................

11,000,000

9,847,322

39,810,037

#### South

#### Dakota

#### 0.2%
City

of

Sioux

Falls

,

Dow

Rummel

Village

,

Revenue

,

2016

,

Refunding

,

%

,

11/01/46

...............

7,110,000

5,969,133

Dow

Rummel

Village

,

Revenue

,

2017

,

%

,

11/01/42

........................

2,000,000

1,756,771

7,725,904

#### Tennessee

#### 1.5%
c

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC

,

Revenue

,

144A,

2022

B

,

6.25 %

,

4/01/41

....

1,000,000

948,555

Cleveland

Forward

Phase

Two

LLC

,

Revenue

,

144A,

2022

B

,

6.25 %

,

4/01/41

....

1,000,000

948,554

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Tennessee
(continued)

f

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.35 %,

7/01/27

........................................................

$

19,365,000

$

18,229,406

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.4 %,

7/01/28

........................................................

19,400,000

17,644,748

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.51 %,

7/01/29

........................................................

19,365,000

16,965,560

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.68 %,

7/01/30

........................................................

19,370,000

16,265,301

71,002,124

#### Texas

#### 12.2%
c

Arlington

Higher

Education

Finance

Corp.

,

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2024

,

4.875 %

,

6/15/59

......

1,000,000

850,552

h

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2025

,

Refunding

,

5.875 %

,

6/15/65

........................................................

7,600,000

7,455,994

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

%

,

9/15/51

.........

7,500,000

6,047,441

f

Central

Texas

Regional

Mobility

Authority

,

Revenue

,

2010

,

%,

1/01/35

.........................................

3,000,000

2,080,813

Revenue

,

2010

,

4.41 %,

1/01/37

.......................................

2,500,000

1,533,065

Revenue

,

2010

,

4.62 %,

1/01/38

.......................................

2,405,000

1,377,666

Revenue

,

2010

,

4.83 %,

1/01/39

.......................................

2,545,000

1,356,285

c

City

of

Anna

,

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.75 %

,

9/01/42

..............................

972,000

985,930

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/01/52

................................

1,907,000

1,845,715

Meadow

Vista

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/15/44

...............................

850,000

812,883

Sherley

Tract

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/15/31

..............................

300,000

280,249

Sherley

Tract

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/41

................................

867,000

723,029

Sherley

Tract

Public

Improvement

District

No.

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5 %

,

9/15/31

...............................

101,000

97,235

Sherley

Tract

Public

Improvement

District

No.

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/51

................................

503,000

445,762

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/15/43

.............................

751,000

752,620

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

,

Special

Assessment

,

144A,

2023

,

5.875 %

,

9/15/53

.............................

1,075,000

1,079,617

c

City

of

Aubrey

,

Aubrey

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2023

,

5.875 %

,

9/01/43

........................................................

1,075,000

1,052,417

Aubrey

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

........................................................

1,600,000

1,551,805

Duck

Point

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

12/31/45

.......................................................

1,100,000

1,030,983

Duck

Point

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

12/31/55

.......................................................

1,890,000

1,766,452

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/01/32

........................................

775,000

799,617

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

%

,

9/01/45

...........................................

1,803,000

1,843,253

c

City

of

Boyd

,

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/15/43

.......................................

690,000

656,687

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Boyd,

(continued)

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/15/53

.........................................

$

1,408,000

$

1,340,616

City

of

Celina

,

c

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/44

..........................

470,000

459,618

c

Special

Assessment

,

144A,

2024

,

5.75 %

,

9/01/54

.........................

1,300,000

1,278,476

c

Chalk

Hill

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/43

..................................................

767,000

751,151

c

Chalk

Hill

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

........................................................

1,764,000

1,686,173

c

Creeks

of

Legacy

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2020

,

4.25 %

,

9/01/40

........................................

230,000

203,499

c

Cross

Creek

Meadows

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

9/01/43

.......................................

1,624,000

1,570,673

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/30

..........................

350,000

356,600

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

6.125 %

,

9/01/53

.......................

1,549,000

1,480,546

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.75 %

,

9/01/31

..................................................

175,000

173,369

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.25 %

,

9/01/41

..................................................

370,000

361,215

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.5 %

,

9/01/50

...................................................

500,000

467,035

c

Edgewood

Creek

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2021

,

4.25 %

,

9/01/41

........................................

500,000

415,117

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.75 %

,

9/01/27

........................................................

197,000

190,845

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.125 %

,

9/01/32

.................................................

231,000

200,895

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375 %

,

9/01/42

.................................................

866,000

633,291

c

Lakes

at

Mustang

Ranch

Public

Improvement

District

Phases

8-9

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

9/01/55

.............................

600,000

564,906

c

Mosaic

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/01/44

.................................................

1,495,000

1,390,832

c

Mosaic

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/54

...................................................

2,500,000

2,392,118

c

Mosaic

Public

Improvement

District

Phase

,

Special

Assessment

,

144A,

2023

,

4.375 %

,

9/01/30

.................................................

405,000

408,423

c

Mosaic

Public

Improvement

District

Phase

,

Special

Assessment

,

144A,

2023

,

5.125 %

,

9/01/43

.................................................

1,225,000

1,149,191

c

Mosaic

Public

Improvement

District

Phase

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/53

...................................................

1,851,000

1,757,743

North

Sky

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2023

,

4.375 %

,

9/01/30

............................................

336,000

338,412

North

Sky

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2023

,

5.375 %

,

9/01/43

............................................

812,000

789,796

North

Sky

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2023

,

5.625 %

,

9/01/52

............................................

1,005,000

965,565

c

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

4.875 %

,

9/01/30

.......................................

228,000

232,420

c

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.125 %

,

9/01/52

.......................................

999,000

974,191

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/26

..........

176,000

175,574

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

...........

473,000

458,962

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

City

of

Celina,

(continued)

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

9/01/26

..............................

$

114,000

$

112,895

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

9/01/31

..............................

150,000

140,606

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/41

...............................

1,205,000

962,392

c

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.5 %

,

9/01/43

1,500,000

1,449,398

c

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.75 %

,

9/01/53

2,000,000

1,922,725

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2022

,

3.25 %

,

9/01/27

........................................

227,000

221,844

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2022

,

3.625 %

,

9/01/32

.......................................

336,000

304,643

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2022

,

4.125 %

,

9/01/51

.......................................

1,033,000

807,178

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

9/01/50

.......................

1,787,000

1,370,601

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

2.875 %

,

9/01/27

.......................

68,000

66,036

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.25 %

,

9/01/32

........................

250,000

224,777

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.5 %

,

9/01/42

.........................

1,175,000

919,779

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.75 %

,

9/01/30

..............................

491,000

498,123

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/42

...............................

1,169,000

1,165,110

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/52

..............................

1,494,000

1,474,271

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/30

...............................

234,000

237,188

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.25 %

,

9/01/42

..............................

801,000

779,740

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.5 %

,

9/01/52

...............................

1,300,000

1,257,077

c

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/01/40

........................................................

425,000

361,401

c

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/50

........................................................

498,000

373,891

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

9/01/30

........................................................

150,000

141,951

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/40

........................................................

350,000

297,839

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/50

........................................................

965,000

724,508

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

..........................

158,000

143,705

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/41

.......................

379,000

296,624

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/01/42

.........................

490,000

488,369

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.625 %

,

9/01/52

.......................

1,314,000

1,274,486

City

of

Corpus

Christi

,

Whitecap

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

2024

,

5.375 %

,

9/15/31

..................................

350,000

359,795

Whitecap

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

2024

,

6.125 %

,

9/15/44

..................................

1,150,000

1,090,745

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

City

of

Corpus

Christi,

(continued)

Whitecap

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

2024

,

6.5 %

,

9/15/54

....................................

$

2,000,000

$

1,895,393

c

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/31

................................

409,000

405,365

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.75 %

,

9/15/31

..............................

161,000

161,844

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/41

................................

1,144,000

1,057,094

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25 %

,

9/15/51

..............................

750,000

684,887

River

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/32

...............................

528,000

546,785

River

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/52

.............................

5,000,000

5,044,332

River

Ridge

Public

Improvement

District

Single-family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/32

.......................

232,000

242,175

River

Ridge

Public

Improvement

District

Single-family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.75 %

,

9/15/52

........................

1,750,000

1,788,342

c,f

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue

,

144A,

2022

B

,

8.05 %,

12/01/62

........................................................

173,330,000

9,672,785

c

City

of

Dayton

,

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

A

,

4.875 %

,

9/01/32

...........................

269,000

276,297

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

A

,

5.125 %

,

9/01/42

...........................

764,000

738,312

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

B

,

5.75 %

,

9/01/52

............................

1,424,000

1,358,814

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Junior

Lien

,

144A,

2024

B

,

6.25 %

,

9/01/54

...................

1,225,000

1,140,241

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.375 %

,

9/01/44

..................

608,000

596,181

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.75 %

,

9/01/54

...................

866,000

825,067

c

City

of

Decatur

,

Paloma

Trails

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.5 %

,

9/15/45

...............................

700,000

659,326

Paloma

Trails

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

9/15/55

..............................

1,400,000

1,332,856

Paloma

Trails

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

9/15/35

.............................

172,000

169,443

Paloma

Trails

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

6.375 %

,

9/15/55

.............................

865,000

809,807

Vista

Park

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.875 %

,

9/15/54

.............................

2,160,000

2,126,592

c

City

of

DeSoto

,

Danieldale

Homestead

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/15/50

.....................

1,430,000

1,367,476

c

City

of

Dorchester

,

Cottonwood

Public

improvement

District

Major

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

%

,

9/15/44

................................

1,000,000

922,851

Cottonwood

Public

improvement

District

Major

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

6.25 %

,

9/15/54

..............................

1,500,000

1,361,042

c

City

of

Dripping

Springs

,

Heritage

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.5 %

,

9/01/30

.........................................

373,000

376,559

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Dripping

Springs,

(continued)

Heritage

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/53

.........................................

$

1,219,000

$

1,160,796

Heritage

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

%

,

9/01/44

...........................................

646,000

590,319

Heritage

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/54

........................................

565,000

510,705

c

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/31

.............................

398,000

361,726

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/01/41

..............................

1,205,000

939,672

c

City

of

Fate

,

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

8/15/26

........................................

100,000

99,073

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

8/15/31

.......................................

711,000

660,723

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

8/15/41

........................................

1,871,000

1,547,477

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

8/15/44

.......................................

800,000

753,458

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.75 %

,

8/15/54

........................................

1,350,000

1,284,504

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.375 %

,

8/15/30

.............................

125,000

116,738

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.875 %

,

8/15/40

.............................

691,000

596,389

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

8/15/50

.............................

994,000

776,699

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.875 %

,

8/15/42

.............................

1,617,000

1,561,512

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

8/15/52

................................

2,500,000

2,451,692

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.125 %

,

8/15/30

.......................................

436,000

426,657

Williamsburg

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.25 %

,

8/15/42

..................................................

1,204,000

1,068,077

Williamsburg

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.375 %

,

8/15/52

.................................................

1,100,000

919,351

Williamsburg

Public

Improvement

District

No.

Phase

3B

,

Special

Assessment

,

144A,

2023

,

4.25 %

,

8/15/30

........................................

250,000

254,386

Williamsburg

Public

Improvement

District

No.

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.125 %

,

8/15/43

.......................................

1,000,000

979,381

Williamsburg

Public

Improvement

District

No.

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

8/15/53

.......................................

1,287,000

1,239,578

c

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.375 %

,

9/01/32

.............................

761,000

690,626

Woodstone

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/01/42

..............................

1,259,000

1,014,041

c

City

of

Fort

Worth

,

Public

Improvement

District

No.

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

%

,

9/01/27

................................................

870,000

874,735

Public

Improvement

District

No.

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

%

,

9/01/32

................................................

1,270,000

1,267,399

Public

Improvement

District

No.

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5.125 %

,

9/01/37

............................................

1,650,000

1,583,500

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Fort

Worth,

(continued)

Public

Improvement

District

No.

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

%

,

9/01/27

...........................................

$

740,000

$

742,261

Public

Improvement

District

No.

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

%

,

9/01/32

...........................................

1,530,000

1,524,193

Public

Improvement

District

No.

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

%

,

9/01/37

...........................................

1,975,000

1,869,076

c

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.875 %

,

9/15/32

.................................................

409,000

387,057

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.125 %

,

9/15/42

.................................................

1,060,000

898,613

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.25 %

,

9/15/47

..................................................

716,000

580,513

c

City

of

Gunter

,

Bridges

Phase

2A

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

9/15/55

..........................................

1,676,000

1,595,620

c

City

of

Haslet

,

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

9/01/26

.......................................

191,000

188,917

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

9/01/31

........................................

150,000

135,300

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/01/41

.......................................

1,271,000

997,201

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

%

,

10/01/30

.......................................................

490,000

455,494

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25 %

,

10/01/33

.................................................

425,000

375,371

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2024

B

,

5.5 %

,

7/15/39

4,750,000

4,935,111

c

City

of

Huntsville

,

Reserves

of

Huntsville

Public

Improvement

District

(The)

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/15/44

............................................

775,000

747,331

Reserves

of

Huntsville

Public

Improvement

District

(The)

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/15/54

............................................

742,000

696,212

c

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/01/31

.............................

260,000

242,282

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/41

...............................

1,038,000

829,015

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

9/01/55

.............................

584,000

538,815

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

9/01/26

..................................................

100,000

99,031

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/31

........................................................

392,000

367,245

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.875 %

,

9/01/41

.................................................

1,000,000

842,327

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/56

........................................................

3,479,000

2,590,811

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

9/01/31

..............................

206,000

190,736

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/01/41

.............................

519,000

421,401

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/56

................................

1,146,000

837,814

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

9/01/43

..............................

859,000

836,723

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Hutto,

(continued)

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/01/58

.............................

$

2,000,000

$

1,940,244

c

City

of

Justin

,

g

Special

Assessment

,

144A,

2025

,

5.875 %

,

9/01/45

.........................

460,000

459,457

g

Special

Assessment

,

144A,

2025

,

6.125 %

,

9/01/55

.........................

1,000,000

1,001,120

Timberbrook

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

................................

475,000

439,060

Timberbrook

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/41

.............................

2,709,000

2,120,193

Timberbrook

Public

Improvement

District

No.

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.5 %

,

9/01/31

.........................................

200,000

202,450

Timberbrook

Public

Improvement

District

No.

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/44

.........................................

580,000

570,491

Timberbrook

Public

Improvement

District

No.

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.75 %

,

9/01/53

........................................

755,000

737,686

c

City

of

Kaufman

,

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/31

........................................................

230,000

206,452

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/15/41

........................................................

570,000

462,336

City

of

Kyle

,

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.5 %

,

9/01/44

.........................................

1,380,000

1,036,850

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

9/01/30

.......................................

400,000

377,674

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

9/01/26

........................................

124,000

122,798

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/31

.......................................

530,000

506,992

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/01/41

........................................

1,428,000

1,183,823

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

9/01/43

........................................

2,250,000

2,179,147

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/47

.........................................

1,396,000

1,361,570

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

9/01/50

.......................................

500,000

459,812

Kyle

Public

Improvement

District

,

Special

Assessment

,

2022

,

4.75 %

,

9/01/32

..

400,000

408,730

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.75 %

,

9/01/33

..............................

176,000

175,840

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/43

...............................

678,000

649,013

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/53

..............................

1,250,000

1,191,827

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.75 %

,

9/01/53

..............................

1,113,000

1,065,514

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.875 %

,

9/01/32

.............................

500,000

477,509

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

4.125 %

,

9/01/41

.............................

1,185,000

1,028,572

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/01/54

.............................

805,000

770,347

c

Plum

Creek

North

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.625 %

,

9/01/41

.............................

1,092,000

1,002,686

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/43

..............................

1,229,000

1,173,565

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

City

of

Kyle,

(continued)

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

................................

$

3,000,000

$

2,841,402

c

Southwest

Kyle

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.75 %

,

9/01/48

..............................

1,400,000

1,423,716

City

of

Lago

Vista

,

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2020

,

Refunding

,

3.125 %

,

9/01/30

.........................

300,000

282,998

c

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/01/43

.............................

563,000

543,649

c

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

%

,

9/01/54

................................

2,113,000

2,062,128

c

Tessera

on

Lake

Travis

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

A

,

Refunding

,

5.125 %

,

9/01/35

...................

2,070,000

1,797,917

c

Tessera

on

Lake

Travis

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

A

,

Refunding

,

5.5 %

,

9/01/40

.....................

2,715,000

2,251,145

c

City

of

Lavon

,

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.5 %

,

9/15/27

.........................................

400,000

393,563

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.875 %

,

9/15/32

.......................................

1,000,000

956,727

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/42

...........................................

2,259,000

1,892,965

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

9/15/31

........................................

243,000

240,476

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/15/52

.......................................

500,000

469,326

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

4.375 %

,

9/15/31

.............................

300,000

298,850

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/15/44

.............................

615,000

594,729

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/15/54

...............................

800,000

760,026

Elevon

Public

Improvement

District

Zone

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/15/27

........................................

190,000

187,822

Elevon

Public

Improvement

District

Zone

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.125 %

,

9/15/32

.......................................

455,000

443,416

Elevon

Public

Improvement

District

Zone

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.375 %

,

9/15/42

.......................................

1,000,000

879,168

Lakepointe

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/52

........................................................

1,500,000

1,525,345

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25 %

,

9/01/32

...........................................

530,000

484,769

c

City

of

Lewisville

,

Lakeside

Crossing

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

............................................

1,625,000

1,648,041

c

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.625 %

,

9/01/27

........................................................

264,000

257,982

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.125 %

,

9/01/32

........................................................

750,000

698,308

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375 %

,

9/01/42

........................................................

1,771,000

1,348,961

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.5 %

,

9/01/27

...............................

136,000

133,554

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.875 %

,

9/01/32

.............................

275,000

257,616

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.125 %

,

9/01/42

.............................

1,097,000

909,395

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Liberty

Hill,

(continued)

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.375 %

,

9/01/52

.............................

$

2,705,000

$

2,142,775

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

9/01/30

.................................................

250,000

235,188

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/40

........................................................

845,000

718,295

c

City

of

Manor

,

Manor

Heights

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.5 %

,

9/15/30

..............................................

232,000

233,488

Manor

Heights

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

9/15/43

.............................................

328,000

316,799

Manor

Heights

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/15/44

............................................

298,000

289,722

Manor

Heights

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/15/54

............................................

584,000

560,236

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/26

.............................

135,000

134,150

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/31

.............................

250,000

225,858

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/15/31

..............................

310,000

281,587

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/15/41

...............................

700,000

542,603

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/15/41

.............................

830,000

695,285

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/51

................................

1,000,000

744,847

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.375 %

,

9/15/51

.............................

1,225,000

946,157

c

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.875 %

,

9/01/31

.............................

350,000

327,544

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/01/41

.............................

1,000,000

841,281

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.375 %

,

9/01/51

.............................

1,470,000

1,162,926

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

2A

,

Special

Assessment

,

144A,

2024

,

6.625 %

,

9/01/54

.............................

1,200,000

1,100,297

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.625 %

,

9/01/31

.............................

150,000

144,621

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875 %

,

9/01/41

.............................

450,000

409,405

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.125 %

,

9/01/51

.............................

620,000

547,803

Thunder

Rock

Public

Improvement

District

Remainder

Area

,

Special

Assessment

,

144A,

2024

,

7.375 %

,

9/01/44

.......................................

1,000,000

954,282

Thunder

Rock

Public

Improvement

District

Remainder

Area

,

Special

Assessment

,

144A,

2024

,

7.625 %

,

9/01/54

.......................................

1,750,000

1,659,587

c

City

of

Mclendon-Chisholm

,

Sonoma

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

9/15/26

.......................................

80,000

79,093

Sonoma

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/15/41

.......................................

620,000

502,892

Sonoma

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/51

...........................................

865,000

648,932

Sonoma

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.375 %

,

9/15/32

.......................................

250,000

262,134

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Mesquite

,

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.75 %

,

9/01/30

........................................

$

647,000

$

657,850

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/43

.........................................

1,500,000

1,488,425

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/53

........................................

4,965,000

4,904,644

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

9/01/43

.............................

750,000

731,978

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/01/53

.............................

1,210,000

1,171,320

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/01/53

.............................

1,017,000

987,211

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

9/01/31

..............................

244,000

243,854

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/53

..............................

200,000

183,603

c

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/15/31

........................................................

410,000

383,621

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/15/51

.................................................

1,635,000

1,279,067

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/15/31

.............................

230,000

226,104

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5 %

,

9/15/41

...............................

420,000

371,503

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/32

...............................

309,000

308,428

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/42

................................

750,000

727,093

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/52

.............................

1,410,000

1,358,946

c

City

of

Mustang

Ridge

,

Durango

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.125 %

,

9/01/43

.......................................

515,000

525,243

Durango

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.375 %

,

9/01/53

.......................................

498,000

505,323

c

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.25 %

,

9/01/31

..............................

320,000

304,486

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.5 %

,

9/01/41

...............................

882,000

771,483

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.75 %

,

9/01/51

..............................

1,454,000

1,213,468

c

City

of

Oak

Point

,

Chaparral

Park

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.1 %

,

9/15/44

...............................

1,295,000

1,199,158

Chaparral

Park

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/15/54

..............................

250,000

227,222

Oak

Point

720

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.7 %

,

9/15/31

..............................................

249,000

249,607

Oak

Point

720

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.35 %

,

9/15/44

.............................................

170,000

159,680

Oak

Point

720

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/15/54

............................................

160,000

149,509

Oak

Point

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

9/01/30

..................................................

300,000

282,475

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Oak

Point,

(continued)

Oak

Point

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/01/40

..................................................

$

1,170,000

$

994,917

Oak

Point

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/50

........................................................

1,060,000

814,074

Wildridge

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

9/01/31

..............................

160,000

144,237

Wildridge

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/01/41

.............................

628,000

462,193

c

City

of

Pilot

Point

,

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.25 %

,

9/15/35

..............................

500,000

507,576

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

9/15/45

.............................

927,000

927,856

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

6.375 %

,

9/15/55

.............................

1,790,000

1,784,015

Bryson

Ranch

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/35

................................

301,000

304,834

Bryson

Ranch

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

7.125 %

,

9/15/55

.............................

1,004,000

1,002,112

Bryson

Ranch

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.25 %

,

9/15/35

..............................

250,000

253,454

Bryson

Ranch

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

9/15/45

.............................

650,000

650,600

Bryson

Ranch

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

6.375 %

,

9/15/55

.............................

1,390,000

1,385,353

Bryson

Ranch

Public

Improvement

District

Zone

B

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/35

................................

251,000

253,910

Bryson

Ranch

Public

Improvement

District

Zone

B

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

7.125 %

,

9/15/55

.............................

1,070,000

1,067,988

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/15/32

..............................

200,000

206,975

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/42

...............................

800,000

773,843

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.625 %

,

9/15/52

.............................

1,000,000

938,912

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

5.75 %

,

9/15/32

........................................

200,000

208,532

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/52

.......................................

2,078,000

2,047,363

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/15/32

..............................

300,000

311,719

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/42

...............................

750,000

734,204

Mobberly

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.125 %

,

9/15/32

.......................................

500,000

505,364

Mobberly

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/48

.........................................

4,026,000

3,656,949

Mobberly

Public

Improvement

District

Improvement

Area

No.

1B

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/15/48

.............................

926,000

855,141

Mobberly

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.625 %

,

9/15/32

.......................................

810,000

844,554

Mobberly

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/52

...........................................

4,001,000

3,877,075

Mobberly

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.5 %

,

9/15/52

.........................................

1,600,000

1,623,501

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.375 %

,

9/15/51

.................................................

$

7,556,000

$

5,763,861

Collin

Creek

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/51

....................................................

2,192,000

1,658,733

Haggard

Farm

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

7.5 %

,

9/15/53

...............................

1,000,000

1,022,963

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.25 %

,

9/15/43

..............................

1,250,000

1,276,201

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.5 %

,

9/15/53

...............................

2,193,000

2,241,483

c

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

2.875 %

,

9/01/25

.................................................

32,000

32,000

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.375 %

,

9/01/30

.................................................

180,000

171,254

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.875 %

,

9/01/40

.................................................

650,000

561,122

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

9/01/50

.................................................

930,000

743,113

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/01/27

........................................................

157,000

156,012

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

%

,

9/01/32

........................................................

280,000

273,398

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.375 %

,

9/01/52

.................................................

1,117,000

910,610

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.5 %

,

9/01/26

........................................................

36,000

35,564

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

........................................................

126,000

116,718

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/41

........................................................

325,000

249,973

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/51

........................................................

431,000

334,872

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/01/32

........................................

380,000

390,963

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

9/01/43

........................................

1,155,000

1,110,992

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/53

.........................................

1,220,000

1,163,360

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

9/01/31

........................................

302,000

302,672

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

%

,

9/01/44

...........................................

713,000

660,081

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/54

........................................

491,000

461,188

Sicily

Public

Improvement

District

Major

improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/43

................................

1,000,000

1,000,077

Sicily

Public

Improvement

District

Major

improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

................................

2,000,000

1,971,358

Sicily

Public

Improvement

District

Major

improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

7.875 %

,

9/01/53

.............................

1,000,000

1,002,712

Southbridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/44

..............................

500,000

471,235

Southbridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/54

...............................

1,100,000

1,015,014

Southridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.25 %

,

9/01/43

..............................

1,355,000

1,396,673

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Princeton,

(continued)

Southridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.375 %

,

9/01/53

.............................

$

1,380,000

$

1,411,403

Whitewing

Trails

Public

Improvement

District

No.

Phase

,

Special

Assessment

,

144A,

2023

,

4.25 %

,

9/01/30

........................................

166,000

166,235

Whitewing

Trails

Public

Improvement

District

No.

Phase

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

9/01/53

.......................................

2,041,000

1,913,938

Winchester

Crossing

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/01/44

............................................

875,000

801,720

Winchester

Crossing

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/01/54

............................................

225,000

213,176

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

9/01/30

........................................................

200,000

189,345

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/01/40

........................................................

470,000

399,667

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/50

........................................................

675,000

520,616

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

9/01/31

........................................................

110,000

99,660

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

9/01/41

........................................................

518,000

379,099

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/51

........................................................

616,000

460,945

Winchester

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/01/32

..................................................

461,000

465,181

Winchester

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/01/52

..................................................

2,220,000

2,075,109

Windmore

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/01/44

.............................

411,000

378,789

Windmore

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/54

...............................

565,000

524,972

c

City

of

Red

Oak

,

Red

Oak

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

9/15/26

.............................

132,000

130,504

Red

Oak

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/31

.............................

354,000

317,245

Red

Oak

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/15/41

.............................

500,000

379,720

c

City

of

Rowlett

,

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/31

..............

175,000

161,111

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/15/41

...............

820,000

679,894

c

City

of

Royse

City

,

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.625 %

,

9/15/30

.............................

225,000

213,975

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

9/15/40

.............................

590,000

509,600

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.375 %

,

9/15/50

.............................

715,000

577,739

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.875 %

,

9/15/42

.............................

589,000

573,572

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/52

................................

1,267,000

1,252,217

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

4.375 %

,

9/15/30

.............................

210,000

207,712

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

4.875 %

,

9/15/40

.............................

375,000

344,539

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Royse

City,

(continued)

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.125 %

,

9/15/50

.............................

$

575,000

$

510,618

Creekside

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.375 %

,

9/15/30

.......................................

450,000

429,566

Creekside

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.875 %

,

9/15/40

.......................................

1,190,000

1,026,258

Creekside

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

9/15/50

.......................................

1,780,000

1,378,205

Liberty

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.375 %

,

9/15/53

.............................

1,107,000

1,113,330

Liberty

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/15/44

.............................

716,000

674,567

Waterscape

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.875 %

,

9/15/54

............................................

1,000,000

968,218

Waterscape

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2019

,

4.75 %

,

9/15/49

..............................

1,495,000

1,306,606

c

City

of

Sachse

,

Sachse

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/52

........................................................

750,000

798,331

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

9/15/30

..............................

405,000

381,369

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/15/40

..............................

1,070,000

908,941

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

%

,

9/15/50

................................

1,485,000

1,140,045

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/50

................................

200,000

204,430

Sachse

Public

Improvement

District

No.

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.375 %

,

9/15/40

.............................

1,700,000

1,711,078

Sachse

Public

Improvement

District

No.

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.625 %

,

9/15/50

.............................

2,235,000

2,232,226

City

of

San

Marcos

,

c

Trace

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

%

,

9/01/48

.

1,295,000

1,220,430

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

4.375 %

,

9/01/25

.

100,000

100,000

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

4.875 %

,

9/01/30

.

305,000

307,288

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.375 %

,

9/01/40

.

1,300,000

1,286,273

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.625 %

,

9/01/50

.

1,300,000

1,243,251

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/01/27

..................................................

200,000

197,799

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

%

,

9/01/32

........................................................

425,000

409,765

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.5 %

,

9/01/51

........................................................

1,621,000

1,319,982

c

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.375 %

,

9/01/27

.................................................

280,000

280,202

Somerset

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/01/32

..................................................

660,000

641,443

Somerset

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.125 %

,

9/01/42

.................................................

1,000,000

930,677

Somerset

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/01/51

..................................................

1,250,000

1,154,103

c

City

of

Terrell

,

Arboretum

Estates

Public

Improvement

District

No.

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2025

,

6.25 %

,

9/15/55

..................

2,625,000

2,607,334

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Terrell,

(continued)

Arboretum

Estates

Public

Improvement

District

No.

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/55

....................

$

2,625,000

$

2,576,516

c

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/15/52

.............................................

1,000,000

966,951

Raburn

Reserve

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/15/53

................................................

1,307,000

1,303,597

Raburn

Reserve

Public

Improvement

District

improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.375 %

,

9/15/30

.............................

235,000

222,800

c

City

of

Uhland

,

Anderson

Park

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/01/44

............................................

605,000

562,184

Anderson

Park

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/55

..............................................

950,000

876,861

Watermill

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.625 %

,

9/01/52

........................................................

3,000,000

3,039,636

c

City

of

Venus

,

Brahman

Ranch

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

6.25 %

,

9/15/42

..................................................

1,000,000

967,003

Brahman

Ranch

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

6.5 %

,

9/15/52

...................................................

1,009,000

978,009

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

9/15/26

.................................................

117,000

115,674

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/31

.................................................

171,000

157,854

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/15/41

.................................................

1,005,000

790,283

c

City

of

Waxahachie

,

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.125 %

,

8/15/32

........................................................

302,000

310,864

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

8/15/52

........................................................

2,395,000

2,258,006

c

City

of

Wharton

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/55

.................

1,100,000

1,087,897

c

Club

Municipal

Management

District

No.

,

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.5 %

,

9/01/26

.......

104,000

102,740

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

........

267,000

242,975

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

9/01/41

......

981,000

730,534

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.1 %

,

9/01/44

.......

500,000

472,569

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/01/55

.....

700,000

659,833

c

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue

,

144A,

2021

B

,

3.5 %

,

10/01/31

.............................................

450,000

384,193

c

County

of

Bastrop

,

Double

Eagle

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/54

.....................

775,000

728,157

c

County

of

Denton

,

Green

Meadows

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

12/31/55

............................

2,260,000

2,245,173

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

12/31/45

............................

2,300,000

2,290,718

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

12/31/55

............................

4,550,000

4,515,458

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.25 %

,

12/31/44

..................

1,750,000

1,648,341

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.625 %

,

12/31/54

.................

3,100,000

2,918,644

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

County

of

Hays

,

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

9/15/30

........................................................

$

100,000

$

93,523

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/15/40

........................................................

800,000

679,582

La

Cima

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.75 %

,

9/15/52

..............................

3,375,000

3,203,041

c

County

of

Medina

,

Haby

Farms

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.875 %

,

9/01/54

.............................

1,135,000

1,074,057

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875 %

,

9/01/31

.............................

730,000

699,359

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25 %

,

9/01/41

..............................

780,000

737,636

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.5 %

,

9/01/50

...............................

1,160,000

1,073,662

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/26

.........................

115,000

114,722

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/01/31

.......................

400,000

387,462

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.5 %

,

9/01/41

.........................

1,085,000

963,683

County

of

Montgomery

,

Crockett

Meadows

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2025

,

5.25 %

,

9/15/45

...................................

1,125,000

1,076,328

Crockett

Meadows

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2025

,

5.5 %

,

9/15/54

....................................

1,750,000

1,625,813

Meadow

Park

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2025

,

5.375 %

,

9/15/54

..................................

814,000

768,946

c

East

Waller

County

Management

District

,

Sofi

Lakes

Sections

&

Assessments

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/35

........................................................

885,000

887,335

Sofi

Lakes

Sections

&

Assessments

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/45

........................................................

1,965,000

1,939,681

Sofi

Lakes

Sections

&

Assessments

,

Special

Assessment

,

144A,

2025

,

6.25 %

,

9/15/55

........................................................

2,295,000

2,261,302

FW

Texas

Street

Public

Facility

Corp.

,

Revenue

,

2025

,

%

,

5/01/38

..............

10,000,000

9,910,432

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

5.8 %

,

10/01/45

..........

10,000,000

10,453,182

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

1/01/48

...................

5,000,000

4,509,760

c

Joshua

Farms

Municipal

Management

District

No.

,

Special

Assessment

,

144A,

2023

,

4.375 %

,

9/01/30

.........................

373,000

375,510

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/53

..........................

3,393,000

3,186,667

Karis

Municipal

Management

District

of

Tarrant

County

,

Improvement

Area

No.

,

Special

Assessment

,

2024

,

%

,

12/01/44

............

746,000

679,825

Improvement

Area

No.

,

Special

Assessment

,

2024

,

5.25 %

,

12/01/53

..........

833,000

752,559

d

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

c,g

Mission

Economic

Development

Corp.

,

Permian

Basin

Water

Resources

LLC

,

Revenue

,

144A,

2025

A

,

%

,

8/15/60

...................................

8,000,000

7,998,976

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

d

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

%

,

7/01/26

.............................

110,000

17,600

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

(continued)

d

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

%

,

7/01/51

.............................

$

5,110,000

$

817,600

CHF-Collegiate

Housing

College

Station

I

LLC

,

Revenue

,

2014

A

,

%

,

4/01/46

....

1,500,000

1,398,461

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

1/01/42

......

5,000,000

4,773,959

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

1/01/47

......

4,595,000

4,184,645

Morningside

Ministries

Obligated

Group

,

Revenue

,

2020

A

,

%

,

1/01/55

.........

4,100,000

3,247,929

NCCD-College

Station

Properties

LLC

,

Revenue

,

A

,

%

,

7/01/47

..............

25,500,000

23,460,263

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/39

.......................................................

2,750,000

2,536,173

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5.25 %

,

10/01/49

.......................................................

12,600,000

11,052,550

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2020

A

,

5.25 %

,

10/01/55

...

2,500,000

2,135,816

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/39

.......................................................

425,000

403,903

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/49

.......................................................

1,180,000

1,011,900

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Second

Tier

,

2019

B

,

5.5 %

,

12/01/54

................................................

15,925,000

13,958,904

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Third

Tier

,

2019

C

,

%

,

12/01/54

...................................................

5,545,000

4,957,225

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5 %

,

1/01/43

............

3,225,000

2,913,027

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5 %

,

1/01/49

............

1,015,000

870,734

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/50

.....

1,180,000

924,514

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/55

.....

4,400,000

3,338,997

c

North

Parkway

Municipal

Management

District

No.

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/15/26

.........................

675,000

674,148

City

of

Celina

Legacy

Hills

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/15/31

............................................

250,000

237,051

City

of

Celina

Legacy

Hills

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/41

................................................

1,000,000

837,697

North

Texas

Tollway

Authority

,

f

Special

Projects

System

,

Revenue

,

2011

B

,

Pre-Refunded

,

5.45 %,

9/01/37

......

7,500,000

3,966,971

Special

Projects

System

,

Revenue

,

2011

C

,

Pre-Refunded

,

%

,

9/01/43

.........

10,000,000

12,033,692

c

Northwood

Municipal

Utility

District

No.

,

GO

,

144A,

2020

,

Refunding

,

%

,

8/01/31

.

1,070,000

1,070,030

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

B

,

%

,

12/01/52

..............

5,075,000

3,761,058

d

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25 %

,

12/15/42

......................................

11,000,000

5,060,000

South

Manvel

Development

Authority

,

City

of

Manvel

Tax

Increment

Reinvestment

Zone

No.

,

Tax

Allocation

,

2023

,

%

,

4/01/38

............................

500,000

501,901

c

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.625 %

,

9/01/26

........................................

375,000

370,911

River

Walk

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.25 %

,

9/01/31

.........................................

750,000

708,324

River

Walk

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.5 %

,

9/01/36

..........................................

800,000

698,549

River

Walk

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

Refunding

,

%

,

9/01/43

............................................

2,450,000

2,009,445

c

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/15/32

445,000

451,826

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/15/42

1,400,000

1,353,394

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.375 %

,

9/15/52

........................................................

2,400,000

2,287,231

c

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.25 %

,

9/01/27

........................................................

139,000

136,414

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

Town

of

Little

Elm,

(continued)

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.5 %

,

9/01/32

........................................................

$

205,000

$

189,375

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/01/42

........................................................

529,000

421,078

Valencia

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/01/32

.................................................

712,000

753,147

Valencia

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

6.875 %

,

9/01/52

.................................................

2,700,000

2,745,923

c

Town

of

Providence

Village

,

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

%

,

9/01/44

................................

270,000

247,897

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/54

..............................

297,000

271,894

c

Travis

County

Development

Authority

,

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/01/44

........................................................

843,000

824,677

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/01/51

........................................................

750,000

733,815

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/01/32

...................

302,000

308,481

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.375 %

,

9/01/42

..................

868,000

868,227

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/01/52

....................

1,244,000

1,190,483

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

2.875 %

,

12/01/30

.

258,000

238,092

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.125 %

,

12/01/35

.

415,000

344,437

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.375 %

,

12/01/40

.

486,000

382,527

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.5 %

,

12/01/47

..

835,000

569,044

560,842,918

#### Utah

#### 0.6%
c

MIDA

Cormont

Public

Infrastructure

District

,

GO

,

144A,

2025

,

6.25 %

,

6/01/55

...................................

2,225,000

2,267,832

f

GO

,

144A,

2025

,

0.868 %,

6/01/55

..................................

2,250,000

1,839,267

c

MIDA

Mountain

Village

Public

Infrastructure

District

,

Military

Recreation

Facility

Project

Area

,

Tax

Allocation

,

144A,

2024-1

,

5.125 %

,

6/15/54

........................................................

2,000,000

1,836,171

Military

Recreation

Facility

Project

Area

,

Tax

Allocation

,

144A,

2024-2

,

%

,

6/15/54

5,000,000

4,967,423

Military

Installation

Development

Authority

,

Military

Recreation

Facility

Project

Area

,

Revenue

,

2021

,

%

,

6/01/52

.......

3,000,000

2,333,111

Military

Recreation

Facility

Project

Area

,

Revenue

,

2021

,

%

,

6/01/52

.......

5,745,000

4,415,478

Point

Phase

Public

Infrastructure

District

No.

,

Revenue

,

2025

,

6.125 %

,

3/01/55

7,950,000

8,039,118

c

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

%

,

6/15/39

..

475,000

432,947

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

%

,

6/15/49

..

825,000

676,544

26,807,891

#### Virginia

#### 0.4%
Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

6/01/44

........................................................

3,550,000

3,319,632

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

6/01/49

........................................................

4,065,000

3,651,106

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia
(continued)

c

Virginia

Small

Business

Financing

Authority

,

P3

VB

Holdings

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

8.5 %

,

12/01/52

....................................

$

11,000,000

$

10,130,038

17,100,776

#### Washington

#### 1.4%
Jefferson

County

Public

Hospital

District

No.

,

Revenue

,

2023

A

,

Refunding

,

6.875 %

,

12/01/53

........................................................

10,000,000

10,021,211

e

Washington

Economic

Development

Finance

Authority

,

Propeller

Airports

Paine

Field

LLC

,

Revenue

,

A

,

Mandatory

Put

,

8.5 %

,

3/01/27

..........................

22,750,000

22,625,317

c

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

1/01/51

........

15,070,000

9,561,121

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2019

A

,

%

,

1/01/55

..............................................

4,700,000

4,018,502

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

%

,

1/01/46

.........................................

2,250,000

2,019,558

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

%

,

1/01/51

.........................................

1,700,000

1,475,747

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

%

,

1/01/55

........................................................

9,020,000

7,487,837

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

1/01/51

........................................................

6,000,000

5,064,677

62,273,970

#### West

#### Virginia

#### 0.1%
c

County

of

Monongalia

,

Monongalia

County

Building

Commission

Development

District

No.

,

Tax

Allocation

,

144A,

2023

A

,

Refunding

,

5.75 %

,

6/01/43

..............................

880,000

900,660

Monongalia

County

Building

Commission

Development

District

No.

,

Tax

Allocation

,

144A,

2023

A

,

Refunding

,

%

,

6/01/53

................................

1,755,000

1,795,584

2,696,244

#### Wisconsin

#### 3.8%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

8,575,000

8,618,663

f

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

76,350,000

33,425,274

A&T

Real

Estate

Foundation

LLC

,

Revenue

,

2019

B

,

%

,

6/01/49

.............

2,675,000

2,445,708

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2017

A

,

%

,

7/01/53

..........

4,345,000

3,934,713

c

Coral

Academy

of

Science

Reno

,

Revenue

,

144A,

2022

A

,

%

,

6/01/62

.........

1,565,000

1,415,825

c

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

,

6.81 %

,

4/28/36

........

5,500,000

5,592,359

c

Eno

River

Academy

,

Revenue

,

144A,

2020

A

,

%

,

6/15/40

...................

815,000

775,383

c

Eno

River

Academy

,

Revenue

,

144A,

2020

A

,

%

,

6/15/54

...................

1,380,000

1,195,662

c

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

7/01/41

1,000,000

751,866

c

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

4.25 %

,

7/01/51

........................................................

5,345,000

3,641,579

c

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

B

,

6.625 %

,

2/01/46

..............

11,095,000

9,268,032

c

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.

,

Revenue

,

144A,

2024

,

4.75 %

,

7/01/45

..................................................

1,600,000

1,396,589

c

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.

,

Revenue

,

144A,

2024

,

%

,

7/01/60

....................................................

1,000,000

849,409

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

9/01/49

..

7,600,000

6,772,360

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

9/01/54

..

1,920,000

1,674,313

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

,

7.125 %

,

7/25/34

........................................................

5,705,000

5,889,859

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

%

,

6/01/36

....

300,000

269,820

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

%

,

6/01/51

....

1,000,000

732,666

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

%

,

6/01/61

....

1,275,000

896,895

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

C

,

4.6 %

,

12/01/37

5,460,000

4,643,064

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Wisconsin
(continued)

Public

Finance

Authority,

(continued)

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

3/01/37

............................................

$

1,000,000

$

964,219

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

3/01/52

............................................

4,100,000

3,357,652

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25 %

,

3/01/55

..................................................

12,975,000

10,910,155

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

%

,

10/15/31

..........

185,000

176,748

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

%

,

10/15/41

..........

570,000

508,804

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

%

,

10/15/51

..........

1,130,000

938,129

c,f

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

6.17 %,

12/01/35

.......................................................

39,830,000

21,569,833

c,f

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

,

2.279 %,

12/01/45

.....

11,680,000

8,471,376

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

%

,

6/15/31

.............

580,000

583,975

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

%

,

6/15/51

.............

2,250,000

1,868,921

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

%

,

6/15/56

.............

2,465,000

2,003,091

SR

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

5.75 %

,

12/31/65

......

8,000,000

7,827,463

SR

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

6.5 %

,

12/31/65

.......

5,000,000

5,262,734

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

6/15/65

..

2,250,000

2,035,943

c

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

,

5.35 %

,

7/01/40

.....

3,000,000

2,417,374

c

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

B

,

5.25 %

,

7/01/61

.......

2,000,000

1,583,252

c

UMA

Education,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

%

,

10/01/39

.........

2,000,000

1,951,380

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

%

,

7/01/28

...................

110,000

108,141

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

6.5 %

,

7/01/33

..................

300,000

285,710

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

%

,

7/01/43

...................

1,000,000

848,655

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

7.5 %

,

7/01/53

..................

6,620,000

5,571,731

HOPE

Christian

Schools

Obligated

Group

,

Revenue

,

2021

,

%

,

12/01/41

........

850,000

610,768

PHW

Menomonee

Falls,

Inc.

,

Revenue

,

2024

,

6.125 %

,

10/01/59

..............

1,000,000

1,000,975

175,047,068

#### U.S.

#### Territories

#### 6.6%

#### District

#### of

#### Columbia

#### 0.8%
District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2006

A

,

7.59 %,

6/15/46

.........................................................

175,000,000

38,259,200

#### Pacific

#### Islands

#### 0.1%
Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6 %

,

3/15/28

.........

4,350,000

4,445,952

#### Puerto

#### Rico

#### 5.7%
Children's

Trust

Fund

,

Revenue

,

2002

,

5.625 %

,

5/15/43

......................

2,500,000

2,539,209

Commonwealth

of

Puerto

Rico

,

j

GO

,

FRN

,

Zero

Cpn.,

11/01/43

........................................

GO

,

2022

,

5.75 %

,

7/01/31

........................................

666,031

730,914

GO

,

2022

,

%

,

7/01/35

..........................................

13,786,998

13,220,001

GO

,

2022

,

%

,

7/01/37

..........................................

31,512,915

29,270,897

GO

,

2022

,

%

,

7/01/41

..........................................

18,434,144

16,050,471

GO

,

2022

,

%

,

7/01/46

..........................................

6,799,278

5,619,545

f

GO

,

2022

,

4.65 %,

7/01/33

........................................

2,011,366

1,408,525

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5 %

,

8/20/40

...................

20,888,368

20,169,564

HTA

CL

Trust

,

Revenue

,

L-2028

,

5.25 %

,

7/01/38

..........................

1,239,120

1,239,383

c

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue

,

144A,

2021

B

,

Refunding

,

%

,

7/01/42

..........................

2,500,000

2,159,001

Revenue,

Senior

Lien

,

144A,

2020

A

,

Refunding

,

%

,

7/01/47

................

16,750,000

15,669,350

d

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

,

%

,

1/01/21

...........................................

6,000,000

3,930,000

Revenue

,

,

%

,

7/01/21

...........................................

6,000,000

3,930,000

Revenue

,

2013

A

,

%

,

7/01/19

.......................................

5,500,000

3,602,500

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

d

Puerto

Rico

Electric

Power

Authority,

(continued)

Revenue

,

2013

A

,

7.25 %

,

7/01/30

.....................................

$

13,925,000

$

9,155,687

Revenue

,

2016

,

%

,

7/01/19

.....................................

5,500,000

3,602,500

Revenue

,

,

%

,

1/01/22

...........................................

1,989,500

1,303,123

Revenue

,

,

%

,

7/01/22

...........................................

1,989,499

1,303,122

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

B

,

6.625 %

,

1/01/27

....................................

1,381,057

1,376,310

Revenue

,

2000

B

,

6.625 %

,

1/01/28

....................................

10,533,091

10,505,860

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

45,065,000

41,336,241

f

Sales

Tax

,

Revenue

,

,

5.68 %,

7/01/46

................................

25,400,000

8,027,858

f

Sales

Tax

,

Revenue

,

,

5.79 %,

7/01/51

................................

206,837,000

48,279,003

Sales

Tax

,

Revenue

,

,

4.329 %

,

7/01/40

...............................

12,000,000

11,129,308

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

6,000,000

5,300,555

260,858,928

#### Total

#### U.S.

#### Territories

#### ....................................................................
303,564,080

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 4,527,804,167

####)
...................................

#### 4,273,014,478

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a

,b

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

6,159,207

1,539,802

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 1,539,802

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 4,817,486,560

####)
.............................

#### 4,547,963,399

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 0.2%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 0.2%

#### Georgia

#### 0.0%

#### †
k

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

3.9 %

,

4/01/47

................

1,300,000

1,300,000

#### Maryland

#### 0.1%
k

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2025

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

3.9 %

,

7/01/55

..............................................

2,800,000

2,800,000

#### New

#### York

#### 0.1%
k

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2014

,

SPA

Mizuho

Bank

Ltd.

,

Daily

VRDN

and

Put

,

3.85 %

,

2/01/44

.................

6,000,000

6,000,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 10,100,000

####)
......................................

#### 10,100,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 10,100,000

####)
................................

#### 10,100,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 4,827,586,560

####)
99.5 #### %
..................................

#### $4,558,063,399

#### Other

#### Assets,

#### less

#### Liabilities
0.5 #### %
.............................................

#### 20,967,339

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $4,579,030,738
Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Non-income

producing.

c

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$1,587,964,202,

representing

34.7%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

The

rate

shown

represents

the

yield

at

period

end.

g

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

h

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

i

The

coupon

rate

will

be

dertermined

at

time

of

issue.

j

The

coupon

rate

shown

represents

the

rate

at

period

end.

k

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.25

$10.21

$9.96

$11.03

$11.28

$11.55

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.28 0.27 0.25 0.24 0.28 Net

realized

and

unrealized

gains

(losses)

(0.54)

0.04 0.25 (1.08)

(0.25)

(0.27)

Total

from

investment

operations

........

(0.39)

0.32 0.52 (0.83)

(0.01)

0.01 Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.27)

(0.24)

(0.24)

(0.28)

Net

asset

value,

end

of

period

..........

$9.71

$10.25

$10.21

$9.96

$11.03

$11.28

Total

return

d

.......................

(3.80)%

3.23%

5.34%

(7.49)%

(0.17)%

0.09%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.93%

0.93%

0.90%

0.89%

0.87%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.90%

0.90%

f

0.90%

f,g

0.89%

f

0.87%

f

0.87%

f

Net

investment

income

...............

3.06%

2.78%

2.75%

2.42%

2.07%

2.49%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$53,226

$57,889

$62,108

$60,153

$69,773

$56,810

Portfolio

turnover

rate

................

10.89%

17.30%

8.52%

11.69%

16.61%

22.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.25

$10.20

$9.95

$11.03

$11.28

$11.55

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.30 0.29 0.26 0.25 0.30 Net

realized

and

unrealized

gains

(losses)

(0.55)

0.05 0.25 (1.08)

(0.25)

(0.28)

Total

from

investment

operations

........

(0.39)

0.35 0.54 (0.82)

—

0.02 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.29)

(0.26)

(0.25)

(0.29)

Net

asset

value,

end

of

period

..........

$9.70

$10.25

$10.20

$9.95

$11.03

$11.28

Total

return

d

.......................

(3.82)%

3.49%

5.50%

(7.45)%

(0.02)%

0.24%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.78%

0.78%

0.75%

0.74%

0.72%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.75%

0.75%

f

0.75%

f,g

0.74%

f

0.72%

f

0.72%

f

Net

investment

income

...............

3.21%

2.93%

2.90%

2.57%

2.22%

2.66%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$120,421

$137,040

$158,862

$175,906

$234,499

$250,576

Portfolio

turnover

rate

................

10.89%

17.30%

8.52%

11.69%

16.61%

22.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.42

$10.37

$10.12

$11.21

$11.46

$11.74

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13 0.24 0.23 0.20 0.19 0.24 Net

realized

and

unrealized

gains

(losses)

(0.56)

0.05 0.25 (1.09)

(0.25)

(0.29)

Total

from

investment

operations

........

(0.43)

0.29 0.48 (0.89)

(0.06)

(0.05)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.24)

(0.23)

(0.20)

(0.19)

(0.23)

Net

asset

value,

end

of

period

..........

$9.86

$10.42

$10.37

$10.12

$11.21

$11.46

Total

return

d

.......................

(4.13)%

2.86%

4.83%

(7.92)%

(0.57)%

(0.39)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.32%

1.32%

1.29%

1.28%

1.26%

1.26%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.29%

1.29%

f

1.29%

f,g

1.28%

f

1.26%

f

1.26%

f

Net

investment

income

...............

2.60%

2.33%

2.29%

1.97%

1.64%

2.08%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$5,067

$7,186

$8,767

$12,724

$19,991

$29,441

Portfolio

turnover

rate

................

10.89%

17.30%

8.52%

11.69%

16.61%

22.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.25

$10.20

$9.96

$11.03

$11.28

$11.55

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.31 0.30 0.28 0.27 0.31 Net

realized

and

unrealized

gains

(losses)

(0.55)

0.05 0.24 (1.08)

(0.25)

(0.27)

Total

from

investment

operations

........

(0.38)

0.36 0.54 (0.80)

0.02 0.04 Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.31)

(0.30)

(0.27)

(0.27)

(0.31)

Net

asset

value,

end

of

period

..........

$9.70

$10.25

$10.20

$9.96

$11.03

$11.28

Total

return

d

.......................

(3.66)%

3.62%

5.54%

(7.22)%

0.12%

0.38%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.63%

0.63%

0.62%

0.61%

0.59%

0.60%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.62%

0.62%

f

0.62%

f,g

0.60%

f

0.58%

f

0.58%

f

Net

investment

income

...............

3.34%

3.06%

3.04%

2.72%

2.36%

2.78%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$6,157

$8,465

$7,967

$6,306

$8,031

$6,076

Portfolio

turnover

rate

................

10.89%

17.30%

8.52%

11.69%

16.61%

22.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.25

$10.21

$9.96

$11.03

$11.28

$11.55

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.31 0.30 0.27 0.26 0.31 Net

realized

and

unrealized

gains

(losses)

(0.54)

0.04 0.25 (1.07)

(0.24)

(0.28)

Total

from

investment

operations

........

(0.38)

0.35 0.55 (0.80)

0.02 0.03 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.30)

(0.27)

(0.27)

(0.30)

Net

asset

value,

end

of

period

..........

$9.71

$10.25

$10.21

$9.96

$11.03

$11.28

Total

return

d

.......................

(3.68)%

3.49%

5.60%

(7.26)%

0.08%

0.34%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.68%

0.68%

0.65%

0.65%

0.62%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.65%

0.65%

f

0.65%

f,g

0.65%

f

0.62%

f

0.62%

f

Net

investment

income

...............

3.32%

3.04%

3.00%

2.67%

2.32%

2.73%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$34,349

$36,560

$31,551

$36,351

$42,264

$37,329

Portfolio

turnover

rate

................

10.89%

17.30%

8.52%

11.69%

16.61%

22.66%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 97.1%

#### Florida

#### 1.0%
a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

.........................................................

$

500,000

$

317,950

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

2,300,000

1,919,322

2,237,272

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

185,000

185,942

b

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

505,000

221,084

407,026

#### Louisiana

#### 91.5%
Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AG

Insured

,

%

,

3/01/36

......

505,000

459,150

City

of

Lafayette

,

Sales

&

Use

Tax

,

Revenue

,

2019

A

,

%

,

5/01/44

..............

2,350,000

2,390,679

City

of

Natchitoches

,

Utilities

,

Revenue

,

2023

,

AG

Insured

,

5.5 %

,

6/01/53

.........

750,000

785,750

City

of

New

Orleans

,

GO

,

2021

A

,

%

,

12/01/39

...........................................

6,000,000

6,182,545

Sewerage

Service

,

Revenue

,

2020

B

,

%

,

6/01/50

.........................

1,300,000

1,069,583

City

of

Shreveport

,

GO

,

2024

,

AG

Insured

,

%

,

3/01/54

....................................

4,950,000

4,840,075

Water

&

Sewer

,

Revenue

,

2016

B

,

%

,

12/01/41

..........................

4,000,000

4,002,348

Water

&

Sewer

,

Revenue

,

2020

B

,

Refunding

,

%

,

12/01/50

..................

5,070,000

3,331,646

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

%

,

2/01/45

5,000,000

4,486,829

East

Ouachita

Parish

School

District

,

GO

,

2025

,

5.25 %

,

3/01/45

................

1,500,000

1,559,181

c

Greater

New

Orleans

Expressway

Commission

,

Revenue

,

2025

,

Refunding

,

AG

Insured

,

%

,

11/01/46

..............................................

1,050,000

1,055,266

Greater

Ouachita

Water

Co.

,

Revenue

,

2024

,

BAM

Insured

,

4.5 %

,

9/01/53

........

1,000,000

887,471

Jefferson

Parish

Consolidated

Waterworks

District

No.

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

%

,

2/01/40

...........................................

5,000,000

4,760,009

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AG

Insured

,

%

,

12/01/42

.........

2,250,000

2,261,101

Juban

Crossing

Economic

Development

District

,

Revenue

,

2024

C

,

Refunding

,

%

,

9/15/54

.........................................................

1,500,000

1,423,140

Lafayette

Parish

School

Board

,

Sale

Tax

,

Revenue

,

2025

,

5.75 %

,

4/01/55

...............................

1,500,000

1,603,599

Sales

Tax

,

Revenue

,

2023

,

%

,

4/01/53

.................................

2,500,000

2,139,929

Livingston

Parish

School

District

No.

,

GO

,

2021

,

BAM

Insured

,

%

,

5/01/38

......

1,050,000

1,020,499

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

,

Revenue

,

2021

,

%

,

10/01/39

........................................................

1,490,000

1,390,610

Louisiana

Housing

Corp.

,

Revenue

,

2021

B

,

GNMA

Insured

,

2.05 %

,

6/01/36

.........................

615,000

484,552

Revenue

,

2021

B

,

GNMA

Insured

,

2.2 %

,

6/01/41

..........................

1,965,000

1,364,086

Revenue

,

2024

A

,

GNMA

Insured

,

4.4 %

,

12/01/44

.........................

990,000

934,695

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Calcasieu

Parish

School

Board

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

%

,

12/01/39

.......................................................

500,000

524,343

a

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

%

,

11/01/46

...................

1,800,000

1,501,695

City

of

Pineville

,

Revenue

,

2024

,

AG

Insured

,

%

,

9/01/39

...................

2,505,000

2,664,375

Entergy

Louisiana

LLC

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/30

.............

1,500,000

1,390,558

Entergy

Louisiana

LLC

,

Revenue

,

2021

B

,

Refunding

,

2.5 %

,

4/01/36

...........

3,000,000

2,449,615

a

Parish

of

Assumption

,

Revenue

,

144A,

2021

,

3.875 %

,

11/01/45

...............

900,000

742,325

a

Parish

of

St.

Bernard

,

Revenue

,

144A,

2021

,

%

,

11/01/45

...................

1,110,000

932,595

a

Parish

of

St.

Charles

,

Revenue

,

144A,

2022

,

4.5 %

,

11/01/47

.................

1,900,000

1,720,843

a

Parish

of

St.

Tammany

LA

GOMESA

,

Revenue

,

144A,

2020

,

3.875 %

,

11/01/45

....

2,610,000

2,152,743

a

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

..................................................

1,250,000

1,250,610

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Louisiana
(continued)

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

(continued)

a,b

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.82 %,

12/01/44

.................................................

$

6,500,000

$

3,807,935

University

of

Louisiana

at

Lafayette

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

10/01/39

.......................................................

1,000,000

1,003,956

University

of

Louisiana

at

Lafayette

,

Revenue

,

2018

,

AG

Insured

,

%

,

10/01/48

...

3,500,000

3,450,303

University

of

Louisiana

System

,

Revenue

,

2019

,

Refunding

,

AG

Insured

,

%

,

8/01/34

1,000,000

1,008,334

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/30

....................................................

1,020,000

1,054,688

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/31

....................................................

1,065,000

1,096,454

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/32

....................................................

1,100,000

1,113,473

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/33

....................................................

1,155,000

1,160,525

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2023

A

,

AG

Insured

,

%

,

10/01/43

...................................................

600,000

606,015

Woman's

Hospital

Foundation

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/41

......

5,230,000

5,191,110

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15 %

,

9/01/27

.........................................................

1,500,000

1,522,969

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75 %

,

9/01/64

.....

5,000,000

4,992,228

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/48

...

5,000,000

4,844,852

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

%

,

7/01/35

..............................................

4,965,000

4,967,407

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2015

,

%

,

6/01/45

........................................................

7,800,000

7,743,565

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

%

,

6/01/50

5,000,000

3,976,431

Louisiana

Department

of

Public

Safety

&

Corrections

,

Revenue

,

2024

,

AG

Insured

,

%

,

8/01/44

....................................................

800,000

820,127

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2016

A

,

%

,

7/01/46

..............................................

6,500,000

6,234,977

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2017

,

%

,

7/01/52

................................................

2,310,000

2,234,385

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/37

.......

2,020,000

1,882,697

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/39

.......

3,460,000

3,108,243

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/41

.......

2,850,000

2,470,743

Loyola

University

New

Orleans

,

Revenue

,

2023

A

,

%

,

10/01/38

..............

500,000

503,170

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/34

........................................................

30,000

30,531

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/47

........................................................

20,000

20,354

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/42

5,695,000

5,640,489

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/46

2,000,000

1,939,034

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

5/15/55

........................................................

3,000,000

3,036,171

a

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.5 %

,

1/01/50

.

2,000,000

1,535,338

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/37

............................................

3,750,000

1,256,250

Tulane

University

,

Revenue

,

2016

A

,

Refunding

,

%

,

12/15/41

................

3,000,000

3,019,455

Tulane

University

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

12/15/50

.............

60,000

62,049

Tulane

University

,

Revenue

,

2024

A

,

%

,

4/15/38

..........................

1,000,000

1,074,653

Louisiana

Stadium

&

Exposition

District

,

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

5.25 %

,

7/01/53

...................................................

1,750,000

1,770,376

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

%

,

7/01/40

....................................

4,500,000

4,594,861

Natchitoches

Parish

School

District

No.

,

GO

,

2018

,

AG

Insured

,

%

,

3/01/38

.....

1,440,000

1,490,134

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Louisiana
(continued)

New

Orleans

Aviation

Board

,

Revenue

,

2024

B

,

Refunding

,

5.25 %

,

1/01/45

.............................

$

2,500,000

$

2,547,186

Revenue

,

2024

,

%

,

1/01/54

......................................

1,000,000

998,511

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

%

,

1/01/48

.

5,000,000

4,917,021

Parish

of

Terrebonne

,

Sales

&

Use

Tax

,

Revenue

,

2020

A

,

%

,

3/01/41

...........

2,660,000

2,490,935

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2018

A

,

AG

Insured

,

%

,

4/01/48

..............................

2,750,000

2,717,600

Revenue

,

2020

D

,

%

,

4/01/50

........................................

2,000,000

1,975,476

Revenue

,

2025

A

,

5.25 %

,

4/01/55

.....................................

3,000,000

3,020,085

Rapides

Parish

Consolidated

School

District

No.

,

GO

,

2022

,

AG

Insured

,

%

,

3/01/42

.........................................................

1,100,000

1,121,523

Rapides

Parish

School

District

No.

Rigolette

,

GO

,

2023

,

AG

Insured

,

%

,

3/01/41

.

1,000,000

922,136

St.

John

the

Baptist

,

Parish

School

District

No.

,

GO

,

2023

,

5.25 %

,

3/01/43

.......

3,300,000

3,307,205

St.

Tammany

Parish

Hospital

Service

District

No.

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/48

.........................................................

5,500,000

5,415,755

State

of

Louisiana

,

GO

,

2016

A

,

%

,

9/01/35

............................................

2,575,000

2,624,483

Gasoline

&

Fuels

Tax

,

Revenue

,

2025

B

,

Refunding

,

%

,

5/01/35

..............

1,500,000

1,701,329

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2024

A

,

Refunding

,

%

,

5/01/44

...

6,000,000

5,355,293

Tangipahoa

Parish

Hospital

Service

District

No.

,

Revenue

,

2021

,

Refunding

,

%

,

2/01/35

.................................

2,250,000

2,215,326

Revenue

,

2021

,

Refunding

,

%

,

2/01/38

.................................

2,000,000

1,887,573

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

%

,

6/01/41

......................................................

1,000,000

922,855

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

,

GO

,

2020

,

%

,

3/01/50

.........................................................

3,000,000

2,492,646

200,659,665

#### Texas

#### 0.6%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

.....................................................

450,000

395,941

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

1,250,000

895,864

1,291,805

#### Washington

#### 0.3%
a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

700,000

580,538

#### Wisconsin

#### 1.3%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

855,000

859,354

b

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

2,290,000

1,002,539

a

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

800,000

613,342

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

500,000

480,809

2,956,044

#### U.S.

#### Territories

#### 2.2%

#### Puerto

#### Rico

#### 2.2%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

500,000

499,694

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

................................

3,500,000

3,143,099

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

1,196,000

1,097,041

4,739,834

#### Total

#### U.S.

#### Territories

#### ....................................................................
4,739,834

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 231,842,214

####)
.....................................

#### 212,872,184
Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Shares
a

#### Value
a

a

#### a
a

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
d

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

43,434

$

10,859

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 10,859

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 231,842,214

####)
...............................

#### 212,883,043

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.0%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 1.0%

#### Louisiana

#### 1.0%
f

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2023

,

Refunding

,

LOC

Toronto

Dominion

Bank

(The)

,

Daily

VRDN

and

Put

,

3.9 %

,

5/01/43

$

2,100,000

2,100,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 2,100,000

####)
.......................................

#### 2,100,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,100,000

####)
.................................

#### 2,100,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 233,942,214

####)
98.1 #### %
...................................

#### $214,983,043

#### Other

#### Assets,

#### less

#### Liabilities
1.9 #### %
.............................................

#### 4,237,386

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $219,220,429
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$18,451,909,

representing

8.4%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

Security

purchased

on

a

when-issued

basis.

See

Note

(b).

d

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.92

$9.91

$9.75

$10.71

$10.97

$11.35

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.31 0.31 0.26 0.23 0.28 Net

realized

and

unrealized

gains

(losses)

(0.48)

0.01 0.16 (0.96)

(0.26)

(0.38)

Total

from

investment

operations

........

(0.31)

0.32 0.47 (0.70)

(0.03)

(0.10)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.31)

(0.26)

(0.23)

(0.28)

Net

asset

value,

end

of

period

..........

$9.45

$9.92

$9.91

$9.75

$10.71

$10.97

Total

return

d

.......................

(3.12)%

3.30%

4.89%

(6.56)%

(0.30)%

(0.84)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.89%

f

0.90%

f,g

0.90%

g

0.89%

g

0.87%

g

0.87%

g

Net

investment

income

...............

3.47%

3.15%

3.17%

2.62%

2.10%

2.55%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$88,478

$96,495

$87,309

$80,313

$90,950

$78,374

Portfolio

turnover

rate

................

13.72%

8.30%

12.33%

37.44%

15.00%

28.27%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.92

$9.91

$9.75

$10.71

$10.97

$11.36

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.33 0.32 0.27 0.25 0.30 Net

realized

and

unrealized

gains

(losses)

(0.47)

0.01 0.16 (0.96)

(0.26)

(0.39)

Total

from

investment

operations

........

(0.30)

0.34 0.48 (0.69)

(0.01)

(0.09)

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.33)

(0.32)

(0.27)

(0.25)

(0.30)

Net

asset

value,

end

of

period

..........

$9.45

$9.92

$9.91

$9.75

$10.71

$10.97

Total

return

d

.......................

(3.05)%

3.46%

5.05%

(6.42)%

(0.15)%

(0.69)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.74%

f

0.75%

f,g

0.75%

g

0.74%

g

0.72%

g

0.72%

g

Net

investment

income

...............

3.62%

3.30%

3.30%

2.76%

2.25%

2.72%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$117,883

$135,301

$147,337

$162,447

$214,264

$240,637

Portfolio

turnover

rate

................

13.72%

8.30%

12.33%

37.44%

15.00%

28.27%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.13

$10.12

$9.95

$10.94

$11.20

$11.59

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.27 0.27 0.22 0.19 0.24 Net

realized

and

unrealized

gains

(losses)

(0.49)

0.01 0.17 (0.99)

(0.26)

(0.39)

Total

from

investment

operations

........

(0.34)

0.28 0.44 (0.77)

(0.07)

(0.15)

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.27)

(0.22)

(0.19)

(0.24)

Net

asset

value,

end

of

period

..........

$9.65

$10.13

$10.12

$9.95

$10.94

$11.20

Total

return

d

.......................

(3.35)%

2.81%

4.47%

(7.08)%

(0.70)%

(1.30)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.28%

f

1.29%

f,g

1.29%

g

1.28%

g

1.26%

g

1.26%

g

Net

investment

income

...............

2.99%

2.68%

2.67%

2.15%

1.65%

2.13%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$7,858

$9,278

$13,708

$17,531

$24,227

$34,896

Portfolio

turnover

rate

................

13.72%

8.30%

12.33%

37.44%

15.00%

28.27%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.94

$9.93

$9.77

$10.73

$10.99

$11.37

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18 0.34 0.34 0.29 0.26 0.31 Net

realized

and

unrealized

gains

(losses)

(0.47)

0.01 0.16 (0.96)

(0.25)

(0.37)

Total

from

investment

operations

........

(0.29)

0.35 0.50 (0.67)

0.01 (0.06)

Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.34)

(0.34)

(0.29)

(0.27)

(0.32)

Net

asset

value,

end

of

period

..........

$9.47

$9.94

$9.93

$9.77

$10.73

$10.99

Total

return

d

.......................

(2.97)%

3.60%

5.19%

(6.27)%

(—)%

e

(0.55)%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.60%

0.61%

0.60%

0.60%

0.57%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.60%

0.61%

g,h

0.60%

g

0.60%

g

0.57%

g,h

0.57%

g

Net

investment

income

...............

3.78%

3.45%

3.46%

2.91%

2.39%

2.81%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$23,861

$16,411

$10,818

$11,709

$13,771

$8,033

Portfolio

turnover

rate

................

13.72%

8.30%

12.33%

37.44%

15.00%

28.27%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Rounds

to

less

than

0.01%.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

h

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$9.93

$9.92

$9.76

$10.73

$10.98

$11.37

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18 0.34 0.33 0.28 0.26 0.31 Net

realized

and

unrealized

gains

(losses)

(0.48)

0.01 0.16 (0.97)

(0.25)

(0.39)

Total

from

investment

operations

........

(0.30)

0.35 0.49 (0.69)

0.01 (0.08)

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.34)

(0.33)

(0.28)

(0.26)

(0.31)

Net

asset

value,

end

of

period

..........

$9.46

$9.93

$9.92

$9.76

$10.73

$10.98

Total

return

d

.......................

(2.99)%

3.56%

5.14%

(6.41)%

0.04%

(0.68)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.64%

f

0.65%

g

0.65%

g

0.64%

g

0.62%

g

0.62%

g

Net

investment

income

...............

3.72%

3.40%

3.40%

2.87%

2.35%

2.81%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$74,133

$77,427

$48,094

$45,667

$55,284

$57,854

Portfolio

turnover

rate

................

13.72%

8.30%

12.33%

37.44%

15.00%

28.27%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 96.5%

#### Florida

#### 0.7%
a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

$

2,650,000

$

2,211,393

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

205,000

206,044

b

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

945,000

413,711

619,755

#### Maryland

#### 86.4%
City

of

Baltimore

,

Harbor

Point

Special

Taxing

District

,

Revenue

,

2016

,

Refunding

,

5.125 %

,

6/01/43

...................................................

3,000,000

2,938,493

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5 %

,

1/01/42

1,500,000

1,363,732

c

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

%

,

1/01/27

.........................................................

1,725,000

1,727,780

County

of

Frederick

,

GO

,

2025

A

,

%

,

4/01/43

............................................

5,000,000

4,659,178

a

Urbana

Community

Development

Authority

,

Special

Tax

,

144A,

2020

C

,

%

,

7/01/50

3,865,000

3,194,322

County

of

Harford

,

GO

,

2025

,

%

,

10/01/41

.............................................

1,610,000

1,544,552

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

7/01/31

........................................................

150,000

155,113

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

7/01/36

........................................................

750,000

744,177

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

7/01/40

........................................................

675,000

633,277

County

of

Howard

,

Annapolis

Junction

Town

Center

Development

District

,

Tax

Allocation

,

2024

,

Refunding

,

%

,

2/15/44

................................

665,000

673,175

Howard

County

Housing

Commission

,

Revenue

,

2013

,

%

,

10/01/28

........................................

9,990,000

10,005,710

Revenue

,

2016

,

%

,

6/01/46

.........................................

2,000,000

1,725,718

Revenue

,

2017

,

%

,

12/01/46

........................................

5,000,000

4,927,916

Maryland

Community

Development

Administration

,

Housing

,

Revenue

,

2019

D

,

%

,

7/01/39

................................

1,500,000

1,251,392

Housing

,

Revenue

,

2019

D

,

3.2 %

,

7/01/44

...............................

1,000,000

794,327

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue

,

2017

,

%

,

6/01/47

......................................

2,300,000

2,017,013

Revenue

,

2018

,

%

,

6/01/48

......................................

1,310,000

1,313,393

Revenue,

Senior

Lien

,

2019

,

%

,

6/01/49

.............................

3,000,000

2,608,115

Maryland

Department

of

Housing

&

Community

Development

,

Revenue

,

2025

C

,

5.1 %

,

7/01/50

.........................................................

3,300,000

3,272,537

Maryland

Economic

Development

Corp.

,

Annapolis

Parking

System

,

Revenue,

Senior

Lien

,

2022

A

,

5.25 %

,

12/31/47

......

5,000,000

5,025,837

City

of

Baltimore

,

Revenue

,

2024

,

%

,

7/01/49

............................

5,120,000

4,994,295

Frostburg

State

University

Project

,

Revenue,

Senior

Lien

,

2013

,

Refunding

,

%

,

10/01/33

.......................................................

5,000,000

5,000,306

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

%

,

7/01/40

.

1,000,000

908,986

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

%

,

7/01/50

.

1,250,000

1,194,637

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2022

A

,

%

,

7/01/58

4,620,000

4,810,989

Ports

America

Chesapeake

LLC

,

Revenue

,

2019

A

,

%

,

6/01/49

..............

3,500,000

3,238,681

PRG-Towson

Place

Properties

LLC

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

%

,

6/01/38

........................................................

1,000,000

1,022,377

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25 %

,

6/30/47

...........

5,000,000

4,843,141

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25 %

,

6/30/55

...........

5,000,000

4,719,689

University

of

Maryland

College

Park

,

Revenue

,

2016

,

Refunding

,

AG

Insured

,

%

,

6/01/43

........................................................

3,305,000

3,306,234

University

of

Maryland

Leonardtown

Project

,

Revenue

,

2024

,

AG

Insured

,

%

,

7/01/54

........................................................

7,000,000

6,874,219

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Maryland
(continued)

Maryland

Economic

Development

Corp.,

(continued)

University

Park

Phase

I

&

II

at

Salisbury

University

,

Revenue

,

2013

,

Refunding

,

%

,

6/01/34

........................................................

$

2,040,000

$

2,040,298

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2016

A

,

5.5 %

,

1/01/46

.........

9,750,000

9,768,280

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/38

...

865,000

812,644

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2021

B

,

BAM

Insured

,

%

,

1/01/51

2,000,000

1,707,610

Charlestown

Community,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/45

........

4,170,000

4,172,081

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/50

..

1,715,000

1,400,217

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25 %

,

7/01/53

3,500,000

3,450,055

Greater

Baltimore

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/37

1,750,000

1,658,860

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2001

,

AMBAC

Insured

,

%

,

7/01/27

..............................................

345,000

347,545

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2004

,

AMBAC

Insured

,

%

,

7/01/34

..............................................

5,000,000

5,035,548

LifeBridge

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/47

.....

4,000,000

3,945,990

LifeBridge

Health

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

7/01/54

............

1,000,000

1,018,480

Loyola

University

Maryland,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

%

,

10/01/49

.....

2,000,000

1,969,314

Loyola

University

Maryland,

Inc.

,

Revenue

,

2025

,

Refunding

,

%

,

10/01/54

......

5,000,000

4,814,171

Maryland

Institute

College

of

Art

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/42

.......

5,325,000

4,426,971

Maryland

Institute

College

of

Art

,

Revenue

,

2024

,

Refunding

,

5.5 %

,

6/01/47

......

1,250,000

1,223,829

MedStar

Health

Obligated

Group

,

Revenue

,

1997

,

AMBAC

Insured

,

ETM,

%

,

7/01/27

........................................................

3,115,000

3,197,117

MedStar

Health

Obligated

Group

,

Revenue

,

2013

A

,

%

,

8/15/38

..............

5,000,000

5,002,386

MedStar

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

%

,

8/15/38

.......

2,100,000

2,100,374

MedStar

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

5/15/45

..............

5,000,000

4,911,841

Meritus

Medical

Center

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

7/01/50

6,000,000

5,999,862

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/28

..........

630,000

658,082

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/30

..........

1,225,000

1,305,282

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/32

..........

800,000

845,754

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/34

..........

350,000

342,531

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/36

..........

1,125,000

1,072,219

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/40

..........

1,850,000

1,641,036

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/46

..........

1,000,000

829,154

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/55

..........

3,250,000

2,535,955

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/39

............................................

10,000,000

10,108,582

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

D

,

%

,

7/01/48

........................................................

5,000,000

4,231,517

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

7/01/52

.........................................

3,000,000

3,041,744

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

%

,

9/01/43

..............

1,100,000

994,990

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

%

,

9/01/48

..............

610,000

523,814

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2016

,

Pre-

Refunded

,

%

,

5/01/46

............................................

4,085,000

4,156,103

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2020

A

,

%

,

5/01/50

........................................................

11,225,000

11,541,856

State

of

Maryland

Built

to

Learn

,

Revenue

,

2021

,

%

,

6/01/35

................

1,590,000

1,615,727

State

of

Maryland

Built

to

Learn

,

Revenue

,

2022

A

,

%

,

6/01/47

...............

5,000,000

4,384,811

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

%

,

6/01/49

................

2,445,000

2,116,376

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

%

,

6/01/54

................

3,525,000

3,534,778

Maryland

State

Transportation

Authority

,

Revenue

,

2020

,

%

,

7/01/45

............

4,000,000

3,555,978

Montgomery

County

Housing

Opportunities

Commission

,

Revenue

,

2023

C

,

5.125 %

,

1/01/53

.........................................................

915,000

925,046

State

of

Maryland

,

GO

,

2022

A

,

%

,

6/01/37

...............................

8,000,000

8,643,398

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Maryland
(continued)

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration

,

Revenue

,

2021

B

,

%

,

8/01/51

..............

$

3,500,000

$

2,868,479

Maryland

Aviation

Administration

,

Revenue

,

2024

A

,

AG

Insured

,

%

,

8/01/39

.....

2,150,000

2,212,884

Maryland

Aviation

Administration

,

Revenue

,

2024

A

,

AG

Insured

,

5.25 %

,

8/01/54

..

5,050,000

5,110,900

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/34

...............

3,420,000

3,293,119

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/36

...............

2,700,000

2,523,830

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/37

...............

3,095,000

2,845,378

University

System

of

Maryland

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/51

........

5,260,000

4,551,601

Washington

Suburban

Sanitary

Commission

,

Revenue

,

2023

,

%

,

6/01/49

.........................................

9,500,000

8,331,461

Revenue

,

2025

,

%

,

6/01/49

.........................................

5,000,000

4,384,979

Revenue,

Second

Series

,

2016

,

%

,

6/01/43

.............................

5,000,000

4,656,941

269,877,089

#### New

#### Jersey

#### 0.8%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

BB

,

%

,

6/15/39

...................................................

2,500,000

2,369,354

#### Texas

#### 0.5%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

.....................................................

550,000

483,928

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

1,300,000

931,699

1,415,627

#### Washington

#### 0.2%
a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

700,000

580,538

#### Wisconsin

#### 1.3%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

965,000

969,914

b

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

4,295,000

1,880,308

a

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

800,000

613,342

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

500,000

480,809

3,944,373

#### U.S.

#### Territories

#### 6.4%

#### District

#### of

#### Columbia

#### 4.2%
Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

%

,

7/15/45

...............................

2,500,000

2,521,074

Dedicated

,

Revenue

,

2021

A

,

%

,

7/15/46

...............................

3,000,000

3,030,366

Dedicated

,

Revenue

,

2023

A

,

4.125 %

,

7/15/47

............................

2,500,000

2,237,300

Dedicated

,

Revenue,

Second

Lien

,

2023

A

,

%

,

7/15/48

.....................

1,100,000

1,111,929

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

%

,

7/15/49

.....................

1,250,000

1,265,110

Dedicated

,

Revenue,

Second

Lien

,

2025

A

,

%

,

7/15/60

.....................

3,000,000

3,002,151

13,167,930

#### Puerto

#### Rico

#### 2.2%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

2,000,000

1,998,778

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

................................

3,600,000

3,232,901

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

$

1,900,000

$

1,742,791

6,974,470

#### Total

#### U.S.

#### Territories

#### ....................................................................
20,142,400

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 322,214,663

####)
.....................................

#### 301,160,529

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
d

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

100,330

25,083

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 25,083

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 322,214,663

####)
...............................

#### 301,185,612

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 2.4%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 2.4%

#### Maryland

#### 2.4%
f

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.7 %

,

11/01/37

........................................................

3,500,000

3,500,000

f

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2025

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

3.9 %

,

7/01/55

..............................................

3,900,000

3,900,000

7,400,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 7,400,000

####)
.......................................

#### 7,400,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 7,400,000

####)
.................................

#### 7,400,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 329,614,663

####)
98.9 #### %
...................................

#### $308,585,612

#### Other

#### Assets,

#### less

#### Liabilities
1.1 #### %
.............................................

#### 3,628,645

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $312,214,257
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$8,012,103,

representing

2.6%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.59

$10.64

$10.41

$11.48

$11.84

$12.20

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.29 0.27 0.23 0.22 0.28 Net

realized

and

unrealized

gains

(losses)

(0.42)

(0.05)

0.23 (1.07)

(0.36)

(0.37)

Total

from

investment

operations

........

(0.27)

0.24 0.50 (0.84)

(0.14)

(0.09)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.27)

(0.23)

(0.22)

(0.27)

Net

asset

value,

end

of

period

..........

$10.17

$10.59

$10.64

$10.41

$11.48

$11.84

Total

return

d

.......................

(2.51)%

2.32%

4.88%

(7.32)%

(1.24)%

(0.71)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.89%

0.93%

0.89%

0.89%

0.88%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.89%

0.90%

f

0.89%

f

0.89%

f

0.88%

f

0.86%

f

Net

investment

income

...............

3.00%

2.75%

2.60%

2.20%

1.83%

2.31%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$40,385

$44,060

$49,501

$54,360

$64,555

$58,926

Portfolio

turnover

rate

................

16.35%

25.42%

10.76%

11.16%

21.84%

18.21%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.58

$10.63

$10.41

$11.47

$11.83

$12.20

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.31 0.29 0.25 0.24 0.30 Net

realized

and

unrealized

gains

(losses)

(0.42)

(0.05)

0.22 (1.06)

(0.36)

(0.38)

Total

from

investment

operations

........

(0.26)

0.26 0.51 (0.81)

(0.12)

(0.08)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.29)

(0.25)

(0.24)

(0.29)

Net

asset

value,

end

of

period

..........

$10.16

$10.58

$10.63

$10.41

$11.47

$11.83

Total

return

d

.......................

(2.44)%

2.47%

4.94%

(7.10)%

(1.09)%

(0.64)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.74%

0.78%

0.74%

0.74%

0.73%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.74%

0.75%

f

0.74%

f

0.74%

f

0.73%

f

0.72%

f

Net

investment

income

...............

3.15%

2.90%

2.74%

2.35%

2.00%

2.48%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$116,009

$128,711

$146,609

$166,958

$218,895

$245,351

Portfolio

turnover

rate

................

16.35%

25.42%

10.76%

11.16%

21.84%

18.21%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.71

$10.76

$10.53

$11.62

$11.98

$12.35

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13 0.25 0.23 0.19 0.17 0.23 Net

realized

and

unrealized

gains

(losses)

(0.42)

(0.05)

0.23 (1.09)

(0.36)

(0.38)

Total

from

investment

operations

........

(0.29)

0.20 0.46 (0.90)

(0.19)

(0.15)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.25)

(0.23)

(0.19)

(0.17)

(0.22)

Net

asset

value,

end

of

period

..........

$10.29

$10.71

$10.76

$10.53

$11.62

$11.98

Total

return

d

.......................

(2.68)%

1.87%

4.41%

(7.78)%

(1.54)%

(1.26)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

1.29%

1.32%

1.28%

1.28%

1.27%

1.26%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

1.29%

1.29%

f

1.28%

f

1.28%

f

1.27%

f

1.26%

f

Net

investment

income

...............

2.56%

2.31%

2.14%

1.76%

1.44%

1.90%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$4,442

$5,392

$7,725

$11,612

$17,988

$27,111

Portfolio

turnover

rate

................

16.35%

25.42%

10.76%

11.16%

21.84%

18.21%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.59

$10.64

$10.42

$11.48

$11.84

$12.20

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.32 0.30 0.26 0.25 0.31 Net

realized

and

unrealized

gains

(losses)

(0.42)

(0.05)

0.22 (1.06)

(0.35)

(0.36)

Total

from

investment

operations

........

(0.25)

0.27 0.52 (0.80)

(0.10)

(0.05)

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.30)

(0.26)

(0.26)

(0.31)

Net

asset

value,

end

of

period

..........

$10.17

$10.59

$10.64

$10.42

$11.48

$11.84

Total

return

d

.......................

(2.37)%

2.60%

5.09%

(6.96)%

(0.86)%

(0.50)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.59%

0.63%

0.59%

0.61%

0.59%

0.58%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.59%

0.62%

f

0.59%

f

0.60%

f

0.58%

f

0.57%

f

Net

investment

income

...............

3.33%

3.02%

2.87%

2.49%

2.13%

2.60%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$29,907

$14,056

$18,635

$23,528

$20,888

$16,909

Portfolio

turnover

rate

................

16.35%

25.42%

10.76%

11.16%

21.84%

18.21%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.58

$10.63

$10.41

$11.47

$11.83

$12.20

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.32 0.30 0.26 0.25 0.30 Net

realized

and

unrealized

gains

(losses)

(0.42)

(0.05)

0.22 (1.06)

(0.36)

(0.37)

Total

from

investment

operations

........

(0.25)

0.27 0.52 (0.80)

(0.11)

(0.07)

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.30)

(0.26)

(0.25)

(0.30)

Net

asset

value,

end

of

period

..........

$10.16

$10.58

$10.63

$10.41

$11.47

$11.83

Total

return

d

.......................

(2.39)%

2.57%

5.05%

(7.01)%

(0.99)%

(0.54)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.64%

0.68%

0.64%

0.64%

0.63%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.64%

0.65%

f

0.64%

f

0.64%

f

0.63%

f

0.61%

f

Net

investment

income

...............

3.26%

3.00%

2.84%

2.45%

2.10%

2.55%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$140,222

$134,572

$84,294

$107,830

$109,947

$106,533

Portfolio

turnover

rate

................

16.35%

25.42%

10.76%

11.16%

21.84%

18.21%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.3%

#### Software

#### 0.3%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

900,000

$

902,693

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 900,000

####)
........................................

#### 902,693

#### Municipal

#### Bonds

#### 95.9%

#### California

#### 0.3%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

1,200,000

1,005,725

#### Florida

#### 0.9%
b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

.........................................................

750,000

476,924

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

2,800,000

2,336,567

2,813,491

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

125,000

125,636

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

1,115,000

488,136

613,772

#### Massachusetts

#### 90.6%
City

of

Newton

,

GO

,

2025

,

%

,

2/01/48

...................................

4,000,000

3,591,310

City

of

Worcester

,

GO

,

2020

A

,

%

,

2/01/42

................................

1,685,000

1,313,476

Commonwealth

of

Massachusetts

,

GO

,

2017

F

,

%

,

11/01/46

...........................................

5,000,000

5,025,530

GO

,

2022

E

,

%

,

11/01/49

...........................................

3,000,000

3,033,997

GO

,

2024

A

,

%

,

1/01/49

............................................

10,000,000

10,176,566

GO

,

2025

C

,

%

,

6/01/53

............................................

3,500,000

3,562,294

GO

,

A

,

5.25 %

,

4/01/42

..............................................

5,000,000

5,080,836

Revenue

,

2005

,

Refunding

,

AG,

NATL

Insured

,

5.5 %

,

1/01/34

................

11,900,000

13,528,114

Transportation

Fund

,

Revenue

,

2016

B

,

%

,

6/01/45

.......................

5,000,000

4,564,935

Transportation

Fund

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/43

...............

4,805,000

4,835,263

Transportation

Fund

,

Revenue

,

2018

A

,

%

,

6/01/48

.......................

15,000,000

15,015,953

Transportation

Fund

,

Revenue

,

2023

A

,

%

,

6/01/53

.......................

5,000,000

5,044,818

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2025

B

,

5.25 %

,

7/01/55

.............................

5,000,000

5,190,254

Sales

Tax

,

Revenue

,

,

Refunding

,

5.25 %

,

7/01/30

.......................

4,000,000

4,526,797

Sales

Tax

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

%

,

7/01/48

.............

3,395,000

3,473,837

Massachusetts

Development

Finance

Agency

,

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/55

...........................

2,375,000

2,293,381

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2015

F

,

Refunding

,

%

,

8/15/32

2,975,000

2,977,589

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2015

F

,

Refunding

,

%

,

8/15/34

5,000,000

5,004,350

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2018

,

%

,

7/01/30

......

3,270,000

3,466,827

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2023

M

,

%

,

7/01/34

.......

3,375,000

3,750,591

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

N

,

Refunding

,

5.25 %

,

7/01/45

8,830,000

9,046,226

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2023

G

,

Refunding

,

5.25 %

,

7/01/48

........................................................

4,315,000

4,140,108

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2023

G

,

Refunding

,

5.25 %

,

7/01/52

........................................................

1,270,000

1,200,518

Brandeis

University

,

Revenue

,

2019

,

Refunding

,

%

,

10/01/39

.............

2,660,000

2,741,772

Broad

Institute,

Inc.

(The)

,

Revenue

,

2017

,

Refunding

,

%

,

4/01/41

............

5,000,000

4,648,874

Dana-Farber

Cancer

Institute

Obligated

Group

,

Revenue

,

2016

N

,

%

,

12/01/46

..

6,890,000

6,806,010

Emerson

College

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

1/01/45

................

1,200,000

1,181,375

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

C

,

%

,

11/01/46

.......................................................

1,250,000

1,048,069

Lasell

Village,

Inc.

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

7/01/50

...............

1,250,000

1,207,967

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Massachusetts
(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Lasell

Village,

Inc.

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

7/01/55

...............

$

1,500,000

$

1,430,805

Lifespan

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

5.5 %

,

8/15/50

.............

6,000,000

6,030,403

Loomis

Obligated

Group

,

Revenue

,

2021

,

%

,

1/01/41

......................

435,000

392,636

Loomis

Obligated

Group

,

Revenue

,

2021

,

%

,

1/01/51

......................

300,000

241,985

b

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

%

,

1/01/41

........

485,000

437,767

b

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

%

,

1/01/51

........

520,000

419,442

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/41

.......

4,000,000

3,637,934

Mass

General

Brigham,

Inc.

,

Revenue

,

2024

D

,

Refunding

,

%

,

7/01/54

.........

1,500,000

1,507,072

Merrimack

College

,

Revenue

,

2021

B

,

%

,

7/01/50

........................

3,650,000

2,870,309

Merrimack

College

,

Revenue

,

2022

,

%

,

7/01/52

..........................

1,000,000

933,162

b

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

%

,

11/15/38

.......................................................

3,000,000

3,055,467

b

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5.125 %

,

11/15/46

.......................................................

5,000,000

5,014,131

Northeastern

University

,

Revenue

,

2022

,

Refunding

,

%

,

10/01/44

.............

2,375,000

2,426,628

President

&

Trustees

of

Williams

College

,

Revenue

,

2017

S

,

%

,

7/01/46

........

5,000,000

4,433,663

President

and

Fellows

of

Harvard

College

,

Revenue

,

2024

B

,

%

,

2/15/34

.......

3,000,000

3,443,624

d

President

and

Fellows

of

Harvard

College

,

Revenue

,

2025

,

Mandatory

Put

,

%

,

11/15/35

.......................................................

3,000,000

3,417,881

PRG

Medford

Properties,

Inc.

,

Revenue

,

2025

,

5.25 %

,

6/01/55

...............

1,000,000

1,002,189

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/39

.

750,000

681,092

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/41

.

500,000

437,615

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/48

.

1,750,000

1,404,845

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

9/01/50

.

250,000

255,978

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

9/01/55

.

500,000

507,129

Simmons

University

,

Revenue

,

2023

N

,

Refunding

,

%

,

10/01/43

..............

1,750,000

1,555,224

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

%

,

7/01/46

........................................................

3,000,000

2,492,954

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

%

,

7/01/50

........................................................

3,540,000

3,402,060

Springfield

College

,

Revenue

,

2021

B

,

Refunding

,

%

,

6/01/50

................

1,195,000

870,767

Suffolk

University

,

Revenue

,

2021

,

%

,

7/01/46

...........................

2,000,000

1,612,309

Suffolk

University

,

Revenue

,

2021

,

AG

Insured

,

%

,

7/01/51

..................

5,000,000

4,086,931

d

Trustees

of

Amherst

College

,

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

11/01/35

....

1,250,000

1,424,815

Trustees

of

Boston

College

,

Revenue

,

2017

T

,

Refunding

,

%

,

7/01/42

..........

3,750,000

3,781,184

Trustees

of

Boston

College

,

Revenue

,

2025

W

,

Refunding

,

%

,

7/01/55

.........

3,000,000

3,025,325

Trustees

of

Boston

University

,

Revenue

,

2025

,

Refunding

,

%

,

10/01/48

.....

5,000,000

5,124,106

Trustees

of

Boston

University

,

Revenue

,

,

%

,

10/01/46

.................

5,000,000

4,361,574

UMass

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

7/01/50

..................................................

6,500,000

6,461,124

Wellesley

College

,

Revenue

,

2018

L

,

Refunding

,

%

,

7/01/44

.................

6,160,000

5,632,576

WGBH

Educational

Foundation

,

Revenue

,

2002

A

,

AMBAC

Insured

,

5.75 %

,

1/01/42

5,100,000

5,670,336

Wheaton

College

,

Revenue

,

2021

I

,

%

,

1/01/53

..........................

3,000,000

2,692,096

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

%

,

6/01/35

..

1,200,000

1,239,957

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

%

,

6/01/36

..

1,000,000

1,029,285

Worcester

Polytechnic

Institute

,

Revenue

,

2017

,

Refunding

,

%

,

9/01/42

........

1,090,000

1,091,833

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2017

B

,

Refunding

,

4.25 %

,

7/01/46

.............................

2,410,000

2,050,794

Revenue

,

2021

C

,

%

,

7/01/51

........................................

3,000,000

1,907,675

Revenue

,

2023

C

,

%

,

7/01/53

........................................

4,375,000

4,053,898

Revenue

,

2025

B

,

5.5 %

,

7/01/55

......................................

1,500,000

1,459,189

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

,

5.5 %

,

6/01/35

.........................................

8,600,000

9,957,408

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2012

F

,

3.15 %

,

12/01/32

.....................................

105,000

103,457

Revenue

,

2012

F

,

3.45 %

,

12/01/37

.....................................

45,000

40,976

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Massachusetts
(continued)

Massachusetts

Housing

Finance

Agency,

(continued)

Revenue

,

2024

,

4.95 %

,

12/01/64

...................................

$

1,000,000

$

984,607

Revenue

,

,

GNMA

Insured

,

2.55 %

,

12/01/34

...........................

1,000,000

862,598

Revenue

,

,

GNMA

Insured

,

2.8 %

,

12/01/39

............................

2,860,000

2,257,261

Revenue

,

A

,

3.5 %

,

12/01/31

..........................................

5,805,000

5,805,022

Massachusetts

Port

Authority

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/39

...............................

610,000

617,671

Revenue

,

2019

C

,

%

,

7/01/33

........................................

4,430,000

4,633,866

Revenue

,

2019

C

,

%

,

7/01/44

........................................

1,205,000

1,204,710

Revenue

,

2021

B

,

Refunding

,

%

,

7/01/39

...............................

1,175,000

1,208,036

Bosfuel

Corp.

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/35

....................

835,000

868,339

Bosfuel

Corp.

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/36

....................

800,000

827,564

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/37

.....................................

1,015,000

1,057,464

Massachusetts

Water

Resources

Authority

,

Revenue

,

2016

C

,

Pre-Refunded

,

%

,

8/01/40

............................

5,000,000

5,125,541

Revenue

,

2018

B

,

%

,

8/01/43

........................................

2,525,000

2,557,785

Revenue

,

2024

B

,

%

,

8/01/49

........................................

4,000,000

4,086,398

Revenue

,

B

,

Refunding

,

AG

Insured

,

5.25 %

,

8/01/28

.......................

5,490,000

5,969,827

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien

,

2017-1

,

5.25 %

,

11/01/42

........................................................

5,000,000

5,073,600

299,727,536

#### New

#### Jersey

#### 0.3%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/32

..........................................

1,000,000

1,058,163

#### South

#### Carolina

#### 0.2%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

1,000,000

796,554

#### Texas

#### 0.3%
b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

1,400,000

1,003,368

#### Washington

#### 0.2%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

800,000

663,472

#### Wisconsin

#### 1.5%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

580,000

582,953

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

5,060,000

2,215,218

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

800,000

613,342

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

1,200,000

703,003

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,000,000

961,618

5,076,134

#### U.S.

#### Territories

#### 1.4%

#### Guam

#### 0.2%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

10/01/39

600,000

619,843

#### Puerto

#### Rico

#### 1.2%
Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/31

..

440,000

471,844

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/39

..

200,000

177,323

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

$

3,660,000

$

3,357,165

4,006,332

#### Total

#### U.S.

#### Territories

#### ....................................................................
4,626,175

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 333,018,448

####)
.....................................

#### 317,384,390

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 333,918,448

####)
...............................

#### 318,287,083

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 3.1%

#### Municipal

#### Bonds

#### 3.1%

#### Massachusetts

#### 3.1%
e

Massachusetts

Development

Finance

Agency

,

Children's

Hospital

Corp.

Obligated

Group

(The)

,

Revenue

,

2024

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.65 %

,

3/01/48

................................................

5,000,000

5,000,000

e

Massachusetts

Health

&

Educational

Facilities

Authority

,

Baystate

Total

Home

Care,

Inc.

,

Revenue

,

2009

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.65 %

,

7/01/39

...........................................

300,000

300,000

Massachusetts

Institute

of

Technology

,

Revenue

,

2001

,

Daily

VRDN

and

Put

,

3.3 %

,

7/01/31

...................................................

5,000,000

5,000,000

10,300,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 10,300,000

####)
......................................

#### 10,300,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 10,300,000

####)
................................

#### 10,300,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 344,218,448

####)
99.3 #### %
...................................

#### $328,587,083

#### Other

#### Assets,

#### less

#### Liabilities
0.7 #### %
.............................................

#### 2,377,058

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $330,964,141
a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$16,481,655,

representing

5.0%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.52

$10.53

$10.30

$11.43

$11.84

$12.03

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.31 0.31 0.29 0.26 0.28 Net

realized

and

unrealized

gains

(losses)

(0.40)

(0.01)

0.23 (1.14)

(0.41)

(0.19)

Total

from

investment

operations

........

(0.23)

0.30 0.54 (0.85)

(0.15)

0.09 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.31)

(0.28)

(0.26)

(0.28)

Net

asset

value,

end

of

period

..........

$10.13

$10.52

$10.53

$10.30

$11.43

$11.84

Total

return

d

.......................

(2.16)%

2.94%

5.35%

(7.43)%

(1.35)%

0.75%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.83%

0.83%

f

0.83%

f

0.83%

f

0.83%

f

0.82%

f

Net

investment

income

...............

3.23%

2.99%

3.05%

2.71%

2.16%

2.34%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$121,149

$128,058

$125,673

$120,384

$134,390

$107,468

Portfolio

turnover

rate

................

12.47%

12.42%

8.99%

27.70%

22.05%

10.86%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.51

$10.52

$10.29

$11.42

$11.82

$12.02

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.33 0.33 0.30 0.28 0.30 Net

realized

and

unrealized

gains

(losses)

(0.39)

(0.01)

0.23 (1.13)

(0.40)

(0.20)

Total

from

investment

operations

........

(0.22)

0.32 0.56 (0.83)

(0.12)

0.10 Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.33)

(0.33)

(0.30)

(0.28)

(0.30)

Net

asset

value,

end

of

period

..........

$10.12

$10.51

$10.52

$10.29

$11.42

$11.82

Total

return

d

.......................

(2.08)%

3.10%

5.52%

(7.29)%

(1.12)%

0.82%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.68%

0.68%

f

0.68%

f

0.68%

f

0.68%

f

0.67%

f

Net

investment

income

...............

3.38%

3.14%

3.19%

2.85%

2.32%

2.51%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$386,622

$420,060

$461,520

$497,643

$628,769

$688,038

Portfolio

turnover

rate

................

12.47%

12.42%

8.99%

27.70%

22.05%

10.86%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.68

$10.69

$10.46

$11.61

$12.02

$12.21

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.14 0.27 0.27 0.24 0.21 0.23 Net

realized

and

unrealized

gains

(losses)

(0.40)

(0.01)

0.23 (1.15)

(0.41)

(0.19)

Total

from

investment

operations

........

(0.26)

0.26 0.50 (0.91)

(0.20)

0.04 Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.27)

(0.24)

(0.21)

(0.23)

Net

asset

value,

end

of

period

..........

$10.28

$10.68

$10.69

$10.46

$11.61

$12.02

Total

return

d

.......................

(2.42)%

2.48%

4.85%

(7.86)%

(1.73)%

0.35%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.22%

1.22%

f

1.22%

f

1.22%

f

1.22%

f

1.22%

f

Net

investment

income

...............

2.77%

2.54%

2.56%

2.25%

1.73%

1.93%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$12,797

$15,568

$21,272

$30,730

$43,148

$60,847

Portfolio

turnover

rate

................

12.47%

12.42%

8.99%

27.70%

22.05%

10.86%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.55

$10.56

$10.33

$11.46

$11.87

$12.07

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18 0.34 0.34 0.32 0.29 0.31 Net

realized

and

unrealized

gains

(losses)

(0.39)

(0.01)

0.23 (1.14)

(0.41)

(0.20)

Total

from

investment

operations

........

(0.21)

0.33 0.57 (0.82)

(0.12)

0.11 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.34)

(0.34)

(0.31)

(0.29)

(0.31)

Net

asset

value,

end

of

period

..........

$10.16

$10.55

$10.56

$10.33

$11.46

$11.87

Total

return

d

.......................

(2.01)%

3.22%

5.64%

(7.14)%

(1.06)%

0.96%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.55%

0.55%

0.55%

0.55%

0.55%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.55%

0.55%

f

0.55%

f

0.54%

f

0.54%

f

0.53%

f

Net

investment

income

...............

3.50%

3.26%

3.33%

2.99%

2.44%

2.62%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$15,873

$11,617

$14,947

$9,690

$11,255

$6,228

Portfolio

turnover

rate

................

12.47%

12.42%

8.99%

27.70%

22.05%

10.86%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.54

$10.55

$10.32

$11.46

$11.86

$12.06

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18 0.34 0.34 0.31 0.29 0.31 Net

realized

and

unrealized

gains

(losses)

(0.39)

(0.01)

0.23 (1.14)

(0.40)

(0.20)

Total

from

investment

operations

........

(0.21)

0.33 0.57 (0.83)

(0.11)

0.11 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.34)

(0.34)

(0.31)

(0.29)

(0.31)

Net

asset

value,

end

of

period

..........

$10.15

$10.54

$10.55

$10.32

$11.46

$11.86

Total

return

d

.......................

(2.03)%

3.20%

5.61%

(7.26)%

(1.01)%

0.92%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.58%

0.58%

f

0.58%

f

0.58%

f

0.58%

f

0.57%

f

Net

investment

income

...............

3.47%

3.24%

3.27%

2.95%

2.41%

2.59%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$115,282

$114,791

$67,780

$80,068

$107,625

$102,001

Portfolio

turnover

rate

................

12.47%

12.42%

8.99%

27.70%

22.05%

10.86%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.3%

#### Software

#### 0.3%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

1,800,000

$

1,805,386

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,800,000

####)
.......................................

#### 1,805,386

#### Municipal

#### Bonds

#### 95.7%

#### California

#### 0.3%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

2,650,000

2,220,976

#### Florida

#### 1.6%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

5,256,000

4,506,392

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

900,000

572,309

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

6,020,000

5,023,618

10,102,319

#### Georgia

#### 0.3%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

280,000

281,426

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

4,415,000

1,932,843

2,214,269

#### Illinois

#### 0.6%
Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/52

....................

2,500,000

2,016,957

State

of

Illinois

,

GO

,

2024

C

,

%

,

10/01/39

................................

1,860,000

1,692,041

3,708,998

#### Michigan

#### 85.5%
Allegan

Public

School

District

,

GO

,

2025

III

,

%

,

5/01/50

......................

5,310,000

5,340,786

Alma

Public

Schools

,

GO

,

2025

I

,

5.25 %

,

5/01/55

...........................

2,000,000

2,014,938

Bangor

Township

School

District

,

GO

,

2023

,

%

,

5/01/53

......................

2,000,000

2,028,042

Battle

Creek

School

District

,

GO

,

2022

,

%

,

5/01/45

.........................

3,000,000

2,710,333

Belding

Area

Schools

,

GO

,

2022

,

4.25 %

,

5/01/52

...........................

7,330,000

6,514,584

Byron

Center

Public

Schools

,

GO

,

2017

I

,

%

,

5/01/34

.............................................

1,000,000

1,029,444

GO

,

2017

I

,

%

,

5/01/35

.............................................

1,920,000

1,970,935

GO

,

2017

I

,

%

,

5/01/36

.............................................

650,000

665,555

GO

,

2017

I

,

%

,

5/01/37

.............................................

1,480,000

1,508,975

GO

,

2017

I

,

%

,

5/01/38

.............................................

1,330,000

1,353,504

GO

,

2017

I

,

%

,

5/01/47

.............................................

6,730,000

6,734,771

Caledonia

Community

Schools

,

GO

,

2023

I

,

%

,

5/01/53

.............................................

2,000,000

2,012,729

GO

,

2025

II

,

%

,

5/01/50

............................................

1,605,000

1,605,743

GO

,

2025

II

,

%

,

5/01/53

............................................

1,000,000

1,000,798

GO

,

2025

II

,

%

,

5/01/55

............................................

1,215,000

1,215,845

Central

Michigan

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/46

...........

1,325,000

941,638

Charter

Township

of

Bloomfield

,

GO

,

2016

,

Refunding

,

%

,

5/01/32

..............

1,000,000

1,015,798

Charter

Township

of

White

Lake

,

GO

,

2025

,

%

,

3/01/45

.............................................

700,000

712,744

GO

,

2025

,

4.5 %

,

3/01/49

............................................

2,850,000

2,642,172

GO

,

2025

,

4.625 %

,

3/01/54

..........................................

2,750,000

2,568,894

City

of

Albion

,

Water

Supply

System

,

Revenue

,

2025

,

BAM

Insured

,

%

,

4/01/55

....

1,750,000

1,724,498

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

%

,

6/01/36

...

1,300,000

1,312,564

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Second

Lien

,

2003

B

,

NATL

Insured

,

%

,

7/01/34

.........................................

$

25,000

$

25,050

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Senior

Lien

,

A

,

AG

Insured

,

%

,

7/01/34

..............................................

30,000

30,034

City

of

Grand

Rapids

,

GO

,

2024

,

%

,

10/01/44

.............................................

1,645,000

1,700,562

GO

,

2024

,

%

,

10/01/49

.............................................

1,150,000

1,170,110

GO

,

2024

,

%

,

10/01/54

.............................................

1,700,000

1,707,391

GO

,

2025

,

%

,

4/01/55

.............................................

3,000,000

3,011,223

Sanitary

Sewer

System

,

Revenue

,

2018

,

%

,

1/01/37

.......................

1,040,000

1,070,269

Sanitary

Sewer

System

,

Revenue

,

2018

,

%

,

1/01/43

.......................

1,000,000

1,008,247

Sanitary

Sewer

System

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/45

..............

2,000,000

2,019,928

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

%

,

1/01/41

...............

2,190,000

2,193,661

Water

Supply

System

,

Revenue

,

2016

,

Refunding

,

%

,

1/01/46

...............

2,525,000

2,525,901

Water

Supply

System

,

Revenue

,

2018

,

Refunding

,

%

,

1/01/43

...............

1,500,000

1,512,371

Water

Supply

System

,

Revenue

,

2020

,

%

,

1/01/40

........................

2,400,000

2,477,398

Water

Supply

System

,

Revenue

,

2020

,

%

,

1/01/50

........................

3,000,000

3,022,101

City

of

Lansing

,

GO

,

2023

,

AG

Insured

,

4.25 %

,

6/01/53

..................................

2,225,000

1,936,247

GO

,

2023

B

,

Refunding

,

AG

Insured

,

%

,

6/01/48

..........................

9,980,000

10,088,818

Comstock

Park

Public

Schools

,

GO

,

2025

II

,

%

,

11/01/53

....................

5,395,000

5,419,849

Comstock

Public

Schools

,

GO

,

2022

I

,

%

,

5/01/52

..........................

3,000,000

2,562,969

County

of

Genesee

,

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

%

,

11/01/37

.........

835,000

906,369

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

%

,

11/01/38

.........

700,000

752,686

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

%

,

11/01/39

.........

1,150,000

1,227,625

County

of

Kent

,

GO

,

2016

,

%

,

6/01/32

.............................................

1,305,000

1,328,082

GO

,

2016

,

%

,

6/01/33

.............................................

1,275,000

1,296,313

County

of

Muskegon

,

GO

,

2015

,

Refunding

,

%

,

11/01/33

....................................

1,360,000

1,363,557

GO

,

2015

,

Refunding

,

%

,

11/01/36

....................................

1,735,000

1,738,271

Crestwood

School

District

,

GO

,

2025

I

,

%

,

5/01/55

.........................

3,000,000

3,024,988

Detroit

City

School

District

,

GO

,

2001

A

,

AG

Insured

,

%

,

5/01/29

...............

6,590,000

7,100,578

DeWitt

Public

Schools

,

GO

,

2017

,

%

,

5/01/30

.............................................

500,000

519,884

GO

,

2017

,

%

,

5/01/34

.............................................

1,000,000

1,026,659

GO

,

2017

,

%

,

5/01/35

.............................................

1,000,000

1,024,896

GO

,

2017

,

%

,

5/01/36

.............................................

1,000,000

1,022,303

Downriver

Utility

Wastewater

Authority

,

Revenue

,

2018

,

Refunding

,

AG

Insured

,

%

,

4/01/34

.......................

510,000

532,577

Revenue

,

2018

,

Refunding

,

AG

Insured

,

%

,

4/01/36

.......................

1,600,000

1,660,808

Revenue

,

2018

,

Refunding

,

AG

Insured

,

%

,

4/01/38

.......................

1,500,000

1,545,276

Revenue

,

2018

,

Refunding

,

AG

Insured

,

%

,

4/01/43

.......................

3,000,000

3,025,312

East

Grand

Rapids

Public

School

District

,

GO

,

2024

I

,

%

,

5/01/53

..............

700,000

706,898

East

Lansing

School

District

,

GO

,

2017

I

,

%

,

5/01/35

.............................................

1,500,000

1,532,459

GO

,

2017

I

,

%

,

5/01/37

.............................................

1,100,000

1,117,979

GO

,

2017

I

,

%

,

5/01/42

.............................................

2,500,000

2,509,514

Farmington

Public

School

District

,

GO

,

2018

,

BAM

Insured

,

4.5 %

,

5/01/38

.........

7,225,000

7,293,347

Ferris

State

University

,

Revenue

,

2025

A

,

Refunding

,

AG

Insured

,

%

,

10/01/49

....

1,800,000

1,822,892

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5 %

,

5/01/52

................

2,100,000

1,965,493

Four

Lakes

Special

Assessment

District

,

Special

Assessment

,

2025

,

AG

Insured

,

%

,

6/01/55

.........................................................

1,500,000

1,490,728

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

%

,

1/01/46

.........

2,000,000

1,980,787

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/44

...........

$

1,110,000

$

1,114,048

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

B

,

%

,

7/01/39

...........

1,625,000

1,661,751

Munson

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/51

....

10,000,000

6,529,597

Grand

Valley

State

University

,

Revenue

,

2018

,

%

,

12/01/38

........................................

900,000

915,491

Revenue

,

2018

,

%

,

12/01/43

........................................

1,800,000

1,803,104

Great

Lakes

Water

Authority

,

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5 %

,

7/01/52

.......

1,500,000

1,553,576

Water

Supply

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5 %

,

7/01/52

..........

5,000,000

5,181,525

Water

Supply

System

,

Revenue,

Senior

Lien

,

2025

C

,

Refunding

,

5.25 %

,

7/01/55

.

1,000,000

1,026,648

Grosse

Ile

Township

School

District

,

GO

,

2025

II

,

Refunding

,

%

,

5/01/52

.........

2,000,000

2,010,864

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

%

,

5/01/45

.............................................

4,000,000

4,017,818

GO

,

2018

I

,

%

,

5/01/48

.............................................

1,000,000

1,003,239

Hemlock

Public

School

District

,

GO

,

2024

III

,

%

,

5/01/53

.....................

1,100,000

1,111,616

Holly

Area

School

District

,

GO

,

2025

II

,

%

,

5/01/48

............................................

625,000

640,117

GO

,

2025

II

,

%

,

5/01/52

............................................

1,000,000

1,015,426

Howell

Public

Schools

,

GO

,

2025

II

,

%

,

5/01/45

............................

500,000

507,648

Hudsonville

Public

Schools

,

GO

,

2017

,

Refunding

,

%

,

5/01/41

.................

2,500,000

2,529,824

Ingham

County

Building

Authority

,

Community

Mental

Health

Authority

of

Clinton

Eaton

&

Ingham

Counties

,

Revenue

,

2024

,

BAM

Insured

,

%

,

8/01/49

...............

2,540,000

2,561,706

Jenison

Public

Schools

,

GO

,

2024

I

,

%

,

5/01/49

...........................

550,000

557,614

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

%

,

4/01/51

..................................

6,010,000

3,949,497

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group

,

Revenue

,

2021

,

%

,

11/15/45

................

1,655,000

1,292,877

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

11/15/31

.......

1,845,000

1,819,651

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

11/15/43

.......

8,820,000

7,112,315

Kentwood

Public

Schools

,

GO

,

2016

,

%

,

5/01/44

...........................

2,920,000

2,929,471

L'Anse

Creuse

Public

Schools

,

GO

,

2025

I

,

%

,

5/01/49

......................

2,250,000

2,301,798

Lansing

Board

of

Water

&

Light

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/54

........

9,500,000

9,655,824

Lansing

School

District

,

GO

,

2016

I

,

%

,

5/01/39

.............................................

2,125,000

2,136,461

GO

,

2016

I

,

%

,

5/01/40

.............................................

2,200,000

2,209,713

Lowell

Area

Schools

,

GO

,

2024

I

,

4.125 %

,

5/01/54

..........................

2,155,000

1,861,569

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

%

,

5/01/51

...........

7,820,000

6,714,287

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

%

,

5/01/42

......................................................

4,000,000

4,031,773

Mattawan

Consolidated

School

District

,

GO

,

2024

I

,

%

,

5/01/54

................

1,700,000

1,714,261

Melvindale

Northern

Allen

Park

Public

Schools

,

GO

,

2022

,

AG

Insured

,

4.375 %

,

5/01/47

.................................

1,500,000

1,434,622

GO

,

2024

,

AG

Insured

,

%

,

5/01/45

....................................

1,300,000

1,333,580

Michigan

Finance

Authority

,

Albion

College

,

Revenue

,

2022

,

Refunding

,

%

,

12/01/36

....................

1,925,000

1,355,390

Albion

College

,

Revenue

,

2022

,

Refunding

,

%

,

12/01/46

....................

4,800,000

3,007,850

Albion

College

,

Revenue

,

2022

,

Refunding

,

%

,

12/01/51

....................

3,050,000

1,845,363

Bronson

Health

Care

Group

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/15/54

........................................................

11,000,000

10,726,932

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/50

......

895,000

581,720

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/50

......

1,600,000

1,268,976

City

of

Inkster

,

Revenue

,

2024

B

,

%

,

11/01/42

...........................

1,420,000

1,472,763

City

of

Inkster

,

Revenue

,

2024

B

,

%

,

11/01/45

...........................

1,660,000

1,694,214

City

of

Inkster

,

Revenue

,

2024

B

,

%

,

11/01/49

...........................

2,635,000

2,656,023

City

of

Inkster

,

Revenue

,

2024

B

,

%

,

11/01/54

...........................

3,820,000

3,828,252

Clean

Water

Revolving

Fund

,

Revenue

,

2016

B

,

Refunding

,

%

,

10/01/30

.......

2,750,000

2,781,602

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

Michigan

Finance

Authority,

(continued)

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

%

,

10/01/38

.......

$

8,055,000

$

8,300,367

Corewell

Health

Obligated

Group

,

Revenue

,

2016

A

,

%

,

11/01/44

.............

12,000,000

11,998,696

County

of

Wayne

,

Revenue,

Second

Lien

,

2020

,

Refunding

,

BAM

Insured

,

%

,

11/01/55

.......................................................

4,000,000

3,309,782

d

Detroit

Public

Lighting

Authority

Utility

Users

Tax

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

7/01/44

..............................................

500,000

506,558

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/41

.......................................................

7,000,000

7,016,705

Kalamazoo

College

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/47

................

2,610,000

2,181,787

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/35

.................

400,000

364,613

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/36

.................

565,000

505,939

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/37

.................

640,000

563,672

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/38

.................

675,000

580,237

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/39

.................

645,000

546,023

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/45

.................

2,780,000

2,129,449

Lawrence

Technological

University

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

2/01/42

........................................................

745,000

613,197

Michigan

Finance

Authority

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

%

,

10/01/39

...........................................

6,000,000

6,165,794

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5 %

,

2/28/49

............

1,500,000

1,535,451

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

4.375 %

,

2/28/54

..........

1,895,000

1,676,082

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5 %

,

2/28/57

............

1,750,000

1,755,877

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

,

Refunding

,

%

,

6/01/40

....

1,000,000

1,004,962

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/49

...

7,170,000

5,802,137

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

6/01/49

..

495,000

475,081

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

%

,

12/01/45

.........

2,210,000

2,211,934

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

Pre-Refunded

,

%

,

12/01/45

.......................................................

290,000

295,047

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.5 %

,

11/01/48

.......................................................

2,000,000

1,952,484

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.625 %

,

11/01/52

.......................................................

2,280,000

2,229,282

Michigan

State

Building

Authority

,

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

%

,

4/15/41

.................

12,000,000

12,108,571

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

%

,

10/15/46

................

9,910,000

9,917,719

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

%

,

10/15/51

................

1,000,000

999,966

State

of

Michigan

,

Revenue

,

2019

I

,

Refunding

,

%

,

4/15/54

.................

2,000,000

1,671,810

State

of

Michigan

,

Revenue

,

2022

I

,

%

,

10/15/52

.........................

4,250,000

3,617,386

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

,

Pre-Refunded

,

%

,

11/15/33

.

5,370,000

5,599,555

Ascension

Health

Credit

Group

,

Revenue

,

2010

,

Pre-Refunded

,

%

,

11/15/47

.

10,000,000

10,307,186

Ascension

Health

Credit

Group

,

Revenue

,

2010

,

Pre-Refunded

,

%

,

11/15/46

.

2,550,000

2,628,333

Corewell

Health

Obligated

Group

,

Revenue

,

2025

A

,

%

,

8/15/46

..............

1,000,000

1,017,241

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

B

,

3.1 %

,

12/01/44

.....................................

10,500,000

8,067,119

Revenue

,

2020

A

,

2.8 %

,

12/01/45

.....................................

4,350,000

3,108,404

Revenue

,

2020

A

,

2.85 %

,

6/01/50

.....................................

5,150,000

3,508,625

Revenue

,

2021

A

,

2.5 %

,

6/01/52

......................................

3,000,000

1,885,914

Revenue

,

2021

A

,

2.7 %

,

10/01/56

.....................................

4,000,000

2,415,924

Revenue

,

2021

A

,

2.73 %

,

10/01/59

....................................

5,000,000

3,000,082

Revenue

,

2022

A

,

4.1 %

,

6/01/43

......................................

5,000,000

4,643,706

Revenue

,

2025

A

,

%

,

12/01/55

.......................................

5,000,000

4,999,634

Michigan

State

University

,

Revenue

,

2025

A

,

Refunding

,

%

,

2/15/55

............

5,000,000

5,034,990

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

%

,

6/30/33

....

2,200,000

2,264,405

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

%

,

6/30/48

....

7,000,000

6,534,505

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

Michigan

Technological

University

,

Revenue

,

2015

A

,

%

,

10/01/45

.......................................

$

2,400,000

$

2,400,127

Revenue

,

2023

A

,

AG

Insured

,

%

,

10/01/47

.............................

3,515,000

3,516,615

Revenue

,

2023

A

,

AG

Insured

,

5.25 %

,

10/01/52

...........................

1,000,000

1,010,948

Revenue

,

2023

C

,

AG

Insured

,

5.25 %

,

10/01/53

...........................

2,000,000

2,032,875

Monroe

Public

Schools

,

GO

,

2020

I

,

%

,

5/01/45

............................

2,465,000

2,483,129

Oakland

University

,

Revenue

,

2016

,

%

,

3/01/41

.........................................

5,000,000

5,008,996

Revenue

,

2019

,

%

,

3/01/50

.........................................

2,230,000

2,200,052

Okemos

Public

Schools

,

GO

,

2024

II

,

%

,

5/01/54

...........................

2,335,000

2,352,946

Plainwell

Community

Schools

,

GO

,

2022

II

,

%

,

5/01/52

......................

7,000,000

6,000,560

Portage

Public

Schools

,

GO

,

2025

,

BAM

Insured

,

4.25 %

,

11/01/47

..............

2,000,000

1,827,620

Rochester

Community

School

District

,

GO

,

2016

I

,

%

,

5/01/36

.................

2,800,000

2,823,346

Saginaw

Valley

State

University

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/31

...............................

2,170,000

2,204,415

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/33

...............................

1,240,000

1,256,930

Saline

Area

Schools

,

GO

,

2016

,

%

,

5/01/36

...............................

2,950,000

2,974,596

South

Redford

School

District

,

GO

,

2024

,

%

,

5/01/48

.............................................

500,000

508,897

GO

,

2024

,

%

,

5/01/51

.............................................

300,000

303,159

Southfield

Public

Schools

,

GO

,

2025

,

5.25 %

,

5/01/50

...........................................

3,235,000

3,327,885

GO

,

2025

,

5.25 %

,

5/01/55

...........................................

5,750,000

5,880,852

Sparta

Area

Schools

,

GO

,

2019

II

,

%

,

5/01/48

.............................

5,750,000

5,777,179

Spring

Lake

Public

Schools

,

GO

,

2025

II

,

%

,

5/01/45

........................

750,000

770,820

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2023

,

5.25 %

,

11/15/49

................

2,000,000

2,078,853

Swartz

Creek

Community

Schools

,

GO

,

2025

I

,

%

,

5/01/49

...................

3,000,000

3,052,729

Trenton

Public

Schools

School

District

,

GO

,

2018

,

%

,

5/01/42

.............................................

4,920,000

4,990,852

GO

,

2018

,

%

,

5/01/45

.............................................

11,480,000

11,533,985

Universal

Academy

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/26

................................

205,000

200,640

Revenue

,

2021

,

Refunding

,

%

,

12/01/31

................................

1,035,000

1,019,216

Revenue

,

2021

,

Refunding

,

%

,

12/01/40

................................

1,100,000

958,124

University

of

Michigan

,

Revenue

,

2015

,

Pre-Refunded

,

%

,

4/01/46

..............................

2,000,000

2,029,775

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

4/01/37

............................

2,700,000

2,811,579

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

4/01/42

............................

5,635,000

5,867,869

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

4/01/47

............................

5,000,000

5,206,628

Walled

Lake

Consolidated

School

District

,

GO

,

2024

,

%

,

5/01/54

...............

1,800,000

1,821,443

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2018

A

,

%

,

12/01/43

......

7,750,000

7,732,891

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

%

,

12/01/40

......

3,330,000

3,462,168

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

%

,

12/01/46

......

3,670,000

3,686,183

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

B

,

%

,

12/01/39

......

1,675,000

1,689,724

Wayne

State

University

,

Revenue

,

2018

A

,

%

,

11/15/43

.......................................

4,500,000

4,535,199

Revenue

,

2018

A

,

%

,

11/15/48

.......................................

10,000,000

8,613,969

Wayne-Westland

Community

Schools

,

GO

,

2022

,

%

,

11/01/44

.................

2,830,000

2,081,394

Western

Michigan

University

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/15/44

.........

2,315,000

2,327,558

Western

School

District

,

GO

,

2022

,

5.25 %

,

5/01/52

..........................

2,000,000

2,054,423

Williamston

Community

Schools

School

District

,

GO

,

2024

,

%

,

5/01/54

..........

2,000,000

2,033,744

Woodhaven-Brownstown

School

District

,

GO

,

2025

III

,

%

,

11/01/51

...........................................

525,000

525,427

GO

,

2025

III

,

%

,

5/01/55

............................................

5,500,000

5,443,795

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

Zeeland

Public

Schools

,

GO

,

2025

III

,

Refunding

,

AG

Insured

,

%

,

5/01/45

........

$

310,000

$

312,968

556,867,410

#### New

#### Jersey

#### 0.1%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

%

,

6/15/50

......................

500,000

426,002

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

......................

600,000

415,083

841,085

#### New

#### York

#### 1.2%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/48

..........

9,300,000

7,729,746

#### South

#### Carolina

#### 0.1%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

1,000,000

796,554

#### Texas

#### 0.5%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/39

325,000

252,448

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/40

300,000

225,904

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

3,500,000

2,508,420

2,986,772

#### Washington

#### 0.2%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

1,800,000

1,492,812

#### Wisconsin

#### 2.8%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,305,000

1,311,645

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

20,050,000

8,777,692

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,800,000

1,380,019

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

12,000,000

7,030,033

18,499,389

#### U.S.

#### Territories

#### 2.5%

#### Guam

#### 0.7%
Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

........................................

1,750,000

1,669,860

Revenue

,

2025

A

,

5.5 %

,

7/01/45

......................................

1,000,000

1,033,664

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

%

,

1/01/46

............................................

1,770,000

1,747,957

4,451,481

#### Puerto

#### Rico

#### 1.8%
Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

12,900,000

11,832,631

#### Total

#### U.S.

#### Territories

#### ....................................................................
16,284,112

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 672,128,523

####)
.....................................

#### 623,744,442

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 673,928,523

####)
...............................

#### 625,549,828

#### a
a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments

#### 1.3%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 1.3%

#### Michigan

#### 1.3%
e

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

3.8 %

,

7/01/41

....................................................

$

7,350,000

$

7,350,000

e

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

6/01/34

.........................................................

1,400,000

1,400,000

8,750,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 8,750,000

####)
.......................................

#### 8,750,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 8,750,000

####)
.................................

#### 8,750,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 682,678,523

####)
97.3 #### %
...................................

#### $634,299,828

#### Other

#### Assets,

#### less

#### Liabilities
2.7 #### %
.............................................

#### 17,422,049

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $651,721,877
See

Abbreviations

on

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$18,803,765,

representing

2.9%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

e

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.27

$11.24

$11.03

$12.20

$12.62

$12.82

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.34 0.32 0.28 0.23 0.25 Net

realized

and

unrealized

gains

(losses)

(0.39)

0.02 0.20 (1.18)

(0.42)

(0.20)

Total

from

investment

operations

........

(0.22)

0.36 0.52 (0.90)

(0.19)

0.05 Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.33)

(0.31)

(0.27)

(0.23)

(0.25)

Net

asset

value,

end

of

period

..........

$10.88

$11.27

$11.24

$11.03

$12.20

$12.62

Total

return

d

.......................

(1.93)%

3.29%

4.81%

(7.35)%

(1.59)%

0.38%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

.........................

0.85%

g

0.83%

0.84%

0.84%

0.83%

0.83%

Net

investment

income

...............

3.16%

3.00%

2.88%

2.48%

1.79%

1.96%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$170,068

$179,854

$174,047

$173,008

$193,021

$160,623

Portfolio

turnover

rate

................

2.04%

4.25%

20.83%

19.82%

19.81%

9.45%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.27

$11.24

$11.02

$12.19

$12.61

$12.82

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18 0.35 0.33 0.29 0.25 0.27 Net

realized

and

unrealized

gains

(losses)

(0.39)

0.03 0.22 (1.17)

(0.42)

(0.21)

Total

from

investment

operations

........

(0.21)

0.38 0.55 (0.88)

(0.17)

0.06 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.35)

(0.33)

(0.29)

(0.25)

(0.27)

Net

asset

value,

end

of

period

..........

$10.88

$11.27

$11.24

$11.02

$12.19

$12.61

Total

return

d

.......................

(1.86)%

3.45%

5.06%

(7.21)%

(1.44)%

0.45%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

.........................

0.70%

g

0.68%

0.69%

0.69%

0.69%

0.68%

Net

investment

income

...............

3.31%

3.15%

3.03%

2.62%

1.94%

2.13%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$261,721

$290,503

$328,953

$376,659

$506,601

$583,105

Portfolio

turnover

rate

................

2.04%

4.25%

20.83%

19.82%

19.81%

9.45%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.40

$11.37

$11.15

$12.33

$12.76

$12.97

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.29 0.27 0.23 0.17 0.20 Net

realized

and

unrealized

gains

(losses)

(0.39)

0.03 0.21 (1.18)

(0.43)

(0.21)

Total

from

investment

operations

........

(0.24)

0.32 0.48 (0.95)

(0.26)

(0.01)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.26)

(0.23)

(0.17)

(0.20)

Net

asset

value,

end

of

period

..........

$11.01

$11.40

$11.37

$11.15

$12.33

$12.76

Total

return

d

.......................

(2.11)%

2.84%

4.42%

(7.73)%

(2.05)%

(0.10)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

.........................

1.24%

g

1.23%

1.23%

1.23%

1.23%

1.23%

Net

investment

income

...............

2.72%

2.55%

2.43%

2.03%

1.36%

1.57%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$22,306

$26,961

$38,418

$52,613

$81,058

$109,387

Portfolio

turnover

rate

................

2.04%

4.25%

20.83%

19.82%

19.81%

9.45%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.29

$11.26

$11.04

$12.21

$12.64

$12.84

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19 0.37 0.35 0.31 0.27 0.29 Net

realized

and

unrealized

gains

(losses)

(0.39)

0.03 0.21 (1.17)

(0.43)

(0.20)

Total

from

investment

operations

........

(0.20)

0.40 0.56 (0.86)

(0.16)

0.09 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.37)

(0.34)

(0.31)

(0.27)

(0.29)

Net

asset

value,

end

of

period

..........

$10.90

$11.29

$11.26

$11.04

$12.21

$12.64

Total

return

d

.......................

(1.78)%

3.59%

5.20%

(7.06)%

(1.28)%

0.60%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.54%

0.54%

0.54%

0.54%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

f

..........................

0.54%

0.54%

0.54%

0.53%

0.53%

0.53%

Net

investment

income

...............

3.45%

3.29%

3.18%

2.77%

2.10%

2.26%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$18,135

$23,165

$18,009

$11,973

$16,571

$13,889

Portfolio

turnover

rate

................

2.04%

4.25%

20.83%

19.82%

19.81%

9.45%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.28

$11.25

$11.04

$12.21

$12.63

$12.83

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19 0.36 0.34 0.31 0.26 0.28 Net

realized

and

unrealized

gains

(losses)

(0.40)

0.03 0.21 (1.18)

(0.42)

(0.20)

Total

from

investment

operations

........

(0.21)

0.39 0.55 (0.87)

(0.16)

0.08 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.36)

(0.34)

(0.30)

(0.26)

(0.28)

Net

asset

value,

end

of

period

..........

$10.89

$11.28

$11.25

$11.04

$12.21

$12.63

Total

return

d

.......................

(1.81)%

3.55%

5.07%

(7.11)%

(1.34)%

0.63%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

f

.........................

0.60%

g

0.58%

0.59%

0.59%

0.58%

0.58%

Net

investment

income

...............

3.41%

3.24%

3.12%

2.71%

2.04%

2.22%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$143,676

$139,196

$148,704

$197,029

$266,255

$244,156

Portfolio

turnover

rate

................

2.04%

4.25%

20.83%

19.82%

19.81%

9.45%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 98.9%

#### Florida

#### 1.1%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

$

6,192,000

$

5,308,900

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

2,100,000

1,335,388

6,644,288

#### Minnesota

#### 96.3%
Alexandria

Independent

School

District

No.

,

GO

,

2017

A

,

Refunding

,

%

,

2/01/37

29,905,000

27,458,343

Anoka-Hennepin

Independent

School

District

No.

,

GO

,

2018

A

,

3.25 %

,

2/01/37

..........................................

5,355,000

4,877,698

GO

,

2018

A

,

%

,

2/01/39

............................................

8,905,000

8,916,521

GO

,

2018

A

,

3.375 %

,

2/01/43

.........................................

4,020,000

3,427,813

b

Becker

Independent

School

District

No.

726

,

GO

,

2022

A

,

4.99 %,

2/01/41

.........

1,000,000

471,763

Brainerd

Independent

School

District

No.

,

GO

,

2018

A

,

%

,

2/01/43

..........

1,900,000

1,776,334

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

%

,

11/01/41

......

1,000,000

890,241

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2025

,

Refunding

,

%

,

11/01/44

......

1,160,000

1,164,882

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2025

,

Refunding

,

%

,

11/01/47

......

1,000,000

974,745

City

of

Cold

Spring

,

GO

,

2024

A

,

BAM

Insured

,

%

,

2/01/54

...................

1,050,000

886,554

City

of

Coon

Rapids

,

Mississippi

View

Housing

Partners

LP

,

Revenue

,

2023

,

FNMA

Insured

,

5.6 %

,

12/01/39

.............................................

3,722,555

3,972,647

City

of

Corcoran

,

GO

,

2023

A

,

BAM

Insured

,

%

,

2/01/53

.....................

3,605,000

3,093,661

City

of

Fridley

,

GO

,

2022

A

,

%

,

2/01/36

............................................

350,000

353,143

GO

,

2022

A

,

%

,

2/01/37

............................................

735,000

738,000

GO

,

2022

A

,

%

,

2/01/38

............................................

800,000

800,951

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75 %

,

11/01/34

.......................................................

9,159,663

8,973,349

a

Roers

Fridley

Apartments

Owner

II

LLC

,

Revenue

,

144A,

2023

A

,

5.75 %

,

6/01/41

..

16,000,000

15,874,334

City

of

Minneapolis

,

GO

,

2018

,

%

,

12/01/46

.............................................

3,500,000

3,261,507

GO

,

2019

,

%

,

12/01/40

.............................................

2,000,000

1,665,617

14th

and

Central

LLLP

,

Revenue

,

2020

,

FNMA

Insured

,

2.35 %

,

2/01/38

.........

7,274,277

5,683,465

Allina

Health

Obligated

Group

,

Revenue

,

2021

,

%

,

11/15/40

.................

6,750,000

6,236,844

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

11/15/44

.......................................................

1,325,000

1,283,348

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

AG

Insured

,

%

,

11/15/44

...................................................

10,000,000

9,930,977

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

AG

Insured

,

%

,

11/15/49

...................................................

6,000,000

5,767,566

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/49

.......................................................

4,535,000

4,362,261

c

City

of

Mounds

View

,

OAHS

Sibley

TC

LLLP

,

Revenue

,

2024

,

Mandatory

Put

,

3.375 %

,

3/01/28

.........................................................

4,500,000

4,531,034

City

of

Rochester

,

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

%

,

12/01/42

...................

1,395,000

1,424,113

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

%

,

12/01/47

...................

9,815,000

9,970,432

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/33

....................

9,425,000

10,733,557

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/34

....................

5,235,000

5,971,647

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/36

....................

8,400,000

9,530,154

Mayo

Clinic

,

Revenue

,

2018

,

%

,

11/15/48

...............................

4,000,000

3,503,796

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

3.25 %

,

11/15/41

...................

4,000,000

3,364,681

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

%

,

11/15/57

......................

1,000,000

1,002,928

Mayo

Clinic

,

Revenue

,

2025

A

,

4.25 %

,

11/15/50

...........................

3,000,000

2,745,362

Mayo

Clinic

,

Revenue

,

2025

A

,

4.375 %

,

11/15/53

..........................

1,750,000

1,605,027

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Minnesota
(continued)

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/37

........................................................

$

7,310,000

$

7,054,783

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/46

........................................................

2,650,000

2,628,291

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

5/01/48

........................................................

10,000,000

9,783,353

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

5/01/54

........................................................

1,000,000

984,080

City

of

St.

Paul

,

Water

,

Revenue

,

2023

A

,

%

,

12/01/46

.......................

13,340,000

12,108,223

City

of

Virginia

,

GO

,

2024

A

,

4.375 %

,

2/01/34

.........................................

1,000,000

1,009,026

GO

,

2024

A

,

4.5 %

,

2/01/37

...........................................

1,605,000

1,609,069

GO

,

2024

A

,

%

,

2/01/41

............................................

825,000

826,509

GO

,

2025

A

,

5.625 %

,

2/01/44

.........................................

1,035,000

1,011,017

GO

,

2025

A

,

5.75 %

,

2/01/47

..........................................

1,225,000

1,191,450

City

of

Wadena

,

Astera

Health

,

Revenue

,

2024

A

,

%

,

12/01/45

.................

1,900,000

1,900,332

County

of

Norman

,

GO

,

2022

A

,

3.25 %

,

2/01/52

............................

3,115,000

2,251,180

County

of

Rice

,

GO

,

2022

A

,

%

,

2/01/48

.................................

5,200,000

4,610,526

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875 %

,

12/01/33

.......................

330,000

330,059

Roers

Burnsville

Affordable

Apartments

Owner

LLC

,

Revenue

,

2024

,

FNMA

Insured

,

4.2 %

,

5/01/43

...................................................

1,000,000

907,421

Dawson-Boyd

Independent

School

District

No.

,

GO

,

2019

A

,

3.125 %

,

2/01/40

...

2,965,000

2,547,870

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

2/15/53

.....

15,830,000

15,408,184

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

2/15/53

...

13,105,000

13,080,329

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/38

........................................................

150,000

148,782

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/39

........................................................

155,000

151,088

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/44

........................................................

850,000

662,279

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/29

........................................................

400,000

433,474

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/30

........................................................

425,000

466,112

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/32

........................................................

500,000

553,037

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/33

........................................................

600,000

654,643

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/34

........................................................

520,000

535,565

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/35

........................................................

425,000

433,171

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/36

........................................................

400,000

404,426

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/37

........................................................

375,000

376,091

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/38

........................................................

400,000

395,965

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/39

........................................................

250,000

243,232

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

B

,

5.25 %

,

6/15/52

..

8,000,000

8,096,047

Duluth

Independent

School

District

No.

709

,

GO

,

2015

B

,

Refunding

,

2.5 %

,

2/01/26

..................................

2,840,000

2,838,503

b

GO

,

2021

C

,

3.88 %,

2/01/29

.........................................

1,870,000

1,641,355

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Minnesota
(continued)

Duluth

Independent

School

District

No.

709,

(continued)

b

GO

,

2021

C

,

4.01 %,

2/01/30

.........................................

$

1,275,000

$

1,071,585

b

GO

,

2021

C

,

4.2 %,

2/01/31

..........................................

1,325,000

1,059,914

b

GO

,

2021

C

,

4.39 %,

2/01/32

.........................................

1,080,000

819,446

b

GO

,

2021

C

,

4.57 %,

2/01/33

.........................................

1,075,000

771,388

Forest

Lake

Independent

School

District

No.

831

,

GO

,

2023

A

,

%

,

2/01/37

........

2,000,000

2,014,018

Gibbon

Independent

School

District

No.

2365

,

GO

,

2023

A

,

%

,

2/01/48

............................................

1,850,000

1,873,217

GO

,

2023

A

,

4.125 %

,

2/01/52

.........................................

2,250,000

2,039,217

b

Hastings

Independent

School

District

No.

,

GO

,

2018

A

,

4.68 %,

2/01/38

..........................................

4,685,000

2,655,902

GO

,

2018

A

,

4.9 %,

2/01/39

...........................................

4,685,000

2,464,312

GO

,

2018

A

,

5.13 %,

2/01/40

..........................................

4,685,000

2,277,169

Hennepin

County

Regional

Railroad

Authority

,

County

of

Hennepin

,

GO

,

2019

A

,

%

,

12/01/37

...........................

1,000,000

1,040,071

County

of

Hennepin

,

GO

,

2019

A

,

%

,

12/01/38

...........................

3,965,000

4,103,893

Hopkins

Independent

School

District

No.

,

GO

,

2019

A

,

%

,

2/01/34

..........

2,450,000

2,339,687

Jordan

Independent

School

District

No.

717

,

GO

,

2023

A

,

%

,

2/01/42

...........

1,300,000

1,225,073

Mankato

Independent

School

District

No.

,

COP

,

2022

A

,

%

,

2/01/42

..........

2,730,000

2,095,582

Metropolitan

Council

,

GO

,

2020

B

,

2.125 %

,

3/01/36

.........................................

3,500,000

2,842,838

GO

,

2020

B

,

2.125 %

,

3/01/38

.........................................

4,000,000

3,036,526

GO

,

2022

C

,

%

,

3/01/40

............................................

3,275,000

3,272,429

GO

,

2022

C

,

%

,

3/01/41

............................................

3,410,000

3,360,835

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2022

A

,

Refunding

,

4.25 %

,

1/01/52

.............................

2,990,000

2,664,400

Revenue,

Senior

Lien

,

2016

C

,

%

,

1/01/34

..............................

1,870,000

1,910,513

Revenue,

Senior

Lien

,

2016

C

,

%

,

1/01/35

..............................

4,025,000

4,096,862

Revenue,

Senior

Lien

,

2016

C

,

%

,

1/01/41

..............................

20,730,000

20,846,782

Revenue,

Senior

Lien

,

2016

C

,

%

,

1/01/46

..............................

14,475,000

14,474,786

Minnesota

Agricultural

&

Economic

Development

Board

,

HealthPartners

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

1/01/54

.................................

5,000,000

4,990,633

Minnesota

Health

&

Education

Facilities

Authority

,

Macalester

College

,

Revenue

,

2017

,

Refunding

,

%

,

3/01/33

.................

1,510,000

1,444,733

Macalester

College

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/36

.................

125,000

126,672

St.

Catherine

University

,

Revenue

,

2018

A

,

Refunding

,

%

,

10/01/45

...........

2,075,000

1,918,978

St.

Catherine

University

,

Revenue

,

2023

,

%

,

10/01/43

.....................

600,000

561,444

St.

Catherine

University

,

Revenue

,

2023

,

5.125 %

,

10/01/48

..................

750,000

694,520

St.

Catherine

University

,

Revenue

,

2023

,

%

,

10/01/52

.....................

3,000,000

2,678,610

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/33

...............

240,000

244,666

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/38

...............

250,000

210,140

St.

Olaf

College

,

Revenue

,

2021

,

%

,

10/01/41

...........................

1,000,000

788,932

University

of

St.

Thomas

,

Revenue

,

2022

A

,

%

,

10/01/52

...................

10,000,000

9,869,892

Minnesota

Higher

Education

Facilities

Authority

,

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/32

...............

255,000

261,598

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/34

...............

355,000

359,672

University

of

St.

Thomas

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/36

..........

750,000

751,507

University

of

St.

Thomas

,

Revenue

,

2024

A

,

%

,

10/01/49

...................

4,000,000

3,993,125

Minnesota

Housing

Finance

Agency

,

Revenue

,

2020

E

,

GNMA

Insured

,

2.5 %

,

7/01/40

..........................

1,840,000

1,359,857

Revenue

,

2021

B

,

GNMA

Insured

,

2.1 %

,

7/01/36

..........................

950,000

750,768

Revenue

,

2021

H

,

GNMA

Insured

,

2.55 %

,

1/01/46

.........................

3,950,000

2,603,750

Revenue

,

2022

A

,

GNMA

Insured

,

2.75 %

,

7/01/42

.........................

2,660,000

1,982,424

Revenue

,

2023

D

,

GNMA

Insured

,

4.5 %

,

7/01/43

..........................

970,000

940,384

Revenue

,

2023

D

,

GNMA

Insured

,

4.6 %

,

7/01/45

..........................

965,000

911,630

State

of

Minnesota

,

Revenue

,

2009

,

%

,

8/01/29

..........................

1,365,000

1,365,395

State

of

Minnesota

,

Revenue

,

2011

,

%

,

8/01/31

..........................

2,225,000

2,229,435

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Minnesota
(continued)

Minnesota

Housing

Finance

Agency,

(continued)

State

of

Minnesota

,

Revenue

,

2020

D

,

%

,

8/01/42

........................

$

1,815,000

$

1,701,577

c

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/27

..

11,550,000

11,743,894

Minnesota

Office

of

Higher

Education

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

%

,

11/01/42

........................................................

2,250,000

2,082,112

Moorhead

Independent

School

District

No.

,

GO

,

2020

A

,

2.5 %

,

2/01/37

.......

3,795,000

3,127,185

Nashwauk

Keewatin

Independent

School

District

No.

,

GO

,

2022

A

,

Refunding

,

%

,

2/01/48

.........................................................

4,000,000

3,626,904

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO

,

2019

A

,

%

,

2/01/42

............................................

4,975,000

3,988,628

GO

,

2019

A

,

%

,

2/01/46

............................................

22,965,000

17,853,131

Northern

Municipal

Power

Agency

,

Revenue

,

2017

,

Refunding

,

%

,

1/01/41

.......

800,000

805,153

Osseo

Independent

School

District

No.

,

GO

,

2024

A

,

%

,

2/01/43

............

4,920,000

4,600,827

b

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO

,

2018

B

,

2.7 %,

2/01/27

..........................................

8,545,000

8,227,183

GO

,

2018

B

,

2.69 %,

2/01/28

.........................................

13,055,000

12,241,048

GO

,

2018

B

,

3.27 %,

2/01/30

.........................................

9,010,000

7,813,648

GO

,

2018

B

,

3.54 %,

2/01/31

.........................................

5,310,000

4,396,109

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375 %

,

2/01/47

3,000,000

1,863,748

Redwood

Area

Schools

Independent

School

District

No.

2897

,

GO

,

2024

A

,

%

,

2/01/44

.........................................................

2,000,000

1,846,866

Robbinsdale

Independent

School

District

No.

,

GO

,

2024

A

,

%

,

2/01/43

............................................

500,000

473,087

GO

,

2024

A

,

%

,

2/01/44

............................................

450,000

422,075

GO

,

2024

A

,

%

,

2/01/45

............................................

415,000

385,759

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

,

GO

,

2023

A

,

%

,

2/01/44

.........................................................

2,000,000

1,837,832

Roseville

Independent

School

District

No.

623

,

GO

,

2018

A

,

%

,

2/01/35

............................................

4,900,000

4,937,080

GO

,

2018

A

,

%

,

2/01/37

............................................

5,000,000

5,015,608

b

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO

,

2016

B

,

4.71 %,

2/01/36

.........................................

3,000,000

1,857,654

GO

,

2016

B

,

4.86 %,

2/01/37

.........................................

2,820,000

1,640,136

GO

,

2016

B

,

5.02 %,

2/01/38

.........................................

5,220,000

2,839,696

GO

,

2016

B

,

5.18 %,

2/01/39

.........................................

3,020,000

1,533,367

Sauk

Centre

Public

Utilities

Commission

,

Electric

,

Revenue

,

2024

A

,

AG

Insured

,

4.25 %

,

12/01/44

....................

395,000

367,210

Electric

,

Revenue

,

2024

A

,

AG

Insured

,

4.5 %

,

12/01/53

.....................

335,000

305,976

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25 %

,

8/01/37

...............................

8,000,000

7,807,798

Southern

Minnesota

Municipal

Power

Agency

,

b

Revenue

,

1994

A

,

NATL

Insured

,

3.16 %,

1/01/26

..........................

5,395,000

5,338,074

b

Revenue

,

1994

A

,

NATL

Insured

,

3.23 %,

1/01/27

..........................

6,600,000

6,325,128

Revenue

,

2015

A

,

Refunding

,

%

,

1/01/41

...............................

2,085,000

2,098,550

Revenue

,

2015

A

,

Refunding

,

%

,

1/01/46

...............................

7,260,000

7,295,864

Revenue

,

2017

A

,

%

,

1/01/47

........................................

1,315,000

1,310,933

St.

Cloud

Independent

School

District

No.

742

,

COP

,

2017

A

,

%

,

2/01/38

.........

1,000,000

979,919

St.

Francis

Independent

School

District

No.

,

GO

,

2018

A

,

3.5 %

,

2/01/41

........

3,350,000

2,923,752

St.

Paul

Port

Authority

,

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2021-1

,

Refunding

,

%

,

10/01/34

300,000

278,117

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-3

,

4.75 %

,

10/01/43

.....

1,000,000

956,154

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-4

,

5.25 %

,

10/01/42

.....

1,000,000

991,308

State

of

Minnesota

,

GO

,

2023

B

,

%

,

8/01/43

..............................

4,745,000

4,413,228

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/61

......................................................

1,105,000

723,049

University

of

Minnesota

,

Revenue

,

2017

A

,

%

,

9/01/40

........................................

1,240,000

1,258,123

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Minnesota
(continued)

University

of

Minnesota,

(continued)

Revenue

,

2017

A

,

%

,

9/01/41

........................................

$

3,000,000

$

3,037,220

Revenue

,

2019

A

,

%

,

4/01/39

........................................

3,055,000

3,148,823

Revenue

,

2019

A

,

%

,

4/01/40

........................................

2,110,000

2,166,379

Revenue

,

2019

A

,

%

,

4/01/41

........................................

6,045,000

6,183,014

Revenue

,

2019

A

,

%

,

4/01/44

........................................

2,000,000

2,029,002

Revenue

,

2020

A

,

%

,

11/01/39

.......................................

2,000,000

2,085,474

Revenue

,

2020

A

,

%

,

11/01/42

.......................................

1,230,000

1,266,260

Virginia

Housing

&

Redevelopment

Authority

,

County

of

St.

Louis

,

Revenue

,

2025

A

,

%

,

4/01/50

........................

670,000

664,074

County

of

St.

Louis

,

Revenue

,

2025

A

,

%

,

4/01/55

........................

885,000

867,555

County

of

St.

Louis

,

Revenue

,

2025

A

,

%

,

4/01/60

........................

1,130,000

1,099,165

Waconia

Independent

School

District

No.

,

GO

,

2025

A

,

Refunding

,

%

,

2/01/41

.

1,270,000

1,228,770

b

Watertown-Mayer

Independent

School

District

No.

,

GO

,

2020

A

,

4.12 %,

2/01/33

..........................................

2,470,000

1,829,910

GO

,

2020

A

,

4.3 %,

2/01/34

...........................................

2,470,000

1,732,518

GO

,

2020

A

,

4.8 %,

2/01/37

...........................................

2,470,000

1,446,214

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

,

GO

,

2018

A

,

%

,

2/01/34

....................................................

2,655,000

2,683,409

Western

Minnesota

Municipal

Power

Agency

,

Revenue

,

2015

A

,

Refunding

,

%

,

1/01/35

...............................

3,000,000

3,022,490

Revenue

,

2015

A

,

Refunding

,

%

,

1/01/36

...............................

2,035,000

2,049,917

Revenue

,

2018

A

,

%

,

1/01/49

........................................

5,000,000

5,016,193

Zumbro

Education

District

,

COP

,

2021

A

,

%

,

2/01/32

...........................................

200,000

197,420

COP

,

2021

A

,

%

,

2/01/33

...........................................

150,000

146,448

COP

,

2021

A

,

%

,

2/01/34

...........................................

125,000

120,491

COP

,

2021

A

,

2.125 %

,

2/01/35

........................................

325,000

255,458

COP

,

2021

A

,

%

,

2/01/38

...........................................

390,000

352,061

COP

,

2021

A

,

%

,

2/01/41

...........................................

635,000

531,343

593,289,075

#### South

#### Carolina

#### 0.4%
a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

3,500,000

2,787,939

#### Texas

#### 0.5%
a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

4,000,000

2,866,766

#### Washington

#### 0.3%
a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

2,100,000

1,741,615

#### Wisconsin

#### 0.3%
a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

,

%

,

12/28/44

..............

2,100,000

1,610,023

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 648,291,447

####)
.....................................

#### 608,939,706
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.5%

#### Municipal

#### Bonds

#### 0.5%

#### Minnesota

#### 0.5%
d

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

11/15/48

.....

2,300,000

2,300,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

s

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### Minnesota
(continued)

d

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

3.1 %

,

11/15/64

.............................................

$

900,000

$

900,000

3,200,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 3,200,000

####)
.......................................

#### 3,200,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 3,200,000

####)
.................................

#### 3,200,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 651,491,447

####)
99.4 #### %
...................................

#### $612,139,706

#### Other

#### Assets,

#### less

#### Liabilities
0.6 #### %
.............................................

#### 3,767,047

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $615,906,753
See

Abbreviations

on

.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$34,023,863,

representing

5.5%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.49

$10.47

$10.27

$11.48

$11.85

$12.09

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19 0.35 0.34 0.31 0.28 0.29 Net

realized

and

unrealized

gains

(losses)

(0.51)

0.02 0.20 (1.22)

(0.37)

(0.24)

Total

from

investment

operations

........

(0.32)

0.37 0.54 (0.91)

(0.09)

0.05 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.35)

(0.34)

(0.30)

(0.28)

(0.29)

Net

asset

value,

end

of

period

..........

$9.99

$10.49

$10.47

$10.27

$11.48

$11.85

Total

return

d

.......................

(3.07)%

3.55%

5.34%

(7.92)%

(0.84)%

0.41%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.83%

0.82%

f

0.83%

f

0.82%

f

0.81%

f

0.81%

f

Net

investment

income

...............

3.55%

3.31%

3.30%

2.90%

2.33%

2.42%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$173,400

$186,969

$180,411

$166,355

$208,059

$169,677

Portfolio

turnover

rate

................

10.42%

7.70%

15.60%

26.78%

21.64%

18.20%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.49

$10.46

$10.27

$11.48

$11.84

$12.09

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19 0.36 0.35 0.32 0.30 0.31 Net

realized

and

unrealized

gains

(losses)

(0.51)

0.03 0.19 (1.21)

(0.36)

(0.26)

Total

from

investment

operations

........

(0.32)

0.39 0.54 (0.89)

(0.06)

0.05 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.36)

(0.35)

(0.32)

(0.30)

(0.30)

Net

asset

value,

end

of

period

..........

$9.98

$10.49

$10.46

$10.27

$11.48

$11.84

Total

return

d

.......................

(3.10)%

3.81%

5.40%

(7.78)%

(0.60)%

0.48%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.68%

0.67%

f

0.68%

f

0.67%

f

0.66%

f

0.66%

f

Net

investment

income

...............

3.70%

3.46%

3.44%

3.05%

2.49%

2.58%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$312,646

$353,894

$399,059

$439,718

$588,698

$647,517

Portfolio

turnover

rate

................

10.42%

7.70%

15.60%

26.78%

21.64%

18.20%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.60

$10.57

$10.37

$11.60

$11.97

$12.21

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.30 0.29 0.26 0.23 0.24 Net

realized

and

unrealized

gains

(losses)

(0.52)

0.03 0.20 (1.23)

(0.37)

(0.24)

Total

from

investment

operations

........

(0.36)

0.33 0.49 (0.97)

(0.14)

—

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.29)

(0.26)

(0.23)

(0.24)

Net

asset

value,

end

of

period

..........

$10.08

$10.60

$10.57

$10.37

$11.60

$11.97

Total

return

d

.......................

(3.43)%

3.19%

4.87%

(8.38)%

(1.23)%

0.01%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.22%

1.22%

f

1.23%

f

1.22%

f

1.20%

f

1.21%

f

Net

investment

income

...............

3.11%

2.86%

2.83%

2.45%

1.91%

2.01%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$11,972

$15,414

$23,851

$33,334

$52,654

$74,779

Portfolio

turnover

rate

................

10.42%

7.70%

15.60%

26.78%

21.64%

18.20%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.50

$10.47

$10.28

$11.49

$11.85

$12.10

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.20 0.38 0.37 0.34 0.31 0.32 Net

realized

and

unrealized

gains

(losses)

(0.52)

0.02 0.19 (1.22)

(0.36)

(0.25)

Total

from

investment

operations

........

(0.32)

0.40 0.56 (0.88)

(0.05)

0.07 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.37)

(0.37)

(0.33)

(0.31)

(0.32)

Net

asset

value,

end

of

period

..........

$9.99

$10.50

$10.47

$10.28

$11.49

$11.85

Total

return

d

.......................

(3.03)%

3.94%

5.53%

(7.65)%

(0.47)%

0.61%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.54%

0.55%

0.55%

0.54%

0.53%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.54%

0.55%

f

0.55%

f,g

0.54%

f,g

0.52%

f

0.53%

f,g

Net

investment

income

...............

3.84%

3.59%

3.57%

3.17%

2.61%

2.70%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$29,375

$31,167

$22,474

$20,620

$33,747

$30,329

Portfolio

turnover

rate

................

10.42%

7.70%

15.60%

26.78%

21.64%

18.20%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.50

$10.47

$10.27

$11.49

$11.85

$12.09

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.20 0.37 0.36 0.33 0.31 0.32 Net

realized

and

unrealized

gains

(losses)

(0.52)

0.03 0.20 (1.22)

(0.36)

(0.24)

Total

from

investment

operations

........

(0.32)

0.40 0.56 (0.89)

(0.05)

0.08 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.37)

(0.36)

(0.33)

(0.31)

(0.32)

Net

asset

value,

end

of

period

..........

$9.99

$10.50

$10.47

$10.27

$11.49

$11.85

Total

return

d

.......................

(3.04)%

3.91%

5.61%

(7.77)%

(0.50)%

0.66%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.58%

0.57%

f

0.58%

f

0.57%

f

0.56%

f

0.56%

f

Net

investment

income

...............

3.81%

3.56%

3.54%

3.15%

2.59%

2.68%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$76,505

$79,685

$67,832

$70,684

$86,643

$85,456

Portfolio

turnover

rate

................

10.42%

7.70%

15.60%

26.78%

21.64%

18.20%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 97.4%

#### Florida

#### 1.7%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

$

5,544,000

$

4,753,317

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

850,000

540,514

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

6,200,000

5,173,826

10,467,657

#### Georgia

#### 0.3%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

540,000

542,749

b

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

2,355,000

1,030,996

1,573,745

#### Missouri

#### 89.5%
Affton

School

District

No.

,

GO

,

2017

A

,

%

,

3/01/36

............................................

300,000

306,272

GO

,

2017

A

,

Pre-Refunded

,

%

,

3/01/36

................................

1,620,000

1,680,979

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/44

......................................

4,500,000

3,976,724

Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2021

,

%

,

3/01/41

..............................

3,010,000

2,826,760

Mercy

Health

,

Revenue

,

2021

,

%

,

3/01/46

..............................

3,000,000

2,168,466

Mercy

Health

,

Revenue

,

2021

,

%

,

3/01/46

..............................

3,500,000

3,100,484

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1998

,

5.3 %

,

5/15/28

..................

6,875,000

6,890,971

St.

Francis

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/39

..........

7,110,000

7,130,079

City

of

Harrisonville

,

COP

,

2023

A

,

Refunding

,

4.375 %

,

3/01/43

...............................

1,000,000

951,854

COP

,

2023

A

,

Refunding

,

4.5 %

,

3/01/48

.................................

2,000,000

1,875,716

COP

,

2023

A

,

Refunding

,

4.625 %

,

3/01/53

...............................

2,000,000

1,863,659

City

of

Kansas

City

,

GO

,

2024

A

,

%

,

2/01/44

............................................

1,700,000

1,537,522

Sanitary

Sewer

System

,

Revenue

,

2018

A

,

%

,

1/01/35

.....................

1,500,000

1,515,029

Sanitary

Sewer

System

,

Revenue

,

2023

A

,

%

,

1/01/48

.....................

5,000,000

4,415,696

Sanitary

Sewer

System

,

Revenue

,

2024

A

,

%

,

1/01/49

.....................

3,500,000

3,047,058

Water

,

Revenue

,

2023

A

,

%

,

12/01/47

.................................

2,120,000

1,883,782

City

of

Kirkwood

,

COP

,

2024

A

,

4.25 %

,

4/01/50

.........................................

535,000

476,299

COP

,

2024

A

,

4.25 %

,

4/01/54

.........................................

1,700,000

1,486,114

City

of

Marshfield

,

Waterworks

&

Sewer

System

,

Revenue

,

2020

B

,

AG

Insured

,

%

,

2/01/47

.........................................................

1,775,000

1,780,209

City

of

Republic

,

Revenue

,

2022

,

%

,

5/01/47

.........................................

5,000,000

3,580,990

Revenue

,

2023

,

4.5 %

,

5/01/41

........................................

1,000,000

970,094

Revenue

,

2023

,

4.5 %

,

5/01/44

........................................

1,000,000

937,538

City

of

Springfield

,

Revenue

,

2023

,

4.375 %

,

11/01/42

.....................................

500,000

486,627

Public

Utility

,

COP

,

2025

,

%

,

11/01/47

..................................

20,000,000

17,510,544

City

of

St.

Charles

,

COP

,

2020

B

,

Refunding

,

%

,

2/01/39

.....................

1,000,000

838,441

City

of

St.

Louis

,

Airport

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5 %

,

7/01/29

..............

13,070,000

14,527,033

Airport

,

Revenue

,

2017

D

,

Refunding

,

AG

Insured

,

%

,

7/01/35

...............

1,000,000

1,014,126

Airport

,

Revenue

,

2017

D

,

Refunding

,

AG

Insured

,

%

,

7/01/36

...............

2,125,000

2,149,339

Airport

,

Revenue

,

2019

C

,

Refunding

,

%

,

7/01/27

.........................

1,705,000

1,774,561

Airport

,

Revenue

,

2024

A

,

AG

Insured

,

5.25 %

,

7/01/49

......................

6,480,000

6,687,425

City

of

University

City

,

COP

,

2024

,

%

,

4/01/49

.............................

1,205,000

1,214,168

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Missouri
(continued)

Clay

County

Reorganized

School

District

No.

,

GO

,

2017

,

%

,

3/01/36

.............................................

$

1,540,000

$

1,416,524

GO

,

2017

,

3.125 %

,

3/01/37

..........................................

1,855,000

1,697,305

Community

College

District

of

Central

Southwest

Missouri

,

COP

,

2021

,

%

,

3/01/40

.............................................

575,000

472,265

COP

,

2021

,

%

,

3/01/41

.............................................

400,000

322,313

County

of

Jackson

,

Revenue

,

2023

A

,

4.25 %

,

12/01/53

....................................

2,660,000

2,362,884

Revenue

,

2023

A

,

5.25 %

,

12/01/58

....................................

2,500,000

2,548,396

County

of

Phelps

,

Phelps

County

Regional

Medical

Center

,

Revenue

,

2025

,

5.375 %

,

12/01/50

......

2,500,000

2,453,045

Phelps

County

Regional

Medical

Center

,

Revenue

,

2025

,

%

,

12/01/55

.........

2,500,000

2,594,703

Ferguson

Reorganized

School

District

No.

,

GO

,

2018

,

%

,

5/01/32

.............................................

1,000,000

1,010,225

GO

,

2018

,

%

,

5/01/38

.............................................

2,250,000

2,285,041

Hannibal

Board

of

Public

Works

,

COP

,

2022

,

3.625 %

,

4/01/44

.........................................

1,000,000

812,162

COP

,

2022

,

3.75 %

,

4/01/47

..........................................

1,000,000

806,636

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

%

,

8/01/40

......

1,650,000

1,584,758

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

%

,

8/01/45

......

1,300,000

1,188,809

BJC

Healthcare

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/34

......

4,030,000

4,066,222

BJC

Healthcare

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/43

....

2,000,000

2,011,497

BJC

Healthcare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/51

.....

13,000,000

9,215,461

BJC

Healthcare

Obligated

Group

,

Revenue

,

2025

A

,

4.25 %

,

4/01/55

...........

5,000,000

4,391,946

CoxHealth

Obligated

Group

,

Revenue

,

2013

A

,

%

,

11/15/44

.................

2,760,000

2,759,221

CoxHealth

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

11/15/33

........

3,200,000

3,208,752

CoxHealth

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/15/44

.................

5,000,000

4,398,611

Kansas

City

University

,

Revenue

,

2017

A

,

%

,

6/01/42

......................

2,800,000

2,812,250

Kansas

City

University

,

Revenue

,

2017

A

,

%

,

6/01/47

......................

4,875,000

4,834,723

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

2/15/40

........................................................

2,060,000

1,522,456

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

2/15/41

........................................................

2,120,000

1,518,975

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

2/15/46

........................................................

5,590,000

3,644,549

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

A

,

%

,

2/01/46

.......

4,000,000

3,609,510

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

2/01/46

........................................................

11,575,000

10,445,021

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

%

,

2/01/34

.......

2,000,000

2,037,954

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

%

,

2/01/42

.......

1,750,000

1,698,188

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

%

,

2/01/33

........................................................

1,730,000

1,698,242

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

%

,

2/01/30

........

2,035,000

2,060,125

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

%

,

2/01/42

........

4,900,000

4,120,701

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

2/01/44

........................................................

1,050,000

1,034,942

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

2/01/54

........................................................

1,750,000

1,646,004

Maryville

University

of

St.

Louis

,

Revenue

,

2015

,

%

,

6/15/44

.................

5,000,000

4,598,392

Maryville

University

of

St.

Louis

,

Revenue

,

2019

A

,

%

,

6/15/45

...............

4,000,000

3,665,781

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.125 %

,

6/15/38

...

2,300,000

1,850,395

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.375 %

,

6/15/45

...

1,000,000

709,315

Maryville

University

of

St.

Louis

,

Revenue

,

2025

A

,

5.25 %

,

6/15/35

.............

2,610,000

2,765,388

Maryville

University

of

St.

Louis

,

Revenue

,

2025

A

,

%

,

6/15/40

...............

1,935,000

1,895,600

Maryville

University

of

St.

Louis

,

Revenue

,

2025

A

,

5.5 %

,

6/15/47

..............

3,000,000

2,897,128

Mercy

Health

,

Revenue

,

2012

,

%

,

11/15/42

.............................

8,000,000

7,122,429

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Missouri
(continued)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

(continued)

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

%

,

11/15/42

...................

$

9,720,000

$

9,693,719

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

%

,

11/15/47

...................

10,000,000

8,463,088

Mercy

Health

,

Revenue

,

2020

,

%

,

6/01/53

..............................

2,000,000

1,632,722

Mercy

Health

,

Revenue

,

2023

,

%

,

12/01/52

.............................

18,000,000

17,707,646

Mosaic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

2/15/54

4,000,000

3,183,875

SSM

Health

Care

Obligated

Group

,

Revenue

,

2018

A

,

%

,

6/01/48

............

13,500,000

13,205,776

SSM

Health

Care

Obligated

Group

,

Revenue

,

2022

A

,

%

,

6/01/52

............

5,000,000

4,914,309

St.

Louis

University

,

Revenue

,

2017

A

,

%

,

10/01/42

.......................

9,200,000

9,248,487

St.

Louis

University

,

Revenue

,

2017

A

,

%

,

10/01/47

.......................

11,490,000

11,503,436

Howard

Bend

Levee

District

,

Special

Tax

,

2021

,

2.75 %

,

3/01/31

.....................................

400,000

364,483

Special

Tax

,

2021

,

%

,

3/01/36

.......................................

500,000

407,308

Special

Tax

,

2021

,

3.125 %

,

3/01/41

....................................

1,000,000

750,381

Special

Tax

,

2022

,

3.375 %

,

3/01/32

....................................

75,000

69,379

Special

Tax

,

2022

,

3.5 %

,

3/01/37

......................................

175,000

147,031

Special

Tax

,

2022

,

3.625 %

,

3/01/42

....................................

200,000

156,678

Jefferson

County

School

District

No.

R-VI

,

Festus

,

COP

,

2021

B

,

%

,

4/01/42

.....................................

500,000

386,331

Festus

,

COP

,

2021

B

,

%

,

4/01/44

.....................................

1,500,000

1,104,869

Festus

,

COP

,

2021

B

,

2.375 %

,

4/01/46

..................................

2,000,000

1,223,556

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

2/15/43

510,000

447,727

Freeman

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

2/15/44

380,000

331,099

Kansas

City

Industrial

Development

Authority

,

Revenue

,

2011

A

,

Refunding

,

5.5 %

,

9/01/29

..............................

5,000,000

5,020,166

Revenue

,

2011

A

,

Refunding

,

5.5 %

,

9/01/30

..............................

12,000,000

12,048,398

Revenue

,

2011

A

,

Refunding

,

%

,

9/01/32

...............................

3,000,000

3,010,975

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

%

,

3/01/46

...................

30,680,000

29,965,834

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AG

Insured

,

%

,

3/01/49

.........

8,000,000

7,869,619

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

%

,

3/01/54

...................

5,090,000

4,910,658

Lebanon

Reorganized

School

District

No.

,

GO

,

2024

,

%

,

3/01/44

...........

4,000,000

3,638,819

Maplewood-Richmond

Heights

School

District

,

GO

,

2025

,

%

,

3/01/45

...........

1,390,000

1,415,442

Metropolitan

St.

Louis

Sewer

District

,

Revenue

,

2016

C

,

Refunding

,

%

,

5/01/46

...............................

24,700,000

25,080,634

Revenue

,

2017

A

,

Refunding

,

%

,

5/01/47

...............................

15,000,000

15,019,343

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/30

...............

930,000

973,103

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/46

...............

2,640,000

1,710,047

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/51

...............

9,445,000

7,179,080

City

of

Independence

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

12/01/54

............

1,225,000

1,206,470

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1999

,

5.2 %

,

3/15/29

..................

3,000,000

3,202,712

Zoological

Subdistrict

of

the

Metropolitan

Zoo

Park

&

Museum

District

of

St.

Louis

,

Revenue

,

2022

,

5.25 %

,

5/01/55

.....................................

2,500,000

2,512,399

Missouri

Housing

Development

Commission

,

Revenue

,

2018

B

,

GNMA

Insured

,

%

,

11/01/38

...........................

785,000

743,729

Revenue

,

2020

C

,

GNMA

Insured

,

2.4 %

,

11/01/45

.........................

2,010,000

1,316,824

Revenue

,

2020

D

,

GNMA

Insured

,

2.55 %

,

11/01/50

........................

2,715,000

1,762,991

Revenue

,

2021

B

,

GNMA

Insured

,

2.3 %

,

11/01/51

.........................

7,220,000

4,056,479

Revenue

,

2022

A

,

GNMA

Insured

,

3.125 %

,

11/01/42

.......................

3,425,000

2,755,580

Revenue

,

2022

C

,

GNMA

Insured

,

4.3 %

,

11/01/47

.........................

1,915,000

1,707,780

Revenue

,

2022

C

,

GNMA

Insured

,

4.35 %

,

11/01/52

........................

2,390,000

2,078,369

Revenue

,

2024

G

,

GNMA

Insured

,

4.5 %

,

11/01/54

.........................

3,725,000

3,425,642

Missouri

Joint

Municipal

Electric

Utility

Commission

,

MoPEP

Pool

Fund

,

Revenue

,

2018

,

%

,

12/01/43

................................................

2,000,000

2,003,514

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75 %

,

6/01/47

...

5,050,000

4,609,659

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Missouri
(continued)

Poplar

Bluff

Regional

Transportation

Development

District

,

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

3.375 %

,

12/01/31

..................

$

1,370,000

$

1,338,157

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

%

,

12/01/37

......................

2,600,000

2,420,043

Republic

School

District

No.

,

GO

,

2023

,

%

,

3/01/43

......................

1,470,000

1,356,200

Riverside-Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment

,

2017

,

Refunding

,

%

,

3/01/29

.............................................

2,585,000

2,619,574

Springfield

School

District

No.

,

GO

,

2023

,

%

,

3/01/43

...................

2,000,000

1,853,917

St.

Charles

County

Public

Water

Supply

District

No.

,

COP

,

2022

,

%

,

12/01/44

....

5,000,000

4,488,187

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

%

,

3/01/38

.........................................................

15,400,000

15,411,145

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2013

A

,

5.875 %

,

9/01/43

..

7,000,000

6,999,322

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

9/01/48

........................................................

7,095,000

6,424,822

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue

,

2021

,

2.25 %

,

7/15/41

.......................................

3,845,000

2,696,368

Revenue

,

2021

A

,

Refunding

,

2.125 %

,

4/01/39

............................

5,635,000

4,201,803

City

of

St.

Louis

,

Revenue

,

2022

C

,

%

,

6/01/36

...........................

2,025,000

2,048,176

City

of

St.

Louis

,

Revenue

,

2022

C

,

%

,

6/01/41

...........................

2,000,000

1,910,817

City

of

St.

Louis

,

Revenue

,

2022

C

,

5.125 %

,

6/01/46

.......................

2,600,000

2,414,512

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AG

Insured

,

%

,

10/01/45

..................

5,685,000

5,731,581

City

of

St.

Louis

,

Revenue

,

2020

,

AG

Insured

,

%

,

10/01/49

..................

2,175,000

2,177,608

St.

Louis

Municipal

Library

District

,

COP

,

2020

,

Refunding

,

BAM

Insured

,

%

,

3/15/48

2,800,000

2,437,091

St.

Louis

School

District

,

GO

,

2023

,

AG

Insured

,

%

,

4/01/43

..................

7,000,000

6,499,000

Strafford

Reorganized

School

District

No.

R-VI

,

GO

,

2023

,

%

,

3/01/43

...........

4,000,000

3,763,362

Waynesville

R-VI

School

District

,

COP

,

2025

,

4.625 %

,

4/15/50

.................

10,000,000

9,208,473

540,565,727

#### Oregon

#### 0.2%
a

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

,

5.5 %

,

12/01/39

............................

1,400,000

1,410,977

#### Texas

#### 0.7%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

.....................................................

2,000,000

1,759,739

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

2.5 %

,

9/01/41

...............................

525,000

354,326

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

3,200,000

2,293,413

4,407,478

#### Washington

#### 0.3%
a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

1,900,000

1,575,747

#### Wisconsin

#### 2.4%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

2,530,000

2,542,883

b

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

10,690,000

4,679,976

a

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,900,000

1,456,687

a

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5 %

,

8/01/53

................

1,500,000

1,381,392

a,b

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

4,825,000

2,826,659

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,500,000

1,442,427

14,330,024

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories

#### 2.3%

#### Guam

#### 0.9%
Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

.........

$

5,790,000

$

5,524,852

#### Puerto

#### Rico

#### 1.4%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

1,750,000

1,748,930

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

................................

1,404,000

1,260,832

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

6,000,000

5,503,549

8,513,311

#### Total

#### U.S.

#### Territories

#### ....................................................................
14,038,163

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 632,366,779

####)
.....................................

#### 588,369,518

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
c

,d

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

238,252

59,563

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 59,563

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 632,366,779

####)
...............................

#### 588,429,081

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.3%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 1.3%

#### Missouri

#### 1.3%
e

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

3.9 %

,

6/01/44

........................................................

2,500,000

2,500,000

Washington

University

(The)

,

Revenue

,

2000

C

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.75 %

,

3/01/40

..............................................

5,300,000

5,300,000

7,800,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 7,800,000

####)
.......................................

#### 7,800,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 7,800,000

####)
.................................

#### 7,800,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 640,166,779

####)
98.7 #### %
...................................

#### $596,229,081

#### Other

#### Assets,

#### less

#### Liabilities
1.3 #### %
.............................................

#### 7,669,249

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $603,898,330
Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$18,101,642,

representing

3.0%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

Non-income

producing.

d

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

e

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.37

$10.36

$10.11

$11.18

$11.46

$11.77

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.31 0.30 0.28 0.27 0.29 Net

realized

and

unrealized

gains

(losses)

(0.40)

0.01 0.25 (1.08)

(0.28)

(0.32)

Total

from

investment

operations

........

(0.24)

0.32 0.55 (0.80)

(0.01)

(0.03)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.30)

(0.27)

(0.27)

(0.28)

Net

asset

value,

end

of

period

..........

$9.97

$10.37

$10.36

$10.11

$11.18

$11.46

Total

return

d

.......................

(2.35)%

3.10%

5.55%

(7.13)%

(0.18)%

(0.18)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.83%

0.83%

f

0.83%

f

0.83%

f

0.82%

f

0.82%

f

Net

investment

income

...............

3.13%

2.95%

2.97%

2.68%

2.30%

2.50%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$243,534

$139,583

$131,477

$120,101

$141,419

$118,815

Portfolio

turnover

rate

................

16.10%

13.53%

10.78%

12.46%

7.69%

15.41%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.36

$10.35

$10.10

$11.16

$11.45

$11.76

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.32 0.32 0.29 0.28 0.30 Net

realized

and

unrealized

gains

(losses)

(0.41)

0.01 0.25 (1.06)

(0.29)

(0.31)

Total

from

investment

operations

........

(0.24)

0.33 0.57 (0.77)

(0.01)

(0.01)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.32)

(0.32)

(0.29)

(0.28)

(0.30)

Net

asset

value,

end

of

period

..........

$9.96

$10.36

$10.35

$10.10

$11.16

$11.45

Total

return

d

.......................

(2.28)%

3.26%

5.71%

(6.91)%

(0.11)%

(0.03)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.68%

0.68%

f

0.68%

f

0.68%

f

0.67%

f

0.67%

f

Net

investment

income

...............

3.27%

3.10%

3.12%

2.83%

2.45%

2.67%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$274,864

$304,010

$340,681

$372,268

$464,256

$516,756

Portfolio

turnover

rate

................

16.10%

13.53%

10.78%

12.46%

7.69%

15.41%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.50

$10.49

$10.23

$11.31

$11.60

$11.92

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13 0.26 0.26 0.23 0.22 0.24 Net

realized

and

unrealized

gains

(losses)

(0.41)

0.01 0.26 (1.08)

(0.29)

(0.32)

Total

from

investment

operations

........

(0.28)

0.27 0.52 (0.85)

(0.07)

(0.08)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.26)

(0.26)

(0.23)

(0.22)

(0.24)

Net

asset

value,

end

of

period

..........

$10.09

$10.50

$10.49

$10.23

$11.31

$11.60

Total

return

d

.......................

(2.62)%

2.64%

5.15%

(7.51)%

(0.66)%

(0.66)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.22%

1.22%

f

1.23%

f

1.23%

f

1.22%

f

1.22%

f

Net

investment

income

...............

2.67%

2.51%

2.52%

2.23%

1.87%

2.10%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$14,936

$19,978

$30,725

$40,433

$58,632

$87,934

Portfolio

turnover

rate

................

16.10%

13.53%

10.78%

12.46%

7.69%

15.41%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.37

$10.36

$10.11

$11.17

$11.46

$11.77

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.34 0.33 0.31 0.30 0.32 Net

realized

and

unrealized

gains

(losses)

(0.40)

0.01 0.25 (1.07)

(0.29)

(0.31)

Total

from

investment

operations

........

(0.23)

0.35 0.58 (0.76)

0.01 0.01 Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.34)

(0.33)

(0.30)

(0.30)

(0.32)

Net

asset

value,

end

of

period

..........

$9.97

$10.37

$10.36

$10.11

$11.17

$11.46

Total

return

d

.......................

(2.21)%

3.40%

5.86%

(6.77)%

0.03%

0.11%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.53%

0.54%

0.54%

0.54%

0.53%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.53%

0.54%

f

0.54%

f

0.54%

f

0.53%

f

0.53%

f

Net

investment

income

...............

3.41%

3.24%

3.27%

2.98%

2.59%

2.80%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$48,574

$51,712

$41,529

$37,543

$35,920

$32,012

Portfolio

turnover

rate

................

16.10%

13.53%

10.78%

12.46%

7.69%

15.41%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.37

$10.36

$10.11

$11.17

$11.46

$11.77

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18 0.33 0.33 0.30 0.30 0.31 Net

realized

and

unrealized

gains

(losses)

(0.41)

0.01 0.25 (1.06)

(0.29)

(0.31)

Total

from

investment

operations

........

(0.23)

0.34 0.58 (0.76)

0.01 —

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.33)

(0.33)

(0.30)

(0.30)

(0.31)

Net

asset

value,

end

of

period

..........

$9.97

$10.37

$10.36

$10.11

$11.17

$11.46

Total

return

d

.......................

(2.23)%

3.36%

5.81%

(6.81)%

(0.01)%

0.07%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.58%

0.58%

f

0.58%

f

0.59%

f

0.57%

f

0.57%

f

Net

investment

income

...............

3.37%

3.20%

3.22%

2.97%

2.55%

2.76%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$238,338

$245,037

$195,406

$191,534

$103,449

$94,236

Portfolio

turnover

rate

................

16.10%

13.53%

10.78%

12.46%

7.69%

15.41%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.2%

#### Software

#### 0.2%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

1,600,000

$

1,604,788

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,600,000

####)
.......................................

#### 1,604,788

#### Municipal

#### Bonds

#### 94.7%

#### California

#### 0.1%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

1,300,000

1,089,535

#### Delaware

#### 1.7%
Delaware

River

&

Bay

Authority

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/44

.................................

12,500,000

11,311,949

Revenue

,

2021

,

%

,

1/01/46

.........................................

1,750,000

1,555,473

Revenue

,

2024

A

,

%

,

1/01/49

........................................

1,335,000

1,368,408

14,235,830

#### Florida

#### 1.1%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

4,536,000

3,889,078

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

850,000

540,514

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

5,450,000

4,547,960

8,977,552

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

430,000

432,189

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

2,525,000

1,105,420

1,537,609

#### New

#### Jersey

#### 76.0%
Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AG

Insured

,

%

,

7/01/47

............................................

1,500,000

1,302,850

Camden

County

Improvement

Authority

(The)

,

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

%

,

7/15/32

.....................

250,000

262,793

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

%

,

7/15/52

.....................

3,000,000

2,771,665

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

%

,

6/15/47

..........

1,700,000

1,748,723

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

%

,

6/15/52

..........

2,100,000

2,149,538

Casino

Reinvestment

Development

Authority,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

11/01/44

.....................

1,350,000

1,182,669

Revenue

,

2024

B

,

AG

Insured

,

%

,

11/01/42

.............................

1,200,000

1,230,083

Revenue

,

2024

B

,

AG

Insured

,

%

,

11/01/43

.............................

825,000

842,098

Revenue

,

2024

B

,

AG

Insured

,

%

,

11/01/44

.............................

950,000

966,613

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

%

,

11/15/42

...........

1,000,000

1,048,530

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

5.375 %

,

11/15/52

........

1,500,000

1,576,101

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

%

,

11/15/62

...........

1,000,000

1,084,298

County

of

Monmouth

,

GO

,

2025

ABCE

,

%

,

3/01/37

........................................

6,780,000

7,614,827

GO

,

2025

ABCE

,

%

,

3/01/38

........................................

3,580,000

3,974,163

Cumberland

County

Improvement

Authority

(The)

,

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/36

............

955,000

984,393

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/37

............

1,000,000

1,026,442

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/38

............

1,020,000

1,042,364

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/39

............

1,070,000

1,089,066

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/44

............

5,725,000

5,767,616

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

%

,

6/15/38

........................................................

$

1,645,000

$

1,557,672

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

%

,

6/15/51

........................................................

2,700,000

2,227,099

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

%

,

6/15/56

........................................................

4,925,000

3,964,414

b

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

%

,

7/15/40

............................................

375,000

375,231

b

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

%

,

7/15/54

............................................

500,000

464,723

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University

,

Revenue

,

2015

C

,

%

,

7/01/44

.........................

3,500,000

3,508,216

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/37

...........................

750,000

759,115

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/38

...........................

700,000

704,403

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/39

...........................

600,000

601,080

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/44

...........................

4,925,000

4,996,405

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/48

...........................

5,250,000

4,673,831

Rowan

University

,

Revenue

,

2024

,

BAM

Insured

,

%

,

7/01/54

................

5,000,000

5,040,318

d

Rowan

University

,

Revenue

,

2025

,

Refunding

,

%

,

7/01/43

..................

1,200,000

1,240,040

d

Rowan

University

,

Revenue

,

2025

,

Refunding

,

%

,

7/01/44

..................

1,400,000

1,438,250

Hudson

County

Improvement

Authority

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/40

.................................

1,000,000

971,592

County

of

Hudson

,

Revenue

,

2016

,

5.25 %

,

5/01/51

........................

6,000,000

6,008,257

Jersey

City

Municipal

Utilities

Authority

,

Sewer

Fund

,

Revenue

,

2025

E

,

BAM

Insured

,

5.75 %

,

10/15/55

...............

1,350,000

1,464,176

Water

Fund

,

Revenue

,

2024

C

,

AG

Insured

,

5.25 %

,

10/15/54

.................

1,500,000

1,543,775

Middlesex

County

Improvement

Authority

,

Rutgers

The

State

University

of

New

Jersey

,

Revenue

,

2023

A

,

%

,

8/15/53

........................................

1,050,000

1,070,078

Monmouth

County

Improvement

Authority

(The)

,

Little

Silver

School

District

,

Revenue

,

2022

C

,

%

,

8/15/39

...............................................

1,045,000

1,125,566

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

%

,

9/01/39

.........................................................

5,000,000

5,039,850

New

Jersey

Economic

Development

Authority

,

Middlesex

Water

Co.

,

Revenue

,

2019

,

%

,

8/01/59

........................

6,200,000

4,916,878

Middlesex

Water

Co.

,

Revenue

,

2019

,

%

,

8/01/59

........................

7,245,000

7,209,552

Port

Newark

Container

Terminal

LLC

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/47

...

19,175,000

18,167,258

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

%

,

7/01/32

..........

640,000

643,642

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

%

,

7/01/37

..........

600,000

584,575

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

%

,

7/01/47

..........

1,500,000

1,343,637

Provident

Group-Montclair

Properties

LLC

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

6/01/42

....................................................

6,000,000

5,965,969

Provident

Group-Rowan

Properties

LLC

,

Revenue

,

A

,

%

,

1/01/48

.............

7,000,000

6,201,594

State

of

New

Jersey

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5 %

,

9/01/27

8,660,000

9,171,607

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

%

,

6/15/39

.....................

2,500,000

2,337,591

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

%

,

6/15/46

.....................

1,250,000

1,073,262

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

11/01/52

.......................

5,000,000

5,007,162

New

Jersey

Educational

Facilities

Authority

,

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AG

Insured

,

%

,

7/01/34

........

2,205,000

2,207,345

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AG

Insured

,

%

,

7/01/35

........

5,000,000

5,004,852

Kean

University

,

Revenue

,

2017

D

,

Refunding

,

BAM

Insured

,

%

,

9/01/38

.......

1,150,000

1,127,321

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

7/01/40

........................................................

1,000,000

1,059,460

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

7/01/43

........................................................

1,000,000

1,026,961

Ramapo

College

of

New

Jersey

,

Revenue

,

2017

A

,

Refunding

,

AG

Insured

,

%

,

7/01/35

........................................................

3,955,000

4,053,899

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

New

Jersey

Educational

Facilities

Authority,

(continued)

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

%

,

7/01/34

..............

$

400,000

$

400,199

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

%

,

7/01/37

..............

1,300,000

1,300,198

Seton

Hall

University

,

Revenue

,

2017

D

,

Refunding

,

%

,

7/01/42

..............

3,945,000

3,891,793

Seton

Hall

University

,

Revenue

,

2020

C

,

AG

Insured

,

3.25 %

,

7/01/49

...........

1,150,000

882,126

Seton

Hall

University

,

Revenue

,

2020

C

,

AG

Insured

,

%

,

7/01/50

.............

1,850,000

1,613,601

State

of

New

Jersey

,

Revenue

,

2023

A

,

4.625 %

,

9/01/48

....................

2,000,000

1,917,929

State

of

New

Jersey

,

Revenue

,

2023

A

,

5.25 %

,

9/01/53

.....................

2,000,000

2,029,858

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

1998-1

,

ETM,

%

,

7/01/28

........................................................

250,000

260,777

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/36

........................................................

1,600,000

1,629,048

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/42

........................................................

9,430,000

9,453,881

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/47

........................................................

4,085,000

3,995,547

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

%

,

7/01/45

.

4,000,000

3,990,009

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

%

,

7/01/50

.

11,640,000

9,643,102

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

,

%

,

3/01/40

........

2,160,000

2,331,708

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

%

,

3/01/53

..........

5,000,000

4,443,688

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

5.25 %

,

3/01/54

........

13,500,000

14,107,485

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.

,

Revenue

,

2008

A

,

%

,

7/01/27

........................

85,000

85,092

AHS

Hospital

Corp.

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/41

.................

10,000,000

9,274,640

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

%

,

7/01/37

.......

750,000

752,836

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

%

,

7/01/46

.......

1,000,000

734,691

Hackensack

Meridian

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/39

........................................................

11,000,000

11,202,841

Inspira

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/46

......

18,500,000

18,475,206

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/42

...............

7,000,000

6,948,576

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/47

...............

8,700,000

7,496,711

Inspira

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

7/01/54

....

6,000,000

6,123,769

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/43

10,000,000

10,000,746

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

7/01/54

........................................................

5,115,000

5,279,599

St.

Joseph's

Healthcare

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/41

........................................................

5,850,000

5,734,347

State

of

New

Jersey

,

Revenue

,

2024

,

Refunding

,

%

,

9/15/27

................

2,000,000

2,100,620

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/35

...........

1,000,000

990,288

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/37

...........

3,950,000

3,817,912

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/38

...........

2,200,000

2,100,275

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/44

...........

12,000,000

10,451,713

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2019

B

,

Refunding

,

3.25 %

,

12/01/39

............................

1,780,000

1,718,876

Revenue

,

2020

C

,

Refunding

,

4.25 %

,

12/01/50

...........................

1,750,000

1,434,041

Revenue

,

2021

B

,

Refunding

,

%

,

12/01/29

..............................

2,830,000

3,001,113

Revenue

,

2023

C

,

%

,

12/01/53

.......................................

3,125,000

2,834,398

Revenue

,

2024

C

,

5.25 %

,

12/01/54

....................................

2,000,000

1,891,592

Revenue

,

2025

1-C

,

Refunding

,

5.5 %

,

12/01/55

...........................

3,000,000

2,917,914

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5 %

,

12/01/39

...................

3,415,000

3,338,575

Revenue,

Senior

Lien

,

2025

1-A

,

Refunding

,

%

,

12/01/35

...................

1,500,000

1,559,600

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue

,

2018

A

,

Refunding

,

3.95 %

,

11/01/43

............................

1,100,000

984,965

Revenue

,

2019

A

,

Refunding

,

%

,

11/01/44

..............................

510,000

389,728

Revenue

,

2019

C

,

Refunding

,

3.95 %

,

10/01/44

...........................

3,955,000

3,571,732

Revenue

,

2020

E

,

Refunding

,

2.05 %

,

10/01/35

............................

4,005,000

3,240,985

Revenue

,

2020

E

,

Refunding

,

2.25 %

,

10/01/40

............................

8,020,000

5,683,547

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

New

Jersey

Housing

&

Mortgage

Finance

Agency,

(continued)

Revenue

,

2020

E

,

Refunding

,

2.4 %

,

10/01/45

.............................

$

3,205,000

$

2,101,839

Revenue

,

2020

E

,

Refunding

,

2.45 %

,

10/01/50

............................

2,400,000

1,519,971

Revenue

,

2024

,

GNMA

Insured

,

5.1 %

,

11/01/45

........................

3,000,000

3,005,568

Revenue

,

2025

M

,

5.05 %

,

10/01/45

....................................

2,500,000

2,514,696

Montgomery

Gateway

Preservation

LP

,

Revenue

,

2025

A

,

FNMA

Insured

,

4.55 %

,

5/01/41

........................................................

4,250,000

4,216,458

New

Jersey

Infrastructure

Bank

,

Revenue

,

2022

,

%

,

9/01/52

......................................

6,070,000

6,225,592

Revenue

,

2024

A-W1

,

%

,

9/01/49

.....................................

2,000,000

2,070,319

New

Jersey

Institute

of

Technology

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

7/01/44

....................

5,300,000

5,517,064

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

5.25 %

,

7/01/55

..................

1,750,000

1,812,651

New

Jersey

Transportation

Trust

Fund

Authority

,

c

State

of

New

Jersey

,

Revenue

,

2006

C

,

AG

Insured

,

3.6 %,

12/15/33

............

10,000,000

7,457,043

c

State

of

New

Jersey

,

Revenue

,

2009

A

,

3.53 %,

12/15/32

....................

10,000,000

7,767,168

c

State

of

New

Jersey

,

Revenue

,

2009

A

,

4.22 %,

12/15/36

....................

500,000

313,591

c

State

of

New

Jersey

,

Revenue

,

2009

A

,

BAM

Insured

,

4.56 %,

12/15/39

.........

10,000,000

5,289,120

c

State

of

New

Jersey

,

Revenue

,

2010

A

,

2.97 %,

12/15/29

....................

5,000,000

4,410,049

c

State

of

New

Jersey

,

Revenue

,

2010

A

,

4.77 %,

12/15/40

....................

4,750,000

2,328,628

State

of

New

Jersey

,

Revenue

,

2019

BB

,

%

,

6/15/44

......................

6,000,000

5,243,687

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/45

......................

8,435,000

8,470,250

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

......................

3,670,000

3,126,858

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

6/15/41

........................

2,000,000

1,827,450

State

of

New

Jersey

,

Revenue

,

2022

BB

,

%

,

6/15/42

......................

2,400,000

2,156,148

State

of

New

Jersey

,

Revenue

,

2022

BB

,

%

,

6/15/46

......................

7,325,000

6,272,510

State

of

New

Jersey

,

Revenue

,

2022

CC

,

Pre-Refunded

,

5.5 %

,

6/15/50

.........

1,250,000

1,471,698

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

%

,

6/15/38

...............

4,000,000

4,230,762

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

6/15/41

............

2,500,000

2,621,110

State

of

New

Jersey

,

Revenue

,

2023

BB

,

5.25 %

,

6/15/50

....................

2,000,000

2,041,138

State

of

New

Jersey

,

Revenue

,

2024

CC

,

4.125 %

,

6/15/50

...................

1,250,000

1,082,180

State

of

New

Jersey

,

Revenue

,

2024

CC

,

5.25 %

,

6/15/50

....................

9,555,000

9,742,064

New

Jersey

Turnpike

Authority

,

Revenue

,

2017

B

,

Refunding

,

%

,

1/01/40

...............................

1,345,000

1,371,668

Revenue

,

2017

G

,

Refunding

,

%

,

1/01/43

...............................

5,000,000

4,572,568

Revenue

,

2019

A

,

%

,

1/01/48

........................................

15,500,000

15,582,102

Revenue

,

2021

A

,

%

,

1/01/51

........................................

4,010,000

3,459,812

Revenue

,

2022

B

,

4.5 %

,

1/01/48

......................................

5,000,000

4,793,076

Revenue

,

2024

B

,

4.125 %

,

1/01/54

....................................

1,500,000

1,302,535

Revenue

,

2024

B

,

5.25 %

,

1/01/54

.....................................

2,000,000

2,067,687

Revenue

,

2024

C

,

Refunding

,

%

,

1/01/42

...............................

13,900,000

14,528,265

Revenue

,

2024

C

,

Refunding

,

%

,

1/01/43

...............................

7,360,000

7,644,094

Revenue

,

2025

A

,

5.25 %

,

1/01/55

.....................................

10,000,000

10,380,508

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

7/15/39

..........................

700,000

568,775

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

7/15/40

..........................

750,000

598,372

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

7/15/41

..........................

750,000

587,533

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

7/15/42

..........................

700,000

538,955

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

%

,

1/01/37

.............................................

19,245,000

19,031,800

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

4.25 %

,

7/01/33

........

175,000

177,461

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.25 %

,

7/01/43

........

670,000

672,352

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.375 %

,

7/01/53

.......

1,000,000

990,851

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.5 %

,

7/01/58

.........

1,000,000

1,000,413

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

4.125 %

,

7/01/33

........................................................

715,000

720,016

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

Passaic

County

Improvement

Authority

(The),

(continued)

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

4.5 %

,

7/01/40

........................................................

$

1,000,000

$

954,237

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

%

,

7/01/44

........................................................

625,000

601,246

South

Jersey

Port

Corp.

,

Revenue

,

2017

B

,

%

,

1/01/34

........................................

625,000

639,929

Revenue

,

2017

B

,

%

,

1/01/35

........................................

1,760,000

1,793,309

Revenue

,

2017

B

,

%

,

1/01/48

........................................

4,625,000

4,441,944

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

%

,

11/01/45

.......................................

5,750,000

5,756,784

Revenue

,

2022

A

,

4.625 %

,

11/01/47

....................................

6,000,000

5,607,189

Revenue

,

2022

A

,

5.25 %

,

11/01/52

.....................................

5,540,000

5,633,868

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

11/01/39

...................

2,120,000

2,235,760

State

of

New

Jersey

,

GO

,

2020

A

,

%

,

6/01/31

............................................

4,500,000

4,802,844

GO

,

2020

A

,

%

,

6/01/32

............................................

3,400,000

3,369,308

GO

,

2020

A

,

%

,

6/01/32

............................................

10,000,000

10,669,940

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

6/01/46

..

17,000,000

16,850,108

Union

County

Improvement

Authority

,

Revenue

,

2024

,

4.125 %

,

4/15/54

...........

5,500,000

4,807,837

623,158,123

#### New

#### York

#### 2.8%
Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

,

Refunding

,

%

,

12/01/53

.................................

6,250,000

6,185,490

Revenue

,

,

Refunding

,

%

,

7/15/54

.................................

7,500,000

7,601,838

Revenue

,

,

Refunding

,

%

,

10/15/47

.................................

2,500,000

2,558,115

Revenue

,

,

Refunding

,

5.25 %

,

10/15/51

..............................

6,400,000

6,651,027

22,996,470

#### Oregon

#### 0.2%
b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

,

5.5 %

,

12/01/39

............................

2,000,000

2,015,681

#### Pennsylvania

#### 7.1%
Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue

,

2017

,

%

,

7/01/42

........

19,500,000

19,595,193

Delaware

River

Port

Authority

,

Revenue

,

2013

,

Refunding

,

%

,

1/01/37

.................................

10,000,000

10,018,473

Revenue

,

2018

A

,

%

,

1/01/38

........................................

7,010,000

7,239,410

Revenue

,

2018

A

,

%

,

1/01/39

........................................

3,650,000

3,757,478

Revenue

,

2018

A

,

%

,

1/01/40

........................................

9,565,000

9,824,904

Revenue

,

2025

,

Refunding

,

%

,

1/01/39

.................................

2,000,000

2,167,735

Revenue

,

2025

,

Refunding

,

%

,

1/01/40

.................................

5,000,000

5,378,533

57,981,726

#### South

#### Carolina

#### 0.1%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

950,000

756,726

#### Texas

#### 0.4%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

.....................................................

2,000,000

1,759,739

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

2,700,000

1,935,067

3,694,806

#### Washington

#### 0.1%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

1,400,000

1,161,076

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Wisconsin

#### 1.5%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

$

2,015,000

$

2,025,260

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

11,450,000

5,012,697

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,500,000

1,150,016

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

3,225,000

1,889,321

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

2,000,000

1,923,236

12,000,530

#### U.S.

#### Territories

#### 3.4%

#### Guam

#### 2.0%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

10/01/43

1,000,000

1,005,307

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

........................................

850,000

811,075

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

.............

5,700,000

5,730,312

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

..............

6,300,000

6,420,098

Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/39

..............

500,000

522,778

Territory

of

Guam

,

Revenue

,

2025

G

,

Refunding

,

5.25 %

,

1/01/39

............................

500,000

525,269

Revenue

,

2025

G

,

Refunding

,

5.25 %

,

1/01/40

............................

1,000,000

1,042,760

16,057,599

#### Puerto

#### Rico

#### 1.4%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

1,200,000

1,199,266

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

10,000,000

9,172,582

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

850,000

750,912

11,122,760

#### Total

#### U.S.

#### Territories

#### ....................................................................
27,180,359

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 815,047,607

####)
.....................................

#### 776,786,023

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

200,660

50,165

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 50,165

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 816,647,607

####)
...............................

#### 778,440,976

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 2.6%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 2.6%

#### New

#### Jersey

#### 2.6%
f

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85 %

,

7/01/43

.................................

4,285,000

4,285,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

f

New

Jersey

Health

Care

Facilities

Financing

Authority,

(continued)

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

2.85 %

,

7/01/43

.................................

$

16,885,000

$

16,885,000

21,170,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 21,170,000

####)
......................................

#### 21,170,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 21,170,000

####)
................................

#### 21,170,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 837,817,607

####)
97.5 #### %
...................................

#### $799,610,976

#### Other

#### Assets,

#### less

#### Liabilities
2.5 #### %
.............................................

#### 20,635,728

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $820,246,704
See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$19,794,009,

representing

2.4%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.55

$10.51

$10.25

$11.31

$11.62

$11.84

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.28 0.27 0.24 0.21 0.27 Net

realized

and

unrealized

gains

(losses)

(0.44)

0.04 0.25 (1.07)

(0.31)

(0.23)

Total

from

investment

operations

........

(0.29)

0.32 0.52 (0.83)

(0.10)

0.04 Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.26)

(0.23)

(0.21)

(0.26)

Net

asset

value,

end

of

period

..........

$10.11

$10.55

$10.51

$10.25

$11.31

$11.62

Total

return

d

.......................

(2.76)%

3.10%

5.21%

(7.31)%

(0.89)%

0.38%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.85%

f

0.85%

g

0.85%

g

0.84%

g

0.82%

g

0.81%

g

Net

investment

income

...............

2.93%

2.68%

2.61%

2.26%

1.81%

2.27%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$117,390

$130,712

$134,364

$133,789

$167,474

$145,847

Portfolio

turnover

rate

................

10.00%

10.28%

14.73%

16.87%

23.40%

15.09%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.55

$10.50

$10.25

$11.31

$11.62

$11.84

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.30 0.28 0.25 0.23 0.29 Net

realized

and

unrealized

gains

(losses)

(0.45)

0.05 0.25 (1.06)

(0.31)

(0.23)

Total

from

investment

operations

........

(0.28)

0.35 0.53 (0.81)

(0.08)

0.06 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.28)

(0.25)

(0.23)

(0.28)

Net

asset

value,

end

of

period

..........

$10.11

$10.55

$10.50

$10.25

$11.31

$11.62

Total

return

d

.......................

(2.69)%

3.36%

5.27%

(7.17)%

(0.65)%

0.44%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.70%

f

0.70%

g

0.70%

g

0.69%

g

0.67%

g

0.67%

g

Net

investment

income

...............

3.08%

2.82%

2.75%

2.41%

1.97%

2.44%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$229,085

$260,291

$293,654

$339,756

$462,916

$521,406

Portfolio

turnover

rate

................

10.00%

10.28%

14.73%

16.87%

23.40%

15.09%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.73

$10.68

$10.42

$11.49

$11.81

$12.04

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13 0.24 0.22 0.19 0.17 0.22 Net

realized

and

unrealized

gains

(losses)

(0.46)

0.05 0.26 (1.07)

(0.33)

(0.23)

Total

from

investment

operations

........

(0.33)

0.29 0.48 (0.88)

(0.16)

(0.01)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.24)

(0.22)

(0.19)

(0.16)

(0.22)

Net

asset

value,

end

of

period

..........

$10.27

$10.73

$10.68

$10.42

$11.49

$11.81

Total

return

d

.......................

(3.10)%

2.73%

4.70%

(7.66)%

(1.36)%

(0.11)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.24%

f

1.24%

g

1.24%

g

1.23%

g

1.21%

g

1.21%

g

Net

investment

income

...............

2.48%

2.22%

2.15%

1.81%

1.40%

1.87%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$12,841

$15,741

$21,453

$27,303

$42,794

$63,485

Portfolio

turnover

rate

................

10.00%

10.28%

14.73%

16.87%

23.40%

15.09%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.55

$10.50

$10.24

$11.30

$11.61

$11.84

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.31 0.30 0.27 0.25 0.30 Net

realized

and

unrealized

gains

(losses)

(0.45)

0.05 0.25 (1.07)

(0.31)

(0.23)

Total

from

investment

operations

........

(0.29)

0.36 0.55 (0.80)

(0.06)

0.07 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.29)

(0.26)

(0.25)

(0.30)

Net

asset

value,

end

of

period

..........

$10.10

$10.55

$10.50

$10.24

$11.30

$11.61

Total

return

d

.......................

(2.71)%

3.51%

5.52%

(7.05)%

(0.60)%

0.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.55%

0.56%

0.56%

0.56%

0.54%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.55%

0.56%

f

0.56%

f,g

0.55%

f

0.53%

f

0.53%

f

Net

investment

income

...............

3.23%

2.99%

2.89%

2.56%

2.10%

2.56%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$43,015

$50,507

$28,442

$20,233

$23,000

$17,426

Portfolio

turnover

rate

................

10.00%

10.28%

14.73%

16.87%

23.40%

15.09%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.55

$10.50

$10.25

$11.31

$11.62

$11.84

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.31 0.29 0.26 0.24 0.30 Net

realized

and

unrealized

gains

(losses)

(0.44)

0.05 0.25 (1.06)

(0.31)

(0.23)

Total

from

investment

operations

........

(0.28)

0.36 0.54 (0.80)

(0.07)

0.07 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.31)

(0.29)

(0.26)

(0.24)

(0.29)

Net

asset

value,

end

of

period

..........

$10.11

$10.55

$10.50

$10.25

$11.31

$11.62

Total

return

d

.......................

(2.64)%

3.46%

5.37%

(7.08)%

(0.64)%

0.63%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.60%

f

0.60%

g

0.60%

g

0.59%

g

0.57%

g

0.57%

g

Net

investment

income

...............

3.19%

2.93%

2.86%

2.52%

2.06%

2.53%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$148,268

$153,971

$112,197

$115,439

$132,919

$121,041

Portfolio

turnover

rate

................

10.00%

10.28%

14.73%

16.87%

23.40%

15.09%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.3%

#### Software

#### 0.3%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

1,600,000

$

1,604,788

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,600,000

####)
.......................................

#### 1,604,788

#### Municipal

#### Bonds

#### 98.3%

#### California

#### 0.4%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

2,300,000

1,927,640

#### Florida

#### 1.7%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

4,680,000

4,012,541

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

1,500,000

953,848

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

5,300,000

4,422,786

9,389,175

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

250,000

251,273

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

2,100,000

919,359

1,170,632

#### Illinois

#### 0.5%
Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/15/50

....................

500,000

479,198

State

of

Illinois

,

GO

,

2021

A

,

%

,

3/01/33

.................................

2,000,000

2,158,544

2,637,742

#### New

#### Jersey

#### 1.0%
New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

%

,

6/15/41

.................................................

1,000,000

903,408

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

%

,

6/15/44

......................

2,900,000

2,910,599

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

......................

500,000

345,902

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

......................

1,010,000

1,010,700

State

of

New

Jersey

,

Revenue

,

2020

AA

,

Pre-Refunded

,

%

,

6/15/50

...........

280,000

314,807

5,485,416

#### New

#### York

#### 1.5%
Metropolitan

Transportation

Authority

,

Revenue

,

2020

E

,

Refunding

,

%

,

11/15/45

..............................

1,595,000

1,354,237

Revenue

,

2021

,

%

,

11/15/48

.....................................

5,325,000

4,425,903

Revenue

,

2021

,

%

,

11/15/41

.....................................

3,000,000

2,700,422

8,480,562

#### North

#### Carolina

#### 85.0%
Cape

Fear

Public

Utility

Authority

,

Revenue

,

2025

,

Refunding

,

%

,

4/01/37

.................................

275,000

305,969

Revenue

,

2025

,

Refunding

,

%

,

4/01/38

.................................

275,000

302,572

Revenue

,

2025

,

Refunding

,

%

,

4/01/39

.................................

325,000

353,429

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/15/40

.......

14,000,000

14,035,344

Atrium

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/15/36

.......

5,000,000

5,223,159

Atrium

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

1/15/43

.......

2,000,000

1,853,033

City

of

Charlotte

,

COP

,

2019

A

,

Refunding

,

%

,

6/01/44

..................................

8,250,000

8,378,444

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### North

#### Carolina
(continued)

City

of

Charlotte,

(continued)

GO

,

2023

B

,

Refunding

,

%

,

7/01/42

...................................

$

2,925,000

$

3,073,658

GO

,

2023

B

,

Refunding

,

%

,

7/01/43

...................................

2,300,000

2,403,155

Airport

,

Revenue

,

2019

B

,

%

,

7/01/44

..................................

5,515,000

4,883,066

Airport

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/40

.........................

9,030,000

8,678,891

Airport

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/41

.........................

2,410,000

2,294,467

Airport

,

Revenue

,

2023

A

,

%

,

7/01/48

..................................

4,500,000

4,579,893

Airport

,

Revenue

,

2023

A

,

%

,

7/01/53

..................................

6,155,000

6,226,704

Airport

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

7/01/55

.......................

3,000,000

3,114,152

Water

&

Sewer

System

,

Revenue

,

2018

,

Refunding

,

%

,

7/01/38

..............

4,150,000

4,137,809

Water

&

Sewer

System

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/41

..............

500,000

338,214

City

of

Durham

,

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

%

,

8/01/49

..................

3,960,000

3,558,995

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

%

,

8/01/53

..................

3,400,000

3,003,713

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

%

,

3/01/41

4,015,000

3,838,583

City

of

Greensboro

,

Combined

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/45

....

4,500,000

4,202,094

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

%

,

6/01/49

.............

1,500,000

1,542,701

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

%

,

6/01/54

.............

3,500,000

3,579,532

City

of

Raleigh

,

GO

,

2023

A

,

Refunding

,

%

,

4/01/41

...................................

1,775,000

1,878,849

Combined

Enterprise

System

,

Revenue

,

2023

,

Refunding

,

%

,

9/01/53

.........

3,000,000

2,658,406

City

of

Winston-Salem

,

Water

&

Sewer

System

,

Revenue

,

2017

,

%

,

6/01/47

......

10,000,000

9,054,980

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

,

International

Paper

Co.

,

Revenue

,

2020

A

,

Refunding

,

4.2 %

,

5/01/34

...........

2,500,000

2,523,413

County

of

Brunswick

,

GO

,

2022

,

%

,

8/01/39

..............................

1,550,000

1,535,942

County

of

Catawba

,

Revenue

,

2023

,

%

,

4/01/43

...........................

400,000

370,905

County

of

Dare

,

Revenue

,

2021

A

,

%

,

6/01/38

........................................

375,000

323,878

Revenue

,

2021

A

,

%

,

6/01/39

........................................

585,000

492,548

Revenue

,

2021

A

,

%

,

6/01/40

........................................

250,000

204,419

Revenue

,

2021

A

,

%

,

6/01/41

........................................

450,000

357,807

County

of

Guilford

,

GO

,

2024

,

%

,

3/01/43

.............................................

5,000,000

4,776,554

GO

,

2025

,

%

,

3/01/39

.............................................

3,000,000

3,273,004

GO

,

2025

,

%

,

3/01/43

.............................................

3,000,000

2,865,933

GO

,

2025

,

%

,

3/01/45

.............................................

5,000,000

4,671,891

County

of

Iredell

,

GO

,

2025

,

%

,

4/01/45

..................................

4,195,000

3,918,858

County

of

Johnston

,

GO

,

2025

,

%

,

2/01/39

.............................................

5,000,000

5,488,705

Water

&

Sewer

System

,

Revenue

,

2023

,

%

,

4/01/53

.......................

1,150,000

989,862

County

of

Lincoln

,

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/38

..................

400,000

343,696

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/41

..................

480,000

381,110

County

of

Mecklenburg

,

GO

,

2025

B

,

%

,

2/01/45

...........................

5,000,000

4,672,621

County

of

New

Hanover

,

Revenue

,

2021

,

Refunding

,

%

,

8/01/30

.................................

3,375,000

3,756,234

New

Hanover

Regional

Medical

Center

,

Revenue

,

2017

,

Pre-Refunded

,

%

,

10/01/42

.......................................................

5,000,000

5,277,688

New

Hanover

Regional

Medical

Center

,

Revenue

,

2017

,

Pre-Refunded

,

%

,

10/01/47

.......................................................

13,565,000

14,318,368

County

of

Wake

,

GO

,

2019

A

,

%

,

3/01/32

............................................

7,870,000

8,455,725

Revenue

,

2021

,

%

,

3/01/35

.........................................

5,535,000

5,201,233

Revenue

,

2021

,

%

,

3/01/36

.........................................

6,000,000

5,512,257

Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2023

,

AG

Insured

,

5.25 %

,

7/01/53

.........................................................

7,500,000

7,479,173

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### North

#### Carolina
(continued)

Greenville

Utilities

Commission

,

Revenue

,

2025

,

%

,

9/01/49

..................

$

2,460,000

$

2,510,452

Nash

Health

Care

Systems

,

Revenue

,

2025

,

5.75 %

,

2/01/50

.......................................

1,250,000

1,303,154

Revenue

,

2025

,

5.25 %

,

2/01/55

.......................................

5,500,000

5,410,719

North

Carolina

Agricultural

&

Technical

State

University

,

Revenue

,

2023

,

%

,

10/01/43

1,000,000

1,029,800

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/25

..........

1,700,000

1,701,992

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/27

..........

400,000

413,622

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/28

..........

500,000

524,156

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/29

..........

550,000

582,503

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/30

..........

1,860,000

1,979,363

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/31

..........

1,855,000

1,972,373

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/32

..........

1,000,000

1,053,614

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/33

..........

1,670,000

1,741,445

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/34

..........

740,000

715,805

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/35

..........

360,000

343,410

Duke

University

,

Revenue

,

2015

B

,

Pre-Refunded

,

%

,

10/01/41

..............

13,585,000

13,611,969

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

%

,

10/01/40

.................

2,500,000

2,529,071

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

%

,

10/01/44

.................

5,085,000

4,588,123

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

%

,

10/01/44

.................

13,000,000

13,130,560

High

Point

University

,

Revenue

,

2021

,

Refunding

,

%

,

5/01/32

................

2,000,000

2,038,825

High

Point

University

,

Revenue

,

2021

,

Refunding

,

%

,

5/01/33

................

3,210,000

3,243,254

High

Point

University

,

Revenue

,

2021

,

Refunding

,

%

,

5/01/34

................

2,270,000

2,272,951

Wake

Forest

University

,

Revenue

,

2018

,

%

,

1/01/48

.......................

10,000,000

8,603,529

Wake

Forest

University

,

Revenue

,

2018

,

%

,

1/01/48

.......................

13,500,000

13,530,322

North

Carolina

Central

University

,

Revenue

,

2019

,

AG

Insured

,

%

,

4/01/44

................................

1,575,000

1,588,519

Revenue

,

2019

,

%

,

4/01/49

.........................................

1,000,000

823,001

North

Carolina

Housing

Finance

Agency

,

Revenue

,

,

GNMA

Insured

,

3.55 %

,

7/01/44

.............................

4,175,000

3,503,294

Revenue

,

,

GNMA

Insured

,

3.625 %

,

7/01/49

............................

6,395,000

5,211,715

Revenue

,

,

GNMA

Insured

,

2.45 %

,

7/01/34

.............................

750,000

646,999

Revenue

,

,

GNMA

Insured

,

2.625 %

,

7/01/39

............................

3,035,000

2,470,787

Revenue

,

,

GNMA

Insured

,

2.85 %

,

1/01/43

.............................

2,660,000

1,953,479

Revenue

,

,

GNMA

Insured

,

2.8 %

,

1/01/40

..............................

4,715,000

3,664,996

Revenue

,

,

GNMA

Insured

,

2.95 %

,

7/01/43

.............................

2,170,000

1,628,259

Revenue

,

,

%

,

7/01/46

...........................................

2,740,000

1,998,837

Revenue

,

,

Refunding

,

GNMA

Insured

,

2.2 %

,

7/01/40

.....................

1,805,000

1,261,111

Revenue

,

A

,

GNMA

Insured

,

1.55 %

,

1/01/30

...........................

2,100,000

1,955,700

Revenue

,

A

,

GNMA

Insured

,

1.75 %

,

1/01/31

...........................

975,000

883,000

North

Carolina

Medical

Care

Commission

,

Atrium

Health

Wake

Forest

Baptist

Obligated

Group

,

Revenue

,

2019

A

,

%

,

12/01/33

1,000,000

1,048,043

Carolina

Meadows,

Inc.

Obligated

Group

,

Revenue

,

2024

,

%

,

12/01/39

........

10,765,000

9,960,223

Carolina

Meadows,

Inc.

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

12/01/44

......

340,000

338,900

Duke

University

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2016

D

,

Refunding

,

%

,

6/01/42

....................................................

7,000,000

6,536,872

Duke

University

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

6/01/42

....................................................

1,000,000

1,032,663

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/01/47

..........

2,935,000

2,339,546

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/01/51

..........

960,000

730,878

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/33

............

355,000

351,317

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/34

............

185,000

181,052

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/41

............

920,000

790,758

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/46

............

1,665,000

1,318,228

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/51

............

1,670,000

1,256,842

Friends

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

9/01/50

..............

3,000,000

2,268,313

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### North

#### Carolina
(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Lutheran

Retirement

Ministries

of

Alamance

County

Obligated

Group

,

Revenue

,

2025

A

,

5.25 %

,

1/01/55

................................................

$

4,000,000

$

3,797,501

Novant

Health

Obligated

Group

,

Revenue

,

2013

A

,

Refunding

,

%

,

11/01/46

.....

20,000,000

19,998,698

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/49

..............

2,115,000

1,787,561

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/52

..............

6,640,000

5,462,463

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

1/01/34

........

2,050,000

2,095,446

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

1/01/49

........

5,000,000

4,740,195

Plantation

Village,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/41

1,020,000

897,522

Plantation

Village,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/52

3,510,000

2,705,108

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

C

,

Refunding

,

%

,

10/01/31

5,000,000

5,057,838

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/40

.........

1,800,000

1,800,862

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/45

.........

1,000,000

827,545

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/45

.........

2,420,000

2,325,198

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/50

.........

1,350,000

1,061,837

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/50

.........

1,400,000

1,315,622

Rex

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/49

............

4,000,000

3,678,493

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

%

,

10/01/44

...................................................

750,000

729,602

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

%

,

10/01/49

...................................................

750,000

710,576

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/26

..............................

300,000

304,327

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/27

..............................

450,000

464,701

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/28

..............................

500,000

521,484

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/29

..............................

350,000

371,326

Revenue,

Senior

Lien

,

2025

A

,

Refunding

,

%

,

6/01/35

.....................

1,250,000

1,286,442

North

Carolina

Turnpike

Authority

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/47

...............................

4,510,000

4,481,288

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/54

...............................

2,560,000

2,491,433

Revenue,

Senior

Lien

,

2017

,

Refunding

,

AG

Insured

,

%

,

1/01/31

.............

1,000,000

1,025,711

Revenue,

Senior

Lien

,

2019

,

AG

Insured

,

%

,

1/01/49

......................

2,000,000

2,002,173

Revenue,

Senior

Lien

,

2019

,

%

,

1/01/55

................................

5,000,000

4,069,645

Revenue,

Senior

Lien

,

2024

A

,

AG

Insured

,

%

,

1/01/58

.....................

6,740,000

6,643,879

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/35

..............

1,300,000

1,413,627

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

..............

1,750,000

1,888,342

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/37

..............

1,770,000

1,895,735

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/38

..............

1,250,000

1,327,112

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/39

..............

1,500,000

1,582,343

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/40

..............

1,270,000

1,330,802

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/41

..............

2,000,000

2,076,221

State

of

North

Carolina

Highway

Trust

Fund

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/39

........................................................

3,000,000

2,954,894

Raleigh

Durham

Airport

Authority

,

Revenue

,

2015

A

,

Refunding

,

%

,

5/01/30

...............................

550,000

550,646

Revenue

,

2020

A

,

Refunding

,

%

,

5/01/36

...............................

2,580,000

2,677,112

State

of

North

Carolina

,

Revenue

,

2025

,

Refunding

,

%

,

3/01/40

................

1,500,000

1,599,445

Town

of

Cary

,

Combined

Utility

Systems

,

Revenue

,

2017

B

,

Refunding

,

%

,

12/01/42

5,000,000

4,765,640

Town

of

Fuquay-Varina

,

Combined

Utilities

,

Revenue

,

2024

C

,

%

,

6/01/41

........

2,320,000

2,445,181

Town

of

Holly

Springs

,

Enterprise

System

,

Revenue

,

2024

,

%

,

11/01/49

..........

2,500,000

2,192,878

University

of

North

Carolina

at

Chapel

Hill

,

Revenue

,

2021

B

,

Refunding

,

%

,

12/01/37

..............................

2,180,000

2,362,578

Hospitals

at

Chapel

Hill

,

Revenue

,

2019

,

%

,

2/01/49

.......................

6,920,000

7,132,796

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue

,

2017

,

%

,

10/01/47

......

5,000,000

5,036,156

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

%

,

6/01/37

.

3,000,000

3,004,568

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AG

Insured

,

%

,

10/01/33

...........................................

160,000

160,100

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### North

#### Carolina
(continued)

Water

and

Sewer

Authority

of

Cabarrus

County

,

Revenue

,

2024

,

%

,

6/01/49

......

$

2,685,000

$

2,361,612

Western

Carolina

University

,

Revenue

,

2020

B

,

%

,

4/01/36

........................................

1,000,000

920,691

Revenue

,

2020

B

,

%

,

4/01/50

........................................

5,000,000

4,324,684

467,923,619

#### South

#### Carolina

#### 0.4%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

2,500,000

1,991,385

#### Texas

#### 0.4%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/32

200,000

197,060

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/33

200,000

194,344

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

2,800,000

2,006,736

2,398,140

#### Washington

#### 0.3%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

1,600,000

1,326,944

#### Wisconsin

#### 2.0%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,160,000

1,165,907

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

9,545,000

4,178,706

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,600,000

1,226,684

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

7,965,000

4,666,185

11,237,482

#### U.S.

#### Territories

#### 4.9%

#### Guam

#### 2.0%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/30

............................

750,000

802,354

Revenue

,

2023

A

,

Refunding

,

5.125 %

,

10/01/34

...........................

390,000

411,380

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/35

............................

265,000

279,483

Revenue

,

2024

A

,

5.25 %

,

10/01/35

....................................

625,000

662,607

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

........................................

3,205,000

3,058,230

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

.............

2,500,000

2,513,295

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

..............

3,200,000

3,261,002

10,988,351

#### Puerto

#### Rico

#### 2.9%
Commonwealth

of

Puerto

Rico

,

c,d

GO

,

FRN

,

2.563 %,

11/01/43

..........................................

96,418

60,623

GO

,

2022

,

5.625 %

,

7/01/27

.......................................

25,850

26,735

GO

,

2022

,

5.625 %

,

7/01/29

.......................................

25,431

27,104

GO

,

2022

,

5.75 %

,

7/01/31

........................................

24,701

27,107

GO

,

2022

,

%

,

7/01/33

..........................................

23,423

22,917

GO

,

2022

,

%

,

7/01/35

..........................................

21,054

20,188

GO

,

2022

,

%

,

7/01/37

..........................................

18,070

16,784

GO

,

2022

,

%

,

7/01/41

..........................................

24,568

21,391

GO

,

2022

,

%

,

7/01/46

..........................................

25,551

21,118

c

GO

,

2022

,

4.65 %,

7/01/33

........................................

30,143

21,109

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

$

1,500,000

$

1,499,083

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/33

..

440,000

461,748

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/41

..

220,000

186,986

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

11,700,000

10,731,921

Sales

Tax

,

Revenue

,

,

4.329 %

,

7/01/40

...............................

2,000,000

1,854,884

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

1,190,000

1,051,277

16,050,975

#### Total

#### U.S.

#### Territories

#### ....................................................................
27,039,326

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 579,953,415

####)
.....................................

#### 541,008,063

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

209,296

52,324

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 52,324

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 581,553,415

####)
...............................

#### 542,665,175

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 0.4%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 0.4%

#### North

#### Carolina

#### 0.4%
f

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2018

G

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

1/15/48

.........................................................

2,300,000

2,300,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 2,300,000

####)
.......................................

#### 2,300,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,300,000

####)
.................................

#### 2,300,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 583,853,415

####)
99.0 #### %
...................................

#### $544,965,175

#### Other

#### Assets,

#### less

#### Liabilities
1.0 #### %
.............................................

#### 5,634,932

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $550,600,107
Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$16,594,568,

representing

3.0%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

The

coupon

rate

shown

represents

the

rate

at

period

end.

e

Non-income

producing.

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.52

$11.50

$11.29

$12.54

$12.90

$13.20

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19 0.36 0.34 0.31 0.25 0.30 Net

realized

and

unrealized

gains

(losses)

(0.49)

0.02 0.21 (1.26)

(0.36)

(0.30)

Total

from

investment

operations

........

(0.30)

0.38 0.55 (0.95)

(0.11)

—

Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.36)

(0.34)

(0.30)

(0.25)

(0.30)

Net

asset

value,

end

of

period

..........

$11.03

$11.52

$11.50

$11.29

$12.54

$12.90

Total

return

d

.......................

(2.61)%

3.34%

4.96%

(7.57)%

(0.90)%

0.02%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.82%

f

0.81%

g

0.81%

g

0.81%

g

0.81%

g

0.80%

g

Net

investment

income

...............

3.40%

3.10%

3.01%

2.66%

1.94%

2.31%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$241,106

$259,588

$261,839

$269,364

$315,516

$261,661

Portfolio

turnover

rate

................

8.06%

13.17%

9.53%

26.92%

24.59%

20.64%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.51

$11.49

$11.28

$12.54

$12.90

$13.20

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.21 0.37 0.36 0.32 0.27 0.33 Net

realized

and

unrealized

gains

(losses)

(0.49)

0.03 0.21 (1.26)

(0.36)

(0.31)

Total

from

investment

operations

........

(0.28)

0.40 0.57 (0.94)

(0.09)

0.02 Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.38)

(0.36)

(0.32)

(0.27)

(0.32)

Net

asset

value,

end

of

period

..........

$11.03

$11.51

$11.49

$11.28

$12.54

$12.90

Total

return

d

.......................

(2.45)%

3.50%

5.12%

(7.51)%

(0.75)%

0.17%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.67%

f

0.66%

g

0.66%

g

0.66%

g

0.66%

g

0.65%

g

Net

investment

income

...............

3.55%

3.25%

3.16%

2.80%

2.10%

2.49%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$445,568

$492,750

$559,066

$628,747

$850,932

$929,798

Portfolio

turnover

rate

................

8.06%

13.17%

9.53%

26.92%

24.59%

20.64%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.67

$11.65

$11.44

$12.71

$13.08

$13.38

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.17 0.31 0.29 0.26 0.20 0.25 Net

realized

and

unrealized

gains

(losses)

(0.49)

0.02 0.21 (1.28)

(0.37)

(0.30)

Total

from

investment

operations

........

(0.32)

0.33 0.50 (1.02)

(0.17)

(0.05)

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.31)

(0.29)

(0.25)

(0.20)

(0.25)

Net

asset

value,

end

of

period

..........

$11.18

$11.67

$11.65

$11.44

$12.71

$13.08

Total

return

d

.......................

(2.78)%

2.88%

4.47%

(8.00)%

(1.36)%

(0.37)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.21%

f

1.20%

g

1.20%

g

1.20%

g

1.20%

g

1.20%

g

Net

investment

income

...............

2.94%

2.65%

2.55%

2.20%

1.52%

1.92%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$27,420

$34,844

$54,356

$78,486

$125,479

$169,258

Portfolio

turnover

rate

................

8.06%

13.17%

9.53%

26.92%

24.59%

20.64%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.53

$11.51

$11.30

$12.55

$12.91

$13.22

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.20 0.39 0.37 0.34 0.29 0.34 Net

realized

and

unrealized

gains

(losses)

(0.49)

0.02 0.21 (1.25)

(0.36)

(0.31)

Total

from

investment

operations

........

(0.29)

0.41 0.58 (0.91)

(0.07)

0.03 Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.39)

(0.37)

(0.34)

(0.29)

(0.34)

Net

asset

value,

end

of

period

..........

$11.04

$11.53

$11.51

$11.30

$12.55

$12.91

Total

return

d

.......................

(2.47)%

3.63%

5.26%

(7.29)%

(0.61)%

0.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.53%

0.53%

0.53%

0.54%

0.53%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.53%

0.53%

f

0.53%

f,g

0.52%

f

0.52%

f

0.51%

f

Net

investment

income

...............

3.68%

3.39%

3.31%

2.94%

2.23%

2.59%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$20,926

$22,877

$20,781

$14,734

$21,433

$16,977

Portfolio

turnover

rate

................

8.06%

13.17%

9.53%

26.92%

24.59%

20.64%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$11.53

$11.50

$11.30

$12.55

$12.91

$13.21

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.20 0.39 0.37 0.33 0.29 0.34 Net

realized

and

unrealized

gains

(losses)

(0.49)

0.03 0.20 (1.25)

(0.37)

(0.30)

Total

from

investment

operations

........

(0.29)

0.42 0.57 (0.92)

(0.08)

0.04 Less

distributions

from:

Net

investment

income

..............

(0.20)

(0.39)

(0.37)

(0.33)

(0.28)

(0.34)

Net

asset

value,

end

of

period

..........

$11.04

$11.53

$11.50

$11.30

$12.55

$12.91

Total

return

d

.......................

(2.49)%

3.60%

5.22%

(7.33)%

(0.65)%

0.27%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.57%

f

0.56%

g

0.56%

g

0.56%

g

0.56%

g

0.55%

g

Net

investment

income

...............

3.65%

3.35%

3.25%

2.89%

2.20%

2.58%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$176,263

$181,308

$182,390

$209,487

$299,002

$295,666

Portfolio

turnover

rate

................

8.06%

13.17%

9.53%

26.92%

24.59%

20.64%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.4%

#### Software

#### 0.4%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

3,200,000

$

3,209,576

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 3,200,000

####)
.......................................

#### 3,209,576

#### Municipal

#### Bonds

#### 97.8%

#### California

#### 0.2%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

2,800,000

2,346,692

#### Florida

#### 2.0%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

9,144,000

7,839,887

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

2,200,000

1,398,978

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

10,600,000

8,845,573

18,084,438

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

920,000

924,685

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

2,100,000

919,359

1,844,044

#### New

#### Jersey

#### 0.2%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

6/15/38

....................................................

2,000,000

1,911,873

#### New

#### York

#### 0.1%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/48

..........

750,000

623,367

#### Ohio

#### 90.7%
Akron

City

School

District

,

COP

,

2023

,

AG

Insured

,

%

,

8/01/53

................

3,000,000

2,982,987

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/15/35

............

1,000,000

1,000,510

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/15/46

............

3,500,000

3,503,095

Combined

Hydroelectric

,

Revenue

,

2024

A

,

Refunding

,

%

,

2/15/48

............

1,325,000

1,332,172

Greenup

Hydroelectric

,

Revenue

,

2016

A

,

%

,

2/15/41

......................

5,000,000

5,007,090

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/15/37

........

3,700,000

3,817,125

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/15/38

........

3,500,000

3,596,713

Solar

Electricity

Prepayment

,

Revenue

,

2019

A

,

%

,

2/15/44

.................

3,345,000

3,367,367

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

%

,

12/01/39

................

3,000,000

2,840,306

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

%

,

12/01/39

........

6,530,000

6,364,165

Beachwood

City

School

District

,

GO

,

2023

,

%

,

12/01/53

.....................

7,575,000

6,467,796

Bedford

City

School

District

,

GO

,

2025

,

BAM

Insured

,

5.5 %

,

12/01/58

............

2,000,000

2,057,667

Bethel

Local

School

District

,

COP

,

2020

,

BAM

Insured

,

2.75 %

,

12/01/49

..........

4,000,000

2,517,846

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

%

,

6/01/42

........

1,045,000

1,050,790

Brooklyn

City

School

District

,

GO

,

2017

,

Refunding

,

AG

Insured

,

%

,

12/01/49

.....

9,000,000

9,040,335

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/34

........................................................

185,000

178,185

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/35

........................................................

195,000

185,051

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/36

........................................................

205,000

190,832

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/37

........................................................

210,000

192,872

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/38

........................................................

220,000

198,258

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

Butler

County

Port

Authority,

(continued)

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/39

........................................................

$

225,000

$

199,603

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/40

........................................................

240,000

209,227

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/41

........................................................

245,000

209,930

c

Canal

Winchester

Local

School

District

,

GO

,

2005

,

NATL

Insured

,

3.58 %,

12/01/32

...............................

3,955,000

3,064,254

GO

,

2005

,

NATL

Insured

,

3.78 %,

12/01/33

...............................

2,000,000

1,472,496

Cincinnati

City

School

District

,

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25 %

,

12/01/27

......................

14,900,000

15,875,945

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25 %

,

12/01/28

......................

8,180,000

8,910,126

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/37

.

2,890,000

2,918,957

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/47

.

2,110,000

2,051,933

City

of

Cleveland

,

GO

,

2012

,

%

,

12/01/30

.............................................

35,000

35,053

GO

,

2020

A

,

%

,

12/01/36

...........................................

1,215,000

963,661

Water

Pollution

Control

,

Revenue

,

2024

,

%

,

11/15/54

......................

1,350,000

1,362,275

City

of

Columbus

,

GO

,

2018

A

,

%

,

4/01/34

............................................

7,000,000

7,317,690

GO

,

2019

A

,

%

,

4/01/40

............................................

3,000,000

3,082,168

GO

,

2021

A

,

%

,

4/01/40

............................................

1,900,000

1,979,267

Sewerage

,

Revenue

,

2015

,

Refunding

,

%

,

6/01/30

........................

5,000,000

5,081,341

City

of

Hilliard

,

Income

Tax

,

Revenue

,

2022

,

%

,

12/01/47

.....................

5,000,000

5,027,622

City

of

Marysville

,

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

%

,

12/01/40

.......................................................

3,015,000

2,855,370

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

%

,

12/01/47

.......................................................

5,035,000

5,035,718

Wastewater

Treatment

System

,

Revenue

,

2016

,

Refunding

,

BAM

Insured

,

%

,

12/01/46

.......................................................

9,370,000

8,097,292

City

of

St.

Bernard

,

Income

Tax

,

Revenue

,

2013

,

AG

Insured

,

%

,

12/01/43

........

3,760,000

3,718,980

Cleveland

Department

of

Public

Utilities

,

Division

of

Public

Power

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

11/15/37

.

1,000,000

995,397

c

Division

of

Public

Power

,

Revenue

,

,

NATL

Insured

,

5.06 %,

11/15/38

.........

10,000,000

5,211,877

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

%

,

7/01/38

.......

100,000

97,857

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

%

,

7/01/39

.......

700,000

668,129

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

%

,

7/01/40

.......

100,000

93,524

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

%

,

7/01/51

.......

2,000,000

1,597,256

Euclid

Avenue

Development

Corp.

,

Revenue

,

2022

A

,

5.5 %

,

8/01/52

...........

9,000,000

9,140,175

Port

of

Cleveland

Bond

Fund

,

Revenue

,

2024

C

,

%

,

11/15/54

................

1,175,000

1,132,688

Columbus

Regional

Airport

Authority

,

Revenue

,

2025

A

,

Refunding

,

5.5 %

,

1/01/50

...

5,000,000

5,119,415

Columbus-Franklin

County

Finance

Authority

,

Revenue

,

2021

C

,

2.5 %

,

11/15/41

.....................................

900,000

609,546

Revenue

,

2021

C

,

%

,

5/15/51

........................................

2,180,000

1,373,462

Central

Ohio

Regional

Bond

Fund

,

Revenue

,

2024

A

,

%

,

11/15/54

............

980,000

939,377

Central

Ohio

Regional

Bond

Fund

,

Revenue

,

2025

A

,

5.25 %

,

5/15/45

...........

660,000

660,161

ECG

Westerville

LP

,

Revenue

,

2024

A

,

FNMA

Insured

,

4.375 %

,

6/01/43

.........

5,000,000

4,671,261

County

of

Butler

,

UC

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/45

..........

5,020,000

4,739,409

UC

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

11/15/36

..........

2,140,000

1,974,541

County

of

Cuyahoga

,

GO

,

2020

A

,

Refunding

,

%

,

12/01/34

...................

750,000

770,473

County

of

Fayette

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2025

,

AG

Insured

,

5.25 %

,

12/01/54

............................................

5,000,000

5,038,886

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.

,

Revenue

,

2016

C

,

Refunding

,

%

,

11/01/40

..

$

5,000,000

$

4,690,469

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/33

.......

5,000

5,357

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/34

...................

2,230,000

2,126,808

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/34

.......

10,000

10,713

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/35

...................

2,890,000

2,709,866

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/35

.......

10,000

10,713

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/36

.......

15,000

16,069

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/40

.......

5,000

5,356

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25 %

,

7/01/41

........

5,000,000

4,973,668

Sales

Tax

,

Revenue

,

2018

,

%

,

6/01/43

.................................

6,000,000

6,054,072

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

,

%

,

12/01/46

............

3,515,000

3,451,961

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

A-OH

,

%

,

12/01/47

.......

11,800,000

11,501,723

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

12/01/49

..........

6,030,000

5,085,946

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2017

A

,

%

,

8/15/42

...................

5,000,000

4,935,803

UC

Health

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.5 %

,

8/01/51

........

3,700,000

3,597,083

County

of

Lucas

,

GO

,

2022

,

4.75 %

,

12/01/52

..............................

3,000,000

2,813,385

County

of

Mahoning

,

Sewer

System

,

Revenue

,

2022

,

Refunding

,

%

,

12/01/46

....................

3,000,000

3,009,494

Western

Reserve

Care

System

,

Revenue

,

1995

,

NATL

Insured

,

ETM,

5.5 %

,

10/15/25

600,000

602,012

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/45

.............................................

5,000,000

4,940,804

County

of

Montgomery

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/15/39

............................................

5,000,000

4,557,871

County

of

Morrow

,

GO

,

2024

,

%

,

12/01/54

................................

1,635,000

1,649,235

County

of

Muskingum

,

GO

,

2024

,

%

,

12/01/54

.............................

1,000,000

864,538

County

of

Perry

,

GO

,

2023

,

%

,

12/01/61

.................................

1,500,000

1,416,236

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/39

.

3,805,000

3,845,066

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/44

.

1,300,000

1,283,096

County

of

Union

,

GO

,

2018

,

%

,

12/01/47

.................................

5,000,000

5,022,408

County

of

Warren

,

Otterbein

Homes

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

7/01/54

.........................................................

2,000,000

1,878,189

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

%

,

11/01/30

................

5,000,000

5,568,333

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

%

,

11/15/31

..........

350,000

309,665

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2.5 %

,

11/15/41

........

1,615,000

1,100,194

Dublin

City

School

District

,

GO

,

2019

A

,

%

,

12/01/44

...........................................

10,000,000

9,103,518

GO

,

2024

,

%

,

12/01/48

.............................................

2,250,000

2,312,359

GO

,

2024

B

,

%

,

12/01/48

...........................................

1,250,000

1,115,203

Elyria

City

School

District

,

GO

,

2017

A

,

%

,

12/01/43

........................

5,500,000

5,539,618

Fremont

City

School

District

,

GO

,

2017

A

,

%

,

1/15/49

.......................

13,970,000

13,990,353

Grandview

Heights

City

School

District

,

GO

,

2019

,

%

,

12/01/53

.............................................

2,150,000

2,156,287

GO

,

2025

,

%

,

12/01/58

.............................................

1,260,000

1,266,671

Green

Local

School

District

,

COP

,

2022

,

AG

Insured

,

%

,

11/01/52

..............

2,000,000

1,985,774

Hilliard

School

District

,

GO

,

2017

,

%

,

12/01/46

............................

10,000,000

8,832,114

Hudson

City

School

District

,

GO

,

2018

,

%

,

12/01/45

........................

18,370,000

16,433,655

Indian

Creek

Local

School

District

,

GO

,

2018

A

,

%

,

11/01/55

...........................................

3,000,000

2,953,872

GO

,

2018

B

,

BAM

Insured

,

%

,

11/01/55

................................

3,910,000

3,885,649

Lakota

Local

School

District

,

GO

,

2005

,

Refunding

,

NATL

Insured

,

5.25 %

,

12/01/26

.

2,000,000

2,071,133

d

Lancaster

Port

Authority

,

Revenue

,

2024

A

,

Refunding

,

Mandatory

Put

,

%

,

8/01/30

.

3,000,000

3,190,312

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5 %

,

10/01/51

................

1,800,000

1,692,686

Madeira

City

School

District

,

GO

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/32

........

9,605,000

10,686,538

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

Madison-Plains

Local

School

District

,

COP

,

2025

,

BAM

Insured

,

5.5 %

,

12/01/54

....

$

2,000,000

$

2,041,774

Miami

University

,

Revenue

,

2017

,

Refunding

,

%

,

9/01/41

.................................

5,000,000

5,049,908

Revenue

,

2022

A

,

Refunding

,

%

,

9/01/34

...............................

1,000,000

1,090,210

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

%

,

12/01/44

...............

20,000,000

20,172,632

Northeast

Ohio

Medical

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/25

..............................

125,000

125,471

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/27

..............................

100,000

103,949

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/29

..............................

110,000

117,099

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/40

..............................

500,000

384,776

Revenue

,

2022

,

BAM

Insured

,

%

,

12/01/43

.............................

1,000,000

990,718

Northeastern

Local

School

District

,

GO

,

2018

,

AG

Insured

,

5.25 %

,

12/01/45

.................................

5,420,000

5,483,366

GO

,

2018

,

AG

Insured

,

%

,

12/01/55

...................................

5,000,000

4,190,950

Norwalk

City

School

District

,

GO

,

2025

,

%

,

11/01/53

.............................................

700,000

705,455

GO

,

2025

,

%

,

11/01/55

.............................................

550,000

553,915

Norwood

City

School

District

,

GO

,

2017

A

,

Pre-Refunded

,

%

,

11/01/46

...............................

5,000,000

5,083,700

GO

,

2017

A

,

Pre-Refunded

,

5.25 %

,

11/01/51

.............................

7,645,000

7,785,475

d

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.

,

Revenue

,

2009

C

,

Mandatory

Put

,

1.5 %

,

11/04/25

.......................................

2,000,000

1,987,445

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group

,

Revenue

,

2022

,

5.25 %

,

1/01/52

4,895,000

4,720,293

Baldwin

Wallace

University

,

Revenue

,

2022

,

%

,

12/01/52

...................

5,970,000

5,900,036

Capital

University

,

Revenue

,

2022

,

Refunding

,

%

,

9/01/42

..................

4,900,000

4,927,257

Capital

University

,

Revenue

,

2022

,

Refunding

,

%

,

9/01/47

..................

2,000,000

2,001,878

Capital

University

,

Revenue

,

2022

,

Refunding

,

%

,

9/01/52

..................

5,100,000

5,021,091

Case

Western

Reserve

University

,

Revenue

,

2016

,

Refunding

,

%

,

12/01/40

.....

6,000,000

6,151,162

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

%

,

12/01/32

..............

300,000

314,420

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.125 %

,

12/01/42

...........

3,390,000

3,357,234

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.375 %

,

12/01/52

...........

3,100,000

3,024,900

John

Carroll

University

,

Revenue

,

2020

,

%

,

10/01/45

......................

1,100,000

874,712

John

Carroll

University

,

Revenue

,

2022

,

Refunding

,

%

,

10/01/47

..............

5,360,000

4,179,374

John

Carroll

University

,

Revenue

,

2025

,

5.5 %

,

10/01/57

.....................

5,000,000

4,713,274

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/42

...........

1,040,000

980,801

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/45

...........

1,360,000

1,241,230

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

...........

2,900,000

2,556,170

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/42

...................

5,320,000

5,335,314

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/44

...................

4,180,000

3,579,763

Kenyon

College

,

Revenue

,

2017

,

%

,

7/01/42

............................

1,250,000

1,256,538

Kenyon

College

,

Revenue

,

2017

,

%

,

7/01/47

............................

3,000,000

2,498,698

Otterbein

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/30

......

1,095,000

1,132,428

University

of

Dayton

,

Revenue

,

2018

A

,

%

,

12/01/43

.......................

11,885,000

10,284,137

Xavier

University

,

Revenue

,

2024

,

Refunding

,

5.25 %

,

5/01/49

................

6,750,000

6,560,802

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1 %

,

9/01/35

..........................

485,000

391,704

b

Revenue

,

144A,

2023

A

,

5.625 %

,

8/01/41

...............................

17,000,000

16,281,016

Revenue

,

2024

B

,

GNMA

Insured

,

4.7 %

,

9/01/54

..........................

9,895,000

9,385,817

Revenue

,

2024

C

,

GNMA

Insured

,

4.7 %

,

9/01/54

..........................

7,500,000

7,146,989

b

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

A

,

%

,

9/01/41

..............

11,000,000

10,916,488

Ohio

State

University

(The)

,

Revenue

,

2021

A

,

%

,

12/01/48

...................

10,020,000

8,730,264

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

2018

A

,

%

,

2/15/43

........................................

2,575,000

2,596,565

Revenue

,

2018

A

,

%

,

2/15/43

........................................

17,025,000

17,171,509

Revenue

,

2018

A

,

%

,

2/15/46

........................................

13,750,000

13,814,538

c

Revenue,

Junior

Lien

,

2013

,

BAM

Insured

,

4.1 %,

2/15/38

.................

3,665,000

2,221,030

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

Ohio

Turnpike

&

Infrastructure

Commission,

(continued)

c

Revenue,

Junior

Lien

,

2013

,

4.85 %,

2/15/43

...........................

$

10,485,000

$

4,583,464

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

12/01/45

...................

7,000,000

7,031,372

Ohio

Water

Development

Authority

,

Revenue

,

2019

,

%

,

12/01/39

........................................

5,000,000

5,176,137

Revenue

,

2019

,

%

,

6/01/44

.........................................

1,330,000

1,345,439

Fresh

Water

Fund

,

Revenue

,

2025

A

,

%

,

12/01/43

........................

10,000,000

10,472,413

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2019

B

,

Refunding

,

%

,

12/01/44

...

10,000,000

10,114,027

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2020

A

,

%

,

12/01/50

............

6,820,000

6,862,696

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2021

A

,

%

,

12/01/46

............

5,500,000

5,598,010

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2023

B

,

%

,

12/01/36

............

5,675,000

6,235,578

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

D

,

%

,

12/01/43

...........

3,200,000

3,344,868

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

D

,

%

,

12/01/44

...........

7,575,000

7,863,397

Olentangy

Local

School

District

,

GO

,

2016

,

%

,

12/01/46

.....................

7,660,000

6,949,273

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

%

,

12/01/53

..............................

1,500,000

1,470,658

Revenue

,

2024

B

,

Refunding

,

%

,

12/01/63

..............................

2,000,000

1,905,097

Revenue

,

2024

C

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/53

..................

1,000,000

1,007,493

Revenue

,

2024

C

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/58

..................

1,000,000

1,002,701

Revenue

,

2024

C

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/63

..................

1,000,000

1,002,701

c

Princeton

City

School

District

,

GO

,

2014

,

Refunding

,

5.01 %,

12/01/40

.................................

6,000,000

2,847,572

GO

,

2014

,

Refunding

,

5.26 %,

12/01/41

.................................

6,000,000

2,609,642

Russia

Local

School

District

,

GO

,

2023

,

%

,

12/01/52

........................

1,670,000

1,670,093

Springboro

Community

City

School

District

,

GO

,

2007

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/27

........................

5,175,000

5,483,528

GO

,

2007

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/28

........................

2,000,000

2,168,724

State

of

Ohio

,

GO

,

2019

A

,

%

,

6/15/38

............................................

6,500,000

6,750,060

GO

,

2020

C

,

%

,

3/01/38

............................................

2,300,000

2,442,244

GO

,

2025

A

,

%

,

3/01/44

............................................

2,000,000

2,088,950

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

%

,

1/01/29

........................................................

4,850,000

5,239,587

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/37

1,000,000

941,029

University

Hospitals

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/46

............................................

5,795,000

4,946,409

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

%

,

5/15/46

...............................

3,585,000

3,040,975

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.625 %

,

12/01/48

.......................

4,700,000

4,774,991

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.75 %

,

12/01/53

........................

5,000,000

5,074,428

Sycamore

Community

City

School

District

,

GO

,

2020

,

%

,

12/01/45

.............

6,000,000

5,451,257

Toledo

City

School

District

,

COP

,

2024

,

BAM

Insured

,

%

,

12/01/48

.................................

1,250,000

1,267,464

GO

,

2025

,

%

,

12/01/50

.............................................

6,595,000

6,710,115

GO

,

2025

,

%

,

12/01/54

.............................................

6,450,000

6,559,346

Toledo

Lucas

County

Public

Library

,

GO

,

2025

A

,

%

,

12/01/54

.................

5,000,000

5,018,981

Toledo-Lucas

County

Port

Authority

,

Revenue

,

2021

A

,

%

,

11/15/31

.......................................

350,000

310,904

Northwest

Ohio

Bond

Fund

,

Revenue

,

2024

C

,

%

,

11/15/54

.................

2,155,000

2,093,079

ParkUToledo,

Inc.

,

Revenue

,

2021

,

%

,

1/01/46

...........................

1,625,000

1,288,432

ParkUToledo,

Inc.

,

Revenue

,

2021

,

%

,

1/01/51

...........................

2,840,000

2,162,158

ParkUToledo,

Inc.

,

Revenue

,

2021

,

%

,

1/01/57

...........................

5,000,000

3,683,861

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

%

,

12/01/39

............

2,200,000

2,113,653

University

of

Akron

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/42

.............

5,725,000

5,770,142

University

of

Cincinnati

,

Revenue

,

2017

A

,

%

,

6/01/45

........................................

2,205,000

2,208,289

Revenue

,

2018

A

,

Refunding

,

%

,

6/01/48

...............................

10,000,000

8,501,910

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

University

of

Cincinnati,

(continued)

Revenue

,

2024

A

,

5.25 %

,

6/01/49

.....................................

$

6,350,000

$

6,557,990

Revenue

,

2024

A

,

5.25 %

,

6/01/54

.....................................

1,650,000

1,691,001

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

%

,

12/01/48

.....

13,000,000

13,795,396

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/33

.......................................................

1,655,000

1,662,166

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/34

.......................................................

1,900,000

1,902,861

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

%

,

12/01/41

..........

2,075,000

1,860,025

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

%

,

12/01/55

..........

3,500,000

2,687,923

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

H

,

%

,

12/01/53

..........

1,375,000

1,082,776

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

A

,

5.5 %

,

12/01/50

.........

3,210,000

3,218,635

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

B

,

4.75 %

,

12/01/34

........

935,000

958,633

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2025

A

,

5.25 %

,

12/01/40

........

380,000

383,017

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2025

A

,

6.75 %

,

12/01/56

........

1,650,000

1,786,883

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2025

C

,

%

,

12/01/42

..........

1,020,000

1,061,886

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

,

Refunding

,

%

,

12/01/40

.......................................

1,390,000

1,276,552

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

,

Refunding

,

%

,

12/01/52

.......................................

1,930,000

1,526,320

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

%

,

12/01/27

..

3,820,000

3,986,541

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

%

,

12/01/49

.............

3,965,000

3,380,735

Willoughby-Eastlake

City

School

District

,

GO

,

2016

,

Pre-Refunded

,

%

,

12/01/46

...

3,000,000

3,018,197

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

%

,

11/01/43

...........

7,000,000

6,470,552

Wyoming

City

School

District

,

GO

,

2025

,

Refunding

,

%

,

12/01/61

..............

3,000,000

3,024,101

827,094,991

#### South

#### Carolina

#### 0.3%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

3,100,000

2,469,317

#### Texas

#### 0.5%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/38

.................................

300,000

239,469

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

6,000,000

4,300,149

4,539,618

#### Washington

#### 0.3%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

3,100,000

2,570,955

#### Wisconsin

#### 2.9%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

4,285,000

4,306,819

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

9,545,000

4,178,706

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

3,100,000

2,376,700

b

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5 %

,

8/01/53

................

2,800,000

2,578,599

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

21,750,000

12,741,935

26,182,759

#### U.S.

#### Territories

#### 0.4%

#### Puerto

#### Rico

#### 0.4%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

....................

1,000,000

999,389

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

....................

1,000,000

993,369

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/33

..

$

440,000

$

461,747

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/35

..

235,000

243,059

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

..

1,100,000

971,769

3,669,333

#### Total

#### U.S.

#### Territories

#### ....................................................................
3,669,333

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 937,636,996

####)
.....................................

#### 891,337,387

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 940,836,996

####)
...............................

#### 894,546,963

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 0.7%

#### Municipal

#### Bonds

#### 0.7%

#### Ohio

#### 0.7%
e

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

8/15/51

..........

6,750,000

6,750,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 6,750,000

####)
.......................................

#### 6,750,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 6,750,000

####)
.................................

#### 6,750,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 947,586,996

####)
98.9 #### %
...................................

#### $901,296,963

#### Other

#### Assets,

#### less

#### Liabilities
1.1 #### %
.............................................

#### 9,986,043

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $911,283,006
See

Abbreviations

on

.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$64,479,710,

representing

7.1%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

The

maturity

date

shown

represents

the

mandatory

put

date.

e

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.52

$10.53

$10.35

$11.45

$11.73

$12.00

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18 0.32 0.31 0.27 0.23 0.26 Net

realized

and

unrealized

gains

(losses)

(0.45)

(0.01)

0.18 (1.10)

(0.28)

(0.27)

Total

from

investment

operations

........

(0.27)

0.31 0.49 (0.83)

(0.05)

(0.01)

Less

distributions

from:

Net

investment

income

..............

(0.17)

(0.32)

(0.31)

(0.27)

(0.23)

(0.26)

Net

asset

value,

end

of

period

..........

$10.08

$10.52

$10.53

$10.35

$11.45

$11.73

Total

return

d

.......................

(2.54)%

3.04%

4.80%

(7.27)%

(0.48)%

(0.07)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.81%

0.81%

f

0.82%

f

0.81%

f

0.80%

f

0.80%

f

Net

investment

income

...............

3.43%

3.08%

3.03%

2.56%

1.93%

2.20%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$198,152

$209,434

$202,385

$208,460

$251,006

$218,010

Portfolio

turnover

rate

................

12.39%

11.31%

15.03%

32.94%

19.83%

18.23%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.52

$10.52

$10.34

$11.44

$11.72

$11.99

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.18 0.34 0.33 0.29 0.25 0.28 Net

realized

and

unrealized

gains

(losses)

(0.45)

—

d

0.17 (1.11)

(0.28)

(0.27)

Total

from

investment

operations

........

(0.27)

0.34 0.50 (0.82)

(0.03)

0.01 Less

distributions

from:

Net

investment

income

..............

(0.18)

(0.34)

(0.32)

(0.28)

(0.25)

(0.28)

Net

asset

value,

end

of

period

..........

$10.07

$10.52

$10.52

$10.34

$11.44

$11.72

Total

return

e

.......................

(2.56)%

3.19%

5.06%

(7.14)%

(0.33)%

0.08%

#### Ratios

#### to

#### average

#### net

#### assets

#### f
Expenses

.........................

0.66%

0.66%

g

0.67%

g

0.66%

g

0.65%

g

0.65%

g

Net

investment

income

...............

3.59%

3.23%

3.19%

2.71%

2.08%

2.37%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$409,956

$452,986

$513,161

$562,620

$731,732

$805,688

Portfolio

turnover

rate

................

12.39%

11.31%

15.03%

32.94%

19.83%

18.23%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Amount

rounds

to

less

than

$0.01

per

share.

e

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

f

Ratios

are

annualized

for

periods

less

than

one

year.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.68

$10.69

$10.50

$11.63

$11.91

$12.19

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.28 0.27 0.23 0.18 0.22 Net

realized

and

unrealized

gains

(losses)

(0.44)

(0.01)

0.18 (1.14)

(0.28)

(0.29)

Total

from

investment

operations

........

(0.29)

0.27 0.45 (0.91)

(0.10)

(0.07)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.28)

(0.26)

(0.22)

(0.18)

(0.21)

Net

asset

value,

end

of

period

..........

$10.24

$10.68

$10.69

$10.50

$11.63

$11.91

Total

return

d

.......................

(2.70)%

2.57%

4.40%

(7.79)%

(0.79)%

(0.63)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.20%

1.20%

f

1.21%

f

1.20%

f

1.19%

f

1.19%

f

Net

investment

income

...............

2.97%

2.62%

2.58%

2.10%

1.50%

1.80%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$13,982

$18,008

$27,772

$43,030

$72,237

$98,075

Portfolio

turnover

rate

................

12.39%

11.31%

15.03%

32.94%

19.83%

18.23%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.52

$10.53

$10.35

$11.45

$11.73

$12.00

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19 0.35 0.34 0.30 0.26 0.29 Net

realized

and

unrealized

gains

(losses)

(0.44)

(0.01)

0.18 (1.10)

(0.28)

(0.27)

Total

from

investment

operations

........

(0.25)

0.34 0.52 (0.80)

(0.02)

0.02 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.35)

(0.34)

(0.30)

(0.26)

(0.29)

Net

asset

value,

end

of

period

..........

$10.08

$10.52

$10.53

$10.35

$11.45

$11.73

Total

return

d

.......................

(2.40)%

3.33%

5.09%

(7.01)%

(0.12)%

0.12%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.52%

0.53%

0.54%

0.53%

0.52%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.52%

0.53%

f

0.54%

f

0.52%

f

0.52%

f,g

0.52%

f,g

Net

investment

income

...............

3.73%

3.37%

3.32%

2.85%

2.21%

2.49%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$26,209

$27,070

$23,591

$21,344

$26,269

$22,928

Portfolio

turnover

rate

................

12.39%

11.31%

15.03%

32.94%

19.83%

18.23%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.53

$10.54

$10.35

$11.46

$11.73

$12.01

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.19 0.35 0.34 0.30 0.26 0.29 Net

realized

and

unrealized

gains

(losses)

(0.44)

(0.01)

0.18 (1.12)

(0.27)

(0.28)

Total

from

investment

operations

........

(0.25)

0.34 0.52 (0.82)

(0.01)

0.01 Less

distributions

from:

Net

investment

income

..............

(0.19)

(0.35)

(0.33)

(0.29)

(0.26)

(0.29)

Net

asset

value,

end

of

period

..........

$10.09

$10.53

$10.54

$10.35

$11.46

$11.73

Total

return

d

.......................

(2.41)%

3.29%

5.16%

(7.12)%

(0.15)%

0.09%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.56%

0.56%

f

0.57%

f

0.56%

f

0.55%

f

0.55%

f

Net

investment

income

...............

3.68%

3.33%

3.28%

2.80%

2.18%

2.45%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$140,973

$147,162

$134,601

$134,222

$181,163

$171,322

Portfolio

turnover

rate

................

12.39%

11.31%

15.03%

32.94%

19.83%

18.23%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.3%

#### Software

#### 0.3%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

2,500,000

$

2,507,481

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 2,500,000

####)
.......................................

#### 2,507,481

#### Municipal

#### Bonds

#### 96.9%

#### California

#### 0.4%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

3,500,000

2,933,365

#### Florida

#### 1.0%
b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

.........................................................

1,500,000

953,848

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

8,400,000

7,009,699

7,963,547

#### Georgia

#### 0.4%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

965,000

969,914

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

4,520,000

1,978,811

2,948,725

#### Illinois

#### 0.4%
Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

BAM

Insured

,

%

,

12/15/42

................................

2,520,000

2,276,615

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

BAM

Insured

,

%

,

6/15/52

.................................

1,000,000

820,287

3,096,902

#### New

#### Jersey

#### 0.5%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

%

,

6/15/44

......................

2,250,000

2,258,223

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

6/15/38

........................

2,165,000

2,069,603

4,327,826

#### New

#### York

#### 0.6%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/47

..........

5,500,000

4,592,294

#### Oregon

#### 86.1%
Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

%

,

8/01/41

......

4,250,000

4,254,255

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

%

,

8/01/46

......

1,750,000

1,482,724

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

8/01/49

...

5,500,000

5,282,689

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

8/01/54

...

6,500,000

6,176,189

c

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

3.34 %,

6/15/31

.............

1,000,000

825,407

City

of

Beaverton

,

Water

,

Revenue

,

2020

,

%

,

4/01/32

.......................

1,000,000

1,094,794

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

%

,

8/01/47

.............

3,580,000

3,591,348

City

of

Forest

Grove

,

Pacific

University

,

Revenue

,

2015

A

,

Refunding

,

%

,

5/01/36

.................

6,575,000

6,574,961

Pacific

University

,

Revenue

,

2017

,

Refunding

,

%

,

3/01/37

...................

3,500,000

3,140,711

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/26

.................

335,000

337,796

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/30

.................

1,385,000

1,454,248

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/35

.................

490,000

461,712

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/37

.................

1,905,000

1,729,945

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/38

.................

3,960,000

3,529,945

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/39

.................

1,750,000

1,537,452

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2 %

,

6/01/31

......................

845,000

848,364

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Oregon
(continued)

City

of

Medford

,

Sewer

,

Revenue

,

2024

,

BAM

Insured

,

%

,

6/01/47

.........................

$

2,330,000

$

2,070,338

Sewer

,

Revenue

,

2024

,

BAM

Insured

,

%

,

6/01/49

.........................

1,715,000

1,513,713

City

of

Molalla

,

GO

,

2024

A

,

BAM

Insured

,

%

,

6/01/49

.......................

3,115,000

2,770,677

City

of

Portland

,

Sewer

System

,

Revenue,

Second

Lien

,

2025

A

,

Refunding

,

%

,

10/01/54

........................................................

5,660,000

5,720,135

City

of

Redmond

,

GO

,

2025

A

,

5.5 %

,

6/01/52

..............................

1,500,000

1,545,763

Clackamas

Community

College

District

,

GO

,

2017

A

,

%

,

6/15/39

...............

2,250,000

2,288,490

Clackamas

County

School

District

No.

North

Clackamas

,

c

GO

,

2017

A

,

5.4 %,

6/15/40

...........................................

8,940,000

4,104,626

c

GO

,

2017

A

,

Pre-Refunded

,

4.36 %,

6/15/40

..............................

1,060,000

564,070

c

GO

,

2017

A

,

5.63 %,

6/15/42

..........................................

29,265,000

11,673,255

c

GO

,

2017

A

,

Pre-Refunded

,

4.4 %,

6/15/42

...............................

3,505,000

1,699,998

GO

,

2018

,

%

,

6/15/42

.............................................

1,750,000

1,776,936

Clackamas

County

School

District

No.

Molalla

River

,

GO

,

2024

,

%

,

6/15/49

....

3,000,000

2,643,946

c

Clackamas

County

School

District

No.

Oregon

Trail

,

GO

,

4.26 %,

6/15/37

................................................

12,130,000

7,414,936

GO

,

4.46 %,

6/15/38

................................................

12,495,000

7,151,908

Clackamas

County

School

District

No.

Canby

,

GO

,

2020

A

,

Refunding

,

%

,

6/15/40

3,470,000

3,353,333

Columbia

County

School

District

No.

502

,

GO

,

2017

,

%

,

6/15/39

...............

1,000,000

1,017,107

County

of

Benton

,

GO

,

2023

,

4.125 %

,

6/01/53

.............................

2,035,000

1,805,481

County

of

Yamhill

,

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/36

..............

2,585,000

2,588,305

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/46

..............

2,330,000

2,047,504

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/40

................

7,010,000

6,654,763

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/45

................

9,285,000

8,390,279

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/48

.........................

13,890,000

13,631,850

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

%

,

12/01/29

..................

2,760,000

2,761,109

Jackson

County

School

District

No.

Ashland

,

GO

,

2019

,

%

,

6/15/34

...........

1,000,000

1,060,137

Jackson

County

School

District

No.

Central

Point

,

GO

,

2019

A

,

%

,

6/15/31

............................................

2,665,000

2,881,521

c

GO

,

2019

B

,

5.08 %,

6/15/40

.........................................

705,000

338,778

c

GO

,

2019

B

,

5.22 %,

6/15/41

.........................................

710,000

317,974

c

GO

,

2019

B

,

5.35 %,

6/15/42

.........................................

610,000

254,339

c

GO

,

2019

B

,

5.42 %,

6/15/43

.........................................

820,000

320,732

c

GO

,

2019

B

,

5.47 %,

6/15/44

.........................................

1,115,000

409,671

c

GO

,

2019

B

,

5.51 %,

6/15/45

.........................................

985,000

340,616

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

%

,

9/01/46

.................................

1,000,000

987,719

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

8/15/45

....................................................

5,620,000

4,917,233

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/45

8,245,000

8,114,650

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/50

11,235,000

9,142,807

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/50

4,500,000

4,348,935

Metro

,

County

of

Multnomah

Transient

Lodging

Tax

,

Revenue

,

2017

,

%

,

6/15/47

...

10,950,000

10,981,699

Metro

Oregon

-

Clackamas,

Multnomah,

and

Washington

Counties

,

GO

,

2025

,

4.125 %

,

6/01/44

..........................................

10,790,000

10,197,584

GO

,

2025

,

4.25 %

,

6/01/45

...........................................

11,585,000

11,036,259

Multnomah

&

Clackamas

Counties

School

District

No.

10JT

Gresham-Barlow

,

GO

,

2017

A

,

%

,

6/15/37

................................................

7,885,000

8,062,273

Multnomah

County

School

District

No.

1J

Portland

,

GO

,

2023

,

%

,

6/15/41

........

10,000,000

9,297,346

c

Multnomah

County

School

District

No.

,

GO

,

2012

B

,

2.81 %,

6/15/27

.........................................

2,655,000

2,526,778

GO

,

2012

B

,

2.86 %,

6/15/28

.........................................

2,495,000

2,306,585

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Oregon
(continued)

c

Multnomah

County

School

District

No.

40,

(continued)

GO

,

2012

B

,

2.96 %,

6/15/29

.........................................

$

2,595,000

$

2,323,465

GO

,

2012

B

,

3.13 %,

6/15/30

.........................................

1,885,000

1,626,624

GO

,

2012

B

,

3.33 %,

6/15/31

.........................................

2,030,000

1,679,395

GO

,

2012

B

,

3.51 %,

6/15/32

.........................................

2,000,000

1,581,992

GO

,

2023

A

,

3.13 %,

6/15/30

..........................................

425,000

366,745

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

%

,

6/15/45

.....................................

3,000,000

3,030,573

GO

,

2020

,

Refunding

,

%

,

6/15/50

.....................................

24,655,000

24,686,033

Oregon

City

School

District

No.

,

GO

,

2018

B

,

Refunding

,

%

,

6/15/49

..........

2,345,000

2,365,749

Oregon

Health

&

Science

University

,

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

7/01/46

.................

2,000,000

1,730,181

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/44

.................

12,645,000

11,576,924

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/51

.................

26,580,000

23,074,263

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/42

10,000,000

9,967,779

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

%

,

10/01/26

.................

665,000

662,000

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

%

,

10/01/36

.................

1,670,000

1,562,186

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

%

,

10/01/48

.................

4,000,000

3,424,653

Legacy

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/46

......

25,945,000

25,590,703

Legacy

Health

Obligated

Group

,

Revenue

,

2022

A

,

4.125 %

,

6/01/52

...........

3,000,000

2,459,052

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2015

C

,

%

,

10/01/45

..

4,000,000

3,943,650

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/41

.......................................................

7,800,000

7,528,959

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

10/01/46

.

3,280,000

3,074,728

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Pre-Refunded

,

%

,

10/01/46

...................................................

220,000

225,835

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/40

.......................................................

11,025,000

11,049,884

Southern

Oregon

Goodwill

Industries

,

Revenue

,

2025

A

,

%

,

12/01/40

..........

420,000

403,586

Southern

Oregon

Goodwill

Industries

,

Revenue

,

2025

A

,

5.375 %

,

12/01/45

......

500,000

467,832

Southern

Oregon

Goodwill

Industries

,

Revenue

,

2025

A

,

5.5 %

,

12/01/54

........

1,500,000

1,381,170

University

of

Portland

,

Revenue

,

2025

A

,

Refunding

,

%

,

4/01/45

..............

10,000,000

9,876,981

Willamette

University

,

Revenue

,

2016

B

,

Refunding

,

%

,

10/01/40

.............

1,950,000

1,913,834

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/51

.............

47,505,000

36,307,330

Oregon

State

University

,

Revenue

,

2024

A

,

Refunding

,

4.25 %

,

4/01/52

...........

3,610,000

3,280,373

Port

of

Portland

,

Airport

,

Revenue

,

A

,

%

,

7/01/47

....................................

4,700,000

4,701,596

Airport

,

Revenue

,

B

,

%

,

7/01/42

....................................

7,645,000

7,610,140

Airport

,

Revenue

,

B

,

%

,

7/01/44

....................................

4,830,000

4,805,521

Airport

,

Revenue

,

B

,

%

,

7/01/49

....................................

6,300,000

6,145,324

Airport

,

Revenue

,

A

,

%

,

7/01/30

....................................

1,585,000

1,725,809

Airport

,

Revenue

,

A

,

%

,

7/01/37

....................................

5,000,000

5,136,427

Airport

,

Revenue

,

A

,

%

,

7/01/45

....................................

10,670,000

10,564,046

Airport

,

Revenue

,

,

%

,

7/01/38

.....................................

2,500,000

2,365,223

Airport

,

Revenue

,

,

5.5 %

,

7/01/53

....................................

13,500,000

13,818,976

Rockwood

Water

People's

Utility

District

,

Revenue

,

2024

,

%

,

6/15/47

............

1,100,000

966,788

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/33

.............

545,000

557,153

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/38

.............

500,000

501,294

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/43

.............

2,250,000

2,126,039

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/48

.............

3,700,000

3,347,157

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/26

....

135,000

136,300

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/27

....

260,000

266,204

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/28

....

310,000

321,689

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/29

....

515,000

522,809

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/30

....

385,000

390,561

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Oregon
(continued)

Salem

Hospital

Facility

Authority,

(continued)

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/31

....

$

400,000

$

403,642

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/32

....

370,000

370,630

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/40

....

1,540,000

1,361,355

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/57

....

2,750,000

2,001,313

Salem

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/15/46

.......

17,105,000

16,983,125

Salem-Keizer

School

District

No.

24J

,

c

GO

,

2009

B

,

2.96 %,

6/15/30

.........................................

8,500,000

7,390,452

GO

,

2020

C

,

%

,

6/15/38

............................................

6,000,000

5,933,589

State

of

Oregon

,

GO

,

2007

A

,

4.7 %

,

8/01/42

...........................................

3,050,000

2,846,534

GO

,

2019

G

,

%

,

8/01/33

............................................

3,000,000

3,213,083

GO

,

2019

G

,

%

,

8/01/34

............................................

1,900,000

2,021,561

GO

,

2025

A

,

Refunding

,

5.25 %

,

5/01/50

.................................

3,300,000

3,446,496

GO

,

L

,

Refunding

,

%

,

8/01/42

........................................

3,270,000

3,301,787

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

%

,

11/15/39

23,175,000

23,906,924

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

%

,

11/15/42

3,300,000

3,107,312

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

,

5.5 %

,

12/01/39

............................

20,000,000

20,156,806

Tillamook

&

Yamhill

Counties

School

District

No.

Nestucca

Valley

,

GO

,

2018

B

,

%

,

6/15/36

......................................................

350,000

362,949

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue

,

2018

A

,

%

,

10/01/31

........................................................

5,025,000

5,294,953

Umatilla

Hospital

District

No.

,

GO

,

2023

,

%

,

6/01/53

.......................

750,000

731,698

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/47

......

2,250,000

2,144,134

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/52

......

3,680,000

3,463,564

University

of

Oregon

,

Revenue

,

2018

A

,

%

,

4/01/48

.........................

10,000,000

10,034,625

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue

,

144A,

2019

B

,

Refunding

,

%

,

11/01/33

.........................

250,000

265,865

Revenue

,

144A,

2019

B

,

Refunding

,

%

,

11/01/34

.........................

300,000

317,461

Revenue

,

144A,

2019

B

,

Refunding

,

%

,

11/01/39

.........................

2,200,000

2,269,655

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO

,

2017

,

%

,

6/15/36

.............................................

9,400,000

9,630,987

GO

,

2017

,

%

,

6/15/37

.............................................

5,040,000

5,150,681

GO

,

2017

,

Pre-Refunded

,

%

,

6/15/37

..................................

960,000

1,003,132

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO

,

2017

D

,

%

,

6/15/35

............................................

15,050,000

15,485,649

GO

,

2017

D

,

%

,

6/15/36

............................................

5,000,000

5,127,229

GO

,

2022

B

,

%

,

6/15/52

............................................

19,145,000

19,354,845

c

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO

,

2018

A

,

4.84 %,

6/15/38

..........................................

2,350,000

1,284,308

GO

,

2018

A

,

4.97 %,

6/15/39

..........................................

3,275,000

1,677,719

c

Washington

County

School

District

No.

Forest

Grove

,

GO

,

2012

B

,

2.98 %,

6/15/29

.........................................

2,545,000

2,276,998

GO

,

2012

B

,

3.15 %,

6/15/30

.........................................

2,490,000

2,146,673

GO

,

2012

B

,

3.35 %,

6/15/31

.........................................

3,140,000

2,594,729

Yachats

Rural

Fire

Protection

District

,

GO

,

2017

,

AG

Insured

,

%

,

6/15/47

.........

1,600,000

1,601,559

Yamhill

County

School

District

No.

Dayton

,

GO

,

2019

,

Refunding

,

%

,

6/15/32

.....................................

1,045,000

1,125,323

GO

,

2019

,

Refunding

,

%

,

6/15/33

.....................................

1,080,000

1,156,366

679,471,944

#### South

#### Carolina

#### 0.3%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

3,000,000

2,389,662

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas

#### 0.4%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/30

$

250,000

$

263,415

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/31

250,000

263,059

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

4,200,000

3,010,104

3,536,578

#### Washington

#### 0.3%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

2,400,000

1,990,417

#### Wisconsin

#### 2.8%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

4,500,000

4,522,913

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

20,520,000

8,983,453

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

2,400,000

1,840,026

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

11,650,000

6,824,991

22,171,383

#### U.S.

#### Territories

#### 3.7%

#### Puerto

#### Rico

#### 3.7%
Children's

Trust

Fund

,

Revenue

,

2002

,

5.625 %

,

5/15/43

......................

6,000,000

6,094,103

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

....................

1,300,000

1,299,205

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

....................

1,000,000

993,370

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

17,925,000

16,441,853

Sales

Tax

,

Revenue

,

,

4.329 %

,

7/01/40

...............................

3,000,000

2,782,327

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

1,820,000

1,607,835

29,218,693

#### Total

#### U.S.

#### Territories

#### ....................................................................
29,218,693

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 804,928,618

####)
.....................................

#### 764,641,336

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a

,d

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

357,633

89,408

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 89,408

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 807,428,618

####)
...............................

#### 767,238,225

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.7%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 1.7%

#### Oregon

#### 1.7%
e

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.75 %

,

8/01/34

.................................

9,800,000

9,800,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### Oregon
(continued)

e

Oregon

State

Facilities

Authority,

(continued)

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.8 %

,

8/01/34

..................................

$

4,000,000

$

4,000,000

13,800,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 13,800,000

####)
......................................

#### 13,800,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 13,800,000

####)
................................

#### 13,800,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 821,228,618

####)
98.9 #### %
...................................

#### $781,038,225

#### Other

#### Assets,

#### less

#### Liabilities
1.1 #### %
.............................................

#### 8,233,455

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $789,271,680
†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$52,677,373,

representing

6.7%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Non-income

producing.

e

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.87

$8.85

$8.64

$9.64

$9.89

$10.11

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.27 0.26 0.22 0.20 0.26 Net

realized

and

unrealized

gains

(losses)

(0.44)

0.02 0.21 (1.00)

(0.25)

(0.23)

Total

from

investment

operations

........

(0.29)

0.29 0.47 (0.78)

(0.05)

0.03 Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.26)

(0.22)

(0.20)

(0.25)

Net

asset

value,

end

of

period

..........

$8.44

$8.87

$8.85

$8.64

$9.64

$9.89

Total

return

d

.......................

(3.23)%

3.36%

5.51%

(8.13)%

(0.56)%

0.32%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.83%

0.83%

f

0.84%

f

0.82%

f

0.81%

f

0.81%

f

Net

investment

income

...............

3.48%

3.06%

2.98%

2.48%

2.00%

2.59%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$141,206

$151,007

$153,588

$150,381

$175,896

$146,124

Portfolio

turnover

rate

................

10.99%

18.22%

11.97%

30.73%

36.04%

28.44%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.86

$8.85

$8.64

$9.64

$9.89

$10.11

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.28 0.27 0.23 0.22 0.27 Net

realized

and

unrealized

gains

(losses)

(0.43)

0.02 0.21 (1.00)

(0.25)

(0.23)

Total

from

investment

operations

........

(0.27)

0.30 0.48 (0.77)

(0.03)

0.04 Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.27)

(0.23)

(0.22)

(0.26)

Net

asset

value,

end

of

period

..........

$8.44

$8.86

$8.85

$8.64

$9.64

$9.89

Total

return

d

.......................

(3.05)%

3.40%

5.67%

(7.99)%

(0.41)%

0.47%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.68%

0.68%

f

0.69%

f

0.67%

f

0.66%

f

0.67%

f

Net

investment

income

...............

3.63%

3.20%

3.12%

2.63%

2.16%

2.77%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$362,063

$401,736

$446,528

$494,179

$644,308

$709,450

Portfolio

turnover

rate

................

10.99%

18.22%

11.97%

30.73%

36.04%

28.44%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.98

$8.97

$8.76

$9.77

$10.02

$10.24

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13 0.23 0.22 0.18 0.16 0.22 Net

realized

and

unrealized

gains

(losses)

(0.43)

0.02 0.21 (1.01)

(0.25)

(0.23)

Total

from

investment

operations

........

(0.30)

0.25 0.43 (0.83)

(0.09)

(0.01)

Less

distributions

from:

Net

investment

income

..............

(0.13)

(0.24)

(0.22)

(0.18)

(0.16)

(0.21)

Net

asset

value,

end

of

period

..........

$8.55

$8.98

$8.97

$8.76

$9.77

$10.02

Total

return

d

.......................

(3.39)%

2.78%

5.01%

(8.49)%

(0.95)%

(0.08)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.22%

1.22%

f

1.23%

f

1.22%

f

1.21%

f

1.21%

f

Net

investment

income

...............

3.02%

2.61%

2.52%

2.03%

1.60%

2.21%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$16,573

$20,648

$29,997

$41,736

$63,426

$104,823

Portfolio

turnover

rate

................

10.99%

18.22%

11.97%

30.73%

36.04%

28.44%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.88

$8.86

$8.65

$9.66

$9.90

$10.12

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.30 0.28 0.25 0.23 0.28 Net

realized

and

unrealized

gains

(losses)

(0.43)

0.02 0.21 (1.02)

(0.24)

(0.22)

Total

from

investment

operations

........

(0.27)

0.32 0.49 (0.77)

(0.01)

0.06 Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.28)

(0.24)

(0.23)

(0.28)

Net

asset

value,

end

of

period

..........

$8.45

$8.88

$8.86

$8.65

$9.66

$9.90

Total

return

d

.......................

(3.10)%

3.65%

5.80%

(7.95)%

(0.17)%

0.61%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.56%

0.55%

0.55%

0.55%

0.56%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.55%

0.55%

f,g

0.55%

f,g

0.54%

f

0.52%

f

0.53%

f

Net

investment

income

...............

3.75%

3.33%

3.26%

2.84%

2.29%

2.86%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$8,375

$7,907

$9,516

$8,556

$5,802

$4,300

Portfolio

turnover

rate

................

10.99%

18.22%

11.97%

30.73%

36.04%

28.44%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

g

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$8.88

$8.86

$8.65

$9.66

$9.90

$10.12

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.29 0.28 0.24 0.23 0.28 Net

realized

and

unrealized

gains

(losses)

(0.44)

0.03 0.21 (1.01)

(0.24)

(0.23)

Total

from

investment

operations

........

(0.28)

0.32 0.49 (0.77)

(0.01)

0.05 Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.30)

(0.28)

(0.24)

(0.23)

(0.27)

Net

asset

value,

end

of

period

..........

$8.45

$8.88

$8.86

$8.65

$9.66

$9.90

Total

return

d

.......................

(3.11)%

3.62%

5.76%

(7.99)%

(0.21)%

0.57%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.58%

0.58%

f

0.59%

f

0.57%

f

0.56%

f

0.56%

f

Net

investment

income

...............

3.72%

3.31%

3.22%

2.71%

2.26%

2.85%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$132,241

$129,987

$67,187

$71,451

$106,979

$105,603

Portfolio

turnover

rate

................

10.99%

18.22%

11.97%

30.73%

36.04%

28.44%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.3%

#### Software

#### 0.3%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

2,000,000

$

2,005,985

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 2,000,000

####)
.......................................

#### 2,005,985

#### Municipal

#### Bonds

#### 100.5%

#### Florida

#### 1.7%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

5,688,000

4,876,780

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

1,000,000

635,899

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

6,700,000

5,591,070

11,103,749

#### Georgia

#### 0.1%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

305,000

306,553

c

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

755,000

330,531

637,084

#### New

#### York

#### 1.6%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/44

.....................................

6,700,000

5,748,672

Revenue

,

2021

,

%

,

11/15/46

.....................................

6,050,000

5,087,146

10,835,818

#### Pennsylvania

#### 94.8%
Adams

County

General

Authority

,

Brethren

Home

Community

Obligated

Group

(The)

,

Revenue

,

2024

A

,

Refunding

,

%

,

6/01/54

....................................................

3,100,000

2,787,932

Brethren

Home

Community

Obligated

Group

(The)

,

Revenue

,

2024

A

,

Refunding

,

%

,

6/01/59

....................................................

1,505,000

1,333,492

Allegheny

County

Airport

Authority

,

Revenue

,

2021

A

,

%

,

1/01/32

........................................

4,345,000

4,641,962

Revenue

,

2021

A

,

%

,

1/01/34

........................................

8,155,000

8,575,149

Revenue

,

2021

A

,

%

,

1/01/56

........................................

3,500,000

3,367,691

Revenue

,

2023

A

,

AG

Insured

,

5.5 %

,

1/01/53

.............................

5,000,000

5,093,547

Revenue

,

2025

A

,

AG

Insured

,

5.5 %

,

1/01/50

.............................

4,000,000

4,140,443

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

9/01/33

..............

700,000

704,873

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

9/01/34

..............

1,090,000

1,089,366

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/40

.

2,115,000

1,924,032

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/41

.

6,000,000

5,380,412

Robert

Morris

University

,

Revenue

,

2017

,

Pre-Refunded

,

%

,

10/15/37

..........

1,000,000

1,050,173

Robert

Morris

University

,

Revenue

,

2017

,

%

,

10/15/47

.....................

1,300,000

1,365,224

Allentown

Commercial

and

Industrial

Development

Authority

,

b

Executive

Education

Academy

Charter

School

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/50

....................................................

2,000,000

1,799,646

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.5 %

,

6/15/38

.....

600,000

612,397

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.75 %

,

6/15/43

....

600,000

604,398

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/32

.................................

1,560,000

1,690,819

Revenue

,

2022

,

Refunding

,

%

,

5/01/33

.................................

1,800,000

1,934,691

Revenue

,

2022

,

Refunding

,

%

,

5/01/34

.................................

1,550,000

1,651,938

Revenue

,

2022

,

Refunding

,

%

,

5/01/35

.................................

1,400,000

1,478,477

Revenue

,

2022

,

Refunding

,

%

,

5/01/42

.................................

8,875,000

8,941,751

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

5/15/42

........................................................

$

1,000,000

$

965,782

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

5/15/47

........................................................

600,000

547,620

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

C

,

%

,

5/15/37

......

1,245,000

1,249,449

Bethlehem

Redevelopment

Authority

,

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

10/01/49

.........

750,000

738,877

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.5 %

,

10/01/54

..........

1,050,000

1,052,275

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

%

,

6/01/37

..........

1,250,000

1,108,962

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

%

,

11/01/37

.........

1,000,000

960,266

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

%

,

11/01/42

.........

1,080,000

953,554

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

%

,

11/01/52

.........

2,500,000

2,063,398

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2019

,

%

,

8/15/44

.............

1,500,000

1,291,325

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2021

,

%

,

8/15/53

.............

12,000,000

7,619,939

Butler

County

Hospital

Authority

,

Butler

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

7/01/35

.......................................

1,885,000

1,835,346

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

%

,

12/01/51

........................................................

5,000,000

4,135,266

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/42

.......................................................

1,215,000

1,215,335

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/47

.......................................................

1,840,000

1,565,868

Cheltenham

Township

Industrial

Development

Authority

,

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

%

,

4/01/44

..................

2,250,000

2,036,981

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

5.75 %

,

4/01/54

...............

1,000,000

921,349

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

%

,

8/01/35

...............

500,000

492,399

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

%

,

8/01/45

...............

1,500,000

1,324,575

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University

,

Revenue

,

2021

,

%

,

5/01/36

......................

400,000

373,079

Gannon

University

,

Revenue

,

2021

,

%

,

5/01/41

......................

1,000,000

834,150

Gannon

University

,

Revenue

,

2021

,

%

,

5/01/47

......................

2,430,000

2,189,568

Gannon

University

,

Revenue

,

2025

,

%

,

5/01/35

......................

375,000

394,005

Gannon

University

,

Revenue

,

2025

,

%

,

5/01/38

......................

635,000

648,660

Gannon

University

,

Revenue

,

2025

,

%

,

5/01/48

......................

775,000

719,868

City

of

Philadelphia

,

GO

,

2019

B

,

%

,

2/01/37

............................................

2,000,000

2,096,893

GO

,

2019

B

,

%

,

2/01/38

............................................

4,055,000

4,229,167

GO

,

2019

B

,

%

,

2/01/39

............................................

3,550,000

3,679,175

GO

,

2021

A

,

%

,

5/01/37

............................................

4,435,000

4,394,689

Airport

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/47

.........................

10,000,000

9,768,230

Airport

,

Revenue

,

2020

C

,

Refunding

,

%

,

7/01/45

.........................

5,225,000

4,454,894

Airport

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/51

...........................

5,000,000

4,858,397

Water

&

Wastewater

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/01/45

..............

6,300,000

6,304,996

Water

&

Wastewater

,

Revenue

,

2022

C

,

5.5 %

,

6/01/47

......................

5,000,000

5,238,138

Water

&

Wastewater

,

Revenue

,

2024

C

,

AG

Insured

,

5.25 %

,

9/01/54

...........

5,000,000

5,151,960

Colonial

School

District

,

GO

,

2021

A

,

%

,

2/15/40

...........................

1,650,000

1,399,553

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

,

Revenue

,

2015

A

,

%

,

6/01/34

....................................................

10,000,000

10,007,001

County

of

Allegheny

,

GO

,

,

%

,

11/01/43

.............................................

5,030,000

5,095,856

GO

,

,

%

,

12/01/54

.............................................

3,000,000

3,025,253

County

of

Jefferson

,

GO

,

2021

,

Refunding

,

AG

Insured

,

%

,

12/15/37

..........................

770,000

686,839

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

County

of

Jefferson,

(continued)

GO

,

2021

,

Refunding

,

AG

Insured

,

%

,

12/15/39

..........................

$

520,000

$

446,207

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

%

,

5/01/37

......................................................

2,500,000

2,390,833

Delaware

County

Authority

,

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

6/01/27

..............

1,065,000

1,074,483

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

6/01/32

..............

1,620,000

1,621,844

Haverford

College

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/46

...............

5,865,000

5,841,760

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

%

,

11/01/36

........................................................

2,005,000

2,009,209

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

7/15/43

........................................................

3,410,000

3,064,960

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2020

,

%

,

7/15/50

......

3,500,000

2,533,320

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/15/41

........................................................

1,000,000

828,986

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/15/51

........................................................

4,000,000

2,867,401

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

12/01/43

...........

6,000,000

6,187,573

b

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

A

,

6.75 %

,

9/01/61

.................................................

5,000,000

4,681,751

Fairview

School

District

,

GO

,

2021

,

BAM

Insured

,

%

,

9/15/37

...................................

1,195,000

1,048,039

GO

,

2021

,

BAM

Insured

,

%

,

9/15/38

...................................

1,000,000

848,545

GO

,

2021

,

BAM

Insured

,

%

,

9/15/39

...................................

1,000,000

841,978

Geisinger

Authority

,

Kaiser

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

2/15/45

...........

5,555,000

5,557,687

Kaiser

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

2/15/39

...........

13,155,000

13,185,224

Governor

Mifflin

School

District

,

GO

,

2021

,

%

,

4/01/36

.............................................

625,000

573,606

GO

,

2021

,

%

,

4/01/37

.............................................

1,000,000

898,800

GO

,

2021

,

%

,

4/01/38

.............................................

1,000,000

875,075

GO

,

2021

,

%

,

4/01/39

.............................................

1,015,000

868,681

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/51

............................................

2,520,000

2,233,131

Lancaster

County

Hospital

Authority

,

Masonic

Villages

of

the

Grand

Lodge

of

Pennsylvania

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/01/34

...................................................

1,260,000

1,377,659

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

%

,

8/15/46

............................................

4,165,000

4,165,166

Lancaster

Higher

Education

Authority

,

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

%

,

10/01/46

............

5,000,000

4,468,822

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

%

,

10/01/51

............

5,000,000

4,335,034

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/51

........

2,780,000

2,110,222

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/56

........

520,000

382,147

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/44

......

1,850,000

1,736,376

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/49

......

2,300,000

2,100,891

Lancaster

Municipal

Authority

,

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

5/01/44

..

1,200,000

1,177,922

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

B

,

%

,

5/01/59

..........

530,000

488,779

Luthercare

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

12/01/55

........

1,250,000

1,136,111

Lancaster

School

District

,

GO

,

2025

B

,

BAM

Insured

,

%

,

6/01/43

.................................

2,000,000

2,070,429

GO

,

2025

B

,

BAM

Insured

,

%

,

6/01/44

.................................

2,000,000

2,058,931

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/46

................

750,000

574,731

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Latrobe

Industrial

Development

Authority,

(continued)

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/51

................

$

800,000

$

589,354

Lehigh

County

Authority

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

%

,

12/01/45

...

6,500,000

5,751,087

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/01/41

4,345,000

3,608,729

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

%

,

6/01/42

....

14,390,000

12,074,394

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

%

,

6/01/57

....

5,000,000

3,747,094

Muhlenberg

College

,

Revenue

,

2024

,

Refunding

,

5.25 %

,

2/01/54

..............

1,600,000

1,525,226

Lycoming

County

Authority

,

Lycoming

College

,

Revenue

,

2013

,

5.25 %

,

11/01/38

...................

1,400,000

1,402,824

Lycoming

College

,

Revenue

,

2013

,

5.25 %

,

11/01/43

...................

1,495,000

1,498,074

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

5/01/37

....

2,665,000

2,727,704

Gwynedd

Mercy

University

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/42

.......

3,700,000

3,488,035

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

9/01/43

........................................................

3,740,000

3,251,904

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

9/01/48

........................................................

8,250,000

7,949,634

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

5/01/52

........................................................

4,000,000

3,233,822

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

5/01/57

........................................................

5,000,000

4,763,313

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

%

,

11/15/43

.......................................................

600,000

516,792

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

%

,

11/15/45

.......................................................

1,985,000

1,904,050

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

A

,

5.25 %

,

11/15/53

.......................................................

1,500,000

1,444,180

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/15/49

...........................................

9,525,000

8,897,314

Gwynedd

Mercy

University

,

Revenue

,

2023

,

5.75 %

,

5/01/48

..............

2,000,000

1,996,025

Meadowood

Corp.

Obligated

Group

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/01/38

.......................................................

2,500,000

2,507,163

Public

School

of

Germantown

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/51

..

2,450,000

1,950,799

Waverly

Heights

Ltd.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/49

..

2,000,000

1,851,673

Muhlenberg

School

District

,

GO

,

2024

,

%

,

5/15/54

..........................

2,000,000

2,005,589

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AG

Insured

,

%

,

12/01/38

........................................................

500,000

436,633

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/15/48

...

2,500,000

2,409,104

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

AG

Insured

,

5.25 %

,

8/15/53

..................................................

5,000,000

5,089,846

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

%

,

5/01/44

.................................................

1,000,000

906,113

Northeastern

School

District

,

GO

,

2021

A

,

BAM

Insured

,

%

,

3/01/38

.................................

850,000

732,287

GO

,

2021

A

,

BAM

Insured

,

%

,

3/01/41

.................................

775,000

636,258

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

%

,

9/01/36

..........

1,895,000

1,691,901

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.5 %

,

6/30/43

2,000,000

2,027,751

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.25 %

,

6/30/53

........................................................

8,500,000

8,176,547

Parking

System

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

1/01/41

1,015,000

960,513

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/29

........

500,000

512,817

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/32

........

1,300,000

1,330,691

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

,

5.25 %

,

7/01/49

......

2,000,000

1,916,979

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

%

,

7/01/42

$

2,365,000

$

2,333,603

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/42

...........

5,000,000

4,451,518

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

4/15/45

.....................

5,000,000

4,342,250

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/15/39

...........

1,325,000

1,215,918

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/15/40

...........

1,200,000

1,097,029

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/15/41

...........

1,300,000

1,178,669

UPMC

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

%

,

3/15/43

............

1,850,000

1,862,806

UPMC

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

%

,

3/15/50

............

3,000,000

2,953,023

Villanova

University

,

Revenue

,

2024

,

%

,

8/01/54

..........................

5,000,000

4,247,350

Pennsylvania

Higher

Educational

Facilities

Authority

,

St.

Joseph's

University

,

Revenue

,

2012

,

%

,

11/01/42

......................

5,000,000

4,870,466

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2017

A

,

%

,

8/15/46

..

7,000,000

7,003,422

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2025

A

,

4.25 %

,

2/15/55

15,695,000

13,991,259

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2025

A

,

%

,

2/15/55

..

2,095,000

2,121,730

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2019

,

%

,

8/15/49

....................................................

7,000,000

5,917,006

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

8/15/50

.........................................

3,000,000

3,066,899

Widener

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/15/51

................

11,030,000

8,270,782

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2019-129

,

3.4 %

,

10/01/49

...................................

6,000,000

4,564,581

Revenue

,

2020-132

A

,

2.55 %

,

10/01/41

.................................

11,280,000

8,322,831

d

Revenue

,

2025-150A

,

Refunding

,

4.9 %

,

10/01/40

..........................

6,000,000

6,033,540

Pennsylvania

State

University

(The)

,

Revenue

,

2015

A

,

Refunding

,

%

,

9/01/40

...............................

10,490,000

10,490,000

Revenue

,

2016

A

,

Refunding

,

%

,

9/01/41

...............................

10,000,000

10,086,171

Revenue

,

2023

,

5.25 %

,

9/01/48

.......................................

3,000,000

3,115,978

Revenue

,

2024

,

5.25 %

,

9/01/54

.......................................

5,000,000

5,163,035

Pennsylvania

Turnpike

Commission

,

Revenue

,

2021

B

,

%

,

12/01/37

.......................................

1,500,000

1,488,783

Revenue

,

2021

B

,

%

,

12/01/46

.......................................

10,950,000

9,373,645

Revenue

,

2024

C

,

5.25 %

,

12/01/54

....................................

4,500,000

4,632,696

Revenue

,

2025

A

,

5.25 %

,

12/01/55

....................................

5,000,000

5,149,601

d

Revenue

,

2025

B

,

5.25 %

,

12/01/55

....................................

11,100,000

11,444,707

e

Oil

Franchise

Tax

,

Revenue,

Senior

Lien

,

2025

A

,

5.25 %

,

12/01/53

.............

7,650,000

7,863,865

Philadelphia

Authority

for

Industrial

Development

,

f

Beech

International

LLC

,

Revenue

,

2010

A

,

5.625 %

,

6/15/42

.................

4,000,000

3,070,000

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

A

,

%

,

7/01/49

2,500,000

2,114,591

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

%

,

8/01/30

............

155,000

161,106

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

%

,

8/01/40

............

300,000

295,701

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

%

,

8/01/50

............

2,515,000

2,354,139

St.

Joseph's

University

,

Revenue

,

2022

,

5.5 %

,

11/01/60

.....................

8,410,000

8,523,548

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

9/01/42

........................................................

3,500,000

3,460,332

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

9/01/47

........................................................

2,400,000

2,310,762

b

University

Plaza

Associates

,

Revenue

,

144A,

2017

,

III

,

5.5 %

,

12/01/58

..........

10,000,000

10,336,088

Philadelphia

Gas

Works

Co.

,

Revenue

,

14th

,

Refunding

,

%

,

10/01/32

................................

1,000,000

1,022,076

Revenue

,

15th

,

Refunding

,

%

,

8/01/47

.................................

11,000,000

10,860,790

Revenue

,

17th

A

,

AG

Insured

,

5.25 %

,

8/01/54

............................

2,000,000

2,035,720

Philadelphia

Housing

Authority

,

Revenue

,

2025

A

,

5.25 %

,

3/01/43

...............

3,375,000

3,446,372

Philadelphia

Housing

Authority

Development

Corp.

,

Revenue

,

2025

A

,

5.25 %

,

3/01/45

2,500,000

2,526,171

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien

,

2022

A

,

5.25 %

,

9/01/39

.............................

1,490,000

1,616,362

Revenue,

First

Lien

,

2022

A

,

5.25 %

,

9/01/40

.............................

1,365,000

1,460,590

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Pittsburgh

Water

&

Sewer

Authority,

(continued)

Revenue,

First

Lien

,

2022

A

,

5.25 %

,

9/01/41

.............................

$

1,650,000

$

1,762,901

Revenue,

First

Lien

,

2022

A

,

5.25 %

,

9/01/42

.............................

1,685,000

1,784,981

Revenue,

First

Lien

,

2022

A

,

%

,

9/01/52

................................

2,640,000

2,657,364

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

%

,

9/01/36

.................

3,845,000

3,862,473

Scranton

School

District

,

GO

,

2020

,

%

,

12/01/40

...........................

1,535,000

1,440,440

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

%

,

11/01/37

..............

4,000,000

4,020,673

University

of

Scranton

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/01/41

............

2,075,000

1,856,350

University

of

Scranton

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/01/42

............

2,160,000

1,895,962

University

of

Scranton

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/01/43

............

2,245,000

1,942,871

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25 %

,

6/01/52

5,000,000

5,091,224

State

College

Area

School

District

,

GO

,

2018

,

%

,

5/15/44

....................

3,500,000

3,559,471

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

%

,

6/01/32

........................................................

7,095,000

7,250,063

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

%

,

6/01/33

........................................................

3,000,000

3,060,392

Temple

University-of

Commonwealth

System

of

Higher

Education

(The)

,

Revenue,

First

Series

,

2025

,

Refunding

,

AG

Insured

,

%

,

4/01/44

.............

1,000,000

1,031,346

Revenue,

First

Series

,

2025

,

Refunding

,

AG

Insured

,

%

,

4/01/45

.............

750,000

770,110

Township

of

Northampton

,

GO

,

2021

,

%

,

5/15/39

...........................

1,495,000

1,456,212

Upper

Merion

Area

School

District

,

GO

,

2021

A

,

%

,

1/15/39

............................................

1,000,000

866,033

GO

,

2021

A

,

%

,

1/15/40

............................................

1,500,000

1,271,100

GO

,

2021

A

,

%

,

1/15/41

............................................

1,275,000

1,061,558

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/29

......

725,000

763,281

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/30

......

1,370,000

1,449,341

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/37

......

1,400,000

1,296,614

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/42

.........................................................

2,500,000

1,992,136

626,362,289

#### South

#### Carolina

#### 0.1%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

1,000,000

796,554

#### Texas

#### 0.4%
b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

3,300,000

2,365,082

#### Washington

#### 0.2%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

1,900,000

1,575,747

#### Wisconsin

#### 0.7%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,415,000

1,422,205

c

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

3,435,000

1,503,809

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,900,000

1,456,687

4,382,701

#### U.S.

#### Territories

#### 0.9%

#### Puerto

#### Rico

#### 0.9%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

....................

1,100,000

1,099,328

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

....................

1,000,000

993,369

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

$

4,000,000

$

3,669,033

5,761,730

#### Total

#### U.S.

#### Territories

#### ....................................................................
5,761,730

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 724,219,227

####)
.....................................

#### 663,820,754

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
a

,g

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

262,891

65,723

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 65,723

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 726,219,227

####)
...............................

#### 665,892,462

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.9%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 1.9%

#### Pennsylvania

#### 1.9%
h

Allegheny

County

Higher

Education

Building

Authority

,

Carnegie

Mellon

University

,

Revenue

,

2008

A

,

Refunding

,

SPA

Bank

of

New

York

Mellon

(The)

,

Daily

VRDN

and

Put

,

3.75 %

,

12/01/37

...............................................

1,500,000

1,500,000

h

General

Authority

of

Southcentral

Pennsylvania

,

WellSpan

Health

Obligated

Group

,

Revenue

,

2019

E

,

Refunding

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.85 %

,

6/01/35

.........................................................

1,600,000

1,600,000

h

Philadelphia

Authority

for

Industrial

Development

,

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

7/01/54

.............................................

9,500,000

9,500,000

12,600,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 12,600,000

####)
......................................

#### 12,600,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 12,600,000

####)
................................

#### 12,600,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 738,819,227

####)
102.7 #### %
..................................

#### $678,492,462

#### Other

#### Assets,

#### less

#### Liabilities

#### (2.7 ####)

#### %
...........................................

#### (18,034,007)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $660,458,455
Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$29,238,524,

representing

4.4%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

f

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. g

Non-income

producing.

h

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.02

$9.99

$9.72

$10.79

$11.13

$11.42

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.27 0.26 0.23 0.19 0.22 Net

realized

and

unrealized

gains

(losses)

(0.48)

0.03 0.27 (1.08)

(0.34)

(0.29)

Total

from

investment

operations

........

(0.33)

0.30 0.53 (0.85)

(0.15)

(0.07)

Less

distributions

from:

Net

investment

income

..............

(0.14)

(0.27)

(0.26)

(0.22)

(0.19)

(0.22)

Net

asset

value,

end

of

period

..........

$9.55

$10.02

$9.99

$9.72

$10.79

$11.13

Total

return

d

.......................

(3.25)%

2.96%

5.66%

(7.85)%

(1.38)%

(0.58)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.87%

f

0.88%

g

0.88%

g

0.86%

g

0.84%

g

0.84%

g

Net

investment

income

...............

3.00%

2.72%

2.65%

2.28%

1.71%

1.97%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$81,102

$85,789

$84,618

$87,137

$108,135

$107,395

Portfolio

turnover

rate

................

12.39%

15.63%

13.99%

22.24%

34.49%

31.54%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.02

$9.99

$9.72

$10.79

$11.12

$11.42

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.15 0.29 0.27 0.24 0.21 0.24 Net

realized

and

unrealized

gains

(losses)

(0.47)

0.03 0.27 (1.07)

(0.33)

(0.30)

Total

from

investment

operations

........

(0.32)

0.32 0.54 (0.83)

(0.12)

(0.06)

Less

distributions

from:

Net

investment

income

..............

(0.15)

(0.29)

(0.27)

(0.24)

(0.21)

(0.24)

Net

asset

value,

end

of

period

..........

$9.55

$10.02

$9.99

$9.72

$10.79

$11.12

Total

return

d

.......................

(3.18)%

3.22%

5.71%

(7.71)%

(1.15)%

(0.52)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.72%

f

0.73%

g

0.73%

g

0.71%

g

0.69%

g

0.69%

g

Net

investment

income

...............

3.15%

2.87%

2.80%

2.42%

1.86%

2.15%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$173,866

$190,980

$211,988

$235,354

$316,275

$353,874

Portfolio

turnover

rate

................

12.39%

15.63%

13.99%

22.24%

34.49%

31.54%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.20

$10.17

$9.89

$10.98

$11.32

$11.62

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.13 0.23 0.22 0.18 0.15 0.18 Net

realized

and

unrealized

gains

(losses)

(0.49)

0.03 0.28 (1.09)

(0.34)

(0.30)

Total

from

investment

operations

........

(0.36)

0.26 0.50 (0.91)

(0.19)

(0.12)

Less

distributions

from:

Net

investment

income

..............

(0.12)

(0.23)

(0.22)

(0.18)

(0.15)

(0.18)

Net

asset

value,

end

of

period

..........

$9.72

$10.20

$10.17

$9.89

$10.98

$11.32

Total

return

d

.......................

(3.49)%

2.59%

5.13%

(8.27)%

(1.76)%

(1.05)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

1.26%

f

1.26%

g

1.27%

g

1.25%

g

1.23%

g

1.24%

g

Net

investment

income

...............

2.54%

2.26%

2.19%

1.80%

1.27%

1.58%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$5,044

$6,290

$9,264

$12,400

$20,687

$38,151

Portfolio

turnover

rate

................

12.39%

15.63%

13.99%

22.24%

34.49%

31.54%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable,

and

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.03

$10.00

$9.72

$10.80

$11.13

$11.43

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.30 0.29 0.26 0.22 0.25 Net

realized

and

unrealized

gains

(losses)

(0.47)

0.03 0.28 (1.09)

(0.32)

(0.29)

Total

from

investment

operations

........

(0.31)

0.33 0.57 (0.83)

(0.10)

(0.04)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.29)

(0.25)

(0.23)

(0.26)

Net

asset

value,

end

of

period

..........

$9.56

$10.03

$10.00

$9.72

$10.80

$11.13

Total

return

d

.......................

(3.10)%

3.38%

5.97%

(7.66)%

(1.00)%

(0.38)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

before

waiver

and

payments

by

affiliates

..........................

0.57%

0.58%

0.58%

0.58%

0.56%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

..........................

0.57%

0.58%

f

0.58%

f

0.56%

f

0.55%

f

0.55%

f

Net

investment

income

...............

3.33%

3.03%

2.95%

2.61%

2.00%

2.27%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$35,586

$21,838

$8,667

$6,243

$7,778

$6,812

Portfolio

turnover

rate

................

12.39%

15.63%

13.99%

22.24%

34.49%

31.54%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.03

$10.00

$9.73

$10.80

$11.13

$11.43

Income

from

investment

operations

b

:

Net

investment

income

c

.............

0.16 0.30 0.28 0.25 0.22 0.25 Net

realized

and

unrealized

gains

(losses)

(0.47)

0.03 0.27 (1.07)

(0.33)

(0.30)

Total

from

investment

operations

........

(0.31)

0.33 0.55 (0.82)

(0.11)

(0.05)

Less

distributions

from:

Net

investment

income

..............

(0.16)

(0.30)

(0.28)

(0.25)

(0.22)

(0.25)

Net

asset

value,

end

of

period

..........

$9.56

$10.03

$10.00

$9.73

$10.80

$11.13

Total

return

d

.......................

(3.13)%

3.32%

5.81%

(7.61)%

(1.05)%

(0.42)%

#### Ratios

#### to

#### average

#### net

#### assets

#### e
Expenses

.........................

0.62%

f

0.63%

g

0.63%

g

0.61%

g

0.59%

g

0.59%

g

Net

investment

income

...............

3.25%

2.97%

2.90%

2.54%

1.96%

2.23%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$139,562

$148,133

$103,453

$111,733

$138,033

$128,837

Portfolio

turnover

rate

................

12.39%

15.63%

13.99%

22.24%

34.49%

31.54%

a

For

the

year

ended

February

29. b

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

c

Based

on

average

daily

shares

outstanding.

d

Total

return

is

not

annualized

for

periods

less

than

one

year.

e

Ratios

are

annualized

for

periods

less

than

one

year.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

g

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited),

August

31,

2025

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 96.5%

#### California

#### 0.2%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

$

1,000,000

$

838,104

#### Florida

#### 1.6%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

3,456,000

2,963,107

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

1,100,000

699,489

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

...........................................

4,025,000

3,358,814

7,021,410

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

320,000

321,630

b

Revenue

,

2025

,

Refunding

,

4.16 %,

12/01/45

..........................

1,095,000

479,380

801,010

#### Illinois

#### 0.6%
Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/15/50

....................

1,500,000

1,437,594

State

of

Illinois

,

GO

,

2017

D

,

%

,

11/01/26

................................

1,000,000

1,027,187

2,464,781

#### New

#### Jersey

#### 1.0%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/32

..............

3,460,000

3,661,243

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

6/15/41

........................

1,000,000

913,725

4,574,968

#### New

#### York

#### 0.3%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/46

..........

1,350,000

1,135,148

#### South

#### Carolina

#### 0.4%
a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

2,000,000

1,593,108

#### Texas

#### 0.4%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/28

225,000

233,806

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/29

250,000

262,218

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

2,100,000

1,505,052

2,001,076

#### Virginia

#### 79.3%
Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/30

............................................

1,120,000

1,152,703

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/31

............................................

1,165,000

1,195,712

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/32

............................................

1,105,000

1,131,444

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/33

............................................

1,260,000

1,283,527

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/42

............................................

2,725,000

2,471,023

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/49

............................................

2,800,000

2,339,931

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia
(continued)

Albemarle

County

Economic

Development

Authority,

(continued)

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

6/01/54

............................................

$

5,215,000

$

4,182,766

Alexandria

Industrial

Development

Authority

,

Goodwin

House,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Pre-Refunded

,

%

,

10/01/45

975,000

976,815

Protestant

Episcopal

High

School

in

Virginia

,

Revenue

,

2021

C

,

Refunding

,

%

,

1/01/46

........................................................

2,450,000

2,134,763

Alexandria

Sanitation

Authority

,

Revenue

,

2024

,

%

,

7/15/49

.........................................

2,830,000

2,910,074

Revenue

,

2024

,

%

,

7/15/54

.........................................

1,100,000

1,125,402

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/45

.......

2,000,000

1,772,423

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

7/01/39

........................................................

1,000,000

921,093

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

7/01/43

........................................................

4,000,000

3,477,046

City

of

Alexandria

,

GO

,

2023

,

%

,

12/15/43

................................

5,500,000

5,135,365

City

of

Chesapeake

,

Chesapeake

Expressway

Toll

Road

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

AG

Insured

,

%

,

7/15/47

....................................

2,500,000

2,218,986

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

%

,

7/15/42

.......

4,850,000

4,563,229

City

of

Norfolk

,

Water

,

Revenue

,

2018

,

%

,

11/01/43

...................................

6,920,000

6,990,321

Water

,

Revenue

,

2018

,

%

,

11/01/47

...................................

6,925,000

6,945,514

City

of

Richmond

,

Public

Utility

,

Revenue

,

2016

A

,

Pre-Refunded

,

%

,

1/15/33

......

10,000,000

10,095,155

Commonwealth

of

Virginia

,

GO

,

2020

A

,

%

,

6/01/31

............................................

2,710,000

2,866,270

GO

,

2022

A

,

%

,

6/01/52

............................................

2,445,000

2,498,869

County

of

Fairfax

,

GO

,

2025

A

,

%

,

10/01/43

...........................................

2,455,000

2,284,793

GO

,

2025

A

,

%

,

10/01/44

...........................................

4,395,000

4,066,698

Sewer

,

Revenue

,

2024

A

,

%

,

7/15/49

..................................

3,070,000

3,147,870

Sewer

,

Revenue

,

2024

A

,

%

,

7/15/54

..................................

4,500,000

4,581,016

Fairfax

County

Economic

Development

Authority

,

Revenue

,

2017

,

%

,

4/01/42

.....

5,085,000

5,105,935

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/44

...

3,000,000

2,707,105

Inova

Health

System

Obligated

Group

,

Revenue

,

2024

,

4.125 %

,

5/15/54

........

5,000,000

4,325,570

Fairfax

County

Water

Authority

,

Revenue

,

2017

,

Refunding

,

%

,

4/01/43

.................................

3,510,000

3,536,796

Revenue

,

2017

,

Refunding

,

%

,

4/01/47

.................................

5,000,000

5,008,020

Farmville

Industrial

Development

Authority

,

c

Elwood

Place

LLC

,

Revenue

,

2021

,

AG

Insured

,

Mandatory

Put

,

5.375 %

,

7/01/43

.

5,000,000

5,253,605

Longwood

Housing

Foundation

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/48

...

5,000,000

4,373,752

Hampton

Roads

Sanitation

District

,

Revenue

,

2016

A

,

Pre-Refunded

,

%

,

8/01/43

...

5,000,000

5,122,788

Hampton

Roads

Transportation

Accountability

Commission

,

Hampton

Roads

Transportation

Fund

,

Revenue,

Senior

Lien

,

2018

A

,

Pre-Refunded

,

%

,

7/01/48

....................................................

5,505,000

5,859,098

Transportation

Fund

,

Revenue,

Senior

Lien

,

2020

A

,

%

,

7/01/60

..............

4,885,000

4,805,494

Henrico

County

Economic

Development

Authority

,

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/40

.......................................................

500,000

475,550

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/45

.......................................................

1,425,000

1,255,661

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/50

.......................................................

1,500,000

1,261,730

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

10/01/42

..

1,125,000

1,142,383

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

10/01/52

..

5,000,000

4,878,213

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia
(continued)

Isle

of

Wight

County

Economic

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.25 %

,

7/01/48

.......

$

2,260,000

$

2,294,508

Isle

Wight

County

Industrial

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.25 %

,

7/01/53

................

4,680,000

4,710,439

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/38

........................................................

665,000

614,520

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/42

........................................................

1,120,000

976,603

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/48

........................................................

2,315,000

1,851,872

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/35

....

1,105,000

1,146,845

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/48

....

1,500,000

1,504,351

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

1/01/47

......

4,500,000

4,368,738

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/47

........

2,350,000

1,989,536

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/51

........

2,000,000

1,301,256

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/55

........

6,305,000

4,973,703

Norfolk

Airport

Authority

,

Revenue

,

2019

,

%

,

7/01/39

.........................................

800,000

821,639

Revenue

,

2019

,

%

,

7/01/43

.........................................

2,675,000

2,692,601

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

%

,

6/01/47

.........

1,750,000

1,773,347

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

%

,

6/01/52

.........

7,090,000

7,151,078

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

%

,

9/01/48

....................

2,050,000

2,002,047

Richmond

Economic

Development

Authority

,

City

of

Richmond

,

Revenue

,

2024

,

%

,

6/01/54

.........................................................

2,080,000

1,766,893

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

%

,

7/01/31

.........

6,215,000

6,225,864

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/51

.......................................

4,000,000

3,426,974

Salem

Economic

Development

Authority

,

Roanoke

College

,

Revenue

,

2020

,

Refunding

,

%

,

4/01/49

..................

925,000

831,596

Roanoke

College

Obligated

Group

,

Revenue

,

2025

,

%

,

4/01/50

..............

300,000

305,382

Roanoke

College

Obligated

Group

,

Revenue

,

2025

,

%

,

4/01/55

..............

700,000

709,629

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AG

Insured

,

%

,

8/01/37

...............................................

960,000

960,951

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

9/01/40

............................................

1,750,000

1,708,670

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

9/01/44

............................................

2,215,000

2,062,811

Virginia

College

Building

Authority

,

Revenue

,

2016

A

,

%

,

9/01/27

........................................

3,925,000

4,018,274

Revenue

,

2016

A

,

Pre-Refunded

,

%

,

9/01/27

............................

75,000

76,911

Commonwealth

of

Virginia

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/01/30

..........

7,000,000

7,034,731

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/39

...........

795,000

661,674

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

2.25 %

,

1/15/40

........

450,000

309,493

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/41

...........

500,000

396,823

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/46

...........

1,100,000

771,234

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/51

...........

1,750,000

1,129,480

Regent

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/36

.....

2,750,000

2,650,443

Regent

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/41

.....

4,800,000

3,629,077

Regent

University

Obligated

Group

,

Revenue

,

2025

,

%

,

6/01/55

..............

3,000,000

3,125,513

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2016

,

%

,

9/15/30

.........................................

2,260,000

2,312,307

Revenue

,

2016

,

%

,

9/15/31

.........................................

4,000,000

4,088,451

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia
(continued)

Virginia

Commonwealth

Transportation

Board,

(continued)

Commonwealth

of

Virginia

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/36

............

$

5,000,000

$

5,133,018

Commonwealth

of

Virginia

,

Revenue

,

2023

,

%

,

5/15/45

....................

2,000,000

1,802,648

Virginia

Housing

Development

Authority

,

Revenue

,

2024

A

,

4.45 %

,

9/01/44

........

3,000,000

2,898,507

Virginia

Port

Authority

,

Revenue

,

2025

,

5.25 %

,

7/01/50

.......................................

1,000,000

1,027,032

Revenue

,

2025

,

5.25 %

,

7/01/55

.......................................

5,000,000

5,108,161

Virginia

Port

Authority

Commonwealth

Port

Fund

,

Commonwealth

of

Virginia

,

Revenue

,

2023

A

,

5.25 %

,

7/01/48

.............................................

6,000,000

6,229,348

Virginia

Public

Building

Authority

,

Revenue

,

2025

A

,

%

,

8/01/44

........................................

5,295,000

5,516,581

Commonwealth

of

Virginia

,

Revenue

,

2019

A

,

%

,

8/01/35

...................

1,250,000

1,267,232

Virginia

Public

School

Authority

,

Revenue

,

2018

B

,

%

,

8/01/30

........................................

5,280,000

5,648,897

County

of

Prince

William

,

Revenue

,

2018

,

%

,

3/01/33

......................

3,295,000

3,366,962

County

of

Prince

William

,

Revenue

,

2024

,

%

,

10/01/41

.....................

5,595,000

5,480,353

Virginia

Resources

Authority

,

Revenue

,

Pre-Refunded

,

%

,

11/01/38

..................................

3,195,000

3,207,744

Revenue

,

2018

C

,

Refunding

,

%

,

11/01/48

..............................

7,655,000

7,683,483

Virginia

Small

Business

Financing

Authority

,

Express

Lanes

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/48

.....

7,000,000

5,732,931

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/49

.....

5,000,000

4,198,867

Capital

Beltway

Express

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

12/31/47

6,825,000

6,542,872

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/38

........................................................

3,820,000

3,623,214

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/40

........................................................

3,680,000

3,345,796

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

%

,

12/31/47

...

5,000,000

4,768,190

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

%

,

12/31/52

...

7,600,000

7,098,090

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/36

...

1,000,000

966,203

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/41

...

2,500,000

2,229,454

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/51

...

7,500,000

5,911,985

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

12/01/54

4,000,000

3,896,310

Mary

Washington

Healthcare

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

6/15/55

..................................................

1,250,000

1,252,000

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/37

....................................................

2,750,000

2,663,797

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/51

....................................................

2,250,000

1,808,142

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/01/37

...

4,000,000

3,927,876

Williamsburg

Economic

Development

Authority

,

Provident

Group

-

Williamsburg

Properties

LLC

,

Revenue

,

2023

A

,

AG

Insured

,

4.125 %

,

7/01/58

...............

2,000,000

1,739,338

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

%

,

1/01/44

.................................

5,000,000

4,978,128

345,009,931

#### Washington

#### 0.2%
a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

1,200,000

995,208

#### Wisconsin

#### 1.3%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,500,000

1,507,638

b

Revenue

,

2025

,

Refunding

,

4.075 %,

12/01/45

.........................

4,965,000

2,173,628

a

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,200,000

920,013

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,000,000

961,618

5,562,897

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories

#### 11.0%

#### District

#### of

#### Columbia

#### 8.0%
Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/46

.......................

$

5,000,000

$

4,932,010

Aviation

,

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/48

.....................

4,000,000

4,036,266

Aviation

,

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

10/01/54

......................

3,250,000

3,337,352

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

%

,

7/15/45

...............................

3,145,000

3,171,512

Dedicated

,

Revenue

,

2021

A

,

%

,

7/15/41

...............................

2,530,000

2,612,092

Dedicated

,

Revenue

,

2021

A

,

%

,

7/15/46

...............................

2,000,000

2,020,244

Dedicated

,

Revenue

,

2023

A

,

%

,

7/15/43

...............................

2,500,000

2,570,700

Dedicated

,

Revenue

,

2023

A

,

4.125 %

,

7/15/47

............................

1,975,000

1,767,467

Dedicated

,

Revenue,

Second

Lien

,

2023

A

,

%

,

7/15/48

.....................

6,400,000

6,469,402

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

%

,

7/15/49

.....................

1,800,000

1,821,758

Dedicated

,

Revenue,

Second

Lien

,

2025

A

,

%

,

7/15/60

.....................

2,000,000

2,001,434

34,740,237

#### Guam

#### 1.0%
Guam

Government

Waterworks

Authority

,

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

.............

2,000,000

2,010,636

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

..............

2,500,000

2,547,658

4,558,294

#### Puerto

#### Rico

#### 2.0%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

1,700,000

1,698,961

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/29

..

425,000

450,884

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/37

..

200,000

184,720

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

................................

6,400,000

5,747,380

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

500,000

458,629

8,540,574

#### Total

#### U.S.

#### Territories

#### ....................................................................
47,839,105

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 450,972,039

####)
.....................................

#### 419,836,746

#### Shares

#### Escrows

#### and

#### Litigation

#### Trusts

#### 0.0%

#### †
d

,e

Puerto

Rico

Electric

Power

Authority,

Escrow

Account

........................

149,352

37,338

#### Total

#### Escrows

#### and

#### Litigation

#### Trusts

#### (Cost

#### $

#### –

####)
...................................

#### 37,338

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 450,972,039

####)
...............................

#### 419,874,084

#### a
a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

(unaudited)

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

#### Short

#### Term

#### Investments

#### 1.3%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 1.3%

#### Virginia

#### 1.3%
f

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.9 %

,

10/01/48

........................................................

$

5,500,000

$

5,500,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 5,500,000

####)
.......................................

#### 5,500,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 5,500,000

####)
.................................

#### 5,500,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 456,472,039

####)
97.8 #### %
...................................

#### $425,374,084

#### Other

#### Assets,

#### less

#### Liabilities
2.2 #### %
.............................................

#### 9,786,398

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $435,160,482
†

Rounds

to

less

than

0.1%

of

net

assets.

a

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

$10,033,302,

representing

2.3%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Non-income

producing.

e

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

f

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$175,060,171

$670,506,032

$495,532,950

$158,124,878

Value

-

Unaffiliated

issuers

...............

$163,080,324

$629,257,643

$464,148,415

$146,167,199

Cash

.................................

3,341,846

37,176

2,911,355

948,926

Receivables:

Capital

shares

sold

.....................

244,197

555,635

152,833

78,321

Interest

..............................

2,149,993

5,640,783

6,060,515

1,336,765

Total

assets

.......................

168,816,360

635,491,237

473,273,118

148,531,211

Liabilities:

Payables:

Investment

securities

purchased

...........

997,500

—

—

—

Capital

shares

redeemed

................

170,968

1,361,097

1,023,200

143,062

Management

fees

......................

63,331

259,661

198,402

53,477

Distribution

fees

.......................

18,998

75,974

46,880

13,523

Transfer

agent

fees

.....................

25,032

86,704

63,478

14,179

Professional

fees

......................

20,987

22,327

21,375

20,545

Trustees'

fees

and

expenses

..............

1,313

860

Distributions

to

shareholders

..............

23,867

124,812

37,309

62,972

Accrued

expenses

and

other

liabilities

........

8,358

24,381

10,896

10,870

Total

liabilities

......................

1,329,526

1,956,269

1,402,400

318,965

Net

assets,

at

value

..............

$167,486,834

$633,534,968

$471,870,718

$148,212,246

Net

assets

consist

of:

Paid-in

capital

..........................

$199,616,654

$765,260,930

$570,022,701

$199,317,940

Total

distributable

earnings

(losses)

..........

(32,129,820)

(131,725,962)

(98,151,983)

(51,105,694)

Net

assets,

at

value

..............

$167,486,834

$633,534,968

$471,870,718

$148,212,246

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$43,977,782

$209,806,951

$112,169,857

$28,580,324

Shares

outstanding

.....................

4,478,647

22,220,398

11,059,748

3,250,611

Net

asset

value

per

share

a

,b

...............

$9.82

$9.44

$10.14

$8.79

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$10.20

$9.81

$10.54

$9.13

#### Class

#### A1:
Net

assets,

at

value

....................

$95,517,073

$271,682,406

$205,802,247

$73,181,486

Shares

outstanding

.....................

9,738,794

28,825,603

20,302,982

8,332,371

Net

asset

value

per

share

a

,b

...............

$9.81

$9.43

$10.14

$8.78

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$10.19

$9.80

$10.54

$9.12

#### Class

#### C:
Net

assets,

at

value

....................

$2,766,701

$14,895,850

$9,728,491

$2,177,401

Shares

outstanding

.....................

278,324

1,553,294

947,960

245,890

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$9.94

$9.59

$10.26

$8.86

#### Class

#### R6:
Net

assets,

at

value

....................

$1,736,802

$23,374,635

$21,970,659

$9,471,985

Shares

outstanding

.....................

177,030

2,472,120

2,166,169

1,078,216

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$9.81

$9.46

$10.14

$8.78

#### Advisor

#### Class:
Net

assets,

at

value

....................

$23,488,476

$113,775,126

$122,199,464

$34,801,050

Shares

outstanding

.....................

2,394,614

12,035,468

12,054,952

3,964,012

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$9.81

$9.45

$10.14

$8.78

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$2,008,703,600

$854,282,800

$287,505,067

$4,827,586,560

Cost

-

Non-controlled

affiliates

(Note

f)

.....

22,459,625

21,583,650

—

—

Value

-

Unaffiliated

issuers

...............

$1,974,121,073

$858,473,876

$266,758,894

$4,558,063,399

Value

-

Non-controlled

affiliates

(Note

f)

.....

19,027,833

19,715,586

—

—

Cash

.................................

1,071,997

301,807

150,836

1,411,884

Receivables:

Investment

securities

sold

................

—

—

—

2,146,524

Capital

shares

sold

.....................

1,239,781

4,540,125

222,184

3,084,605

Interest

..............................

22,290,644

9,037,319

2,766,769

61,659,978

Unrealized

appreciation

on

unfunded

commitments

(Note

b)

...................

—

—

60,898

3,305,474

Total

assets

.......................

2,017,751,328

892,068,713

269,959,581

4,629,671,864

Liabilities:

Payables:

Investment

securities

purchased

...........

1,985,920

11,177,440

—

33,772,441

Capital

shares

redeemed

................

2,798,183

1,021,139

1,614,461

12,364,438

Management

fees

......................

525,668

187,716

123,385

1,741,461

Distribution

fees

.......................

191,049

96,920

30,001

546,441

Transfer

agent

fees

.....................

463,421

221,423

40,396

716,103

Trustees'

fees

and

expenses

..............

3,475

1,453

894

7,281

Distributions

to

shareholders

..............

735,734

466,972

65,660

1,151,468

Accrued

expenses

and

other

liabilities

........

97,717

56,565

36,409

341,493

Total

liabilities

......................

6,801,167

13,229,628

1,911,206

50,641,126

Net

assets,

at

value

..............

$2,010,950,161

$878,839,085

$268,048,375

$4,579,030,738

Net

assets

consist

of:

Paid-in

capital

..........................

$2,223,813,999

$899,866,940

$332,084,701

$5,839,287,960

Total

distributable

earnings

(losses)

..........

(212,863,838)

(21,027,855)

(64,036,326)

(1,260,257,222)

Net

assets,

at

value

..............

$2,010,950,161

$878,839,085

$268,048,375

$4,579,030,738

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$632,328,574

$331,343,472

$65,444,446

$1,518,708,465

Shares

outstanding

.....................

56,697,480

31,991,917

6,388,009

176,862,863

Net

asset

value

per

share

a

,b

...............

$11.15

$10.36

$10.24

$8.59

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%

,

.75

%

,

.25

%

and

.25

%

,

respectively)

b

...................

$11.41

$10.60

$10.64

$8.92

#### Class

#### A1:
Net

assets,

at

value

....................

$565,813,589

$206,091,500

$136,545,297

$1,986,026,640

Shares

outstanding

.....................

50,800,797

19,879,297

13,329,062

231,471,030

Net

asset

value

per

share

a

,b

...............

$11.14

$10.37

$10.24

$8.58

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%

,

.75

%

,

.25

%

and

.25

%

,

respectively)

b

...................

$11.40

$10.61

$10.64

$8.91

#### Class

#### C:
Net

assets,

at

value

....................

$15,681,782

$—

$7,748,737

$99,114,757

Shares

outstanding

.....................

1,403,426

—

745,041

11,320,909

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$11.17

$—

$10.40

$8.76

#### Class

#### R6:
Net

assets,

at

value

....................

$116,642,918

$55,706,403

$12,522,049

$195,182,462

Shares

outstanding

.....................

10,445,067

5,378,187

1,222,144

22,638,875

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.17

$10.36

$10.25

$8.62

#### Advisor

#### Class:
Net

assets,

at

value

....................

$680,483,298

$285,697,710

$45,787,846

$779,998,414

Shares

outstanding

.....................

60,941,608

27,570,304

4,467,818

90,500,613

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.17

$10.36

$10.25

$8.62

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$233,942,214

$329,614,663

$344,218,448

$682,678,523

Value

-

Unaffiliated

issuers

...............

$214,983,043

$308,585,612

$328,587,083

$634,299,828

Cash

.................................

2,815,384

5,538

200,856

11,059,708

Receivables:

Capital

shares

sold

.....................

115,180

928,054

30,459

381,639

Interest

..............................

2,923,435

3,416,575

3,303,096

9,120,331

Unrealized

appreciation

on

unfunded

commitments

(Note

b)

...................

22,938

53,049

—

—

Total

assets

.......................

220,859,980

312,988,828

332,121,494

654,861,506

Liabilities:

Payables:

Investment

securities

purchased

...........

1,054,074

—

—

505,370

Capital

shares

redeemed

................

379,243

450,925

817,280

2,017,642

Management

fees

......................

92,162

138,093

144,925

265,804

Distribution

fees

.......................

24,636

33,619

21,065

65,760

Transfer

agent

fees

.....................

41,915

36,574

13,887

64,062

Trustees'

fees

and

expenses

..............

626

1,066

Distributions

to

shareholders

..............

13,439

81,224

128,998

181,841

Accrued

expenses

and

other

liabilities

........

33,456

33,640

30,775

38,084

Total

liabilities

......................

1,639,551

774,571

1,157,353

3,139,629

Net

assets,

at

value

..............

$219,220,429

$312,214,257

$330,964,141

$651,721,877

Net

assets

consist

of:

Paid-in

capital

..........................

$275,216,741

$392,090,008

$384,529,837

$785,991,229

Total

distributable

earnings

(losses)

..........

(55,996,312)

(79,875,751)

(53,565,696)

(134,269,352)

Net

assets,

at

value

..............

$219,220,429

$312,214,257

$330,964,141

$651,721,877

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$53,226,140

$88,478,167

$40,384,735

$121,148,952

Shares

outstanding

.....................

5,483,154

9,363,837

3,971,576

11,960,327

Net

asset

value

per

share

a

,b

...............

$9.71

$9.45

$10.17

$10.13

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$10.09

$9.82

$10.57

$10.52

#### Class

#### A1:
Net

assets,

at

value

....................

$120,420,970

$117,883,420

$116,008,826

$386,621,574

Shares

outstanding

.....................

12,411,552

12,472,766

11,415,734

38,219,997

Net

asset

value

per

share

a

,b

...............

$9.70

$9.45

$10.16

$10.12

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$10.08

$9.82

$10.56

$10.51

#### Class

#### C:
Net

assets,

at

value

....................

$5,066,725

$7,858,214

$4,441,853

$12,796,616

Shares

outstanding

.....................

513,704

814,551

431,814

1,244,401

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$9.86

$9.65

$10.29

$10.28

#### Class

#### R6:
Net

assets,

at

value

....................

$6,157,245

$23,861,249

$29,907,204

$15,872,591

Shares

outstanding

.....................

634,450

2,520,650

2,940,591

1,562,693

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$9.70

$9.47

$10.17

$10.16

#### Advisor

#### Class:
Net

assets,

at

value

....................

$34,349,349

$74,133,207

$140,221,523

$115,282,144

Shares

outstanding

.....................

3,538,278

7,834,246

13,797,964

11,357,549

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$9.71

$9.46

$10.16

$10.15

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$651,491,447

$640,166,779

$837,817,607

$583,853,415

Value

-

Unaffiliated

issuers

...............

$612,139,706

$596,229,081

$799,610,976

$544,965,175

Cash

.................................

24,837

54,292

17,002,311

107,201

Receivables:

Capital

shares

sold

.....................

95,595

94,867

206,798

237,503

Interest

..............................

5,021,690

9,066,776

7,963,802

6,617,067

Unrealized

appreciation

on

unfunded

commitments

(Note

b)

...................

—

125,974

106,096

110,529

Total

assets

.......................

617,281,828

605,570,990

824,889,983

552,037,475

Liabilities:

Payables:

Investment

securities

purchased

...........

—

—

2,670,318

—

Capital

shares

redeemed

................

885,064

1,133,454

1,304,871

919,182

Management

fees

......................

250,795

247,902

328,583

229,223

Distribution

fees

.......................

70,661

70,232

83,180

52,164

Transfer

agent

fees

.....................

111,049

74,054

81,123

74,779

Trustees'

fees

and

expenses

..............

1,387

1,213

1,040

912

Distributions

to

shareholders

..............

17,520

92,092

129,642

114,671

Accrued

expenses

and

other

liabilities

........

38,599

53,713

44,522

46,437

Total

liabilities

......................

1,375,075

1,672,660

4,643,279

1,437,368

Net

assets,

at

value

..............

$615,906,753

$603,898,330

$820,246,704

$550,600,107

Net

assets

consist

of:

Paid-in

capital

..........................

$710,867,439

$777,325,344

$968,980,953

$714,239,271

Total

distributable

earnings

(losses)

..........

(94,960,686)

(173,427,014)

(148,734,249)

(163,639,164)

Net

assets,

at

value

..............

$615,906,753

$603,898,330

$820,246,704

$550,600,107

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$170,068,273

$173,400,201

$243,533,696

$117,390,428

Shares

outstanding

.....................

15,627,669

17,365,789

24,424,186

11,610,768

Net

asset

value

per

share

a

,b

...............

$10.88

$9.99

$9.97

$10.11

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$11.30

$10.38

$10.36

$10.50

#### Class

#### A1:
Net

assets,

at

value

....................

$261,721,409

$312,646,211

$274,863,981

$229,085,445

Shares

outstanding

.....................

24,053,886

31,331,960

27,606,046

22,664,915

Net

asset

value

per

share

a

,b

...............

$10.88

$9.98

$9.96

$10.11

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$11.30

$10.37

$10.35

$10.50

#### Class

#### C:
Net

assets,

at

value

....................

$22,306,044

$11,971,777

$14,936,412

$12,841,472

Shares

outstanding

.....................

2,026,769

1,187,315

1,479,939

1,249,852

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$11.01

$10.08

$10.09

$10.27

#### Class

#### R6:
Net

assets,

at

value

....................

$18,135,336

$29,375,093

$48,574,348

$43,014,845

Shares

outstanding

.....................

1,663,990

2,940,929

4,873,194

4,257,247

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.90

$9.99

$9.97

$10.10

#### Advisor

#### Class:
Net

assets,

at

value

....................

$143,675,691

$76,505,048

$238,338,267

$148,267,917

Shares

outstanding

.....................

13,189,378

7,661,594

23,912,830

14,667,221

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.89

$9.99

$9.97

$10.11

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

................

$947,586,996

$821,228,618

$738,819,227

$456,472,039

Value

-

Unaffiliated

issuers

...............

$901,296,963

$781,038,225

$678,492,462

$425,374,084

Cash

.................................

1,638,222

1,026,267

83,225

5,895,848

Receivables:

Capital

shares

sold

.....................

135,169

291,296

80,322

131,694

Interest

..............................

10,187,877

8,403,393

8,305,146

4,708,239

Unrealized

appreciation

on

unfunded

commitments

(Note

b)

...................

—

188,866

138,832

78,906

Total

assets

.......................

913,258,231

790,948,047

687,099,987

436,188,771

Liabilities:

Payables:

Investment

securities

purchased

...........

—

—

25,240,573

—

Capital

shares

redeemed

................

1,232,149

1,051,314

796,852

556,108

Management

fees

......................

363,298

317,173

268,782

183,207

Distribution

fees

.......................

104,641

84,796

70,080

34,806

Transfer

agent

fees

.....................

135,144

108,833

59,772

51,920

Trustees'

fees

and

expenses

..............

1,960

1,614

1,049

559

Distributions

to

shareholders

..............

89,445

53,973

153,827

162,459

Accrued

expenses

and

other

liabilities

........

48,588

58,664

50,597

39,230

Total

liabilities

......................

1,975,225

1,676,367

26,641,532

1,028,289

Net

assets,

at

value

..............

$911,283,006

$789,271,680

$660,458,455

$435,160,482

Net

assets

consist

of:

Paid-in

capital

..........................

$1,075,189,606

$962,278,296

$849,057,476

$548,837,050

Total

distributable

earnings

(losses)

..........

(163,906,600)

(173,006,616)

(188,599,021)

(113,676,568)

Net

assets,

at

value

..............

$911,283,006

$789,271,680

$660,458,455

$435,160,482

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

....................

$241,105,996

$198,151,703

$141,206,136

$81,101,616

Shares

outstanding

.....................

21,851,402

19,653,194

16,725,365

8,489,491

Net

asset

value

per

share

a

,b

...............

$11.03

$10.08

$8.44

$9.55

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$11.46

$10.47

$8.77

$9.92

#### Class

#### A1:
Net

assets,

at

value

....................

$445,567,825

$409,955,721

$362,063,314

$173,866,483

Shares

outstanding

.....................

40,406,742

40,696,507

42,899,617

18,203,685

Net

asset

value

per

share

a

,b

...............

$11.03

$10.07

$8.44

$9.55

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$11.46

$10.46

$8.77

$9.92

#### Class

#### C:
Net

assets,

at

value

....................

$27,419,833

$13,981,852

$16,572,757

$5,043,771

Shares

outstanding

.....................

2,452,233

1,366,011

1,937,857

518,972

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$11.18

$10.24

$8.55

$9.72

#### Class

#### R6:
Net

assets,

at

value

....................

$20,925,957

$26,209,077

$8,375,319

$35,586,202

Shares

outstanding

.....................

1,895,233

2,599,596

991,048

3,723,848

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.04

$10.08

$8.45

$9.56

#### Advisor

#### Class:
Net

assets,

at

value

....................

$176,263,395

$140,973,327

$132,240,929

$139,562,410

Shares

outstanding

.....................

15,966,862

13,974,299

15,647,936

14,598,899

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.04

$10.09

$8.45

$9.56

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

for

the

six

months

ended

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

.....................

$3,286,799

$13,713,955

$10,101,704

$2,784,247

Expenses:

Management

fees

(Note

a)

................

487,271

1,602,533

1,214,029

431,999

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

56,500

275,248

144,835

36,553

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

49,651

142,932

106,819

37,666

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

9,947

52,583

34,250

8,129

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

13,439

61,500

37,474

9,005

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

29,526

79,842

69,101

23,192

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

910

4,519

3,410

771

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

2,589

2,021

629

Advisor

Class

.........................

6,667

33,341

41,121

9,815

Custodian

fees

(Note

4)

...................

608

2,002

1,710

Reports

to

shareholders

fees

...............

6,509

10,603

9,587

5,928

Registration

and

filing

fees

.................

4,545

6,597

9,862

2,496

Professional

fees

........................

28,934

30,404

29,496

28,546

Trustees'

fees

and

expenses

...............

1,208

4,322

3,069

965

Other

.................................

29,762

56,939

51,867

28,768

Total

expenses

......................

725,798

2,365,954

1,758,651

624,882

Expenses

waived/paid

by

affiliates

(Note

g)

(51,323)

—

(148) (64,478)

Net

expenses

......................

674,475

2,365,954

1,758,503

560,404

Net

investment

income

.............

2,612,324

11,348,001

8,343,201

2,223,843

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(830,276)

(3,833,033)

(1,199,889)

(576,824)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(6,064,053)

(27,289,927)

(20,198,813)

(5,420,079)

Net

realized

and

unrealized

gain

(loss)

.........

(6,894,329)

(31,122,960)

(21,398,702)

(5,996,903)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$(4,282,005)

$(19,774,959)

$(13,055,501)

$(3,773,060)

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.....................

$—

$—

$—

$3,027,509

Non-controlled

affiliates

(Note

f)

..........

489,893

562,088

—

—

Interest:

Unaffiliated

issuers

.....................

39,735,725

14,305,781

5,550,526

126,972,656

Total

investment

income

................

40,225,618

14,867,869

5,550,526

130,000,165

Expenses:

Management

fees

(Note

a)

................

4,685,986

2,107,019

749,803

10,608,733

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

800,514

418,058

85,286

1,933,073

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

295,961

160,802

72,001

1,035,123

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

59,341

—

28,056

347,074

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

271,446

142,050

22,593

497,296

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

250,637

90,841

47,686

665,640

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

7,711

—

2,859

34,330

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

11,652

6,283

1,361

18,558

Advisor

Class

.........................

289,050

117,201

15,614

255,032

Custodian

fees

(Note

4)

...................

25,353

3,043

1,110

16,837

Reports

to

shareholders

fees

...............

38,298

16,496

8,492

71,850

Registration

and

filing

fees

.................

21,828

13,111

3,190

50,176

Professional

fees

........................

36,191

33,850

31,481

178,911

Trustees'

fees

and

expenses

...............

12,796

5,439

1,903

29,331

Other

.................................

171,010

79,747

28,590

475,870

Total

expenses

......................

6,977,774

3,193,940

1,100,025

16,217,834

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(1,144,074)

(862,682)

(4,082)

—

Net

expenses

......................

5,833,700

2,331,258

1,095,943

16,217,834

Net

investment

income

.............

34,391,918

12,536,611

4,454,583

113,782,331

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(11,995,096)

(1,109,174)

(2,233,305)

(14,636,741)

Non-controlled

affiliates

(Note

f)

.........

(2,032,266)

(2,394,327)

—

—

Net

realized

gain

(loss)

...............

(14,027,362)

(3,503,501)

(2,233,305)

(14,636,741)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(24,168,827)

4,917,911

(9,947,578)

(244,502,391)

Non-controlled

affiliates

(Note

f)

.........

530,466

724,196

—

—

Net

change

in

unrealized

appreciation

(depreciation)

......................

(23,638,361)

5,642,107

(9,947,578)

(244,502,391)

Net

realized

and

unrealized

gain

(loss)

.........

(37,665,723)

2,138,606

(12,180,883)

(259,139,132)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$(3,273,805)

$14,675,217

$(7,726,300)

$(145,356,801)

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

.....................

$4,608,858

$7,022,337

$6,464,881

$13,610,352

Expenses:

Management

fees

(Note

a)

................

636,628

849,504

887,191

1,624,600

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

68,906

118,102

52,546

155,581

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

64,140

62,136

60,635

201,159

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

20,597

27,739

15,589

45,994

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

20,320

31,030

12,471

33,821

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

47,286

40,851

36,056

109,338

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

2,336

2,805

1,433

3,848

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

996

1,419

1,525

1,738

Advisor

Class

.........................

13,038

25,245

40,993

31,653

Custodian

fees

(Note

4)

...................

705

872

1,325

2,359

Reports

to

shareholders

fees

...............

7,953

7,819

8,130

13,184

Registration

and

filing

fees

.................

604

10,302

9,970

21,447

Professional

fees

........................

30,079

31,213

29,210

30,003

Trustees'

fees

and

expenses

...............

1,627

1,955

1,797

4,147

Other

.................................

31,345

30,219

27,235

63,739

Total

expenses

......................

946,560

1,241,211

1,186,106

2,342,611

Expenses

waived/paid

by

affiliates

(Note

g)

(37,841)

(73) —

—

Net

expenses

......................

908,719

1,241,138

1,186,106

2,342,611

Net

investment

income

.............

3,700,139

5,781,199

5,278,775

11,267,741

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(2,829,039)

(2,778,491)

(4,540,665)

(3,135,396)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(10,068,029)

(13,109,730)

(8,106,895)

(22,778,457)

Net

realized

and

unrealized

gain

(loss)

.........

(12,897,068)

(15,888,221)

(12,647,560)

(25,913,853)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$(9,196,929)

$(10,107,022)

$(7,368,785)

$(14,646,112)

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund
Investment

income:

Dividends:

Unaffiliated

issuers

.....................

$—

$—

$—

$56,928

Interest:

Unaffiliated

issuers

.....................

12,623,369

13,820,603

15,087,494

10,853,854

Total

investment

income

................

12,623,369

13,820,603

15,087,494

10,910,782

Expenses:

Management

fees

(Note

a)

................

1,526,872

1,529,419

1,858,557

1,416,279

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

214,509

222,897

210,892

155,467

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

137,391

166,029

144,355

120,330

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

79,195

43,689

56,517

46,150

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

61,192

50,583

51,778

42,914

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

97,993

94,199

89,269

83,046

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

8,694

3,814

5,388

4,901

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

1,960

3,265

4,008

4,150

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

49,733

22,107

74,338

52,218

Custodian

fees

(Note

4)

...................

1,855

2,335

2,095

1,611

Reports

to

shareholders

fees

...............

14,497

13,959

13,352

11,627

Registration

and

filing

fees

.................

22,157

1,296

6,843

3,698

Professional

fees

........................

30,105

34,957

33,894

34,015

Trustees'

fees

and

expenses

...............

4,131

4,067

4,411

3,577

Other

.................................

58,163

50,181

51,678

52,329

Total

expenses

......................

2,308,447

2,242,797

2,607,375

2,032,312

Expense

reductions

(Note

4)

............

(1,183)

—

—

—

Expenses

waived/paid

by

affiliates

(Note

g)

(486) —

—

(342) Net

expenses

......................

2,306,778

2,242,797

2,607,375

2,031,970

Net

investment

income

.............

10,316,591

11,577,806

12,480,119

8,878,812

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(1,311,740)

(8,187,951)

(2,125,202)

(3,127,728)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(21,867,111)

(24,061,916)

(27,271,487)

(22,430,348)

Net

realized

and

unrealized

gain

(loss)

.........

(23,178,851)

(32,249,867)

(29,396,689)

(25,558,076)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$(12,862,260)

$(20,672,061)

$(16,916,570)

$(16,679,264)

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

six

months

ended

August

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

.....................

$19,959,257

$17,300,036

$14,654,828

$8,642,282

Expenses:

Management

fees

(Note

a)

................

2,229,461

1,936,970

1,654,714

1,131,683

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

312,523

253,285

181,342

104,445

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

233,619

213,242

189,240

90,692

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

100,178

51,848

59,366

17,928

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

79,536

58,176

41,793

29,704

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

148,648

122,447

109,092

64,484

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

9,809

4,580

5,270

1,965

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

2,737

2,777

1,592

2,446

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

56,295

40,996

37,677

51,965

Custodian

fees

(Note

4)

...................

3,878

3,107

2,463

1,444

Reports

to

shareholders

fees

...............

19,455

13,326

14,414

9,037

Registration

and

filing

fees

.................

18,915

4,457

10,281

8,942

Professional

fees

........................

31,353

37,747

35,286

32,570

Trustees'

fees

and

expenses

...............

6,174

5,273

4,098

2,574

Other

.................................

70,092

50,841

54,697

40,074

Total

expenses

......................

3,322,673

2,799,072

2,401,325

1,589,953

Expenses

waived/paid

by

affiliates

(Note

g)

(226) —

(345) (223) Net

expenses

......................

3,322,447

2,799,072

2,400,980

1,589,730

Net

investment

income

.............

16,636,810

14,500,964

12,253,848

7,052,552

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(4,361,918)

(3,965,721)

(1,562,321)

(4,266,874)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

(37,350,312)

(31,990,338)

(32,685,051)

(17,323,057)

Net

realized

and

unrealized

gain

(loss)

.........

(41,712,230)

(35,956,059)

(34,247,372)

(21,589,931)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$(25,075,420)

$(21,455,095)

$(21,993,524)

$(14,537,379)

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$2,612,324

$5,055,753

$11,348,001

$22,470,400

Net

realized

gain

(loss)

............

(830,276)

(2,116,956)

(3,833,033)

(2,355,400)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(6,064,053)

2,413,922

(27,289,927)

6,791,691

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(4,282,005)

5,352,719

(19,774,959)

26,906,691

Distributions

to

shareholders:

Class

A

........................

(653,425)

(1,264,229)

(3,588,573)

(6,855,198)

Class

A1

.......................

(1,511,521)

(3,050,548)

(4,881,212)

(10,503,284)

Class

C

........................

(37,403)

(105,071)

(226,674)

(539,055)

Class

R6

.......................

(30,072)

(43,915)

(429,667)

(826,446)

Advisor

Class

...................

(353,673)

(579,510)

(2,092,671)

(3,550,091)

Total

distributions

to

shareholders

.....

(2,586,094)

(5,043,273)

(11,218,797)

(22,274,074)

Capital

share

transactions:

(Note

2)

Class

A

........................

(1,449,341)

(1,388,625)

(10,092,046)

7,836,460

Class

A1

.......................

(4,184,511)

(15,007,110)

(20,168,180)

(46,246,790)

Class

C

........................

(563,275)

(2,581,761)

(1,771,477)

(7,365,284)

Class

R6

.......................

(280,690)

811,955

(998,973)

309,240

Advisor

Class

...................

3,381,101

1,001,397

(3,351,966)

18,242,989

Total

capital

share

transactions

.......

(3,096,716)

(17,164,144)

(36,382,642)

(27,223,385)

Net

increase

(decrease)

in

net

assets

.....................

(9,964,815)

(16,854,698)

(67,376,398)

(22,590,768)

Net

assets:

Beginning

of

period

................

177,451,649

194,306,347

700,911,366

723,502,134

End

of

period

.....................

$167,486,834

$177,451,649

$633,534,968

$700,911,366

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$8,343,201

$15,741,191

$2,223,843

$3,970,333

Net

realized

gain

(loss)

............

(1,199,889)

(3,479,654)

(576,824)

(1,082,899)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(20,198,813)

5,543,247

(5,420,079)

1,703,824

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(13,055,501)

17,804,784

(3,773,060)

4,591,258

Distributions

to

shareholders:

Class

A

........................

(1,883,523)

(3,656,093)

(415,232)

(808,447)

Class

A1

.......................

(3,635,214)

(7,610,725)

(1,127,545)

(2,349,511)

Class

C

........................

(147,688)

(365,945)

(30,206)

(74,474)

Class

R6

.......................

(349,750)

(525,479)

(132,194)

(210,247)

Advisor

Class

...................

(2,227,788)

(3,424,129)

(495,860)

(506,052)

Total

distributions

to

shareholders

.....

(8,243,963)

(15,582,371)

(2,201,037)

(3,948,731)

Capital

share

transactions:

(Note

2)

Class

A

........................

(5,004,136)

22,180

(1,500,200)

1,279,946

Class

A1

.......................

(11,750,145)

(29,193,784)

(3,282,859)

(9,772,402)

Class

C

........................

(1,943,081)

(4,294,971)

(474,470)

(1,314,268)

Class

R6

.......................

6,297,159

339,288

1,842,667

973,916

Advisor

Class

...................

(3,513,689)

33,613,783

5,703,530

14,216,107

Total

capital

share

transactions

.......

(15,913,892)

486,496

2,288,668

5,383,299

Net

increase

(decrease)

in

net

assets

.....................

(37,213,356)

2,708,909

(3,685,429)

6,025,826

Net

assets:

Beginning

of

period

................

509,084,074

506,375,165

151,897,675

145,871,849

End

of

period

.....................

$471,870,718

$509,084,074

$148,212,246

$151,897,675

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$34,391,918

$64,044,183

$12,536,611

$24,495,106

Net

realized

gain

(loss)

............

(14,027,362)

(15,015,407)

(3,503,501)

(1,331,495)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(23,638,361)

29,544,759

5,642,107

12,581,947

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(3,273,805)

78,573,535

14,675,217

35,745,558

Distributions

to

shareholders:

Class

A

........................

(10,196,294)

(18,358,973)

(4,510,875)

(8,602,470)

Class

A1

.......................

(9,875,517)

(20,166,540)

(2,994,944)

(6,432,023)

Class

C

........................

(252,681)

(589,434)

—

—

Class

R6

.......................

(2,043,280)

(3,947,335)

(837,096)

(1,673,784)

Advisor

Class

...................

(11,691,982)

(20,500,589)

(4,055,963)

(7,767,029)

Total

distributions

to

shareholders

.....

(34,059,754)

(63,562,871)

(12,398,878)

(24,475,306)

Capital

share

transactions:

(Note

2)

Class

A

........................

(11,197,237)

(16,945,916)

(2,233,966)

(3,344,225)

Class

A1

.......................

(46,435,677)

(111,634,068)

(15,575,699)

(34,345,375)

Class

C

........................

(4,615,190)

(8,138,280)

—

—

Class

R6

.......................

(4,214,508)

(5,548,062)

(1,494,836)

(652,314)

Advisor

Class

...................

3,493,738

39,287,401

15,006,542

990,447

Total

capital

share

transactions

.......

(62,968,874)

(102,978,925)

(4,297,959)

(37,351,467)

Net

increase

(decrease)

in

net

assets

.....................

(100,302,433)

(87,968,261)

(2,021,620)

(26,081,215)

Net

assets:

Beginning

of

period

................

2,111,252,594

2,199,220,855

880,860,705

906,941,920

End

of

period

.....................

$2,010,950,161

$2,111,252,594

$878,839,085

$880,860,705

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$4,454,583

$8,777,315

$113,782,331

$225,245,589

Net

realized

gain

(loss)

............

(2,233,305)

(4,902,773)

(14,636,741)

(59,396,957)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(9,947,578)

4,996,416

(244,502,391)

172,570,644

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(7,726,300)

8,870,958

(145,356,801)

338,419,276

Distributions

to

shareholders:

Class

A

........................

(1,034,750)

(2,090,210)

(35,767,483)

(66,131,487)

Class

A1

.......................

(2,292,535)

(4,775,123)

(49,459,481)

(103,005,160)

Class

C

........................

(111,393)

(274,960)

(2,203,214)

(4,914,717)

Class

R6

.......................

(207,909)

(336,527)

(4,847,173)

(9,033,942)

Advisor

Class

...................

(774,407)

(1,293,158)

(19,262,216)

(36,734,753)

Total

distributions

to

shareholders

.....

(4,420,994)

(8,769,978)

(111,539,567)

(219,820,059)

Capital

share

transactions:

(Note

2)

Class

A

........................

(5,698,900)

(1,970,120)

1,555,704

111,935,673

Class

A1

.......................

(10,072,216)

(19,700,823)

(92,157,791)

(213,143,378)

Class

C

........................

(1,451,377)

(4,897,289)

(11,475,031)

(24,055,273)

Class

R6

.......................

839,524

1,127,081

721,817

26,142,724

Advisor

Class

...................

(456,798)

1,841,819

(4,953,563)

28,243,991

Total

capital

share

transactions

.......

(16,839,767)

(23,599,332)

(106,308,864)

(70,876,263)

Net

increase

(decrease)

in

net

assets

.....................

(28,987,061)

(23,498,352)

(363,205,232)

47,722,954

Net

assets:

Beginning

of

period

................

297,035,436

320,533,788

4,942,235,970

4,894,513,016

End

of

period

.....................

$268,048,375

$297,035,436

$4,579,030,738

$4,942,235,970

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$3,700,139

$7,410,036

$5,781,199

$9,999,331

Net

realized

gain

(loss)

............

(2,829,039)

(3,208,938)

(2,778,491)

(1,608,899)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(10,068,029)

4,282,090

(13,109,730)

1,950,422

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(9,196,929)

8,483,188

(10,107,022)

10,340,854

Distributions

to

shareholders:

Class

A

........................

(843,657)

(1,650,490)

(1,584,956)

(2,890,698)

Class

A1

.......................

(2,059,451)

(4,334,929)

(2,175,700)

(4,671,284)

Class

C

........................

(82,242)

(184,543)

(122,784)

(304,797)

Class

R6

.......................

(126,141)

(253,158)

(327,550)

(430,075)

Advisor

Class

...................

(585,946)

(970,008)

(1,383,311)

(1,646,933)

Total

distributions

to

shareholders

.....

(3,697,437)

(7,393,128)

(5,594,301)

(9,943,787)

Capital

share

transactions:

(Note

2)

Class

A

........................

(1,631,348)

(4,452,781)

(3,389,171)

9,192,945

Class

A1

.......................

(9,492,170)

(22,448,935)

(11,190,503)

(12,180,420)

Class

C

........................

(1,753,814)

(1,608,616)

(991,083)

(4,450,088)

Class

R6

.......................

(1,885,240)

464,318

8,201,980

5,574,256

Advisor

Class

...................

(261,587)

4,840,543

373,201

29,111,690

Total

capital

share

transactions

.......

(15,024,159)

(23,205,471)

(6,995,576)

27,248,383

Net

increase

(decrease)

in

net

assets

.....................

(27,918,525)

(22,115,411)

(22,696,899)

27,645,450

Net

assets:

Beginning

of

period

................

247,138,954

269,254,365

334,911,156

307,265,706

End

of

period

.....................

$219,220,429

$247,138,954

$312,214,257

$334,911,156

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$5,278,775

$8,138,964

$11,267,741

$21,011,644

Net

realized

gain

(loss)

............

(4,540,665)

(1,657,375)

(3,135,396)

(1,632,958)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(8,106,895)

561,098

(22,778,457)

1,287,093

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(7,368,785)

7,042,687

(14,646,112)

20,665,779

Distributions

to

shareholders:

Class

A

........................

(627,482)

(1,287,031)

(1,980,522)

(3,768,453)

Class

A1

.......................

(1,901,585)

(4,012,312)

(6,711,669)

(13,870,021)

Class

C

........................

(60,958)

(152,754)

(192,705)

(453,289)

Class

R6

.......................

(410,737)

(460,149)

(239,214)

(402,112)

Advisor

Class

...................

(2,252,094)

(2,225,275)

(1,998,513)

(2,456,292)

Total

distributions

to

shareholders

.....

(5,252,856)

(8,137,521)

(11,122,623)

(20,950,167)

Capital

share

transactions:

(Note

2)

Class

A

........................

(1,961,533)

(5,201,106)

(2,112,869)

2,447,583

Class

A1

.......................

(7,648,662)

(17,247,906)

(17,867,859)

(41,049,815)

Class

C

........................

(741,974)

(2,304,507)

(2,206,930)

(5,669,702)

Class

R6

.......................

16,137,476

(4,503,934)

4,776,004

(3,280,817)

Advisor

Class

...................

11,008,944

50,379,871

4,808,770

46,739,580

Total

capital

share

transactions

.......

16,794,251

21,122,418

(12,602,884)

(813,171)

Net

increase

(decrease)

in

net

assets

.....................

4,172,610

20,027,584

(38,371,619)

(1,097,559)

Net

assets:

Beginning

of

period

................

326,791,531

306,763,947

690,093,496

691,191,055

End

of

period

.....................

$330,964,141

$326,791,531

$651,721,877

$690,093,496

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$10,316,591

$21,184,123

$11,577,806

$22,871,021

Net

realized

gain

(loss)

............

(1,311,740)

(8,838,092)

(8,187,951)

(6,091,757)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(21,867,111)

10,256,639

(24,061,916)

7,785,243

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(12,862,260)

22,602,670

(20,672,061)

24,564,507

Distributions

to

shareholders:

Class

A

........................

(2,687,200)

(5,176,387)

(3,127,705)

(5,952,012)

Class

A1

.......................

(4,513,686)

(9,695,099)

(6,074,402)

(12,917,466)

Class

C

........................

(327,661)

(812,348)

(205,802)

(547,921)

Class

R6

.......................

(340,286)

(610,246)

(560,746)

(898,734)

Advisor

Class

...................

(2,359,192)

(4,610,208)

(1,465,330)

(2,402,816)

Total

distributions

to

shareholders

.....

(10,228,025)

(20,904,288)

(11,433,985)

(22,718,949)

Capital

share

transactions:

(Note

2)

Class

A

........................

(3,542,701)

5,265,809

(4,523,329)

6,082,736

Class

A1

.......................

(18,731,305)

(39,152,098)

(24,236,502)

(46,114,696)

Class

C

........................

(3,713,504)

(11,475,468)

(2,726,317)

(8,483,694)

Class

R6

.......................

(4,215,282)

5,037,758

(280,288)

8,627,271

Advisor

Class

...................

9,520,318

(9,825,360)

641,252

11,545,141

Total

capital

share

transactions

.......

(20,682,474)

(50,149,359)

(31,125,184)

(28,343,242)

Net

increase

(decrease)

in

net

assets

.....................

(43,772,759)

(48,450,977)

(63,231,230)

(26,497,684)

Net

assets:

Beginning

of

period

................

659,679,512

708,130,489

667,129,560

693,627,244

End

of

period

.....................

$615,906,753

$659,679,512

$603,898,330

$667,129,560

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$12,480,119

$22,476,071

$8,878,812

$16,239,104

Net

realized

gain

(loss)

............

(2,125,202)

(2,882,252)

(3,127,728)

(3,082,719)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(27,271,487)

3,859,662

(22,430,348)

5,712,813

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(16,916,570)

23,453,481

(16,679,264)

18,869,198

Distributions

to

shareholders:

Class

A

........................

(2,616,187)

(4,043,717)

(1,806,832)

(3,525,331)

Class

A1

.......................

(4,682,468)

(9,953,204)

(3,675,978)

(7,754,877)

Class

C

........................

(229,778)

(631,096)

(174,018)

(400,080)

Class

R6

.......................

(827,906)

(1,560,709)

(752,796)

(998,487)

Advisor

Class

...................

(4,022,041)

(6,229,341)

(2,391,166)

(3,473,429)

Total

distributions

to

shareholders

.....

(12,378,380)

(22,418,067)

(8,800,790)

(16,152,204)

Capital

share

transactions:

(Note

2)

Class

A

........................

109,464,716

7,788,063

(7,845,573)

(4,206,476)

Class

A1

.......................

(17,424,907)

(36,864,041)

(20,538,198)

(34,526,658)

Class

C

........................

(4,284,640)

(10,756,575)

(2,245,476)

(5,791,818)

Class

R6

.......................

(1,272,095)

10,069,794

(5,357,529)

21,880,720

Advisor

Class

...................

2,738,432

49,228,633

845,699

41,038,345

Total

capital

share

transactions

.......

89,221,506

19,465,874

(35,141,077)

18,394,113

Net

increase

(decrease)

in

net

assets

.....................

59,926,556

20,501,288

(60,621,131)

21,111,107

Net

assets:

Beginning

of

period

................

760,320,148

739,818,860

611,221,238

590,110,131

End

of

period

.....................

$820,246,704

$760,320,148

$550,600,107

$611,221,238

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$16,636,810

$33,016,888

$14,500,964

$28,001,329

Net

realized

gain

(loss)

............

(4,361,918)

(5,247,463)

(3,965,721)

(8,329,156)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(37,350,312)

6,853,679

(31,990,338)

7,244,301

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(25,075,420)

34,623,104

(21,455,095)

26,916,474

Distributions

to

shareholders:

Class

A

........................

(4,228,798)

(8,061,025)

(3,431,441)

(6,318,013)

Class

A1

.......................

(8,256,373)

(17,151,069)

(7,545,487)

(15,526,589)

Class

C

........................

(451,082)

(1,165,900)

(233,239)

(588,009)

Class

R6

.......................

(397,844)

(715,492)

(502,783)

(872,178)

Advisor

Class

...................

(3,215,630)

(5,854,179)

(2,595,465)

(4,581,222)

Total

distributions

to

shareholders

.....

(16,549,727)

(32,947,665)

(14,308,415)

(27,886,011)

Capital

share

transactions:

(Note

2)

Class

A

........................

(7,567,994)

(2,673,883)

(2,460,435)

7,277,779

Class

A1

.......................

(26,522,222)

(67,112,354)

(24,159,269)

(59,578,942)

Class

C

........................

(5,990,733)

(19,562,071)

(3,272,834)

(9,716,025)

Class

R6

.......................

(964,494)

2,069,386

281,784

3,473,191

Advisor

Class

...................

2,586,091

(1,461,516)

(14,172)

12,664,315

Total

capital

share

transactions

.......

(38,459,352)

(88,740,438)

(29,624,926)

(45,879,682)

Net

increase

(decrease)

in

net

assets

.....................

(80,084,499)

(87,064,999)

(65,388,436)

(46,849,219)

Net

assets:

Beginning

of

period

................

991,367,505

1,078,432,504

854,660,116

901,509,335

End

of

period

.....................

$911,283,006

$991,367,505

$789,271,680

$854,660,116

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Six

#### Months

#### Ended

#### August

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$12,253,848

$21,463,626

$7,052,552

$11,825,701

Net

realized

gain

(loss)

............

(1,562,321)

(7,147,479)

(4,266,874)

(5,717,022)

Net

change

in

unrealized

appreciation

(depreciation)

.................

(32,685,051)

8,926,908

(17,323,057)

7,194,058

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

(21,993,524)

23,243,055

(14,537,379)

13,302,737

Distributions

to

shareholders:

Class

A

........................

(2,427,615)

(4,648,295)

(1,244,694)

(2,324,899)

Class

A1

.......................

(6,616,856)

(13,620,443)

(2,837,392)

(5,739,995)

Class

C

........................

(264,462)

(664,656)

(69,418)

(175,324)

Class

R6

.......................

(150,771)

(291,829)

(484,630)

(346,281)

Advisor

Class

...................

(2,354,154)

(2,296,427)

(2,360,216)

(3,189,146)

Total

distributions

to

shareholders

.....

(11,813,858)

(21,521,650)

(6,996,350)

(11,775,645)

Capital

share

transactions:

(Note

2)

Class

A

........................

(2,599,528)

(2,886,534)

(617,360)

898,176

Class

A1

.......................

(20,659,077)

(45,615,545)

(8,217,516)

(21,660,536)

Class

C

........................

(3,133,792)

(9,397,845)

(965,722)

(3,003,688)

Class

R6

.......................

857,948

(1,622,458)

14,984,707

13,080,996

Advisor

Class

...................

8,515,669

62,270,503

(1,519,481)

44,197,257

Total

capital

share

transactions

.......

(17,018,780)

2,748,121

3,664,628

33,512,205

Net

increase

(decrease)

in

net

assets

.....................

(50,826,162)

4,469,526

(17,869,101)

35,039,297

Net

assets:

Beginning

of

period

................

711,284,617

706,815,091

453,029,583

417,990,286

End

of

period

.....................

$660,458,455

$711,284,617

$435,160,482

$453,029,583

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Tax-Free

Trust (Trust)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company,

consisting

of

twenty separate

funds

(Funds).

The

Funds follow

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and apply

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

classes

of

shares

offered

within

each

of

the

Funds

are

indicated

below.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

#### Class

#### A,

#### Class

#### A1,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

#### A,

#### Class

#### A1,

#### Class

#### C,

#### Class

#### R6

#### &

#### Advisor

#### Class
Franklin

Alabama

Tax-Free

Income

Fund

Franklin

Arizona

Tax-Free

Income

Fund

Franklin

Colorado

Tax-Free

Income

Fund

Franklin

Connecticut

Tax-Free

Income

Fund

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

Franklin

Georgia

Tax-Free

Income

Fund

Franklin

High

Yield

Tax-Free

Income

Fund

Franklin

Louisiana

Tax-Free

Income

Fund

Franklin

Maryland

Tax-Free

Income

Fund

Franklin

Massachusetts

Tax-Free

Income

Fund

Franklin

Michigan

Tax-Free

Income

Fund

Franklin

Minnesota

Tax-Free

Income

Fund

Franklin

Missouri

Tax-Free

Income

Fund

Franklin

New

Jersey

Tax-Free

Income

Fund

Franklin

North

Carolina

Tax-Free

Income

Fund

Franklin

Ohio

Tax-Free

Income

Fund

Franklin

Oregon

Tax-Free

Income

Fund

Franklin

Pennsylvania

Tax-Free

Income

Fund

Franklin

Virginia

Tax-Free

Income

Fund

The

following

summarizes

the Funds'

significant

accounting

policies

.

a. #### Financial

#### Instrument

#### Valuation
The Funds'

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The Funds calculate the

net

asset

value

(NAV)

per

share

each

business

day

as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier. Under

compliance

policies

and

procedures

approved

by

the

Trust's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Funds'

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Funds'

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Funds

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

exchange

traded

funds listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the

OTC

market rather

than

on

a

securities

exchange.

The

Funds'

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

Funds

have

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Funds

primarily

employ

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward

#### Commitment or

#### Delayed

#### Delivery

#### Basis
Certain

or

all

Funds

may

purchase

securities

on

a

when-

issued,

forward

commitment or

delayed

delivery

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Funds

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, they

may

sell

the

securities

before

the

settlement

date.

These

types

of

securities

may

be

considered

unfunded

and

the

Fund

may

be

obligated

to

perform

on

such

agreements

at

a

future

date.

Unfunded

commitments

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations.

At

August

31,

2025,

unfunded

commitments

were

as

follows:

c. #### Income

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

#### 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

#### 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

#### Louisiana

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$96,071

B-2,

7.125%,

7/01/59

466,572

$562,643

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$222,188

B-2,

7.125%,

7/01/59

1,079,067

$1,301,255

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$527,626

B-2,

7.125%,

7/01/59

2,562,442

$3,090,068

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$444,374

B-2,

7.125%,

7/01/59

2,158,134

$2,602,508

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$462,937

B-2,

7.125%,

7/01/59

2,248,276

$2,711,213

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$791,038

B-2,

7.125%,

7/01/59

3,841,715

$4,632,753

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$581,479

B-2,

7.125%,

7/01/59

2,823,988

$3,405,467

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
Puerto

Rico

Electric

Power

Authority,

Restructured

Power

Revenue

,

B-1,

6%,

7/01/41

$330,490

B-2,

7.125%,

7/01/59

1,605,043

$1,935,533

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

its

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

federal

and

state

income

taxes

on

the

Statements

of

Operations

represents

taxes

on

taxable

income

earned

by

the

Funds

not

distributed

to

shareholders,

and

therefore

are

paid

on

their

behalf

by

the

Funds.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

August

31,

2025, each

Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the

Fund

invests.

d. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Certain

or

all

Funds

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Funds. Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to shareholders.

Distributions

from

net

realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Common

expenses

incurred

by

the

Trust

are

allocated

among

the

Funds

based

on

the

ratio

of

net

assets

of

each

Fund

to

the

combined

net

assets

of

the

Trust

or

based

on

the

ratio

of

number

of

shareholders

of

each

Fund

to

the

combined

number

of

shareholders

of

the

Trust.

Fund

specific

expenses

are

charged

directly

to

the

Fund

that

incurred

the

expense.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

e. #### Insurance
The

scheduled

payments

of

interest

and

principal

for

each

insured

municipal

security

in

the Trust are

insured

by

either

a

new

issue

insurance

policy

or

a

secondary

insurance

policy.

Some

municipal

securities

in

the Funds

are

secured

by

collateral

guaranteed

by

an

agency

of

the

U.S.

government.

Depending

on

the

type

of

coverage,

premiums

for

insurance

are

either

added

to

the

cost

basis

of

the

security

or

paid

by

a

third

party.

Insurance

companies

typically

insure

municipal

bonds

that

tend

to

be

of

very

high

quality,

with

the

majority

of

underlying

municipal

bonds

rated

A

or

better.

However,

an

event

involving

an

insurer

could

have

an

adverse

effect

on

the

value

of

the

securities

insured

by

that

insurance

company.

There

can

be

no

assurance

the

insurer

will

be

able

to

fulfill

its

obligations

under

the

terms

of

the

policy.

f. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

c. #### Income

#### Taxes
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### Guarantees

#### and

#### Indemnifications
Under

the Trust's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the Trust against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

Additionally,

in

the

normal

course

of

business,

the Trust,

on

behalf

of

the

Funds, enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Trust

that

have

not

yet

occurred.

Currently,

the Trust

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

August

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par value).

Transactions

in

the

Funds'

shares

were

as

follows:

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

201,533

$1,985,628

2,093,003

$19,917,278

Shares

issued

in

reinvestment

of

distributions

..........

63,378

624,692

349,338

3,314,833

Shares

redeemed

...............................

(409,650)

(4,059,661)

(3,520,188)

(33,324,157)

Net

increase

(decrease)

..........................

(144,739)

$(1,449,341)

(1,077,847)

$(10,092,046)

Year

ended

February

28,

2025

Shares

sold

a

...................................

638,137

$6,494,980

5,541,819

$54,570,200

Shares

issued

in

reinvestment

of

distributions

..........

119,658

1,219,241

644,777

6,333,661

Shares

redeemed

...............................

(893,344)

(9,102,846)

(5,393,773)

(53,067,401)

Net

increase

(decrease)

..........................

(135,549)

$(1,388,625)

792,823

$7,836,460

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

179,812

$1,795,083

276,008

$2,607,991

Shares

issued

in

reinvestment

of

distributions

..........

138,019

1,358,932

445,767

4,222,600

Shares

redeemed

...............................

(745,229)

(7,338,526)

(2,848,878)

(26,998,771)

Net

increase

(decrease)

..........................

(427,398)

$(4,184,511)

(2,127,103)

$(20,168,180)

Year

ended

February

28,

2025

Shares

sold

...................................

111,861

$1,135,299

997,567

$9,809,427

Shares

issued

in

reinvestment

of

distributions

..........

272,747

2,775,449

937,913

9,192,420

Shares

redeemed

...............................

(1,855,871)

(18,917,858)

(6,648,861)

(65,248,637)

Net

increase

(decrease)

..........................

(1,471,263)

$(15,007,110)

(4,713,381)

$(46,246,790)

Class

C

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### NII

#### distributions

#### -

#### ensure

#### per

#### share

#### amount

#### per

#### class

#### is

#### reasonable

#### based

#### on

#### class

#### specific

#### expenses

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

5,017

$50,086

83,700

$804,878

Shares

issued

in

reinvestment

of

distributions

..........

3,443

34,356

23,133

222,999

Shares

redeemed

a

..............................

(64,798)

(647,717)

(290,098)

(2,799,354)

Net

increase

(decrease)

..........................

(56,338)

$(563,275)

(183,265)

$(1,771,477)

Year

ended

February

28,

2025

Shares

sold

...................................

19,751

$205,697

124,614

$1,238,794

Shares

issued

in

reinvestment

of

distributions

..........

9,270

95,581

53,303

531,376

Shares

redeemed

a

..............................

(280,003)

(2,883,039)

(914,608)

(9,135,454)

Net

increase

(decrease)

..........................

(250,982)

$(2,581,761)

(736,691)

$(7,365,284)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

36,927

$365,707

421,667

$4,004,327

Shares

issued

in

reinvestment

of

distributions

..........

2,482

24,448

43,980

417,951

Shares

redeemed

...............................

(67,890)

(670,845)

(570,565)

(5,421,251)

Net

increase

(decrease)

..........................

(28,481)

$(280,690)

(104,918)

$(998,973)

Year

ended

February

28,

2025

Shares

sold

...................................

117,208

$1,193,217

822,312

$8,089,412

Shares

issued

in

reinvestment

of

distributions

..........

4,091

41,667

84,099

827,251

Shares

redeemed

...............................

(41,297)

(422,929)

(874,910)

(8,607,423)

Net

increase

(decrease)

..........................

80,002

$811,955

31,501

$309,240

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

589,139

$5,804,418

2,368,097

$22,527,734

Shares

issued

in

reinvestment

of

distributions

..........

32,089

315,807

200,469

1,904,394

Shares

redeemed

...............................

(279,054)

(2,739,124)

(2,928,658)

(27,784,094)

Net

increase

(decrease)

..........................

342,174

$3,381,101

(360,092)

$(3,351,966)

Year

ended

February

28,

2025

Shares

sold

...................................

528,630

$5,408,251

4,191,713

$41,213,760

Shares

issued

in

reinvestment

of

distributions

..........

50,757

516,632

330,640

3,251,762

Shares

redeemed

...............................

(481,437)

(4,923,486)

(2,665,220)

(26,222,533)

Net

increase

(decrease)

..........................

97,950

$1,001,397

1,857,133

$18,242,989

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

1,111,014

$11,333,925

326,748

$2,880,345

Shares

issued

in

reinvestment

of

distributions

..........

180,637

1,842,805

40,863

360,060

Shares

redeemed

...............................

(1,777,910)

(18,180,866)

(542,312)

(4,740,605)

Net

increase

(decrease)

..........................

(486,259)

$(5,004,136)

(174,701)

$(1,500,200)

Year

ended

February

28,

2025

Shares

sold

a

...................................

1,899,678

$20,082,461

713,625

$6,497,637

Shares

issued

in

reinvestment

of

distributions

..........

341,797

3,605,205

79,983

728,221

Shares

redeemed

...............................

(2,245,783)

(23,665,486)

(652,067)

(5,945,912)

Net

increase

(decrease)

..........................

(4,308)

$22,180

141,541

$1,279,946

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

152,534

$1,544,290

43,004

$376,409

Shares

issued

in

reinvestment

of

distributions

..........

330,094

3,364,947

105,130

925,314

Shares

redeemed

...............................

(1,628,178)

(16,659,382)

(517,890)

(4,584,582)

Net

increase

(decrease)

..........................

(1,145,550)

$(11,750,145)

(369,756)

$(3,282,859)

Year

ended

February

28,

2025

Shares

sold

...................................

583,655

$6,148,795

94,567

$861,875

Shares

issued

in

reinvestment

of

distributions

..........

675,945

7,124,173

213,706

1,943,452

Shares

redeemed

...............................

(4,028,633)

(42,466,752)

(1,382,480)

(12,577,729)

Net

increase

(decrease)

..........................

(2,769,033)

$(29,193,784)

(1,074,207)

$(9,772,402)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

147,820

$1,509,303

7,790

$68,837

Shares

issued

in

reinvestment

of

distributions

..........

13,840

142,918

3,093

27,461

Shares

redeemed

a

..............................

(347,654)

(3,595,302)

(64,502)

(570,768)

Net

increase

(decrease)

..........................

(185,994)

$(1,943,081)

(53,619)

$(474,470)

Year

ended

February

28,

2025

Shares

sold

...................................

128,268

$1,377,830

27,468

$253,516

Shares

issued

in

reinvestment

of

distributions

..........

33,392

356,181

7,544

69,125

Shares

redeemed

a

..............................

(563,622)

(6,028,982)

(178,382)

(1,636,909)

Net

increase

(decrease)

..........................

(401,962)

$(4,294,971)

(143,370)

$(1,314,268)

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

1,061,451

$10,784,289

338,514

$2,974,354

Shares

issued

in

reinvestment

of

distributions

..........

26,929

274,692

1,406

12,378

Shares

redeemed

...............................

(466,483)

(4,761,822)

(130,890)

(1,144,065)

Net

increase

(decrease)

..........................

621,897

$6,297,159

209,030

$1,842,667

Year

ended

February

28,

2025

Shares

sold

...................................

511,262

$5,383,627

148,960

$1,358,790

Shares

issued

in

reinvestment

of

distributions

..........

49,975

527,024

2,485

22,603

Shares

redeemed

...............................

(527,368)

(5,571,363)

(44,864)

(407,477)

Net

increase

(decrease)

..........................

33,869

$339,288

106,581

$973,916

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

2,034,313

$20,756,641

1,022,256

$8,941,580

Shares

issued

in

reinvestment

of

distributions

..........

210,360

2,144,414

51,890

456,285

Shares

redeemed

...............................

(2,592,713)

(26,414,744)

(418,824)

(3,694,335)

Net

increase

(decrease)

..........................

(348,040)

$(3,513,689)

655,322

$5,703,530

Year

ended

February

28,

2025

Shares

sold

...................................

5,133,950

$54,063,343

2,080,114

$18,908,737

Shares

issued

in

reinvestment

of

distributions

..........

312,842

3,298,677

46,732

424,853

Shares

redeemed

...............................

(2,251,407)

(23,748,237)

(563,572)

(5,117,483)

Net

increase

(decrease)

..........................

3,195,385

$33,613,783

1,563,274

$14,216,107

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

5,338,595

$59,302,447

4,179,049

$42,923,456

Shares

issued

in

reinvestment

of

distributions

..........

874,205

9,720,414

422,231

4,344,749

Shares

redeemed

...............................

(7,221,297)

(80,220,098)

(4,815,267)

(49,502,171)

Net

increase

(decrease)

..........................

(1,008,497)

$(11,197,237)

(213,987)

$(2,233,966)

Year

ended

February

28,

2025

Shares

sold

a

...................................

10,982,749

$123,948,078

6,892,368

$70,775,719

Shares

issued

in

reinvestment

of

distributions

..........

1,563,501

17,616,067

811,953

8,328,548

Shares

redeemed

...............................

(14,066,150)

(158,510,061)

(8,041,588)

(82,448,492)

Net

increase

(decrease)

..........................

(1,519,900)

$(16,945,916)

(337,267)

$(3,344,225)

Class

A1

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

771,081

$8,561,559

248,603

$2,558,425

Shares

issued

in

reinvestment

of

distributions

..........

824,647

9,158,501

267,484

2,754,897

Shares

redeemed

...............................

(5,781,739)

(64,155,737)

(2,029,801)

(20,889,021)

Net

increase

(decrease)

..........................

(4,186,011)

$(46,435,677)

(1,513,714)

$(15,575,699)

Year

ended

February

28,

2025

Shares

sold

...................................

1,390,494

$15,660,627

645,754

$6,653,530

Shares

issued

in

reinvestment

of

distributions

..........

1,681,239

18,915,067

582,532

5,979,766

Shares

redeemed

...............................

(12,995,548)

(146,209,762)

(4,577,875)

(46,978,671)

Net

increase

(decrease)

..........................

(9,923,815)

$(111,634,068)

(3,349,589)

$(34,345,375)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

91,810

$1,021,349

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

22,019

245,318

—

—

Shares

redeemed

a

..............................

(528,727)

(5,881,857)

—

—

Net

increase

(decrease)

..........................

(414,898)

$(4,615,190)

—

$—

Year

ended

February

28,

2025

Shares

sold

...................................

207,531

$2,338,864

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

50,998

575,490

—

—

Shares

redeemed

a

..............................

(978,388)

(11,052,634)

—

—

Net

increase

(decrease)

..........................

(719,859)

$(8,138,280)

—

$—

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

1,336,666

$14,858,728

604,741

$6,208,373

Shares

issued

in

reinvestment

of

distributions

..........

135,658

1,510,710

80,831

831,879

Shares

redeemed

...............................

(1,848,715)

(20,583,946)

(831,143)

(8,535,088)

Net

increase

(decrease)

..........................

(376,391)

$(4,214,508)

(145,571)

$(1,494,836)

Year

ended

February

28,

2025

Shares

sold

...................................

2,242,031

$25,293,502

1,410,997

$14,475,512

Shares

issued

in

reinvestment

of

distributions

..........

264,997

2,989,749

158,493

1,626,261

Shares

redeemed

...............................

(2,998,307)

(33,831,313)

(1,632,905)

(16,754,087)

Net

increase

(decrease)

..........................

(491,279)

$(5,548,062)

(63,415)

$(652,314)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

6,307,929

$70,052,767

2,851,060

$29,343,044

Shares

issued

in

reinvestment

of

distributions

..........

739,116

8,229,646

133,128

1,370,596

Shares

redeemed

...............................

(6,727,605)

(74,788,675)

(1,527,069)

(15,707,098)

Net

increase

(decrease)

..........................

319,440

$3,493,738

1,457,119

$15,006,542

Year

ended

February

28,

2025

Shares

sold

...................................

16,711,712

$188,572,875

5,219,717

$53,518,710

Shares

issued

in

reinvestment

of

distributions

..........

1,316,955

14,857,777

262,374

2,692,770

Shares

redeemed

...............................

(14,548,197)

(164,143,251)

(5,380,982)

(55,221,033)

Net

increase

(decrease)

..........................

3,480,470

$39,287,401

101,109

$990,447

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

340,216

$3,501,160

18,174,839

$157,702,338

Shares

issued

in

reinvestment

of

distributions

..........

91,005

936,782

3,875,505

33,559,040

Shares

redeemed

...............................

(974,938)

(10,136,842)

(21,880,469)

(189,705,674)

Net

increase

(decrease)

..........................

(543,717)

$(5,698,900)

169,875

$1,555,704

Year

ended

February

28,

2025

Shares

sold

a

...................................

965,017

$10,292,812

40,102,449

$359,721,968

Shares

issued

in

reinvestment

of

distributions

..........

180,214

1,923,023

6,906,325

61,883,519

Shares

redeemed

...............................

(1,327,914)

(14,185,955)

(34,564,840)

(309,669,814)

Net

increase

(decrease)

..........................

(182,683)

$(1,970,120)

12,443,934

$111,935,673

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

73,803

$758,880

2,729,747

$23,659,026

Shares

issued

in

reinvestment

of

distributions

..........

195,304

2,009,523

5,065,121

43,840,663

Shares

redeemed

...............................

(1,248,704)

(12,840,619)

(18,433,307)

(159,657,480)

Net

increase

(decrease)

..........................

(979,597)

$(10,072,216)

(10,638,439)

$(92,157,791)

Year

ended

February

28,

2025

Shares

sold

...................................

146,721

$1,565,337

6,020,089

$53,973,808

Shares

issued

in

reinvestment

of

distributions

..........

397,884

4,244,476

10,306,846

92,238,069

Shares

redeemed

...............................

(2,387,715)

(25,510,636)

(40,133,981)

(359,355,255)

Net

increase

(decrease)

..........................

(1,843,110)

$(19,700,823)

(23,807,046)

$(213,143,378)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

54,100

$568,706

731,094

$6,478,183

Shares

issued

in

reinvestment

of

distributions

..........

10,499

109,703

239,548

2,114,793

Shares

redeemed

a

..............................

(203,345)

(2,129,786)

(2,271,730)

(20,068,007)

Net

increase

(decrease)

..........................

(138,746)

$(1,451,377)

(1,301,088)

$(11,475,031)

Year

ended

February

28,

2025

Shares

sold

...................................

96,415

$1,046,103

1,789,089

$16,350,977

Shares

issued

in

reinvestment

of

distributions

..........

24,979

270,414

520,616

4,753,049

Shares

redeemed

a

..............................

(573,162)

(6,213,806)

(4,943,820)

(45,159,299)

Net

increase

(decrease)

..........................

(451,768)

$(4,897,289)

(2,634,115)

$(24,055,273)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

254,071

$2,630,372

4,961,981

$42,998,983

Shares

issued

in

reinvestment

of

distributions

..........

8,842

91,026

472,890

4,111,530

Shares

redeemed

...............................

(182,515)

(1,881,874)

(5,354,672)

(46,388,696)

Net

increase

(decrease)

..........................

80,398

$839,524

80,199

$721,817

Year

ended

February

28,

2025

Shares

sold

...................................

365,624

$3,899,764

9,679,207

$87,350,166

Shares

issued

in

reinvestment

of

distributions

..........

16,454

175,584

842,772

7,585,156

Shares

redeemed

...............................

(277,436)

(2,948,267)

(7,616,584)

(68,792,598)

Net

increase

(decrease)

..........................

104,642

$1,127,081

2,905,395

$26,142,724

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

713,009

$7,346,578

11,775,665

$102,425,064

Shares

issued

in

reinvestment

of

distributions

..........

71,569

736,784

1,979,342

17,209,789

Shares

redeemed

...............................

(829,931)

(8,540,160)

(14,322,768)

(124,588,416)

Net

increase

(decrease)

..........................

(45,353)

$(456,798)

(567,761)

$(4,953,563)

Year

ended

February

28,

2025

Shares

sold

...................................

1,464,377

$15,616,121

25,056,263

$225,216,785

Shares

issued

in

reinvestment

of

distributions

..........

115,535

1,233,564

3,644,235

32,776,224

Shares

redeemed

...............................

(1,406,546)

(15,007,866)

(25,594,103)

(229,749,018)

Net

increase

(decrease)

..........................

173,366

$1,841,819

3,106,395

$28,243,991

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

375,728

$3,675,071

659,701

$6,322,771

Shares

issued

in

reinvestment

of

distributions

..........

78,073

767,649

155,142

1,478,428

Shares

redeemed

...............................

(617,922)

(6,074,068)

(1,180,041)

(11,190,370)

Net

increase

(decrease)

..........................

(164,121)

$(1,631,348)

(365,198)

$(3,389,171)

Year

ended

February

28,

2025

Shares

sold

a

...................................

780,017

$7,975,931

2,177,625

$21,656,278

Shares

issued

in

reinvestment

of

distributions

..........

149,863

1,529,400

273,751

2,710,348

Shares

redeemed

...............................

(1,368,192)

(13,958,112)

(1,533,728)

(15,173,681)

Net

increase

(decrease)

..........................

(438,312)

$(4,452,781)

917,648

$9,192,945

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

75,835

$741,783

78,582

$752,186

Shares

issued

in

reinvestment

of

distributions

..........

198,607

1,951,646

199,882

1,905,930

Shares

redeemed

...............................

(1,238,425)

(12,185,599)

(1,444,088)

(13,848,619)

Net

increase

(decrease)

..........................

(963,983)

$(9,492,170)

(1,165,624)

$(11,190,503)

Year

ended

February

28,

2025

Shares

sold

...................................

179,887

$1,837,974

248,644

$2,468,083

Shares

issued

in

reinvestment

of

distributions

..........

408,738

4,168,222

417,110

4,129,361

Shares

redeemed

...............................

(2,786,838)

(28,455,131)

(1,892,996)

(18,777,864)

Net

increase

(decrease)

..........................

(2,198,213)

$(22,448,935)

(1,227,242)

$(12,180,420)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

15,916

$158,825

39,892

$388,340

Shares

issued

in

reinvestment

of

distributions

..........

8,064

80,590

12,271

119,437

Shares

redeemed

a

..............................

(200,207)

(1,993,229)

(153,773)

(1,498,860)

Net

increase

(decrease)

..........................

(176,227)

$(1,753,814)

(101,610)

$(991,083)

Year

ended

February

28,

2025

Shares

sold

...................................

102,752

$1,069,551

88,085

$889,748

Shares

issued

in

reinvestment

of

distributions

..........

17,585

182,298

29,491

297,966

Shares

redeemed

a

..............................

(275,884)

(2,860,465)

(556,432)

(5,637,802)

Net

increase

(decrease)

..........................

(155,547)

$(1,608,616)

(438,856)

$(4,450,088)

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

121,311

$1,200,337

1,212,079

$11,469,631

Shares

issued

in

reinvestment

of

distributions

..........

12,598

123,863

21,147

201,951

Shares

redeemed

...............................

(325,467)

(3,209,440)

(364,111)

(3,469,602)

Net

increase

(decrease)

..........................

(191,558)

$(1,885,240)

869,115

$8,201,980

Year

ended

February

28,

2025

Shares

sold

...................................

254,601

$2,601,829

671,216

$6,662,231

Shares

issued

in

reinvestment

of

distributions

..........

24,863

253,642

34,557

342,894

Shares

redeemed

...............................

(234,287)

(2,391,153)

(143,942)

(1,430,869)

Net

increase

(decrease)

..........................

45,177

$464,318

561,831

$5,574,256

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

632,206

$6,219,602

1,660,587

$15,833,469

Shares

issued

in

reinvestment

of

distributions

..........

57,784

568,150

137,762

1,314,611

Shares

redeemed

...............................

(718,034)

(7,049,339)

(1,759,724)

(16,774,879)

Net

increase

(decrease)

..........................

(28,044)

$(261,587)

38,625

$373,201

Year

ended

February

28,

2025

Shares

sold

...................................

1,407,910

$14,349,996

3,752,339

$37,104,935

Shares

issued

in

reinvestment

of

distributions

..........

92,879

947,959

155,471

1,541,399

Shares

redeemed

...............................

(1,025,905)

(10,457,412)

(958,941)

(9,534,644)

Net

increase

(decrease)

..........................

474,884

$4,840,543

2,948,869

$29,111,690

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

335,638

$3,406,725

1,094,891

$11,215,903

Shares

issued

in

reinvestment

of

distributions

..........

56,056

572,723

177,472

1,808,106

Shares

redeemed

...............................

(581,144)

(5,940,981)

(1,483,351)

(15,136,878)

Net

increase

(decrease)

..........................

(189,450)

$(1,961,533)

(210,988)

$(2,112,869)

Year

ended

February

28,

2025

Shares

sold

a

...................................

442,798

$4,695,916

2,342,260

$24,578,334

Shares

issued

in

reinvestment

of

distributions

..........

111,491

1,180,787

333,551

3,499,936

Shares

redeemed

...............................

(1,045,578)

(11,077,809)

(2,440,684)

(25,630,687)

Net

increase

(decrease)

..........................

(491,289)

$(5,201,106)

235,127

$2,447,583

Class

A1

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

64,591

$667,253

250,105

$2,555,631

Shares

issued

in

reinvestment

of

distributions

..........

154,300

1,575,576

586,958

5,973,297

Shares

redeemed

...............................

(966,095)

(9,891,491)

(2,592,887)

(26,396,787)

Net

increase

(decrease)

..........................

(747,204)

$(7,648,662)

(1,755,824)

$(17,867,859)

Year

ended

February

28,

2025

Shares

sold

...................................

181,438

$1,919,385

616,956

$6,480,753

Shares

issued

in

reinvestment

of

distributions

..........

312,161

3,304,052

1,186,094

12,427,154

Shares

redeemed

...............................

(2,118,465)

(22,471,343)

(5,718,206)

(59,957,722)

Net

increase

(decrease)

..........................

(1,624,866)

$(17,247,906)

(3,915,156)

$(41,049,815)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

24,699

$253,348

49,326

$512,351

Shares

issued

in

reinvestment

of

distributions

..........

4,848

50,126

17,861

184,751

Shares

redeemed

a

..............................

(101,142)

(1,045,448)

(280,236)

(2,904,032)

Net

increase

(decrease)

..........................

(71,595)

$(741,974)

(213,049)

$(2,206,930)

Year

ended

February

28,

2025

Shares

sold

...................................

56,811

$609,440

133,970

$1,432,387

Shares

issued

in

reinvestment

of

distributions

..........

12,282

131,574

41,047

437,110

Shares

redeemed

a

..............................

(283,402)

(3,045,521)

(707,629)

(7,539,199)

Net

increase

(decrease)

..........................

(214,309)

$(2,304,507)

(532,612)

$(5,669,702)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

1,860,659

$18,659,518

1,120,962

$11,512,973

Shares

issued

in

reinvestment

of

distributions

..........

3,734

38,160

18,137

185,271

Shares

redeemed

...............................

(251,150)

(2,560,202)

(677,434)

(6,922,240)

Net

increase

(decrease)

..........................

1,613,243

$16,137,476

461,665

$4,776,004

Year

ended

February

28,

2025

Shares

sold

...................................

454,963

$4,803,730

254,853

$2,687,426

Shares

issued

in

reinvestment

of

distributions

..........

7,343

77,756

36,095

379,592

Shares

redeemed

...............................

(886,111)

(9,385,420)

(605,619)

(6,347,835)

Net

increase

(decrease)

..........................

(423,805)

$(4,503,934)

(314,671)

$(3,280,817)

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

2,637,620

$26,911,141

2,175,994

$22,212,079

Shares

issued

in

reinvestment

of

distributions

..........

213,657

2,181,320

152,285

1,554,398

Shares

redeemed

...............................

(1,769,783)

(18,083,517)

(1,858,199)

(18,957,707)

Net

increase

(decrease)

..........................

1,081,494

$11,008,944

470,080

$4,808,770

Year

ended

February

28,

2025

Shares

sold

...................................

7,529,635

$79,372,971

5,939,976

$62,285,030

Shares

issued

in

reinvestment

of

distributions

..........

199,967

2,116,275

199,187

2,094,587

Shares

redeemed

...............................

(2,939,972)

(31,109,375)

(1,676,428)

(17,640,037)

Net

increase

(decrease)

..........................

4,789,630

$50,379,871

4,462,735

$46,739,580

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

1,306,701

$14,210,091

1,996,538

$20,094,285

Shares

issued

in

reinvestment

of

distributions

..........

238,674

2,596,212

299,639

3,015,122

Shares

redeemed

...............................

(1,874,979)

(20,349,004)

(2,746,459)

(27,632,736)

Net

increase

(decrease)

..........................

(329,604)

$(3,542,701)

(450,282)

$(4,523,329)

Year

ended

February

28,

2025

Shares

sold

a

...................................

2,799,789

$31,375,999

3,506,827

$36,726,003

Shares

issued

in

reinvestment

of

distributions

..........

451,481

5,048,580

557,174

5,825,602

Shares

redeemed

...............................

(2,780,884)

(31,158,770)

(3,484,654)

(36,468,869)

Net

increase

(decrease)

..........................

470,386

$5,265,809

579,347

$6,082,736

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

204,701

$2,227,094

317,060

$3,208,805

Shares

issued

in

reinvestment

of

distributions

..........

385,846

4,196,476

554,491

5,575,516

Shares

redeemed

...............................

(2,315,367)

(25,154,875)

(3,284,594)

(33,020,823)

Net

increase

(decrease)

..........................

(1,724,820)

$(18,731,305)

(2,413,043)

$(24,236,502)

Year

ended

February

28,

2025

Shares

sold

...................................

620,767

$6,953,756

785,230

$8,214,096

Shares

issued

in

reinvestment

of

distributions

..........

813,251

9,090,871

1,149,680

12,011,465

Shares

redeemed

...............................

(4,930,808)

(55,196,725)

(6,342,778)

(66,340,257)

Net

increase

(decrease)

..........................

(3,496,790)

$(39,152,098)

(4,407,868)

$(46,114,696)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

45,440

$500,393

30,280

$306,836

Shares

issued

in

reinvestment

of

distributions

..........

29,177

320,961

19,600

199,200

Shares

redeemed

a

..............................

(413,174)

(4,534,858)

(317,101)

(3,232,353)

Net

increase

(decrease)

..........................

(338,557)

$(3,713,504)

(267,221)

$(2,726,317)

Year

ended

February

28,

2025

Shares

sold

...................................

200,734

$2,281,593

109,578

$1,157,190

Shares

issued

in

reinvestment

of

distributions

..........

71,327

806,164

50,461

532,380

Shares

redeemed

a

..............................

(1,286,868)

(14,563,225)

(962,237)

(10,173,264)

Net

increase

(decrease)

..........................

(1,014,807)

$(11,475,468)

(802,198)

$(8,483,694)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

209,180

$2,271,583

678,345

$6,829,372

Shares

issued

in

reinvestment

of

distributions

..........

26,860

292,604

50,078

504,071

Shares

redeemed

...............................

(624,291)

(6,779,469)

(756,395)

(7,613,731)

Net

increase

(decrease)

..........................

(388,251)

$(4,215,282)

(27,972)

$(280,288)

Year

ended

February

28,

2025

Shares

sold

...................................

793,207

$8,847,577

1,369,345

$14,352,917

Shares

issued

in

reinvestment

of

distributions

..........

50,797

568,935

78,823

824,617

Shares

redeemed

...............................

(391,769)

(4,378,754)

(625,833)

(6,550,263)

Net

increase

(decrease)

..........................

452,235

$5,037,758

822,335

$8,627,271

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

3,316,932

$36,192,835

1,404,192

$14,084,960

Shares

issued

in

reinvestment

of

distributions

..........

211,986

2,307,990

118,968

1,196,809

Shares

redeemed

...............................

(2,677,289)

(28,980,507)

(1,454,048)

(14,640,517)

Net

increase

(decrease)

..........................

851,629

$9,520,318

69,112

$641,252

Year

ended

February

28,

2025

Shares

sold

...................................

3,248,621

$36,365,283

2,881,981

$30,066,828

Shares

issued

in

reinvestment

of

distributions

..........

406,590

4,550,725

186,590

1,950,953

Shares

redeemed

...............................

(4,536,029)

(50,741,368)

(1,956,570)

(20,472,640)

Net

increase

(decrease)

..........................

(880,818)

$(9,825,360)

1,112,001

$11,545,141

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

11,869,988

$118,500,883

804,451

$8,179,244

Shares

issued

in

reinvestment

of

distributions

..........

246,048

2,460,354

168,520

1,711,931

Shares

redeemed

...............................

(1,149,863)

(11,496,521)

(1,747,004)

(17,736,748)

Net

increase

(decrease)

..........................

10,966,173

$109,464,716

(774,033)

$(7,845,573)

Year

ended

February

28,

2025

Shares

sold

a

...................................

3,937,082

$40,707,390

1,653,965

$17,405,440

Shares

issued

in

reinvestment

of

distributions

..........

365,214

3,777,929

322,144

3,384,479

Shares

redeemed

...............................

(3,530,311)

(36,697,256)

(2,379,809)

(24,996,395)

Net

increase

(decrease)

..........................

771,985

$7,788,063

(403,700)

$(4,206,476)

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

210,465

$2,114,039

209,631

$2,141,152

Shares

issued

in

reinvestment

of

distributions

..........

386,252

3,860,640

335,169

3,404,031

Shares

redeemed

...............................

(2,341,132)

(23,399,586)

(2,549,330)

(26,083,381)

Net

increase

(decrease)

..........................

(1,744,415)

$(17,424,907)

(2,004,530)

$(20,538,198)

Year

ended

February

28,

2025

Shares

sold

...................................

378,554

$3,916,559

681,899

$7,177,161

Shares

issued

in

reinvestment

of

distributions

..........

812,403

8,391,775

691,346

7,260,336

Shares

redeemed

...............................

(4,756,001)

(49,172,375)

(4,661,407)

(48,964,155)

Net

increase

(decrease)

..........................

(3,565,044)

$(36,864,041)

(3,288,162)

$(34,526,658)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

59,966

$608,152

29,180

$301,544

Shares

issued

in

reinvestment

of

distributions

..........

21,314

216,050

16,101

166,190

Shares

redeemed

a

..............................

(504,197)

(5,108,842)

(263,032)

(2,713,210)

Net

increase

(decrease)

..........................

(422,917)

$(4,284,640)

(217,751)

$(2,245,476)

Year

ended

February

28,

2025

Shares

sold

...................................

205,230

$2,153,391

86,170

$921,164

Shares

issued

in

reinvestment

of

distributions

..........

54,838

574,074

36,159

385,928

Shares

redeemed

a

..............................

(1,285,842)

(13,484,040)

(663,929)

(7,098,910)

Net

increase

(decrease)

..........................

(1,025,774)

$(10,756,575)

(541,600)

$(5,791,818)

Class

R6

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

1,175,266

$11,713,839

941,324

$9,558,451

Shares

issued

in

reinvestment

of

distributions

..........

76,221

762,932

18,513

187,899

Shares

redeemed

...............................

(1,365,064)

(13,748,866)

(1,491,063)

(15,103,879)

Net

increase

(decrease)

..........................

(113,577)

$(1,272,095)

(531,226)

$(5,357,529)

Year

ended

February

28,

2025

Shares

sold

...................................

1,424,633

$14,688,187

2,733,161

$28,728,608

Shares

issued

in

reinvestment

of

distributions

..........

150,629

1,558,365

32,294

339,050

Shares

redeemed

...............................

(596,353)

(6,176,758)

(685,812)

(7,186,938)

Net

increase

(decrease)

..........................

978,909

$10,069,794

2,079,643

$21,880,720

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

4,502,105

$44,904,673

2,658,489

$27,008,190

Shares

issued

in

reinvestment

of

distributions

..........

387,063

3,872,626

228,586

2,321,546

Shares

redeemed

...............................

(4,608,709)

(46,038,867)

(2,810,768)

(28,484,037)

Net

increase

(decrease)

..........................

280,459

$2,738,432

76,307

$845,699

Year

ended

February

28,

2025

Shares

sold

...................................

9,467,083

$97,804,450

5,731,661

$60,162,559

Shares

issued

in

reinvestment

of

distributions

..........

582,878

6,027,104

322,267

3,386,169

Shares

redeemed

...............................

(5,278,479)

(54,602,921)

(2,143,803)

(22,510,383)

Net

increase

(decrease)

..........................

4,771,482

$49,228,633

3,910,125

$41,038,345

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

1,385,585

$15,340,031

1,978,892

$20,104,297

Shares

issued

in

reinvestment

of

distributions

..........

357,164

3,961,852

321,837

3,261,663

Shares

redeemed

...............................

(2,425,441)

(26,869,877)

(2,546,613)

(25,826,395)

Net

increase

(decrease)

..........................

(682,692)

$(7,567,994)

(245,884)

$(2,460,435)

Year

ended

February

28,

2025

Shares

sold

a

...................................

2,983,339

$34,322,672

4,606,048

$48,452,081

Shares

issued

in

reinvestment

of

distributions

..........

666,693

7,654,844

576,088

6,049,061

Shares

redeemed

...............................

(3,886,943)

(44,651,399)

(4,495,100)

(47,223,363)

Net

increase

(decrease)

..........................

(236,911)

$(2,673,883)

687,036

$7,277,779

Class

A1

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

307,370

$3,409,532

643,100

$6,503,568

Shares

issued

in

reinvestment

of

distributions

..........

686,665

7,611,806

692,819

7,016,143

Shares

redeemed

...............................

(3,387,719)

(37,543,560)

(3,717,393)

(37,678,980)

Net

increase

(decrease)

..........................

(2,393,684)

$(26,522,222)

(2,381,474)

$(24,159,269)

Year

ended

February

28,

2025

Shares

sold

...................................

606,783

$6,987,071

1,236,149

$12,986,181

Shares

issued

in

reinvestment

of

distributions

..........

1,387,786

15,921,003

1,391,676

14,598,722

Shares

redeemed

...............................

(7,843,510)

(90,020,428)

(8,306,542)

(87,163,845)

Net

increase

(decrease)

..........................

(5,848,941)

$(67,112,354)

(5,678,717)

$(59,578,942)

Class

C

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

62,051

$699,493

88,585

$914,141

Shares

issued

in

reinvestment

of

distributions

..........

38,617

434,247

21,845

224,868

Shares

redeemed

a

..............................

(633,224)

(7,124,473)

(429,849)

(4,411,843)

Net

increase

(decrease)

..........................

(532,556)

$(5,990,733)

(319,419)

$(3,272,834)

Year

ended

February

28,

2025

Shares

sold

...................................

119,410

$1,391,139

124,984

$1,333,859

Shares

issued

in

reinvestment

of

distributions

..........

97,323

1,131,954

54,225

577,713

Shares

redeemed

a

..............................

(1,896,716)

(22,085,164)

(1,090,623)

(11,627,597)

Net

increase

(decrease)

..........................

(1,679,983)

$(19,562,071)

(911,414)

$(9,716,025)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

340,443

$3,788,834

959,326

$9,724,854

Shares

issued

in

reinvestment

of

distributions

..........

34,988

388,457

44,220

448,161

Shares

redeemed

...............................

(464,680)

(5,141,785)

(976,215)

(9,891,231)

Net

increase

(decrease)

..........................

(89,249)

$(964,494)

27,331

$281,784

Year

ended

February

28,

2025

Shares

sold

...................................

675,275

$7,780,443

926,020

$9,715,053

Shares

issued

in

reinvestment

of

distributions

..........

61,565

707,398

82,574

867,044

Shares

redeemed

...............................

(558,341)

(6,418,455)

(676,015)

(7,108,906)

Net

increase

(decrease)

..........................

178,499

$2,069,386

332,579

$3,473,191

Advisor

Class

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

2,623,620

$29,089,325

2,864,544

$28,999,662

Shares

issued

in

reinvestment

of

distributions

..........

273,189

3,031,536

249,140

2,526,552

Shares

redeemed

...............................

(2,661,068)

(29,534,770)

(3,114,138)

(31,540,386)

Net

increase

(decrease)

..........................

235,741

$2,586,091

(454) $(14,172)

Year

ended

February

28,

2025

Shares

sold

...................................

3,894,214

$44,702,276

4,989,206

$52,470,441

Shares

issued

in

reinvestment

of

distributions

..........

483,494

5,554,005

426,498

4,481,535

Shares

redeemed

...............................

(4,500,101)

(51,717,797)

(4,211,259)

(44,287,661)

Net

increase

(decrease)

..........................

(122,393)

$(1,461,516)

1,204,445

$12,664,315

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

a

...................................

790,190

$6,731,768

748,487

$7,247,747

Shares

issued

in

reinvestment

of

distributions

..........

255,830

2,176,309

109,407

1,053,322

Shares

redeemed

...............................

(1,351,214)

(11,507,605)

(926,634)

(8,918,429)

Net

increase

(decrease)

..........................

(305,194)

$(2,599,528)

(68,740)

$(617,360)

Year

ended

February

28,

2025

Shares

sold

a

...................................

2,432,667

$21,515,261

1,404,072

$14,048,083

Shares

issued

in

reinvestment

of

distributions

..........

479,464

4,240,476

197,899

1,979,737

Shares

redeemed

...............................

(3,236,176)

(28,642,271)

(1,510,795)

(15,129,644)

Net

increase

(decrease)

..........................

(324,045)

$(2,886,534)

91,176

$898,176

Class

A1

#### Class

#### A1

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

310,307

$2,642,071

242,822

$2,333,709

Shares

issued

in

reinvestment

of

distributions

..........

673,741

5,730,926

260,544

2,507,709

Shares

redeemed

...............................

(3,407,041)

(29,032,074)

(1,355,958)

(13,058,934)

Net

increase

(decrease)

..........................

(2,422,993)

$(20,659,077)

(852,592)

$(8,217,516)

Year

ended

February

28,

2025

Shares

sold

...................................

710,156

$6,287,739

226,586

$2,260,259

Shares

issued

in

reinvestment

of

distributions

..........

1,353,720

11,969,867

517,346

5,173,036

Shares

redeemed

...............................

(7,213,907)

(63,873,151)

(2,904,557)

(29,093,831)

Net

increase

(decrease)

..........................

(5,150,031)

$(45,615,545)

(2,160,625)

$(21,660,536)

Class

C

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

74,297

$641,297

5,575

$55,041

Shares

issued

in

reinvestment

of

distributions

..........

29,030

250,176

6,927

67,867

Shares

redeemed

a

..............................

(464,228)

(4,025,265)

(110,321)

(1,088,630)

Net

increase

(decrease)

..........................

(360,901)

$(3,133,792)

(97,819)

$(965,722)

Year

ended

February

28,

2025

Shares

sold

...................................

178,055

$1,596,091

90,330

$918,872

Shares

issued

in

reinvestment

of

distributions

..........

71,433

639,722

16,876

171,646

Shares

redeemed

a

..............................

(1,296,645)

(11,633,658)

(401,607)

(4,094,206)

Net

increase

(decrease)

..........................

(1,047,157)

$(9,397,845)

(294,401)

$(3,003,688)

Class

R6

#### Class

#### R6

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

260,318

$2,218,419

4,362,835

$41,978,611

Shares

issued

in

reinvestment

of

distributions

..........

15,777

134,346

10,575

101,843

Shares

redeemed

...............................

(175,921)

(1,494,817)

(2,827,265)

(27,095,747)

Net

increase

(decrease)

..........................

100,174

$857,948

1,546,145

$14,984,707

Year

ended

February

28,

2025

Shares

sold

...................................

152,511

$1,353,491

1,477,209

$14,749,625

Shares

issued

in

reinvestment

of

distributions

..........

33,101

293,010

18,318

183,333

Shares

redeemed

...............................

(368,944)

(3,268,959)

(184,823)

(1,851,962)

Net

increase

(decrease)

..........................

(183,332)

$(1,622,458)

1,310,704

$13,080,996

Advisor

Class

#### Advisor

#### Class

#### Shares:
Six

Months

ended

August

31,

2025

Shares

sold

...................................

2,496,011

$21,230,008

2,844,786

$27,417,706

Shares

issued

in

reinvestment

of

distributions

..........

258,757

2,202,825

225,451

2,171,502

Shares

redeemed

...............................

(1,752,319)

(14,917,164)

(3,239,281)

(31,108,689)

Net

increase

(decrease)

..........................

1,002,449

$8,515,669

(169,044)

$(1,519,481)

Year

ended

February

28,

2025

Shares

sold

...................................

8,762,112

$77,332,020

6,062,132

$60,626,283

Shares

issued

in

reinvestment

of

distributions

..........

230,225

2,038,854

286,788

2,871,264

Shares

redeemed

...............................

(1,930,422)

(17,100,371)

(1,925,483)

(19,300,290)

Net

increase

(decrease)

..........................

7,061,915

$62,270,503

4,423,437

$44,197,257

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. 2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and

trustees

of

the Trust are

also

officers

and/or

directors

of

the

following

subsidiaries:

a. #### Management

#### Fees
The

Funds,

except

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund,

pay

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

each

of

the

Funds

and

Franklin

Federal

Limited-Term

Tax-

Free

Income

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

average

daily

net

assets

of

the

Fund

as

follows:

For

the

period

ended

August

31,

2025,

each

Fund's

annualized

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

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%

Up

to

and

including

$100

million

0.500%

Over

$100

million,

up

to

and

including

$250

million

0.450%

Over

$250

million,

up

to

and

including

$7.5

billion

0.440%

Over

$7.5

billion,

up

to

and

including

$10

billion

0.430%

Over

$10

billion,

up

to

and

including

$12.5

billion

0.420%

Over

$12.5

billion,

up

to

and

including

$15

billion

0.400%

Over

$15

billion,

up

to

and

including

$17.5

billion

0.380%

Over

$17.5

billion,

up

to

and

including

$20

billion

0.360%

In

excess

of

$20

billion

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.567%

0.481%

0.499%

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.586%

0.457%

0.479%

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.535%

0.450%

0.547%

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Funds.

The

fee

is

paid

by

Advisers

based

on

each

of the

Funds'

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Funds.

c. #### Distribution

#### Fees
The

Board

has

adopted

distribution

plans

for

each

share

class,

with

the

exception

of

Class

R6

and

Advisor

Class

shares,

pursuant

to

Rule

12b-1

under

the

1940

Act.

Under

the

Funds'

Class

A

and

A1

reimbursement

distribution

plans,

the

Funds

reimburse

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of each

Funds'

shares

up

to

the

maximum

annual

plan

rate

for

each

class.

Under

the

Class

A

and

A1

reimbursement

distribution

plans,

costs

exceeding

the

maximum

for

the

current

plan

year

cannot

be

reimbursed

in

subsequent

periods.

In

addition,

under

the

Funds' Class

C

compensation

distribution

plans,

the

Funds

pay

Distributors

for

costs

incurred

in

connection

with

the

servicing,

sale

and

distribution

of

the

Funds'

shares

up

to

the

maximum

annual

plan

rate.

The

plan

year,

for

purposes

of

monitoring

compliance

with

the

maximum

annual

plan

rates,

is

February

through

January

for

each

Fund.

The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.528%

0.535%

0.484%

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.485%

0.485%

0.486%

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.490%

0.471%

0.475%

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

....................................

0.486%

0.507%

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
Class

A

...............................

0.25%

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

0.10%

Class

C

...............................

0.65%

0.65%

0.65%

0.65%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Funds.

These

charges

are

deducted

from

the

proceeds

of

sales

of

Fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Funds

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Funds'

shares

for

the

period:

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
Class

A

...............................

0.25%

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.15%

0.10%

0.10%

Class

C

...............................

0.65%

—%

0.65%

0.65%

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund
Class

A

...............................

0.25%

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

0.10%

Class

C

...............................

0.65%

0.65%

0.65%

0.65%

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund
Class

A

...............................

0.25%

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

0.10%

Class

C

...............................

0.65%

0.65%

0.65%

0.65%

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Class

A

...............................

0.25%

0.25%

0.25%

0.25%

Class

A1

..............................

0.10%

0.10%

0.10%

0.10%

Class

C

...............................

0.65%

0.65%

0.65%

0.65%

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$696

$2,892

$1,568

$134

CDSC

retained

...........................

$4,725

$28,178

$6,349

$28,111

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Funds

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

August

31,

2025,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$6,995

$4,127

$1,420

$19,044

CDSC

retained

...........................

$19,621

$33,796

$2,917

$133,011

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$565

$1,006

$307

$3,271

CDSC

retained

...........................

$152

$3,659

$297

$5,472

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$2,996

$6,409

$2,043

$1,651

CDSC

retained

...........................

$10,638

$6,563

$7,868

$4,502

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..................

$5,339

$2,917

$2,741

$1,770

CDSC

retained

...........................

$3,035

$11,017

$2,314

$1,095

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
Certain

or

all

Funds

invest

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Funds

do

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Funds

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statements

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

August

31,

2025,

investments

in

affiliated

management

investment

companies

were

as

follows:

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
Transfer

agent

fees

........................

$19,424

$66,471

$54,278

$19,379

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
Transfer

agent

fees

........................

$196,595

$81,504

$33,614

$487,137

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund
Transfer

agent

fees

........................

$25,955

$38,577

$37,203

$87,055

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund
Transfer

agent

fees

........................

$77,177

$67,283

$85,533

$60,517

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Transfer

agent

fees

........................

$108,104

$81,576

$89,795

$49,938

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

g. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

Class

A,

Class

A1,

Class

C

and

Advisor

Class

of

the

Fund

do

not

exceed

0.46%,

and

for

Class

R6

does

not

exceed

0.40%,

based

on

the

average

net

assets

of

each

class

until

June

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Limited-Term

Tax-Free

Income

Fund

so

that

the

operating

expenses

(excluding

interest

expense,

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Fund

do

not

exceed

0.40%,

based

on

the

average

net

assets

of

each

class

until

June

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

Advisers

has

contractually

agreed

in

advance

to

waive

or

limit

its

fees

and

to

assume

as

its

own

expense

certain

expenses

otherwise

payable

by

Franklin

Alabama

Tax-Free

Income

Fund,

Franklin

Arizona

Tax-Free

Income

Fund,

Franklin

Colorado

Tax-Free

Income

Fund,

Franklin

Connecticut

Tax-Free

Income

Fund,

Franklin

Georgia

Tax-Free

Income

Fund,

Franklin

Louisiana

Tax-Free

Income

Fund,

Franklin

Maryland

Tax-Free

Income

Fund,

Franklin

Massachusetts

Tax-Free

Income

Fund,

Franklin

Michigan

Tax-Free

Income

Fund,

Franklin

Minnesota

Tax-Free

Income

Fund,

Franklin

Missouri

Tax-Free

Income

Fund,

Franklin

New

Jersey

Tax-Free

Income

Fund,

Franklin

North

Carolina

Tax-Free

Income

Fund,

Franklin

Ohio

Tax-Free

Income

Fund,

Franklin

Oregon

Tax-Free

Income

Fund,

Franklin

Pennsylvania

Tax-Free

Income

Fund

and

Franklin

Virginia

Tax-Free

Income

Fund

so

that

the

operating

expenses

(excluding

distribution

fees,

acquired

fund

fees

and

expenses

and

certain

non-routine

expenses

or

costs,

including

those

relating

to

litigation,

indemnification,

reorganizations,

and

liquidations)

for

each

class

of

the

Funds

do

not

exceed

0.65%,

based

on

the

average

net

assets

of

each

class

until

June

30,

2026. Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Funds'

fiscal

year

end.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$31,040,367

$—

$(10,510,734)

$(2,032,266)

$530,466

$19,027,833

830,000

$489,893

#### Total

#### Affiliated

#### Securities

#### ...
$31,040,367

$—

$(10,510,734)

$(2,032,266)

$530,466

$19,027,833

$489,893

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$37,296,565

$—

$(15,910,848)

$(2,394,327)

$724,196

$19,715,586

860,000

$562,088

#### Total

#### Affiliated

#### Securities

#### ...
$37,296,565

$—

$(15,910,848)

$(2,394,327)

$724,196

$19,715,586

$562,088

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Transfer

agent

fees

on

Class

R6

shares

of

Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

has

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.02%

based

on

the

average

net

assets

of

the

class

until

June

30,

2026. Transfer

agent

fees

on

Class

R6

shares

of

Franklin

Alabama

Tax-Free

Income

Fund,

Franklin

Arizona

Tax-Free

Income

Fund,

Franklin

Colorado

Tax-Free

Income

Fund,

Franklin

Connecticut

Tax-Free

Income

Fund,

Franklin

Federal

Limited-Term

Tax-

Free

Income

Fund,

Franklin

Georgia

Tax-Free

Income

Fund,

Franklin

High

Yield

Tax-Free

Income

Fund,

Franklin

Louisiana

Tax-Free

Income

Fund,

Franklin

Maryland

Tax-Free

Income

Fund,

Franklin

Massachusetts

Tax-Free

Income

Fund,

Franklin

Michigan

Tax-Free

Income

Fund,

Franklin

Minnesota

Tax-Free

Income

Fund,

Franklin

Missouri

Tax-Free

Income

Fund,

Franklin

New

Jersey

Tax-Free

Income

Fund,

Franklin

North

Carolina

Tax-Free

Income

Fund,

Franklin

Ohio

Tax-Free

Income

Fund,

Franklin

Oregon

Tax-Free

Income

Fund,

Franklin

Pennsylvania

Tax-Free

Income

Fund

and

Franklin

Virginia

Tax-Free

Income

Fund

have

been

capped

so

that

transfer

agent

fees

for

that

class

do

not

exceed

0.03%

based

on

the

average

net

assets

of

the

class

until

June

30,

2026. h. #### Interfund

#### Transactions
Certain

or

all

Funds

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

These

purchases,

sales

and

the

related

net

realized

gains

(losses),

if

any,

for

the

period

ended

August

31,

2025,

were

as

follows:

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund
Purchases

..............................

$5,390,000

$15,032,189

$1,204,283

$97,195,000

Sales

..................................

$12,950,000

$15,140,000

$300,000

$128,590,000

Net

Realized

Gains

(Losses)

.................

—

—

—

—

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund
Purchases

..............................

$108,010,000

$11,850,000

$99,200,000

$5,865,192

Sales

..................................

$56,625,000

$9,450,000

$162,635,033

$5,772,376

Net

Realized

Gains

(Losses)

.................

—

—

$(1,687,930)

$(148,549)

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund
Purchases

..............................

$7,900,000

$7,000,000

$4,100,000

$16,900,000

Sales

..................................

$2,000,000

$11,500,000

$7,800,000

$25,750,000

Net

Realized

Gains

(Losses)

.................

—

—

—

—

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

4. #### Expense

#### Offset

#### Arrangement
The

Funds

have

entered

into

an

arrangement

with

their

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Funds'

custodian

expenses.

During

the

period

ended

August

31,

2025,

the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

28,

2025,

the

capital

loss

carryforwards

were

as

follows:

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
Purchases

..............................

$19,890,000

$6,961,209

$800,000

$20,795,000

Sales

..................................

$27,690,000

—

$800,000

$11,260,000

Net

Realized

Gains

(Losses)

.................

—

—

—

—

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Purchases

...............................................

$19,200,000

$4,800,000

$5,700,000

Sales

...................................................

$18,825,000

$4,500,000

$5,800,000

Net

Realized

Gains

(Losses)

..................................

—

—

—

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

4,941,296

$

24,531,550

$

22,353,863

$

8,540,242

Long

term

.............................

14,455,903

62,594,625

43,875,047

30,146,000

Total

capital

loss

carryforwards

............

$19,397,199

$87,126,175

$66,228,910

$38,686,242

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

82,401,883

$

7,126,689

$

8,543,657

$

230,401,659

Long

term

.............................

80,161,890

14,555,780

33,078,068

781,137,389

Total

capital

loss

carryforwards

............

$162,563,773

$21,682,469

$41,621,725

$1,011,539,048

3. #### Transactions

#### with

#### Affiliates
(continued)

h. #### Interfund

#### Transactions
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

August

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

12,705,581

$

16,496,338

$

13,158,899

$

21,016,513

Long

term

.............................

21,867,380

40,346,422

20,277,481

61,502,265

Total

capital

loss

carryforwards

............

$34,572,961

$56,842,760

$33,436,380

$82,518,778

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

14,366,357

$

20,333,850

$

16,195,596

$

32,394,083

Long

term

.............................

40,820,776

102,612,987

93,339,812

91,117,996

Total

capital

loss

carryforwards

............

$55,187,133

$122,946,837

$109,535,408

$123,512,079

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

39,651,375

$

37,305,281

$

25,416,852

$

24,413,854

Long

term

.............................

74,180,716

92,202,149

103,115,318

54,630,730

Total

capital

loss

carryforwards

............

$113,832,091

$129,507,430

$128,532,170

$79,044,584

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$175,028,884

$670,529,648

$495,377,713

$158,067,059

Unrealized

appreciation

.....................

$738,379

$3,834,198

$3,497,707

$413,071

Unrealized

depreciation

.....................

(12,686,939)

(45,106,203)

(34,727,005)

(12,312,931)

Net

unrealized

appreciation

(depreciation)

.......

$(11,948,560)

$(41,272,005)

$(31,229,298)

$(11,899,860)

5. #### Income

#### Taxes
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

wash

sales

and

bond

discounts

and

premiums.

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$2,030,500,765

$875,454,453

$287,422,252

$4,834,672,136

Unrealized

appreciation

.....................

$22,895,164

$11,039,723

$1,402,894

$164,103,560

Unrealized

depreciation

.....................

(60,247,023)

(8,304,714)

(22,066,252)

(440,712,297)

Net

unrealized

appreciation

(depreciation)

.......

$(37,351,859)

$2,735,009

$(20,663,358)

$(276,608,737)

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$233,905,849

$329,511,542

$344,194,468

$683,160,559

Unrealized

appreciation

.....................

$400,459

$1,271,127

$1,737,504

$2,099,390

Unrealized

depreciation

.....................

(19,323,265)

(22,197,057)

(17,344,889)

(50,960,121)

Net

unrealized

appreciation

(depreciation)

.......

$(18,922,806)

$(20,925,930)

$(15,607,385)

$(48,860,731)

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$650,693,738

$640,343,648

$837,682,946

$583,635,142

Unrealized

appreciation

.....................

$3,433,945

$3,632,466

$4,758,976

$1,651,196

Unrealized

depreciation

.....................

(41,987,977)

(47,747,033)

(42,830,946)

(40,321,163)

Net

unrealized

appreciation

(depreciation)

.......

$(38,554,032)

$(44,114,567)

$(38,071,970)

$(38,669,967)

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
a

a

a

a

a

Cost

of

investments

.......................

$947,096,637

$821,323,742

$738,923,259

$456,344,088

Unrealized

appreciation

.....................

$6,044,156

$6,082,148

$2,727,120

$1,228,809

Unrealized

depreciation

.....................

(51,843,830)

(46,367,665)

(63,157,917)

(32,198,813)

Net

unrealized

appreciation

(depreciation)

.......

$(45,799,674)

$(40,285,517)

$(60,430,797)

$(30,970,004)

5. #### Income

#### Taxes
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

period

ended

August

31,

2025,

were

as

follows:

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

August

31,

2025,

Franklin

High

Yield

Tax-Free

Income

Fund had 48.0%

of

its

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

Certain

or

all

Funds held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

The

Funds

discontinue

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provide

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedules

of

Investments.

At

August

31,

2025,

the

aggregate

value

of

these

securities

was

as

follows:

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
Purchases

..............................

$16,867,076

$80,084,827

$30,769,162

$15,619,259

Sales

..................................

$20,437,430

$101,494,812

$37,681,954

$13,142,759

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
Purchases

..............................

$366,908,305

$154,924,200

$18,083,687

$339,303,209

Sales

..................................

$466,734,988

$172,344,484

$33,160,737

$379,626,417

#### Franklin

#### Louisiana

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund
Purchases

..............................

$24,540,132

$42,815,883

$79,701,813

$81,531,573

Sales

..................................

$37,724,255

$46,141,010

$50,260,099

$101,033,049

#### Franklin

#### Minnesota

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-

#### Free

#### Income

#### Fund
Purchases

..............................

$12,593,712

$64,317,796

$195,352,619

$56,373,969

Sales

..................................

$29,491,152

$89,811,791

$117,664,535

$77,760,825

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Purchases

..............................

$75,073,812

$99,824,446

$78,019,741

$60,515,467

Sales

..................................

$126,247,812

$142,577,017

$73,379,420

$52,832,131

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

8. #### Concentration

#### of

#### Risk
Certain

or

all

Funds

invest

a

large

percentage

of

their

total

assets

in

obligations

of

issuers

within

their

respective

state,

U.S.

territories,

and

the

District

of

Columbia.

Such

concentration

may

subject

the

Funds

to

risks

associated

with

industrial

or

regional

matters,

and

economic,

political

or

legal

developments

occurring

within

those

states,

U.S.

territories,

and

the

District

of

Columbia. Investments

in

these

securities

are

sensitive

to

interest

rate

changes

and

credit

risk

of

the

issuer

and

may

subject

the

Funds

to

increased

market

volatility.

The

market

for

these

investments

may

be

limited,

which

may

make

them

difficult

to

buy

or

sell.

9. #### Credit

#### Facility
The

Funds,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers),

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Funds

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Funds

and

other

costs

incurred

by

the

Funds,

pay

their

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

their

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statements

of

Operations.

During

the

period ended

August

31,

2025,

the

Funds

did

not

use

the

Global

Credit

Facility.

10. #### Fair

#### Value

#### Measurements
The Funds

follow

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the Funds' financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

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

in

determining

the

fair

value

of

financial

instruments)

#### Value

#### Percentage

#### of

#### Net

#### Assets
Franklin

Federal

Intermediate-Term

Tax-Free

Income

Fund

............................

$

73,308

—%

†

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

................................

45,075

—%

†

Franklin

High

Yield

Tax-Free

Income

Fund

.........................................

49,908,897

1.1%

Franklin

Pennsylvania

Tax-Free

Income

Fund

......................................

3,070,000

0.5%

†

Rounds

to

less

than

0.1%

of

net

assets.

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of August

31,

2025,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

501,496

$

501,496

Municipal

Bonds

.........................

—

162,578,828

—

162,578,828

Total

Investments

in

Securities

...........

$—

$162,578,828

$501,496

$163,080,324

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Municipal

Bonds

.........................

—

626,457,643

—

626,457,643

Short

Term

Investments

...................

—

2,800,000

—

2,800,000

Total

Investments

in

Securities

...........

$—

$629,257,643

$—

$629,257,643

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,404,189

1,404,189

Municipal

Bonds

.........................

—

456,344,226

—

456,344,226

Short

Term

Investments

...................

—

6,400,000

—

6,400,000

Total

Investments

in

Securities

...........

$—

$462,744,226

$1,404,189

$464,148,415

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Municipal

Bonds

.........................

—

142,237,199

—

142,237,199

Short

Term

Investments

...................

—

3,930,000

—

3,930,000

Total

Investments

in

Securities

...........

$—

$146,167,199

$—

$146,167,199

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Management

Investment

Companies

.........

19,027,833

—

—

19,027,833

Municipal

Bonds

.........................

—

1,948,521,073

—

1,948,521,073

Short

Term

Investments

...................

—

25,600,000

—

25,600,000

Total

Investments

in

Securities

...........

$19,027,833

$1,974,121,073

$—

$1,993,148,906

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Management

Investment

Companies

.........

19,715,586

—

—

19,715,586

Corporate

Bonds

........................

—

—

121,526

121,526

Municipal

Bonds

.........................

—

800,052,350

—

800,052,350

Short

Term

Investments

...................

—

58,300,000

—

58,300,000

Total

Investments

in

Securities

...........

$19,715,586

$858,352,350

$121,526

$878,189,462

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

—

—

902,693

902,693

Municipal

Bonds

.........................

—

260,427,372

—

260,427,372

Escrows

and

Litigation

Trusts

...............

—

—

28,829

28,829

Short

Term

Investments

...................

—

5,400,000

—

5,400,000

Total

Investments

in

Securities

...........

$—

$265,827,372

$931,522

$266,758,894

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$60,898

$60,898

Total

Other

Financial

Instruments

.........

$—

$—

$60,898

$60,898

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

........................

$

—

$

—

$

—

a

$

—

Management

Investment

Companies

.........

152,378,500

—

—

152,378,500

Corporate

Bonds

:

United

States

..........................

—

98,792,769

22,237,850

121,030,619

Municipal

Bonds

:

Alabama

.............................

—

17,525,434

—

17,525,434

Arizona

..............................

—

97,995,515

—

97,995,515

Arkansas

.............................

—

20,979,929

—

20,979,929

California

.............................

—

878,213,794

878,214,239

Colorado

.............................

—

230,144,271

—

230,144,271

Connecticut

...........................

—

23,261,073

—

23,261,073

Florida

...............................

—

882,876,152

—

882,876,152

Georgia

..............................

—

43,665,224

—

43,665,224

Idaho

................................

—

13,325,805

—

13,325,805

Illinois

...............................

—

103,441,950

—

103,441,950

Indiana

..............................

—

27,201,308

—

27,201,308

Iowa

................................

—

11,411,452

—

11,411,452

Kansas

..............................

—

1,102,546

—

1,102,546

Kentucky

.............................

—

16,794,738

—

16,794,738

Louisiana

.............................

—

64,691,101

—

64,691,101

Maryland

.............................

—

9,064,092

—

9,064,092

Massachusetts

........................

—

2,029,652

—

2,029,652

Michigan

.............................

—

16,247,344

—

16,247,344

Minnesota

............................

—

9,998,165

—

9,998,165

Mississippi

............................

—

17,011,411

—

17,011,411

Missouri

..............................

—

12,561,282

—

12,561,282

Nevada

..............................

—

31,518,603

—

31,518,603

New

Hampshire

........................

—

20,765,384

—

20,765,384

New

Jersey

...........................

—

55,316,040

—

55,316,040

New

Mexico

...........................

—

2,029,538

—

2,029,538

New

York

.............................

—

130,697,045

—

130,697,045

North

Dakota

..........................

—

6,270,326

—

6,270,326

Ohio

................................

—

129,269,674

—

129,269,674

Oklahoma

............................

—

10,629,811

—

10,629,811

Oregon

..............................

—

14,135,903

—

14,135,903

Pennsylvania

..........................

—

105,968,459

—

105,968,459

South

Carolina

.........................

—

39,810,037

—

39,810,037

South

Dakota

..........................

—

7,725,904

—

7,725,904

Tennessee

............................

—

71,002,124

—

71,002,124

Texas

...............................

—

560,842,918

—

560,842,918

Utah

................................

—

26,807,891

—

26,807,891

Virginia

..............................

—

17,100,776

—

17,100,776

Washington

...........................

—

62,273,970

—

62,273,970

West

Virginia

..........................

—

2,696,244

—

2,696,244

Wisconsin

............................

—

175,047,068

—

175,047,068

U.S.

Territories

District

of

Columbia

.....................

—

38,259,200

—

38,259,200

Pacific

Islands

.........................

—

4,445,952

—

4,445,952

Puerto

Rico

...........................

—

260,858,928

—

260,858,928

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

U.S.

Territories

(continued)

Escrows

and

Litigation

Trusts

...............

$

—

$

—

$

1,539,802

$

1,539,802

Short

Term

Investments

...................

—

10,100,000

—

10,100,000

Total

Investments

in

Securities

...........

$152,378,500

$4,381,906,802

$23,778,097

$4,558,063,399

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$3,305,474

$3,305,474

Total

Other

Financial

Instruments

.........

$—

$—

$3,305,474

$3,305,474

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Municipal

Bonds

.........................

—

212,872,184

—

212,872,184

Escrows

and

Litigation

Trusts

...............

—

—

10,859

10,859

Short

Term

Investments

...................

—

2,100,000

—

2,100,000

Total

Investments

in

Securities

...........

$—

$214,972,184

$10,859

$214,983,043

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$22,938

$22,938

Total

Other

Financial

Instruments

.........

$—

$—

$22,938

$22,938

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Municipal

Bonds

.........................

—

301,160,529

—

301,160,529

Escrows

and

Litigation

Trusts

...............

—

—

25,083

25,083

Short

Term

Investments

...................

—

7,400,000

—

7,400,000

Total

Investments

in

Securities

...........

$—

$308,560,529

$25,083

$308,585,612

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$53,049

$53,049

Total

Other

Financial

Instruments

.........

$—

$—

$53,049

$53,049

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

—

—

902,693

902,693

Municipal

Bonds

.........................

—

317,384,390

—

317,384,390

Short

Term

Investments

...................

—

10,300,000

—

10,300,000

Total

Investments

in

Securities

...........

$—

$327,684,390

$902,693

$328,587,083

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,805,386

1,805,386

Municipal

Bonds

.........................

—

623,744,442

—

623,744,442

Short

Term

Investments

...................

—

8,750,000

—

8,750,000

Total

Investments

in

Securities

...........

$—

$632,494,442

$1,805,386

$634,299,828

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Municipal

Bonds

.........................

—

608,939,706

—

608,939,706

Short

Term

Investments

...................

—

3,200,000

—

3,200,000

Total

Investments

in

Securities

...........

$—

$612,139,706

$—

$612,139,706

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Municipal

Bonds

.........................

$

—

$

588,369,518

$

—

$

588,369,518

Escrows

and

Litigation

Trusts

...............

—

—

59,563

59,563

Short

Term

Investments

...................

—

7,800,000

—

7,800,000

Total

Investments

in

Securities

...........

$—

$596,169,518

$59,563

$596,229,081

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$125,974

$125,974

Total

Other

Financial

Instruments

.........

$—

$—

$125,974

$125,974

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,604,788

1,604,788

Municipal

Bonds

.........................

—

776,786,023

—

776,786,023

Escrows

and

Litigation

Trusts

...............

—

—

50,165

50,165

Short

Term

Investments

...................

—

21,170,000

—

21,170,000

Total

Investments

in

Securities

...........

$—

$797,956,023

$1,654,953

$799,610,976

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$106,096

$106,096

Total

Other

Financial

Instruments

.........

$—

$—

$106,096

$106,096

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

—

—

1,604,788

1,604,788

Municipal

Bonds

.........................

—

541,008,063

—

541,008,063

Escrows

and

Litigation

Trusts

...............

—

—

52,324

52,324

Short

Term

Investments

...................

—

2,300,000

—

2,300,000

Total

Investments

in

Securities

...........

$—

$543,308,063

$1,657,112

$544,965,175

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$110,529

$110,529

Total

Other

Financial

Instruments

.........

$—

$—

$110,529

$110,529

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

—

—

3,209,576

3,209,576

Municipal

Bonds

.........................

—

891,337,387

—

891,337,387

Short

Term

Investments

...................

—

6,750,000

—

6,750,000

Total

Investments

in

Securities

...........

$—

$898,087,387

$3,209,576

$901,296,963

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

—

—

2,507,481

2,507,481

Municipal

Bonds

.........................

—

764,641,336

—

764,641,336

Escrows

and

Litigation

Trusts

...............

—

—

89,408

89,408

Short

Term

Investments

...................

—

13,800,000

—

13,800,000

Total

Investments

in

Securities

...........

$—

$778,441,336

$2,596,889

$781,038,225

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$188,866

$188,866

Total

Other

Financial

Instruments

.........

$—

$—

$188,866

$188,866

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period

.

At

August

31,

2025

,

the

reconciliation

is

as

follows:

Level

financial

instruments

include

the

fair

value

of

immaterial

assets

and/or

liabilities

developed

using

various

valuation

techniques

and

unobservable

inputs

as

well

as

the

fair

value

of

assets

and/or

liabilities

derived

from

recent

transactions,

private

transaction

prices,

or

non-public

third-party

pricing

information

that

is

unobservable.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

........................

$

—

$

—

$

2,005,985

$

2,005,985

Municipal

Bonds

.........................

—

663,820,754

—

663,820,754

Escrows

and

Litigation

Trusts

...............

—

—

65,723

65,723

Short

Term

Investments

...................

—

12,600,000

—

12,600,000

Total

Investments

in

Securities

...........

$—

$676,420,754

$2,071,708

$678,492,462

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$138,832

$138,832

Total

Other

Financial

Instruments

.........

$—

$—

$138,832

$138,832

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Municipal

Bonds

.........................

—

419,836,746

—

419,836,746

Escrows

and

Litigation

Trusts

...............

—

—

37,338

37,338

Short

Term

Investments

...................

—

5,500,000

—

5,500,000

Total

Investments

in

Securities

...........

$—

$425,336,746

$37,338

$425,374,084

Other

Financial

Instruments:

Unfunded

Commitments

..................

$—

$—

$78,906

$78,906

Total

Other

Financial

Instruments

.........

$—

$—

$78,906

$78,906

a

Includes

financial

instruments

determined

to

have

no

value.

#### Balance

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### a

#### Transfer

#### Into

#### Level

#### 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciation
(Depreciation)

#### Balance

#### at

#### End

#### of

#### Period

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Period

#### End

#### a

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

:

United

States

.

$

874,281

$

—

$

(752,755)

$

—

$

—

$

3,710

$

9,410

$

(13,120)

$

121,526

$

—

Senior

Floating

Rate

Interests

:

United

States

.

12,081,618

—

(12,064,255)

—

—

—

—

(17,363)

—

—

Total

Investments

in

Securities

.......

$12,955,899

$—

$(12,817,010)

$—

$—

$3,710

$9,410

$(30,483)

$121,526

$—

a

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

11. #### Operating

#### Segments
The Funds

have

adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Funds'

financial

position

or

results

of

operations.

Each

Fund

operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within the

Funds'

Investment

manager

serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and are

responsible

for

evaluating each

Fund's

operating

results

and

allocating

resources

in

accordance

with each

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the

financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the

Statements

of

Assets

and

Liabilities

and

the

Statements

of

Operations,

along

with

the

related

notes

to

the

financial

statements.

The

Schedules

of

Investments

provides

details

of

the

Funds'

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the

Financial

Highlights.

12. #### Subsequent

#### Events
The

Funds

have

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Abbreviations

#### Selected

#### Portfolio

#### AG
Assured

Guaranty,

Inc.

#### AMBAC
American

Municipal

Bond

Assurance

Corp.

#### BAM
Build

America

Mutual

Assurance

Co.

#### BHAC
Berkshire

Hathaway

Assurance

Corp.

#### COP
Certificate

of

Participation

#### ETF
Exchange-Traded

Fund

#### ETM
Escrowed

to

Maturity

#### FHA
Federal

Housing

Administration

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### GO
General

Obligation

#### LOC
Letter

of

Credit

#### NATL
National

Reinsurance

Corp.

#### PSF
Permanent

School

Fund

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

#### SPA
Standby

Purchase

Agreement

#### TSOF
Term

SOFR

#### XLCA
XL

Capital

Assurance,

Inc.

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS
(unaudited)

#### FRANKLIN

#### TAX-FREE

#### TRUST

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(each

a

Fund)

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

Franklin

Tax-Free

Trust

(Trust),

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Trust,

on

behalf

of

each

Fund

(each

a

Management

Agreement),

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

each

Management

Agreement.

Although

the

Management

Agreements

for

the

Funds

were

considered

at

the

same

Board

meeting,

the

Board

considered

the

information

provided

to

it

about

the

Funds

together

and

with

respect

to

each

Fund

separately

as

the

Board

deemed

appropriate.

In

considering

the

continuance

of

each

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

On

several

occasions,

both

prior

to,

and

at

the

Meeting,

the

Independent

Trustees

met

with

senior

executives

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

to

discuss

management's

perspectives

on

and

ask

questions

regarding

the

performance

of

and

long-term

business

strategies

for

the

Municipal

and

Tax-Free

Funds,

including

on

topics

such

as

the

positioning

of

the

Municipal

and

Tax-Free

Funds

within

the

broader

Franklin

Templeton

product

offering

line

up,

management's

assessment

of

the

overall

performance

of

the

Municipal

and

Tax-Free

Funds

compared

to

other

similar

suites

of

funds

in

the

marketplace,

and

the

appropriateness

of

the

Broadridge

Performance

Universe

selected

for

each

Municipal

and

Tax-Free

Fund.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

each

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

each

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

each

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

each

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

each

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

applicable

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

each

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Funds

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

FRI,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Funds

and

their

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

each

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

each

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

considered

the

performance

returns

for

certain

Funds

in

comparison

to

the

performance

returns

of

a

customized

peer

group

for

each

applicable

Fund

(Performance

Customized

Peer

Group)

selected

by

the

Manager.

The

Board

further

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

each

Fund's

performance

results

is

below.

The

class

Broadridge

used

to

calculate

the

performance

(and

expense)

data

for

each

Fund

was

changed

from

Class

A1

to

Class

A

this

year.

Class

A1

was

historically

used

to

calculate

the

performance

data

as

the

class

has

a

longer

track

record

than

Class

A;

however,

Class

A

has

a

Rule

12b-1

fee

that

is

more

aligned

with

the

fee

charged

by

a

majority

of

each

Fund's

Performance

Universe

peers

and

is

available

for

new

investor

purchases,

unlike

Class

A1

which

is

only

available

to

existing

Class

A1

shareholders.

*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

of

Alabama

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

below

the

medians

of

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

five-year

period

was

above

the

median

of

its

Performance

Customized

Peer

Group,

but

for

the

one-

and

three-year

periods

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

further

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-

related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

*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

of

Arizona

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

three-year

periods

was

above

the

median

of

its

Performance

Customized

Peer

Group,

but

for

the

five-year

period

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*Colorado* 

*Tax-Free* 

*Income* 

*Fund*

-

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

of

Colorado

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

and

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

above

the

medians

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

equal

to

the

median

of

its

Performance

Customized

Peer

Group,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*Connecticut* 

*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

of

Connecticut

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

five-year

period

was

equal

to

the

median

of

its

Performance

Universe,

but

for

the

one-

and

three-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

equal

to

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

three-

year

periods

was

equal

to

the

median

of

its

Performance

Customized

Peer

Group,

but

for

the

five-year

period

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

further

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

*Franklin* 

*Federal* 

*Intermediate-Term* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

intermediate

municipal

debt

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

prior

to

December

2023,

the

Fund

maintained

a

maximum

dollar-weighted

average

portfolio

maturity

of

years,

whereas

most

of

the

peers

in

the

Fund's

Performance

Universe

did

not

have

a

similar

constraint,

which

adversely

impacted

the

Fund's

relative

performance

for

the

three-

and

five-year

periods.

Management

further

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

also

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

the

three-

and

five-year

periods.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

Management

also

noted

that

the

Board

approved

an

extension

of

the

maximum

dollar-weighted

average

portfolio

maturity

from

years

to

years

effective

December

2023,

in

an

effort

to

allow

the

Fund

to

reduce

term

structure

differences

versus

the

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*Franklin* 

*Federal* 

*Limited-Term* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

short

municipal

debt

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*Franklin* 

*Georgia* 

*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

of

Georgia

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

three-

and

five-year

periods

was

above

the

medians

of

its

Performance

Universe

and

Performance

Customized

Peer

Group,

but

for

the

one-year

period

was

below

the

medians

of

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

median

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*Franklin* 

*High* 

*Yield* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

high

yield

municipal

debt

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

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

of

its

Performance

Universe,

but

for

the

three-year

period

was

below

median

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-

related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*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

of

Louisiana

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

five-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

one-

and

three-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-year

period

was

below

the

median

of

its

Performance

Universe

and

the

five-year

period

was

equal

to

the

median

of

its

Performance

Universe.

The

Board

further

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Customized

Peer

Group,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*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

five-year

period

was

equal

to

the

median

of

its

Performance

Universe,

but

for

the

one-

and

three-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

equal

to

the

median

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

further

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

Universe

peers.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*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

and

annualized

total

return

for

the

one-,

three-

and

five-year

periods

were

below

the

medians

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

overweight

allocation

to

duration

until

2022

and

underweight

allocation

to

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

further

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/

have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*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

of

Michigan

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

medians

of

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

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Customized

Peer

Group,

but

for

the

three-

and

five-year

periods

was

equal

to

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*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-

and

five-year

periods

was

below

the

median

and

in

the

third

quintile

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

overweight

allocation

to

duration

until

2022

and

underweight

allocation

to

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

further

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

management's

view

regarding

the

income-

related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*Franklin* 

*Missouri* 

*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

consists

only

of

Missouri

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

and

in

the

first

(best)

quintile

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

the

three-year

period

was

above

the

median

of

its

Performance

Customized

Peer

Group,

but

for

the

one-

and

five-year

periods

was

below

the

median

of

the

Performance

Customized

Peer

Group.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

medians

of

its

Performance

Universe

and

Performance

Customized

Peer

Group,

but

for

the

three-

and

five-

periods

was

below

the

medians

of

its

Performance

Universe

and

Performance

Customized

Peer

Group.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

fund

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

the

Fund's

peers

on

an

income

return

basis

was

appropriate

given

its

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*New* 

*Jersey* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

New

Jersey

municipal

debt

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-and

five-

year

periods

was

below

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

overweight

allocation

to

duration

until

2022

and

underweight

allocation

to

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

further

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*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

of

North

Carolina

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-

year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

the

three-

and

five-year

periods

was

equal

to

the

median

of

its

Performance

Customized

Peer

Group,

but

for

the

one-year

period

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-

and

five-

year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

equal

to

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

further

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-

related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

*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-

and

five-

year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*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

of

Oregon

tax-free

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe

and

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

further

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Customized

Peer

Group.

The

Board

further

noted

the

small

size

of

the

Fund's

Performance

Customized

Peer

Group

for

each

period

and

that

therefore

no

quintile

information

was

provided

for

the

Fund

for

those

periods.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

*Franklin* 

*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

and

annualized

total

return

for

the

one-,

three-

and

five-year

periods

were

below

the

medians

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

overweight

allocation

to

duration

until

2022

and

underweight

allocation

to

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

further

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/

have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

*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

one-,

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-year

period

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-

and

five-year

periods

was

below

the

median

of

its

Performance

Universe.

The

Board

discussed

the

Fund's

performance

with

management

and

management

explained

that

the

Fund's

underweight

allocations

to

duration

and

credit

risk

until

2021

detracted

from

the

Fund's

relative

performance

versus

the

Performance

Universe

during

certain

of

the

reporting

periods.

Management

further

explained

that

the

Fund

reduced

exposure

to

higher

yielding

pre-refunded

bonds,

which

adversely

impacted

the

Fund's

one-,

three-

and

five-year

annualized

income

return

relative

to

the

Performance

Universe.

Management

discussed

with

the

Board

the

actions

that

are

being

taken/have

been

taken

in

an

effort

to

improve

the

overall

performance

of

the

Fund,

including,

among

others,

tightening

the

Fund

portfolio's

relative

duration

constraint

and

adjusting

the

sources

of

credit

exposure

so

that

credit

risk

is

more

in

line

with

the

Performance

Universe

peers.

The

Board

further

noted

management's

view

regarding

the

income-

related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

also

noted

that

the

Fund's

annualized

income

return

for

each

period

was

positive.

The

Board

concluded

that

the

Fund's

Management

Agreement

should

be

continued

for

an

additional

one-year

period,

while

management's

efforts

continue

to

be

closely

monitored.

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

each

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

each

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

each

Fund

and

for

Class

A

shares

and

Class

Z

shares

for

the

other

funds

in

the

applicable

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

*Franklin* 

*Alabama* 

*Tax-Free* 

*Income* 

*Fund,* 

*Franklin* 

*Colorado* 

*Tax-Free* 

*Income* 

*Fund,* 

*Franklin* 

*Connecticut* 

*Tax-Free* 

*Income* 

*Fund,* 

*Franklin* 

*Georgia* 

*Tax-Free* 

*Income* 

*Fund,* 

*Franklin* 

*Louisiana* 

*Tax-Free* 

*Income* 

*Fund,* 

*Franklin* 

*Maryland* 

*Tax-*

*Free* 

*Income* 

*Fund,* 

*Franklin* 

*Michigan* 

*Tax-Free* 

*Income* 

*Fund,* 

*Franklin* 

*Missouri* 

*Tax-Free* 

*Income* 

*Fund,* 

*and* 

*Franklin* 

*Virginia* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Expense

Group

for

each

of

the

Franklin

Alabama

Tax-Free

Income

Fund,

Franklin

Connecticut

Tax-Free

Income

Fund,

Franklin

Georgia

Tax-Free

Income

Fund,

Franklin

Louisiana

Tax-Free

Income

Fund,

Franklin

Michigan

Tax-Free

Income

Fund

and

Franklin

Missouri

Tax-Free

Income

Fund

included

the

Fund

and

nine

other

"other

states"

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Colorado

Tax-Free

Income

Fund

included

the

Fund

and

eight

other

"other

states"

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Maryland

Tax-Free

Income

Fund

included

the

Fund,

currently

classified

as

a

Maryland

municipal

debt

fund,

three

"other

states"

municipal

debt

funds,

one

Minnesota

municipal

debt

fund,

three

New

Jersey

municipal

debt

funds,

one

Virginia

municipal

debt

fund,

six

California

municipal

debt

funds,

one

Pennsylvania

municipal

debt

fund,

and

one

Massachusetts

municipal

debt

fund.

The

Expense

Group

for

the

Franklin

Virginia

Tax-Free

Income

Fund

included

the

Fund,

currently

classified

as

a

Virginia

municipal

debt

fund,

three

"other

states"

municipal

debt

funds,

four

New

York

municipal

debt

funds,

seven

California

municipal

debt

funds,

and

three

Pennsylvania

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

each

Fund

were

above

the

medians

of

their

respective

Expense

Groups.

The

Board

discussed

each

Fund's

above

median

Management

Rate

and

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

actual

total

expense

ratio

with

management

and

management

explained

that

each

Fund's

Expense

Group

is

not

state-specific

but

include

"other

states"

among

the

municipal

debt

funds.

Management

further

explained

that

it

requested

Broadridge

to

select

custom

expense

peer

groups

to

compare

each

Fund

to

other

funds

which

share

the

same

state-specific

focus

and

that

while

most

of

these

custom

expense

groups

are

small

when

compared

to

the

applicable

custom

expense

group

each

Fund's

actual

total

expense

ratio

is

broadly

in

line

with

peers.

Management

also

explained

that

while

the

Franklin

Connecticut

Tax-

Free

Income

Fund's

actual

total

expense

ratio

was

basis

points

above

the

median

of

its

custom

peer

group,

the

Fund's

actual

management

fees

were

at

the

median

among

the

custom

group

peers

as

the

Fund

benefited

from

a

8.4 basis

point

management

fee

waiver

based

on

its

expense

cap

on

operating

expenses.

The

Board

also

noted

that

each

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

each

Fund

is

reasonable.

*Franklin* 

*Arizona* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

eight

other

"other

states"

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

for

the

Fund

was

equal

to

the

median

of

its

Expense

Group,

but

the

actual

total

expense

ratio

was

approximately

two

basis

points

above

the

median

of

its

Expense

Group.

The

Board

discussed

the

Fund's

above

median

actual

total

expense

ratio

with

management

and

management

explained

that

the

Fund's

Expense

Group

is

not

state-specific

but

includes

"other

states"

among

the

municipal

debt

funds.

Management

further

explained

that

it

requested

Broadridge

to

select

a

custom

expense

peer

group

to

compare

the

Fund

to

other

funds

which

share

the

same

state-specific

focus

and

that

while

the

custom

expense

peer

group

is

small

when

compared

to

the

custom

expense

peer

group

the

Fund's

actual

total

expense

ratio

was

equal

to

the

median

of

the

custom

expense

peer

group.

The

Board

concluded

that

the

Management

Rate

charged

to

each

Fund

is

reasonable.

*Franklin* 

*Minnesota* 

*Tax-Free* 

*Income* 

*Fund* 

*and* 

*Franklin* 

*Pennsylvania* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Expense

Group

for

the

Franklin

Minnesota

Tax-Free

Income

Fund

included

the

Fund

and

five

other

Minnesota

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Pennsylvania

Tax-Free

Income

Fund

included

the

Fund

and

eight

other

Pennsylvania

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

for

each

Fund

was

equal

to

the

median

of

its

respective

Expense

Group,

but

the

actual

total

expense

ratio

for

each

Fund

was

above

the

median

of

its

respective

Expense

Group.

The

Board

discussed

each

Fund's

above

median

actual

total

expense

ratio

with

management

and

management

explained

that

each

Fund's

Expense

Group

is

state-specific

and

that

when

compared

to

its

respective

Expense

Group,

the

Fund's

actual

total

expense

ratio

is

broadly

in

line

with

peers.

The

Board

further

noted

that

the

actual

total

expense

ratio

for

the

Franklin

Minnesota

Tax-Free

Income

Fund

was

approximately

two

basis

points

above

the

median

and

for

the

Franklin

Pennsylvania

Tax-Free

Income

Fund

was

approximately

four

and

a

half

basis

points

above

the

median

of

each

Fund's

respective

Expense

Group.

The

Board

also

noted

that

each

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

further

noted

the

small

size

of

the

Franklin

Minnesota

Tax-Free

Income

Fund's

Management

Rate

Expense

Group

and

that

therefore

no

quintile

information

was

provided

for

the

Fund.

The

Board

concluded

that

the

Management

Rate

charged

to

each

Fund

is

reasonable.

*Franklin* 

*Federal* 

*Intermediate-Term* 

*Tax-Free* 

*Income* 

*Fund* 

*and* 

*Franklin* 

*Federal* 

*Limited-Term* 

*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

Board

noted

that

the

Management

Rate

for

each

Fund

was

above

the

median

of

its

respective

Expense

Group,

but

the

actual

total

expense

ratio

was

below

the

median

of

its

respective

Expense

Group.

The

Board

also

noted

that

each

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

each

Fund

is

reasonable.

*Franklin* 

*High* 

*Yield* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

high

yield

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

below

the

medians

of

its

Expense

Group.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

*Franklin* 

*Massachusetts* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Expense

Group

for

the

Fund

included

the

Fund

and

five

other

Massachusetts

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

of

its

Expense

Group.

The

Board

further

noted

that

the

Management

Rate

was

within

five

basis

points

of

the

median

of

Fund's

Expense

Group

and

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

*Franklin* 

*New* 

*Jersey* 

*Tax-Free* 

*Income* 

*Fund* 

*and* 

*Franklin* 

*Ohio* 

*Tax-Free* 

*Income* 

*Fund*

-

The

Expense

Group

for

the

Franklin

New

Jersey

Tax-Free

Income

Fund

included

the

Fund

and

seven

other

New

Jersey

municipal

debt

funds.

The

Expense

Group

for

the

Franklin

Ohio

Tax-Free

Income

Fund

included

the

Fund

and

four

other

Ohio

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

for

each

Fund

was

below

the

median

of

its

respective

Expense

Group,

but

the

actual

expense

ratio

was

above

the

median

of

its

respective

Expense

Group.

The

Board

discussed

each

Fund's

above

median

actual

total

expense

ratio

with

management

and

management

explained

that

each

Fund's

Expense

Group

is

state-

specific

and

that

when

compared

to

the

Expense

Group,

the

Fund's

actual

total

expense

ratio

is

broadly

in

line

with

peers.

The

Board

further

noted

that

the

actual

total

expense

ratio

for

the

Franklin

New

Jersey

Tax-Free

Income

Fund

was

less

than

one

basis

point

above

the

median

and

for

the

Franklin

Ohio

Tax-Free

Income

Fund

was

approximately

four

basis

points

above

the

median

of

each

Fund's

respective

Expense

Group.

The

Board

also

noted

that

each

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

further

noted

the

small

size

of

the

Franklin

Ohio

Tax-Free

Income

Fund's

Expense

Group

and

that

therefore

no

quintile

information

was

provided

for

the

Fund.

The

Board

concluded

that

the

Management

Rate

charged

to

each

Fund

is

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

for

the

Fund

was

equal

to

the

median

of

its

Expense

Group,

but

the

actual

total

expense

ratio

was

above

the

median

of

its

Expense

Group.

The

Board

discussed

the

above

median

actual

total

expense

ratio

with

management

and

management

explained

that

the

Expense

Group

is

not

state-

specific

but

include

"other

states"

among

the

municipal

debt

funds.

Management

further

explained

that

it

requested

Broadridge

to

select

a

custom

expense

peer

group

to

compare

the

Fund

to

other

funds

which

share

the

same

state-specific

focus

and

that

while

the

custom

expense

peer

group

is

small,

when

compared

to

the

custom

expense

peer

group,

the

Fund's

actual

total

expense

ratio

was

equal

to

the

median

of

the

custom

expense

peer

group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

*Franklin* 

*Oregon* 

*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

below

the

median

of

its

Expense

Group,

but

the

actual

expense

ratio

was

above

the

median

of

its

Expense

Group.

The

Board

discussed

the

above

median

actual

total

expense

ratio

with

management

and

management

explained

that

the

Expense

Group

is

not

state-specific

but

include

"other

states"

among

the

municipal

debt

funds.

Management

further

explained

that

it

requested

Broadridge

to

select

a

custom

expense

peer

group

to

compare

the

Fund

to

other

funds

which

share

the

same

state-specific

focus

and

that

while

the

custom

expense

peer

group

is

small,

when

compared

to

the

custom

expense

peer

group,

the

Fund's

actual

total

expense

ratio

is

four

basis

points

below

the

median

of

the

custom

expense

peer

group.

The

Board

also

noted

that

the

Fund's

actual

total

expense

ratio

reflected

an

expense

cap

on

operating

expenses.

The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

each

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

Franklin

Tax-Free

Trust

franklintempleton.com

Semiannual

Report

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Funds'

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Funds'

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

each

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Funds,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

each

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

each

Fund.

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

each

Fund

grows

larger

and

whether

each

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

a

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

recognized

that

the

Franklin

Alabama

Tax-Free

Income

Fund

and

the

Franklin

Connecticut

Tax-Free

Income

Fund

do

not

currently

have

an

asset

size

that

would

likely

enable

the

Funds

to

achieve

economies

of

scale.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

each

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

each

Management

Agreement

for

an

additional

one-year

period.

FTFT-SFSOI

10/25©

2025

Franklin

Templeton.

All

rights

reserved.

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 9. PROXY DISCLOSURES 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, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive
 officer and chief financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule
 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days
 of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure
 controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by
 this report that have materially affected or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](ftft-efp18084_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](ftft-efp18084_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Franklin Tax-Free Trust** | **Franklin Tax-Free Trust** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | October 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | October 29, 2025 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on
Form N-CSR of **Franklin Tax-Free Trust;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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 registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: October 29, 2025 |
| /s/ Christopher Kings |
| Christopher Kings |
| Chief Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Tax-Free Trust;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information
included in this report, and the financial statements on which the financial information is based, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting,
or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change 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 registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: October 29, 2025 |
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Tax-Free Trust.** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **August 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **Accounting Officer and Treasurer** |
| Franklin Tax-Free Trust | Franklin Tax-Free Trust |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: October 29, 2025 | Date: October 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.