# EDGAR Filing Document

**Accession Number:** 0000757010
**File Stem:** 0001133228-26-007470
**Filing Date:** 2026-4
**Character Count:** 1993968
**Document Hash:** e3ccf835f1d4153974777ea37356d57c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-007470.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001133228-26-007470

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 514

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04149
- **FILM NUMBER:** 26924114

**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'? 2026-03-1874200007500_FranklinAlabamaTax-FreeIncomeFund_ClassA_TSRAnnual

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: **February 28, 2026**

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 Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FALQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $92 | 0.90% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Alabama Tax-Free Income Fund returned 3.83%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in A rated bonds |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 1164-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6725img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 3.83 | 0.83 | 1.77 |
| **Class A (with sales charge)**  | -0.07 | 0.06 | 1.38 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $171084319 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $851391 |
| **Portfolio Turnover Rate** | 15.17% |

---

Franklin Alabama Tax-Free Income Fund PAGE 2 1164-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6725img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund PAGE 3 1164-ATSR-0426

9625978798571012410942109941099710177107301103511457100001002510276107001171311837117591115911764121121271330.216.715.113.910.38.11.91.81.30.7 ------

---

| | |
|:---|:---|
| **Franklin Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRALX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $77 | 0.75% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Alabama Tax-Free Income Fund returned 4.09%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in A rated bonds |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 164-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6726img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.09 | 1.00 | 1.87 |
| **Class A1 (with sales charge)**  | 0.16 | 0.24 | 1.49 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $171084319 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $851391 |
| **Portfolio Turnover Rate** | 15.17% |

---

Franklin Alabama Tax-Free Income Fund PAGE 2 164-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6726img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund PAGE 3 164-ATSR-0426

9625978898591013110957110261104510246108191113211587100001002510276107001171311837117591115911764121121271330.216.715.113.910.38.11.91.81.30.7 ------

---

| | |
|:---|:---|
| **Franklin Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FALEX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $131 | 1.29% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Alabama Tax-Free Income Fund returned 3.46%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in A rated bonds |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 264-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6727img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.46 | 0.41 | 1.29 |
| **Class C (with sales charge)**  | 2.46 | 0.41 | 1.29 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $171084319 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $851391 |
| **Portfolio Turnover Rate** | 15.17% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6727img004.jpg)

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

Franklin Alabama Tax-Free Income Fund PAGE 2 264-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund PAGE 3 264-ATSR-0426

1000010111101271034511139111381109610237107321098811369100001002510276107001171311837117591115911764121121271330.216.715.113.910.38.11.91.81.30.7 ------

---

| | |
|:---|:---|
| **Franklin Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FALRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $63 | 0.62% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Alabama Tax-Free Income Fund returned 4.12%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in A rated bonds |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 8164-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6729img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.12 | 1.11 | 1.99 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $171084319 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $851391 |
| **Portfolio Turnover Rate** | 15.17% |

---

Franklin Alabama Tax-Free Income Fund PAGE 2 8164-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6729img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund PAGE 3 8164-ATSR-0426

1000010170102601054511430115171154210721113351168912171100001002510276107001171311837117591115911764121121271330.216.715.113.910.38.11.91.81.30.7 ------

---

| | |
|:---|:---|
| **Franklin Alabama Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FALZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Alabama Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $66 | 0.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Alabama Tax-Free Income Fund returned 4.19%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in A rated bonds |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Alabama Tax-Free Income Fund PAGE 1 564-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6728img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.19 | 1.08 | 1.97 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Advisor Class shares on 9/15/2016. Returns for periods before 9/15/2016, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $171084319 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $851391 |
| **Portfolio Turnover Rate** | 15.17% |

---

Franklin Alabama Tax-Free Income Fund PAGE 2 564-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6728img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Alabama Tax-Free Income Fund PAGE 3 564-ATSR-0426

1000010174102581055111433115161153710713113231166312152100001002510276107001171311837117591115911764121121271330.216.715.113.910.38.11.91.81.30.7 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FAZQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $85 | 0.83% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Arizona Tax-Free Income Fund returned 3.79%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 1126-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6809img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 3.79 | 0.97 | 1.90 |
| **Class A (with sales charge)**  | -0.11 | 0.20 | 1.51 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $609841154 |
| **Total Number of Portfolio Holdings** | 158 |
| **Total Management Fee Paid** | $3146546 |
| **Portfolio Turnover Rate** | 17.42% |

---

Franklin Arizona Tax-Free Income Fund PAGE 2 1126-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6809img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund PAGE 3 1126-ATSR-0426

9625969898551016010889110511101110213107631117511599100001002510276107001159611837117591115911764121121271320.117.716.912.111.110.75.84.00.80.50.3 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FTAZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $69 | 0.68% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Arizona Tax-Free Income Fund returned 3.95%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 126-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6808img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 3.95 | 1.13 | 2.00 |
| **Class A1 (with sales charge)**  | 0.09 | 0.36 | 1.61 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $609841154 |
| **Total Number of Portfolio Holdings** | 158 |
| **Total Management Fee Paid** | $3146546 |
| **Portfolio Turnover Rate** | 17.42% |

---

Franklin Arizona Tax-Free Income Fund PAGE 2 126-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6808img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund PAGE 3 126-ATSR-0426

9625969998561016911127110951107110294108651128811734100001002510276107001171311837117591115911764121121271320.117.716.912.111.110.75.84.00.80.50.3 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FAZIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $124 | 1.22% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Arizona Tax-Free Income Fund returned 3.41%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 226-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6810img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.41 | 0.53 | 1.42 |
| **Class C (with sales charge)**  | 2.41 | 0.53 | 1.42 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $609841154 |
| **Total Number of Portfolio Holdings** | 158 |
| **Total Management Fee Paid** | $3146546 |
| **Portfolio Turnover Rate** | 17.42% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6810img004.jpg)

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

Franklin Arizona Tax-Free Income Fund PAGE 2 226-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund PAGE 3 226-ATSR-0426

1000010019101221040011305112121112710271107831113311512100001002510276107001171311837117591115911764121121271320.117.716.912.111.110.75.84.00.80.50.3 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FAZRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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** |
| Class R6 | $56 | 0.55% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Arizona Tax-Free Income Fund returned 4.08%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 8126-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6811img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.08 | 1.24 | 2.12 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $609841154 |
| **Total Number of Portfolio Holdings** | 158 |
| **Total Management Fee Paid** | $3146546 |
| **Portfolio Turnover Rate** | 17.42% |

---

Franklin Arizona Tax-Free Income Fund PAGE 2 8126-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6811img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund PAGE 3 8126-ATSR-0426

1000010077102381059311603115861157710770113811183712320100001002510276107001171311837117591115911764121121271320.117.716.912.111.110.75.84.00.80.50.3 ------

---

| | |
|:---|:---|
| **Franklin Arizona Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FAZZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Arizona Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $59 | 0.58% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Arizona Tax-Free Income Fund returned 4.04%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Arizona Tax-Free Income Fund PAGE 1 656-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6807img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.04 | 1.20 | 2.10 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $609841154 |
| **Total Number of Portfolio Holdings** | 158 |
| **Total Management Fee Paid** | $3146546 |
| **Portfolio Turnover Rate** | 17.42% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6807img004.jpg)

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

Franklin Arizona Tax-Free Income Fund PAGE 2 656-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Arizona Tax-Free Income Fund PAGE 3 656-ATSR-0426

1000010086102601060411612115901156610767113741182712305100001002510276107001171311837117591115911764121121271320.117.716.912.111.110.75.84.00.80.50.3 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FCOQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $89 | 0.87% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Colorado Tax-Free Income Fund returned 4.11%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 1127-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6764img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.11 | 0.95 | 1.82 |
| **Class A (with sales charge)**  | 0.21 | 0.18 | 1.43 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $496980852 |
| **Total Number of Portfolio Holdings** | 184 |
| **Total Management Fee Paid** | $2433149 |
| **Portfolio Turnover Rate** | 11.43% |

---

Franklin Colorado Tax-Free Income Fund PAGE 2 1127-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6764img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund PAGE 3 1127-ATSR-0426

9625975197871009910977109841093710102106811106211517100001002510276107001171311837117591115911764121121271321.620.313.512.27.76.96.05.35.11.4 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRCOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $74 | 0.72% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Colorado Tax-Free Income Fund returned 4.27%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 127-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6763img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.27 | 1.10 | 1.93 |
| **Class A1 (with sales charge)**  | 0.38 | 0.33 | 1.54 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $496980852 |
| **Total Number of Portfolio Holdings** | 184 |
| **Total Management Fee Paid** | $2433149 |
| **Portfolio Turnover Rate** | 11.43% |

---

Franklin Colorado Tax-Free Income Fund PAGE 2 127-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6763img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund PAGE 3 127-ATSR-0426

9625975197891011011015110291100710183107831117411651100001002510276107001171311837117591115911764121121271321.620.313.512.27.76.96.05.35.11.4 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCOIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $128 | 1.26% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Colorado Tax-Free Income Fund returned 3.55%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 227-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6765img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.55 | 0.50 | 1.35 |
| **Class C (with sales charge)**  | 2.55 | 0.50 | 1.35 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $496980852 |
| **Total Number of Portfolio Holdings** | 184 |
| **Total Management Fee Paid** | $2433149 |
| **Portfolio Turnover Rate** | 11.43% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6765img004.jpg)

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

Franklin Colorado Tax-Free Income Fund PAGE 2 227-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund PAGE 3 227-ATSR-0426

1000010073100631033211196111501105810173107061103911431100001002510276107001171311837117591115911764121121271321.620.313.512.27.76.96.05.35.11.4 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTLX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $59 | 0.58% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Colorado Tax-Free Income Fund returned 4.42%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 8127-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6766img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.42 | 1.25 | 2.07 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $496980852 |
| **Total Number of Portfolio Holdings** | 184 |
| **Total Management Fee Paid** | $2433149 |
| **Portfolio Turnover Rate** | 11.43% |

---

Franklin Colorado Tax-Free Income Fund PAGE 2 8127-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6766img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund PAGE 3 8127-ATSR-0426

1000010132101871053311491115221140710568112061162812276100001002510276107001171311837117591115911764121121271321.620.313.512.27.76.96.05.35.11.4 ------

---

| | |
|:---|:---|
| **Franklin Colorado Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCOZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Colorado Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $63 | 0.62% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Colorado Tax-Free Income Fund returned 4.28%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Colorado Tax-Free Income Fund PAGE 1 86-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6762img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.28 | 1.20 | 2.03 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $496980852 |
| **Total Number of Portfolio Holdings** | 184 |
| **Total Management Fee Paid** | $2433149 |
| **Portfolio Turnover Rate** | 11.43% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6762img004.jpg)

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

Franklin Colorado Tax-Free Income Fund PAGE 2 86-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Colorado Tax-Free Income Fund PAGE 3 86-ATSR-0426

1000010141101901053411488115141150310652112911172312225100001002510276107001171311837117591115911764121121271321.620.313.512.27.76.96.05.35.11.4 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FQCTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $92 | 0.90% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Connecticut Tax-Free Income Fund returned 4.42%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Security selection in A rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bond with 20 years to maturity |
| ↓ | Overweight to BBB rated bonds |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 1166-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6837img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.42 | 0.73 | 1.42 |
| **Class A (with sales charge)**  | 0.50 | -0.04 | 1.03 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $161019582 |
| **Total Number of Portfolio Holdings** | 97 |
| **Total Management Fee Paid** | $715105 |
| **Portfolio Turnover Rate** | 10.75% |

---

Franklin Connecticut Tax-Free Income Fund PAGE 2 1166-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6837img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund PAGE 3 1166-ATSR-0426

96259704970699801063210676105459718102801060211071100001002510276107001171311837117591115911764121121271335.122.810.48.47.97.24.92.60.7 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FXCTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $77 | 0.75% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Connecticut Tax-Free Income Fund returned 4.58%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Security selection in A rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bond with 20 years to maturity |
| ↓ | Overweight to BBB rated bonds |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 166-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6838img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.58 | 0.88 | 1.52 |
| **Class A1 (with sales charge)**  | 0.62 | 0.11 | 1.13 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $161019582 |
| **Total Number of Portfolio Holdings** | 97 |
| **Total Management Fee Paid** | $715105 |
| **Portfolio Turnover Rate** | 10.75% |

---

Franklin Connecticut Tax-Free Income Fund PAGE 2 166-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6838img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund PAGE 3 166-ATSR-0426

96259704970899851065510715105999782103631070511195100001002510276107001171311837117591115911764121121271335.122.810.48.47.97.24.92.60.7 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCTIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $133 | 1.30% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Connecticut Tax-Free Income Fund returned 4.08%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Security selection in A rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bond with 20 years to maturity |
| ↓ | Overweight to BBB rated bonds |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 266-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6839img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 4.08 | 0.32 | 0.96 |
| **Class C (with sales charge)**  | 3.08 | 0.32 | 0.96 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $161019582 |
| **Total Number of Portfolio Holdings** | 97 |
| **Total Management Fee Paid** | $715105 |
| **Portfolio Turnover Rate** | 10.75% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6839img004.jpg)

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

Franklin Connecticut Tax-Free Income Fund PAGE 2 266-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund PAGE 3 266-ATSR-0426

10000100259973102091082010821106479767102861056410996100001002510276107001171311837117591115911764121121271335.122.810.48.47.97.24.92.60.7 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FCTQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $63 | 0.62% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Connecticut Tax-Free Income Fund returned 4.71%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Security selection in A rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bond with 20 years to maturity |
| ↓ | Overweight to BBB rated bonds |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 8166-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6841img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.71 | 1.02 | 1.67 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $161019582 |
| **Total Number of Portfolio Holdings** | 97 |
| **Total Management Fee Paid** | $715105 |
| **Portfolio Turnover Rate** | 10.75% |

---

Franklin Connecticut Tax-Free Income Fund PAGE 2 8166-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6841img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund PAGE 3 8166-ATSR-0426

1000010074100841038511097111741107310233108551122811797100001002510276107001171311837117591115911764121121271335.122.810.48.47.97.24.92.60.7 ------

---

| | |
|:---|:---|
| **Franklin Connecticut Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FCNZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Connecticut Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $67 | 0.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Connecticut Tax-Free Income Fund returned 4.80%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Security selection in A rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bond with 20 years to maturity |
| ↓ | Overweight to BBB rated bonds |

---

Franklin Connecticut Tax-Free Income Fund PAGE 1 69-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6840img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.80 | 1.00 | 1.64 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $161019582 |
| **Total Number of Portfolio Holdings** | 97 |
| **Total Management Fee Paid** | $715105 |
| **Portfolio Turnover Rate** | 10.75% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6840img004.jpg)

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

Franklin Connecticut Tax-Free Income Fund PAGE 2 69-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Connecticut Tax-Free Income Fund PAGE 3 69-ATSR-0426

1000010101101141041411112111861107610232108511122111759100001002510276107001171311837117591115911764121121271335.122.810.48.47.97.24.92.60.7 ------

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FKQTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $73 | 0.71% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.46%. The Fund compares its performance to the Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in AA rated bonds |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 1174-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6669img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 5.46 | 1.52 | 1.76 |
| **Class A (with sales charge)**  | 3.09 | 1.06 | 1.53 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal 1-15 Year Index**  | 5.61 | 1.74 | 2.34 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2068083503 |
| **Total Number of Portfolio Holdings** | 576 |
| **Total Management Fee Paid** | $6949299 |
| **Portfolio Turnover Rate** | 27.20% |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 2 1174-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6669img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 3 1174-ATSR-0426

97759706981610105107031078010627101271063911025116271000010025102761070011713118371175911159117641211212713100001000210178105961140711564114341109311605119371260717.716.314.212.98.28.17.56.93.93.01.00.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKITX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $58 | 0.56% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.53%. The Fund compares its performance to the Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in AA rated bonds |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 174-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6668img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 5.53 | 1.66 | 1.86 |
| **Class A1 (with sales charge)**  | 3.17 | 1.20 | 1.63 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal 1-15 Year Index**  | 5.61 | 1.74 | 2.34 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2068083503 |
| **Total Number of Portfolio Holdings** | 576 |
| **Total Management Fee Paid** | $6949299 |
| **Portfolio Turnover Rate** | 27.20% |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 2 174-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6668img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 3 174-ATSR-0426

97759706981710103107261082010682101951072711133117491000010025102761070011713118371175911159117641211212713100001000210178105961140711564114341109311605119371260717.716.314.212.98.28.17.56.93.93.01.00.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FCITX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $114 | 1.11% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.03%. The Fund compares its performance to the Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in AA rated bonds |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 274-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6670img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 5.03 | 1.11 | 1.30 |
| **Class C (with sales charge)**  | 4.03 | 1.11 | 1.30 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal 1-15 Year Index**  | 5.61 | 1.74 | 2.34 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2068083503 |
| **Total Number of Portfolio Holdings** | 576 |
| **Total Management Fee Paid** | $6949299 |
| **Portfolio Turnover Rate** | 27.20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6670img004.jpg)

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

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 2 274-ATSR-0426

------

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 3 274-ATSR-0426

100009874994010172107401076610579100431049810834113791000010025102761070011713118371175911159117641211212713100001000210178105961140711564114341109311605119371260717.716.314.212.98.28.17.56.93.93.01.00.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FITQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $41 | 0.40% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.69%. The Fund compares its performance to the Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in AA rated bonds |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 8174-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6671img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 5.69 | 1.81 | 2.01 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal 1-15 Year Index**  | 5.61 | 1.74 | 2.34 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2068083503 |
| **Total Number of Portfolio Holdings** | 576 |
| **Total Management Fee Paid** | $6949299 |
| **Portfolio Turnover Rate** | 27.20% |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 2 8174-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6671img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 3 8174-ATSR-0426

1000099311005310362110171113011005105211108511522121771000010025102761070011713118371175911159117641211212713100001000210178105961140711564114341109311605119371260717.716.314.212.98.28.17.56.93.93.01.00.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Intermediate-Term Tax-Free Income** **Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FITZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Intermediate-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $47 | 0.46% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Federal Intermediate-Term Tax-Free Income Fund returned 5.62%. The Fund compares its performance to the Bloomberg Municipal 1-15 Year Index, which returned 5.61% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Selection in AA rated bonds |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 1 672-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6667img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 5.62 | 1.76 | 1.96 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal 1-15 Year Index**  | 5.61 | 1.74 | 2.34 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $2068083503 |
| **Total Number of Portfolio Holdings** | 576 |
| **Total Management Fee Paid** | $6949299 |
| **Portfolio Turnover Rate** | 27.20% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6667img004.jpg)

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

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 2 672-ATSR-0426

------

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Intermediate-Term Tax-Free Income Fund PAGE 3 672-ATSR-0426

1000099391007010373110231112910999105091105711497121431000010025102761070011713118371175911159117641211212713100001000210178105961140711564114341109311605119371260717.716.314.212.98.28.17.56.93.93.01.00.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Limited-Term Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FFLQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $66 | 0.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Federal Limited-Term Tax-Free Income Fund returned 4.29%. The Fund compares its performance to the Bloomberg Municipal Short 1-5 Years Index, which returned 4.35% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Selection in A rated bonds |
| ↓ | Overweight to bonds with 20 or more years to maturity |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 1 1154-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6732img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.29 | 1.81 | 1.56 |
| **Class A (with sales charge)**  | 1.95 | 1.35 | 1.33 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal Short 1-5 Years Index**  | 4.35 | 1.67 | 1.71 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $885797276 |
| **Total Number of Portfolio Holdings** | 360 |
| **Total Management Fee Paid** | $2383342 |
| **Portfolio Turnover Rate** | 33.07% |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 2 1154-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6732img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective January 31, 2026, Garrett L. Hamilton was added as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 3 1154-ATSR-0426

9775977897799967103551043210287101071052010941114111000010025102761070011713118371175911159117641211212713100001003410090103421073510908107691060610991113551184929.311.210.19.28.88.07.57.14.33.50.90.1 ------

---

| | |
|:---|:---|
| **Franklin Federal Limited-Term Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FFTFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $56 | 0.55% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Federal Limited-Term Tax-Free Income Fund returned 4.39%. The Fund compares its performance to the Bloomberg Municipal Short 1-5 Years Index, which returned 4.35% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Selection in A rated bonds |
| ↓ | Overweight to bonds with 20 or more years to maturity |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 1 154-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,775 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6731img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.39 | 1.91 | 1.65 |
| **Class A1 (with sales charge)**  | 2.02 | 1.45 | 1.42 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal Short 1-5 Years Index**  | 4.35 | 1.67 | 1.71 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $885797276 |
| **Total Number of Portfolio Holdings** | 360 |
| **Total Management Fee Paid** | $2383342 |
| **Portfolio Turnover Rate** | 33.07% |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 2 154-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6731img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective January 31, 2026, Garrett L. Hamilton was added as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 3 154-ATSR-0426

9775977997809986103841047310337101661059211027115111000010025102761070011713118371175911159117641211212713100001003410090103421073510908107691060610991113551184929.311.210.19.28.88.07.57.14.33.50.90.1 ------

---

| | |
|:---|:---|
| **Franklin Federal Limited-Term Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FFTRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $38 | 0.37% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Federal Limited-Term Tax-Free Income Fund returned 4.58%. The Fund compares its performance to the Bloomberg Municipal Short 1-5 Years Index, which returned 4.35% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Selection in A rated bonds |
| ↓ | Overweight to bonds with 20 or more years to maturity |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 1 8154-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6733img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.58 | 2.09 | 1.83 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal Short 1-5 Years Index**  | 4.35 | 1.67 | 1.71 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $885797276 |
| **Total Number of Portfolio Holdings** | 360 |
| **Total Management Fee Paid** | $2383342 |
| **Portfolio Turnover Rate** | 33.07% |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 2 8154-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6733img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective January 31, 2026, Garrett L. Hamilton was added as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 3 8154-ATSR-0426

1000099951000610236106631077310653104951095511426119491000010025102761070011713118371175911159117641211212713100001003410090103421073510908107691060610991113551184929.311.210.19.28.88.07.57.14.33.50.90.1 ------

---

| | |
|:---|:---|
| **Franklin Federal Limited-Term Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FTFZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Limited-Term Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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 | $41 | 0.40% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Federal Limited-Term Tax-Free Income Fund returned 4.45%. The Fund compares its performance to the Bloomberg Municipal Short 1-5 Years Index, which returned 4.35% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 10 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Selection in A rated bonds |
| ↓ | Overweight to bonds with 20 or more years to maturity |

---

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 1 54-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6730img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.45 | 2.06 | 1.80 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |
| **Bloomberg Municipal Short 1-5 Years Index**  | 4.35 | 1.67 | 1.71 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $885797276 |
| **Total Number of Portfolio Holdings** | 360 |
| **Total Management Fee Paid** | $2383342 |
| **Portfolio Turnover Rate** | 33.07% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6730img004.jpg)

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

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 2 54-ATSR-0426

------

**HOW HAS THE FUND CHANGED?**

Effective January 31, 2026, Garrett L. Hamilton was added as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Limited-Term Tax-Free Income Fund PAGE 3 54-ATSR-0426

10000100281004410261106861079310680105081096511444119531000010025102761070011713118371175911159117641211212713100001003410090103421073510908107691060610991113551184929.311.210.19.28.88.07.57.14.33.50.90.1 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FGAQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $92 | 0.90% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Georgia Tax-Free Income Fund returned 3.81%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 1128-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6774img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 3.81 | 0.66 | 1.53 |
| **Class A (with sales charge)**  | -0.08 | -0.11 | 1.15 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269687009 |
| **Total Number of Portfolio Holdings** | 103 |
| **Total Management Fee Paid** | $1432185 |
| **Portfolio Turnover Rate** | 10.73% |

---

Franklin Georgia Tax-Free Income Fund PAGE 2 1128-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6774img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund PAGE 3 1128-ATSR-0426

96259691973599911081810833107569927104781078311194100001002510276107001171311837117591115911764121121271320.719.915.111.811.37.55.04.61.61.31.2 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FTGAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $76 | 0.75% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Georgia Tax-Free Income Fund returned 3.97%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 128-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6773img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 3.97 | 0.81 | 1.65 |
| **Class A1 (with sales charge)**  | 0.04 | 0.05 | 1.26 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269687009 |
| **Total Number of Portfolio Holdings** | 103 |
| **Total Management Fee Paid** | $1432185 |
| **Portfolio Turnover Rate** | 10.73% |

---

Franklin Georgia Tax-Free Income Fund PAGE 2 128-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6773img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund PAGE 3 128-ATSR-0426

9625969297361001110856108871082610006105781090211335100001002510276107001171311837117591115911764121121271320.719.915.111.811.37.55.04.61.61.31.2 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FGAIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $131 | 1.29% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Georgia Tax-Free Income Fund returned 3.34%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 228-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6775img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.34 | 0.21 | 1.06 |
| **Class C (with sales charge)**  | 2.34 | 0.21 | 1.06 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269687009 |
| **Total Number of Portfolio Holdings** | 103 |
| **Total Management Fee Paid** | $1432185 |
| **Portfolio Turnover Rate** | 10.73% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6775img004.jpg)

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

Franklin Georgia Tax-Free Income Fund PAGE 2 228-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund PAGE 3 228-ATSR-0426

100001001210010102321103410996108759990105041075111110100001002510276107001171311837117591115911764121121271320.719.915.111.811.37.55.04.61.61.31.2 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FGFQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $63 | 0.62% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Georgia Tax-Free Income Fund returned 4.10%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 8128-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6776img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.10 | 0.95 | 1.78 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269687009 |
| **Total Number of Portfolio Holdings** | 103 |
| **Total Management Fee Paid** | $1432185 |
| **Portfolio Turnover Rate** | 10.73% |

---

Franklin Georgia Tax-Free Income Fund PAGE 2 8128-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6776img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund PAGE 3 8128-ATSR-0426

1000010070101321042311326113651131810475110991144411914100001002510276107001171311837117591115911764121121271320.719.915.111.811.37.55.04.61.61.31.2 ------

---

| | |
|:---|:---|
| **Franklin Georgia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FGFZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Georgia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $66 | 0.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Georgia Tax-Free Income Fund returned 4.07%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Georgia Tax-Free Income Fund PAGE 1 284-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6772img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.07 | 0.91 | 1.74 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Advisor Class shares on 9/15/2016. Returns for periods before 9/15/2016, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $269687009 |
| **Total Number of Portfolio Holdings** | 103 |
| **Total Management Fee Paid** | $1432185 |
| **Portfolio Turnover Rate** | 10.73% |

---

Franklin Georgia Tax-Free Income Fund PAGE 2 284-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6772img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Georgia Tax-Free Income Fund PAGE 3 284-ATSR-0426

1000010074101391042611326113601130810462110811142111886100001002510276107001171311837117591115911764121121271320.719.915.111.811.37.55.04.61.61.31.2 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FHYQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class A | $83 | 0.81% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin High Yield Tax-Free Income Fund returned 4.41%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Selection of BB rated bonds |
| ↑ | Selection of BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years or less to maturity |
| ↓ | Overweight to BB rated bonds |
| ↓ | Overweight duration to bonds with 30 years to maturity |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 1130-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6784img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.41 | 1.59 | 2.64 |
| **Class A (with sales charge)**  | 0.49 | 0.82 | 2.25 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4808286091 |
| **Total Number of Portfolio Holdings** | 1880 |
| **Total Management Fee Paid** | $21329933 |
| **Portfolio Turnover Rate** | 12.16% |

---

Franklin High Yield Tax-Free Income Fund PAGE 2 1130-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6784img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund PAGE 3 1130-ATSR-0426

9625974098671025811256114971162010441111291191812492100001002510276107001171311837117591115911764121121271331.215.313.210.07.96.94.33.72.81.41.41.00.9 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRHIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class A1 | $68 | 0.66% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin High Yield Tax-Free Income Fund returned 4.68%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Selection of BB rated bonds |
| ↑ | Selection of BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years or less to maturity |
| ↓ | Overweight to BB rated bonds |
| ↓ | Overweight duration to bonds with 30 years to maturity |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 130-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6783img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.68 | 1.77 | 2.76 |
| **Class A1 (with sales charge)**  | 0.78 | 1.00 | 2.37 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4808286091 |
| **Total Number of Portfolio Holdings** | 1880 |
| **Total Management Fee Paid** | $21329933 |
| **Portfolio Turnover Rate** | 12.16% |

---

Franklin High Yield Tax-Free Income Fund PAGE 2 130-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6783img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund PAGE 3 130-ATSR-0426

9625974198681029511314115741171510542112661207012635100001002510276107001171311837117591115911764121121271331.215.313.210.07.96.94.33.72.81.41.41.00.9 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FHYIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class C | $122 | 1.20% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin High Yield Tax-Free Income Fund returned 3.90%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Selection of BB rated bonds |
| ↑ | Selection of BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years or less to maturity |
| ↓ | Overweight to BB rated bonds |
| ↓ | Overweight duration to bonds with 30 years to maturity |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 230-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6785img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.90 | 1.11 | 2.14 |
| **Class C (with sales charge)**  | 2.90 | 1.11 | 2.14 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4808286091 |
| **Total Number of Portfolio Holdings** | 1880 |
| **Total Management Fee Paid** | $21329933 |
| **Portfolio Turnover Rate** | 12.16% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6785img004.jpg)

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

Franklin High Yield Tax-Free Income Fund PAGE 2 230-ATSR-0426

------

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund PAGE 3 230-ATSR-0426

1000010062101341051611491116871175010514111611188712351100001002510276107001171311837117591115911764121121271331.215.313.210.07.96.94.33.72.81.41.41.00.9 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FHYRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Class R6 | $52 | 0.51% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin High Yield Tax-Free Income Fund returned 4.69%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Selection of BB rated bonds |
| ↑ | Selection of BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years or less to maturity |
| ↓ | Overweight to BB rated bonds |
| ↓ | Overweight duration to bonds with 30 years to maturity |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 8130-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6786img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.69 | 1.88 | 2.88 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4808286091 |
| **Total Number of Portfolio Holdings** | 1880 |
| **Total Management Fee Paid** | $21329933 |
| **Portfolio Turnover Rate** | 12.16% |

---

Franklin High Yield Tax-Free Income Fund PAGE 2 8130-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6786img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund PAGE 3 8130-ATSR-0426

1000010121102511071811791120771224111024117951266313258100001002510276107001171311837117591115911764121121271331.215.313.210.07.96.94.33.72.81.41.41.00.9 ------

---

| | |
|:---|:---|
| **Franklin High Yield Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FHYVX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin High Yield Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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** |
| Advisor Class | $57 | 0.56% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin High Yield Tax-Free Income Fund returned 4.76%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Selection of BB rated bonds |
| ↑ | Selection of BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years or less to maturity |
| ↓ | Overweight to BB rated bonds |
| ↓ | Overweight duration to bonds with 30 years to maturity |

---

Franklin High Yield Tax-Free Income Fund PAGE 1 640-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6782img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.76 | 1.84 | 2.85 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $4808286091 |
| **Total Number of Portfolio Holdings** | 1880 |
| **Total Management Fee Paid** | $21329933 |
| **Portfolio Turnover Rate** | 12.16% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6782img004.jpg)

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

Franklin High Yield Tax-Free Income Fund PAGE 2 640-ATSR-0426

------

**HOW HAS THE FUND CHANGED?**

Effective on or about May 30, 2025, Paul M. Drury stepped down as a portfolio manager of the Fund.

This is a summary of a change to the Fund since March 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by July 1, 2026,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin High Yield Tax-Free Income Fund PAGE 3 640-ATSR-0426

1000010139102701073411805120861223411024117901264013241100001002510276107001171311837117591115911764121121271331.215.313.210.07.96.94.33.72.81.41.41.00.9 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FQLAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $91 | 0.90% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Louisiana Tax-Free Income Fund returned 2.99%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight to: | An overweight to: |
| ↑ | A rated bonds |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 1168-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6842img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 2.99 | 0.68 | 1.68 |
| **Class A (with sales charge)**  | -0.87 | -0.09 | 1.29 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $218144854 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $1135775 |
| **Portfolio Turnover Rate** | 13.78% |

---

Franklin Louisiana Tax-Free Income Fund PAGE 2 1168-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6842img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund PAGE 3 1168-ATSR-0426

9625966697661008710962109711095310132106731101811347100001002510276107001171311837117591115911764121121271321.913.112.812.711.911.57.24.12.21.20.70.7 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKLAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $76 | 0.75% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Louisiana Tax-Free Income Fund returned 3.14%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight to: | An overweight to: |
| ↑ | A rated bonds |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 168-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6843img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 3.14 | 0.83 | 1.80 |
| **Class A1 (with sales charge)**  | -0.73 | 0.06 | 1.41 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $218144854 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $1135775 |
| **Portfolio Turnover Rate** | 13.78% |

---

Franklin Louisiana Tax-Free Income Fund PAGE 2 168-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6843img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund PAGE 3 168-ATSR-0426

9625966797671010411008110341103110210107721114811498100001002510276107001171311837117591115911764121121271321.913.112.812.711.911.57.24.12.21.20.70.7 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FLAIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $131 | 1.29% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Louisiana Tax-Free Income Fund returned 2.52%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight to: | An overweight to: |
| ↑ | A rated bonds |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 268-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6844img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 2.52 | 0.24 | 1.21 |
| **Class C (with sales charge)**  | 1.53 | 0.24 | 1.21 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $218144854 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $1135775 |
| **Portfolio Turnover Rate** | 13.78% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6844img004.jpg)

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

Franklin Louisiana Tax-Free Income Fund PAGE 2 268-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund PAGE 3 268-ATSR-0426

100009986100331032611186111421107810201106931099911277100001002510276107001171311837117591115911764121121271321.913.112.812.711.911.57.24.12.21.20.70.7 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FLAQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $63 | 0.62% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Louisiana Tax-Free Income Fund returned 3.28%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight to: | An overweight to: |
| ↑ | A rated bonds |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 8168-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6846img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 3.28 | 0.96 | 1.92 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $218144854 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $1135775 |
| **Portfolio Turnover Rate** | 13.78% |

---

Franklin Louisiana Tax-Free Income Fund PAGE 2 8168-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6846img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund PAGE 3 8168-ATSR-0426

1000010044101561052811475115171153110698112911170012083100001002510276107001171311837117591115911764121121271321.913.112.812.711.911.57.24.12.21.20.70.7 ------

---

| | |
|:---|:---|
| **Franklin Louisiana Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FLTZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Louisiana Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $66 | 0.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Louisiana Tax-Free Income Fund returned 3.24%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight to: | An overweight to: |
| ↑ | A rated bonds |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin Louisiana Tax-Free Income Fund PAGE 1 286-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6845img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 3.24 | 0.93 | 1.89 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Advisor Class shares on 9/15/2016. Returns for periods before 9/15/2016, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $218144854 |
| **Total Number of Portfolio Holdings** | 101 |
| **Total Management Fee Paid** | $1135775 |
| **Portfolio Turnover Rate** | 13.78% |

---

Franklin Louisiana Tax-Free Income Fund PAGE 2 286-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6845img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Louisiana Tax-Free Income Fund PAGE 3 286-ATSR-0426

1000010048101621053311476115141152310686112851167912057100001002510276107001171311837117591115911764121121271321.913.112.812.711.911.57.24.12.21.20.70.7 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FQMDX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $91 | 0.90% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Maryland Tax-Free Income Fund returned 3.17%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 1169-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6847img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 3.17 | 0.81 | 1.60 |
| **Class A (with sales charge)**  | -0.70 | 0.05 | 1.21 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $317483248 |
| **Total Number of Portfolio Holdings** | 104 |
| **Total Management Fee Paid** | $1635104 |
| **Portfolio Turnover Rate** | 20.14% |

---

Franklin Maryland Tax-Free Income Fund PAGE 2 1169-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6847img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund PAGE 3 1169-ATSR-0426

9625975197631007810896108031077110064105561090511250100001002510276107001171311837117591115911764121121271321.919.914.612.611.59.73.73.02.40.7 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FMDTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $76 | 0.75% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Maryland Tax-Free Income Fund returned 3.32%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 169-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6848img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 3.32 | 0.96 | 1.72 |
| **Class A1 (with sales charge)**  | -0.59 | 0.19 | 1.33 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $317483248 |
| **Total Number of Portfolio Holdings** | 104 |
| **Total Management Fee Paid** | $1635104 |
| **Portfolio Turnover Rate** | 20.14% |

---

Franklin Maryland Tax-Free Income Fund PAGE 2 169-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6848img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund PAGE 3 169-ATSR-0426

9625975197641011410950108741085710160106731104111408100001002510276107001171311837117591115911764121121271321.919.914.612.611.59.73.73.02.40.7 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FMDIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $131 | 1.29% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Maryland Tax-Free Income Fund returned 2.58%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 269-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6849img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 2.58 | 0.33 | 1.12 |
| **Class C (with sales charge)**  | 1.58 | 0.33 | 1.12 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $317483248 |
| **Total Number of Portfolio Holdings** | 104 |
| **Total Management Fee Paid** | $1635104 |
| **Portfolio Turnover Rate** | 20.14% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6849img004.jpg)

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

Franklin Maryland Tax-Free Income Fund PAGE 2 269-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund PAGE 3 269-ATSR-0426

1000010072100381033311134109881091210139105921089011171100001002510276107001171311837117591115911764121121271321.919.914.612.611.59.73.73.02.40.7 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMDQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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** |
| Class R6 | $61 | 0.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Maryland Tax-Free Income Fund returned 3.47%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 8169-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6851img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 3.47 | 1.11 | 1.87 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $317483248 |
| **Total Number of Portfolio Holdings** | 104 |
| **Total Management Fee Paid** | $1635104 |
| **Portfolio Turnover Rate** | 20.14% |

---

Franklin Maryland Tax-Free Income Fund PAGE 2 8169-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6851img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund PAGE 3 8169-ATSR-0426

1000010132101611053811425113621136210649112011160512007100001002510276107001171311837117591115911764121121271321.919.914.612.611.59.73.73.02.40.7 ------

---

| | |
|:---|:---|
| **Franklin Maryland Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMDZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Maryland Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $66 | 0.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Maryland Tax-Free Income Fund returned 3.42%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in BBB rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Maryland Tax-Free Income Fund PAGE 1 669-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6850img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 3.42 | 1.06 | 1.82 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $317483248 |
| **Total Number of Portfolio Holdings** | 104 |
| **Total Management Fee Paid** | $1635104 |
| **Portfolio Turnover Rate** | 20.14% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6850img004.jpg)

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

Franklin Maryland Tax-Free Income Fund PAGE 2 669-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Maryland Tax-Free Income Fund PAGE 3 669-ATSR-0426

1000010150101731054711440113611136610637111851158211978100001002510276107001171311837117591115911764121121271321.919.914.612.611.59.73.73.02.40.7 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMAQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $92 | 0.90% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Massachusetts Tax-Free Income Fund returned 3.61%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight duration to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 1118-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6688img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 3.61 | 0.35 | 1.53 |
| **Class A (with sales charge)**  | -0.27 | -0.41 | 1.14 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $339450651 |
| **Total Number of Portfolio Holdings** | 113 |
| **Total Management Fee Paid** | $1665136 |
| **Portfolio Turnover Rate** | 21.12% |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 2 1118-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6688img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund PAGE 3 1118-ATSR-0426

9625968498441012211062109831084710053105441078911178100001002510276107001171311837117591115911764121121271327.621.612.69.88.78.24.64.01.60.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FMISX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $76 | 0.75% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Massachusetts Tax-Free Income Fund returned 3.77%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight duration to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 118-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6686img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 3.77 | 0.50 | 1.63 |
| **Class A1 (with sales charge)**  | -0.10 | -0.26 | 1.24 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $339450651 |
| **Total Number of Portfolio Holdings** | 113 |
| **Total Management Fee Paid** | $1665136 |
| **Portfolio Turnover Rate** | 21.12% |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 2 118-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6686img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund PAGE 3 118-ATSR-0426

9625968598461013911107110351091510140106411090411315100001002510276107001171311837117591115911764121121271327.621.612.69.88.78.24.64.01.60.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FMAIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $131 | 1.29% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Massachusetts Tax-Free Income Fund returned 3.15%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight duration to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 218-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6690img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.15 | -0.07 | 1.06 |
| **Class C (with sales charge)**  | 2.15 | -0.07 | 1.06 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $339450651 |
| **Total Number of Portfolio Holdings** | 113 |
| **Total Management Fee Paid** | $1665136 |
| **Portfolio Turnover Rate** | 21.12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6690img004.jpg)

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

Franklin Massachusetts Tax-Free Income Fund PAGE 2 218-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund PAGE 3 218-ATSR-0426

1000010013101221036211289111471097510122105681076611105100001002510276107001171311837117591115911764121121271327.621.612.69.88.78.24.64.01.60.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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** |
| Class R6 | $61 | 0.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Massachusetts Tax-Free Income Fund returned 3.92%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight duration to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 8118-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6691img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 3.92 | 0.66 | 1.77 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $339450651 |
| **Total Number of Portfolio Holdings** | 113 |
| **Total Management Fee Paid** | $1665136 |
| **Portfolio Turnover Rate** | 21.12% |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 2 8118-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6691img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund PAGE 3 8118-ATSR-0426

1000010063102451055411577115181141910624111651145611904100001002510276107001171311837117591115911764121121271327.621.612.69.88.78.24.64.01.60.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Massachusetts Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMAHX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Massachusetts Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $66 | 0.65% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Massachusetts Tax-Free Income Fund returned 3.87%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Overweight duration to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin Massachusetts Tax-Free Income Fund PAGE 1 18-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6685img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 3.87 | 0.60 | 1.73 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $339450651 |
| **Total Number of Portfolio Holdings** | 113 |
| **Total Management Fee Paid** | $1665136 |
| **Portfolio Turnover Rate** | 21.12% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6685img004.jpg)

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

Franklin Massachusetts Tax-Free Income Fund PAGE 2 18-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Massachusetts Tax-Free Income Fund PAGE 3 18-ATSR-0426

1000010072102571056411584115201140610607111421142911872100001002510276107001171311837117591115911764121121271327.621.612.69.88.78.24.64.01.60.50.50.3 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMQTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $86 | 0.84% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Michigan Tax-Free Income Fund returned 3.80%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 1119-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6694img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 3.80 | 0.56 | 1.81 |
| **Class A (with sales charge)**  | -0.09 | -0.21 | 1.42 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $664251965 |
| **Total Number of Portfolio Holdings** | 225 |
| **Total Management Fee Paid** | $3236749 |
| **Portfolio Turnover Rate** | 14.13% |

---

Franklin Michigan Tax-Free Income Fund PAGE 2 1119-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6694img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund PAGE 3 1119-ATSR-0426

9625974498261017111105111881103810218107651108211503100001002510276107001171311837117591115911764121121271335.912.011.18.88.26.86.74.74.30.70.50.3 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FTTMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $71 | 0.70% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Michigan Tax-Free Income Fund returned 3.96%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 119-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6693img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 3.96 | 0.73 | 1.92 |
| **Class A1 (with sales charge)**  | 0.06 | -0.04 | 1.53 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $664251965 |
| **Total Number of Portfolio Holdings** | 225 |
| **Total Management Fee Paid** | $3236749 |
| **Portfolio Turnover Rate** | 14.13% |

---

Franklin Michigan Tax-Free Income Fund PAGE 2 119-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6693img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund PAGE 3 119-ATSR-0426

9625974598271017911133112231109810289108571119411637100001002510276107001171311837117591115911764121121271335.912.011.18.88.26.86.74.74.30.70.50.3 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRMTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $126 | 1.24% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Michigan Tax-Free Income Fund returned 3.33%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 219-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6695img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.33 | 0.11 | 1.33 |
| **Class C (with sales charge)**  | 2.33 | 0.11 | 1.33 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $664251965 |
| **Total Number of Portfolio Holdings** | 225 |
| **Total Management Fee Paid** | $3236749 |
| **Portfolio Turnover Rate** | 14.13% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6695img004.jpg)

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

Franklin Michigan Tax-Free Income Fund PAGE 2 219-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund PAGE 3 219-ATSR-0426

1000010066101021040111310113491115310277107751104211410100001002510276107001171311837117591115911764121121271335.912.011.18.88.26.86.74.74.30.70.50.3 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTNX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $56 | 0.55% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Michigan Tax-Free Income Fund returned 4.09%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 8119-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6696img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.09 | 0.84 | 2.05 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $664251965 |
| **Total Number of Portfolio Holdings** | 225 |
| **Total Management Fee Paid** | $3236749 |
| **Portfolio Turnover Rate** | 14.13% |

---

Franklin Michigan Tax-Free Income Fund PAGE 2 8119-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6696img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund PAGE 3 8119-ATSR-0426

1000010125102181060511611117211159710770113771174312224100001002510276107001171311837117591115911764121121271335.912.011.18.88.26.86.74.74.30.70.50.3 ------

---

| | |
|:---|:---|
| **Franklin Michigan Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMTFX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Michigan Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $60 | 0.59% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Michigan Tax-Free Income Fund returned 4.15%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Michigan Tax-Free Income Fund PAGE 1 657-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6692img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.15 | 0.83 | 2.02 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $664251965 |
| **Total Number of Portfolio Holdings** | 225 |
| **Total Management Fee Paid** | $3236749 |
| **Portfolio Turnover Rate** | 14.13% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6692img004.jpg)

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

Franklin Michigan Tax-Free Income Fund PAGE 2 657-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Michigan Tax-Free Income Fund PAGE 3 657-ATSR-0426

1000010133102371061311616117221160310760113641172712214100001002510276107001171311837117591115911764121121271335.912.011.18.88.26.86.74.74.30.70.50.3 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMNQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $87 | 0.85% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Minnesota Tax-Free Income Fund returned 4.67%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Overweight to bonds with 20 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 1120-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6699img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.67 | 0.66 | 1.64 |
| **Class A (with sales charge)**  | 0.75 | -0.11 | 1.26 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $620184435 |
| **Total Number of Portfolio Holdings** | 195 |
| **Total Management Fee Paid** | $3052108 |
| **Portfolio Turnover Rate** | 5.26% |

---

Franklin Minnesota Tax-Free Income Fund PAGE 2 1120-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6699img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund PAGE 3 1120-ATSR-0426

962596359753100541091510955107829989104701081411320100001002510276107001171311837117591115911764121121271334.423.113.48.27.05.83.22.01.90.80.2 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FMINX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $72 | 0.70% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Minnesota Tax-Free Income Fund returned 4.74%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Overweight to bonds with 20 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 120-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6698img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.74 | 0.81 | 1.75 |
| **Class A1 (with sales charge)**  | 0.80 | 0.04 | 1.37 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $620184435 |
| **Total Number of Portfolio Holdings** | 195 |
| **Total Management Fee Paid** | $3052108 |
| **Portfolio Turnover Rate** | 5.26% |

---

Franklin Minnesota Tax-Free Income Fund PAGE 2 120-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6698img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund PAGE 3 120-ATSR-0426

9625963597541006210950109981084010058105671093111449100001002510276107001171311837117591115911764121121271334.423.113.48.27.05.83.22.01.90.80.2 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FMNIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $128 | 1.25% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Minnesota Tax-Free Income Fund returned 4.11%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Overweight to bonds with 20 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 220-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6700img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 4.11 | 0.21 | 1.17 |
| **Class C (with sales charge)**  | 3.11 | 0.21 | 1.17 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $620184435 |
| **Total Number of Portfolio Holdings** | 195 |
| **Total Management Fee Paid** | $3052108 |
| **Portfolio Turnover Rate** | 5.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6700img004.jpg)

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

Franklin Minnesota Tax-Free Income Fund PAGE 2 220-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund PAGE 3 220-ATSR-0426

100009955100281028511131111201089210051104951079311237100001002510276107001171311837117591115911764121121271334.423.113.48.27.05.83.22.01.90.80.2 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTDX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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** |
| Class R6 | $56 | 0.55% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Minnesota Tax-Free Income Fund returned 4.89%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Overweight to bonds with 20 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 8120-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6701img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.89 | 0.96 | 1.90 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $620184435 |
| **Total Number of Portfolio Holdings** | 195 |
| **Total Management Fee Paid** | $3052108 |
| **Portfolio Turnover Rate** | 5.26% |

---

Franklin Minnesota Tax-Free Income Fund PAGE 2 8120-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6701img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund PAGE 3 8120-ATSR-0426

1000010012101521048711427114951134810547110961149412056100001002510276107001171311837117591115911764121121271334.423.113.48.27.05.83.22.01.90.80.2 ------

---

| | |
|:---|:---|
| **Franklin Minnesota Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FMNZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Minnesota Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $61 | 0.60% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Minnesota Tax-Free Income Fund returned 4.93%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 10 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five years to maturity |
| ↓ | Overweight to bonds with 20 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Minnesota Tax-Free Income Fund PAGE 1 668-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6697img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.93 | 0.91 | 1.86 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $620184435 |
| **Total Number of Portfolio Holdings** | 195 |
| **Total Management Fee Paid** | $3052108 |
| **Portfolio Turnover Rate** | 5.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6697img004.jpg)

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

Franklin Minnesota Tax-Free Income Fund PAGE 2 668-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Minnesota Tax-Free Income Fund PAGE 3 668-ATSR-0426

1000010020101621049311419114901133610530110641145612021100001002510276107001171311837117591115911764121121271334.423.113.48.27.05.83.22.01.90.80.2 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FMQOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $86 | 0.84% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Missouri Tax-Free Income Fund returned 3.82%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 1160-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6736img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 3.82 | 0.67 | 1.68 |
| **Class A (with sales charge)**  | -0.07 | -0.09 | 1.29 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $633628377 |
| **Total Number of Portfolio Holdings** | 162 |
| **Total Management Fee Paid** | $3061022 |
| **Portfolio Turnover Rate** | 12.36% |

---

Franklin Missouri Tax-Free Income Fund PAGE 2 1160-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6736img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund PAGE 3 1160-ATSR-0426

9625971597261008810928109721088110019105541092911346100001002510276107001171311837117591115911764121121271327.724.912.59.57.97.24.82.82.40.3 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRMOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $70 | 0.69% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Missouri Tax-Free Income Fund returned 3.98%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 160-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6735img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 3.98 | 0.84 | 1.80 |
| **Class A1 (with sales charge)**  | 0.07 | 0.08 | 1.41 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $633628377 |
| **Total Number of Portfolio Holdings** | 162 |
| **Total Management Fee Paid** | $3061022 |
| **Portfolio Turnover Rate** | 12.36% |

---

Franklin Missouri Tax-Free Income Fund PAGE 2 160-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6735img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund PAGE 3 160-ATSR-0426

9625971697271010710973110251095910106106521105811498100001002510276107001171311837117591115911764121121271327.724.912.59.57.97.24.82.82.40.3 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FMOIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $125 | 1.23% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Missouri Tax-Free Income Fund returned 3.27%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 260-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6737img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.27 | 0.22 | 1.20 |
| **Class C (with sales charge)**  | 2.27 | 0.22 | 1.20 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $633628377 |
| **Total Number of Portfolio Holdings** | 162 |
| **Total Management Fee Paid** | $3061022 |
| **Portfolio Turnover Rate** | 12.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6737img004.jpg)

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

Franklin Missouri Tax-Free Income Fund PAGE 2 260-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund PAGE 3 260-ATSR-0426

100001003899851032111139111401100310081105711090911265100001002510276107001171311837117591115911764121121271327.724.912.59.57.97.24.82.82.40.3 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FMOQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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** |
| Class R6 | $56 | 0.55% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Missouri Tax-Free Income Fund returned 4.11%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 8160-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6738img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.11 | 0.97 | 1.92 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $633628377 |
| **Total Number of Portfolio Holdings** | 162 |
| **Total Management Fee Paid** | $3061022 |
| **Portfolio Turnover Rate** | 12.36% |

---

Franklin Missouri Tax-Free Income Fund PAGE 2 8160-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6738img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund PAGE 3 8160-ATSR-0426

1000010104101141053111448115171146310586111721161212090100001002510276107001171311837117591115911764121121271327.724.912.59.57.97.24.82.82.40.3 ------

---

| | |
|:---|:---|
| **Franklin Missouri Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRMZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Missouri Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $60 | 0.59% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Missouri Tax-Free Income Fund returned 3.98%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Security selection in AA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Missouri Tax-Free Income Fund PAGE 1 679-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6734img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 3.98 | 0.92 | 1.89 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $633628377 |
| **Total Number of Portfolio Holdings** | 162 |
| **Total Management Fee Paid** | $3061022 |
| **Portfolio Turnover Rate** | 12.36% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6734img004.jpg)

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

Franklin Missouri Tax-Free Income Fund PAGE 2 679-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Missouri Tax-Free Income Fund PAGE 3 679-ATSR-0426

1000010104101171053011435115101145210562111541159012051100001002510276107001171311837117591115911764121121271327.724.912.59.57.97.24.82.82.40.3 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FNJQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $87 | 0.85% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin New Jersey Tax-Free Income Fund returned 4.10%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 1171-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6804img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.10 | 0.98 | 1.90 |
| **Class A (with sales charge)**  | 0.19 | 0.21 | 1.51 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $837047147 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3851345 |
| **Portfolio Turnover Rate** | 18.26% |

---

Franklin New Jersey Tax-Free Income Fund PAGE 2 1171-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6804img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund PAGE 3 1171-ATSR-0426

9625976398291018011056110351101610231107981113311589100001002510276107001171311837117591115911764121121271325.618.413.112.910.35.44.63.63.52.40.2 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRNJX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $71 | 0.70% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin New Jersey Tax-Free Income Fund returned 4.16%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 171-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6803img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.16 | 1.12 | 2.00 |
| **Class A1 (with sales charge)**  | 0.29 | 0.34 | 1.60 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $837047147 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3851345 |
| **Portfolio Turnover Rate** | 18.26% |

---

Franklin New Jersey Tax-Free Income Fund PAGE 2 171-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6803img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund PAGE 3 171-ATSR-0426

9625976498301020111097110921108010314109031125811727100001002510276107001171311837117591115911764121121271325.618.413.112.910.35.44.63.63.52.40.2 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FNIIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $126 | 1.24% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin New Jersey Tax-Free Income Fund returned 3.63%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 271-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6805img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.63 | 0.55 | 1.42 |
| **Class C (with sales charge)**  | 2.63 | 0.55 | 1.42 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $837047147 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3851345 |
| **Portfolio Turnover Rate** | 18.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6805img004.jpg)

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

Franklin New Jersey Tax-Free Income Fund PAGE 2 271-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund PAGE 3 271-ATSR-0426

1000010095101061042511278112031112910293108241111011512100001002510276107001171311837117591115911764121121271325.618.413.112.910.35.44.63.63.52.40.2 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FNJRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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** |
| Class R6 | $54 | 0.53% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin New Jersey Tax-Free Income Fund returned 4.42%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 8171-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6806img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.42 | 1.29 | 2.14 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $837047147 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3851345 |
| **Portfolio Turnover Rate** | 18.26% |

---

Franklin New Jersey Tax-Free Income Fund PAGE 2 8171-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6806img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund PAGE 3 8171-ATSR-0426

1000010145102211062111568115791158310799114311182012343100001002510276107001171311837117591115911764121121271325.618.413.112.910.35.44.63.63.52.40.2 ------

---

| | |
|:---|:---|
| **Franklin New Jersey Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FNJZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin New Jersey Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $61 | 0.60% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin New Jersey Tax-Free Income Fund returned 4.26%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with 20 years to maturity |
| ↑ | Bonds with no external credit rating |
| ↑ | A rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Selection in A rated bonds |

---

Franklin New Jersey Tax-Free Income Fund PAGE 1 676-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6802img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.26 | 1.22 | 2.10 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $837047147 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3851345 |
| **Portfolio Turnover Rate** | 18.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6802img004.jpg)

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

Franklin New Jersey Tax-Free Income Fund PAGE 2 676-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin New Jersey Tax-Free Income Fund PAGE 3 676-ATSR-0426

1000010154102321062911572115791157710789114161179912301100001002510276107001171311837117591115911764121121271325.618.413.112.910.35.44.63.63.52.40.2 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FQNCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $88 | 0.86% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin North Carolina Tax-Free Income Fund returned 4.19%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years or more to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 1170-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6799img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.19 | 0.75 | 1.54 |
| **Class A (with sales charge)**  | 0.28 | -0.01 | 1.15 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $585863903 |
| **Total Number of Portfolio Holdings** | 204 |
| **Total Management Fee Paid** | $2828219 |
| **Portfolio Turnover Rate** | 16.41% |

---

Franklin North Carolina Tax-Free Income Fund PAGE 2 1170-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6799img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund PAGE 3 1170-ATSR-0426

96259739969499911074110780106859904104191074311193100001002510276107001171311837117591115911764121121271324.614.313.612.412.49.56.43.52.70.50.1 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FXNCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $73 | 0.71% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin North Carolina Tax-Free Income Fund returned 4.35%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years or more to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 170-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6798img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.35 | 0.92 | 1.66 |
| **Class A1 (with sales charge)**  | 0.44 | 0.16 | 1.27 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $585863903 |
| **Total Number of Portfolio Holdings** | 204 |
| **Total Management Fee Paid** | $2828219 |
| **Portfolio Turnover Rate** | 16.41% |

---

Franklin North Carolina Tax-Free Income Fund PAGE 2 170-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6798img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund PAGE 3 170-ATSR-0426

962597399696100171078510832107619989105161086811341100001002510276107001171311837117591115911764121121271324.614.313.612.412.49.56.43.52.70.50.1 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FNCIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $127 | 1.25% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin North Carolina Tax-Free Income Fund returned 3.61%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years or more to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 270-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6800img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.61 | 0.30 | 1.06 |
| **Class C (with sales charge)**  | 2.61 | 0.30 | 1.06 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $585863903 |
| **Total Number of Portfolio Holdings** | 204 |
| **Total Management Fee Paid** | $2828219 |
| **Portfolio Turnover Rate** | 16.41% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6800img004.jpg)

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

Franklin North Carolina Tax-Free Income Fund PAGE 2 270-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund PAGE 3 270-ATSR-0426

10000100619960102381096210949108009974104421072711114100001002510276107001171311837117591115911764121121271324.614.313.612.412.49.56.43.52.70.50.1 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FNCQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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** |
| Class R6 | $57 | 0.56% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin North Carolina Tax-Free Income Fund returned 4.41%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years or more to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 8170-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6801img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.41 | 1.05 | 1.78 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $585863903 |
| **Total Number of Portfolio Holdings** | 204 |
| **Total Management Fee Paid** | $2828219 |
| **Portfolio Turnover Rate** | 16.41% |

---

Franklin North Carolina Tax-Free Income Fund PAGE 2 8170-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6801img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund PAGE 3 8170-ATSR-0426

1000010120100721041911242113061123810446110221140911912100001002510276107001171311837117591115911764121121271324.614.313.612.412.49.56.43.52.70.50.1 ------

---

| | |
|:---|:---|
| **Franklin North Carolina Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FNCZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin North Carolina Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $62 | 0.61% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin North Carolina Tax-Free Income Fund returned 4.45%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years or more to maturity |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in A rated bonds |

---

Franklin North Carolina Tax-Free Income Fund PAGE 1 71-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6797img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.45 | 1.01 | 1.76 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $585863903 |
| **Total Number of Portfolio Holdings** | 204 |
| **Total Management Fee Paid** | $2828219 |
| **Portfolio Turnover Rate** | 16.41% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6797img004.jpg)

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

Franklin North Carolina Tax-Free Income Fund PAGE 2 71-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin North Carolina Tax-Free Income Fund PAGE 3 71-ATSR-0426

1000010129100931043811249113181124610450110111139211899100001002510276107001171311837117591115911764121121271324.614.313.612.412.49.56.43.52.70.50.1 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FOHQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $84 | 0.82% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Ohio Tax-Free Income Fund returned 4.21%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 1122-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6705img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.21 | 0.70 | 1.79 |
| **Class A (with sales charge)**  | 0.31 | -0.07 | 1.40 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $916240647 |
| **Total Number of Portfolio Holdings** | 239 |
| **Total Management Fee Paid** | $4418096 |
| **Portfolio Turnover Rate** | 10.45% |

---

Franklin Ohio Tax-Free Income Fund PAGE 2 1122-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6705img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund PAGE 3 1122-ATSR-0426

9625967598931019811075110771097710147106501100611470100001002510276107001171311837117591115911764121121271328.914.413.712.611.07.93.32.91.81.51.30.7 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FTOIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $68 | 0.67% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Ohio Tax-Free Income Fund returned 4.37%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 122-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6703img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.37 | 0.84 | 1.90 |
| **Class A1 (with sales charge)**  | 0.45 | 0.07 | 1.51 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $916240647 |
| **Total Number of Portfolio Holdings** | 239 |
| **Total Management Fee Paid** | $4418096 |
| **Portfolio Turnover Rate** | 10.45% |

---

Franklin Ohio Tax-Free Income Fund PAGE 2 122-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6703img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund PAGE 3 122-ATSR-0426

9625967598941022511121111391105610226107501112611612100001002510276107001171311837117591115911764121121271328.914.413.712.611.07.93.32.91.81.51.30.7 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FOITX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $124 | 1.22% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Ohio Tax-Free Income Fund returned 3.74%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 222-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6707img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.74 | 0.24 | 1.31 |
| **Class C (with sales charge)**  | 2.74 | 0.24 | 1.31 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $916240647 |
| **Total Number of Portfolio Holdings** | 239 |
| **Total Management Fee Paid** | $4418096 |
| **Portfolio Turnover Rate** | 10.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6707img004.jpg)

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

Franklin Ohio Tax-Free Income Fund PAGE 2 222-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund PAGE 3 222-ATSR-0426

100009995101701044711300112571110410216106731098011390100001002510276107001171311837117591115911764121121271328.914.413.712.611.07.93.32.91.81.51.30.7 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FKTOX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $55 | 0.54% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Ohio Tax-Free Income Fund returned 4.42%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 8122-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6709img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.42 | 0.97 | 2.03 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $916240647 |
| **Total Number of Portfolio Holdings** | 239 |
| **Total Management Fee Paid** | $4418096 |
| **Portfolio Turnover Rate** | 10.45% |

---

Franklin Ohio Tax-Free Income Fund PAGE 2 8122-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6709img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund PAGE 3 8122-ATSR-0426

1000010053102881064511593116281155710715112781168812204100001002510276107001171311837117591115911764121121271328.914.413.712.611.07.93.32.91.81.51.30.7 ------

---

| | |
|:---|:---|
| **Franklin Ohio Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FROZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Ohio Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $58 | 0.57% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Ohio Tax-Free Income Fund returned 4.38%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in AAA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with five and 10 years to maturity |
| ↓ | Overweight to bonds with 30 years to maturity |
| ↓ | Security selection in A rated bonds |

---

Franklin Ohio Tax-Free Income Fund PAGE 1 633-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6702img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.38 | 0.93 | 1.99 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $916240647 |
| **Total Number of Portfolio Holdings** | 239 |
| **Total Management Fee Paid** | $4418096 |
| **Portfolio Turnover Rate** | 10.45% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6702img004.jpg)

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

Franklin Ohio Tax-Free Income Fund PAGE 2 633-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Ohio Tax-Free Income Fund PAGE 3 633-ATSR-0426

1000010062102991065311597116271155210706112651167012181100001002510276107001171311837117591115911764121121271328.914.413.712.611.07.93.32.91.81.51.30.7 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FOFQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $84 | 0.82% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Oregon Tax-Free Income Fund returned 4.08%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 1161-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6741img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 4.08 | 0.73 | 1.70 |
| **Class A (with sales charge)**  | 0.18 | -0.04 | 1.32 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $814893234 |
| **Total Number of Portfolio Holdings** | 164 |
| **Total Management Fee Paid** | $3876472 |
| **Portfolio Turnover Rate** | 16.43% |

---

Franklin Oregon Tax-Free Income Fund PAGE 2 1161-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6741img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund PAGE 3 1161-ATSR-0426

9625971198361013610987109781092610131106171094011386100001002510276107001171311837117591115911764121121271325.524.913.210.89.64.13.83.21.91.71.10.2 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRORX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $68 | 0.67% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Oregon Tax-Free Income Fund returned 4.14%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 161-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6740img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.14 | 0.88 | 1.81 |
| **Class A1 (with sales charge)**  | 0.24 | 0.11 | 1.43 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $814893234 |
| **Total Number of Portfolio Holdings** | 164 |
| **Total Management Fee Paid** | $3876472 |
| **Portfolio Turnover Rate** | 16.43% |

---

Franklin Oregon Tax-Free Income Fund PAGE 2 161-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6740img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund PAGE 3 161-ATSR-0426

9625971298371014511013110211098510201107171105911517100001002510276107001171311837117591115911764121121271325.524.913.210.89.64.13.83.21.91.71.10.2 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FORIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $123 | 1.21% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Oregon Tax-Free Income Fund returned 3.60%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 261-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6742img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.60 | 0.29 | 1.23 |
| **Class C (with sales charge)**  | 2.60 | 0.29 | 1.23 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $814893234 |
| **Total Number of Portfolio Holdings** | 164 |
| **Total Management Fee Paid** | $3876472 |
| **Portfolio Turnover Rate** | 16.43% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6742img004.jpg)

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

Franklin Oregon Tax-Free Income Fund PAGE 2 261-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund PAGE 3 261-ATSR-0426

1000010032101131036611201111301104210181106291090211295100001002510276107001171311837117591115911764121121271325.524.913.210.89.64.13.83.21.91.71.10.2 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FOFRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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** |
| Class R6 | $54 | 0.53% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Oregon Tax-Free Income Fund returned 4.38%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 8161-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6743img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.38 | 1.03 | 1.94 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $814893234 |
| **Total Number of Portfolio Holdings** | 164 |
| **Total Management Fee Paid** | $3876472 |
| **Portfolio Turnover Rate** | 16.43% |

---

Franklin Oregon Tax-Free Income Fund PAGE 2 8161-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6743img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund PAGE 3 8161-ATSR-0426

1000010091102281056011478114921147810674112171159112098100001002510276107001171311837117591115911764121121271325.524.913.210.89.64.13.83.21.91.71.10.2 ------

---

| | |
|:---|:---|
| **Franklin Oregon Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FOFZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Oregon Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $58 | 0.57% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Oregon Tax-Free Income Fund returned 4.34%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two, five and 10 years maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Overweight to bonds with 30 years to maturity |

---

Franklin Oregon Tax-Free Income Fund PAGE 1 51-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6739img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.34 | 1.00 | 1.92 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $814893234 |
| **Total Number of Portfolio Holdings** | 164 |
| **Total Management Fee Paid** | $3876472 |
| **Portfolio Turnover Rate** | 16.43% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6739img004.jpg)

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

Franklin Oregon Tax-Free Income Fund PAGE 2 51-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Oregon Tax-Free Income Fund PAGE 3 51-ATSR-0426

1000010099102391056911494115041148710669112201158912092100001002510276107001171311837117591115911764121121271325.524.913.210.89.64.13.83.21.91.71.10.2 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FPAQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $87 | 0.85% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Pennsylvania Tax-Free Income Fund returned 3.94%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight on bonds with 10 and 20 years to maturity |
| ↑ | Security selection in AAA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 1129-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6779img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 3.94 | 0.70 | 1.58 |
| **Class A (with sales charge)**  | 0.04 | -0.07 | 1.19 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $670661825 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3284255 |
| **Portfolio Turnover Rate** | 15.53% |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 2 1129-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6779img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund PAGE 3 1129-ATSR-0426

962597819811101041082510859107989921104671081911245100001002510276107001171311837117591115911764121121271326.923.615.78.17.86.64.03.52.60.80.4 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRPAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $71 | 0.70% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Pennsylvania Tax-Free Income Fund returned 4.21%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight on bonds with 10 and 20 years to maturity |
| ↑ | Security selection in AAA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 129-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6778img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 4.21 | 0.85 | 1.69 |
| **Class A1 (with sales charge)**  | 0.25 | 0.07 | 1.31 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $670661825 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3284255 |
| **Portfolio Turnover Rate** | 15.53% |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 2 129-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6778img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund PAGE 3 129-ATSR-0426

962597819812101231086110912108679998105651092411384100001002510276107001171311837117591115911764121121271326.923.615.78.17.86.64.03.52.60.80.4 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRPTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $126 | 1.24% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Pennsylvania Tax-Free Income Fund returned 3.47%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight on bonds with 10 and 20 years to maturity |
| ↑ | Security selection in AAA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 229-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6780img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 3.47 | 0.24 | 1.10 |
| **Class C (with sales charge)**  | 2.47 | 0.24 | 1.10 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $670661825 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3284255 |
| **Portfolio Turnover Rate** | 15.53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6780img004.jpg)

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

Franklin Pennsylvania Tax-Free Income Fund PAGE 2 229-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund PAGE 3 229-ATSR-0426

100001010410089103471103411025109199992104921078411158100001002510276107001171311837117591115911764121121271326.923.615.78.17.86.64.03.52.60.80.4 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRPRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $56 | 0.55% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Pennsylvania Tax-Free Income Fund returned 4.25%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight on bonds with 10 and 20 years to maturity |
| ↑ | Security selection in AAA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 8129-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6781img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 4.25 | 0.99 | 1.82 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $670661825 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3284255 |
| **Portfolio Turnover Rate** | 15.53% |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 2 8129-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6781img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund PAGE 3 8129-ATSR-0426

1000010174102231056111333114021138210478110851148911977100001002510276107001171311837117591115911764121121271326.923.615.78.17.86.64.03.52.60.80.4 ------

---

| | |
|:---|:---|
| **Franklin Pennsylvania Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FPFZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Pennsylvania Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $61 | 0.60% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Pennsylvania Tax-Free Income Fund returned 4.19%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight on bonds with 10 and 20 years to maturity |
| ↑ | Security selection in AAA rated bonds |
| ↑ | Overweight to bonds with no external credit rating |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with two and five years to maturity |
| ↓ | Security selection in A rated bonds |
| ↓ | Security selection in AA rated bonds |

---

Franklin Pennsylvania Tax-Free Income Fund PAGE 1 677-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6777img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 4.19 | 0.95 | 1.79 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $670661825 |
| **Total Number of Portfolio Holdings** | 211 |
| **Total Management Fee Paid** | $3284255 |
| **Portfolio Turnover Rate** | 15.53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6777img004.jpg)

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

Franklin Pennsylvania Tax-Free Income Fund PAGE 2 677-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Pennsylvania Tax-Free Income Fund PAGE 3 677-ATSR-0426

1000010172102241055811326113901136610459110611146111942100001002510276107001171311837117591115911764121121271326.923.615.78.17.86.64.03.52.60.80.4 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A [FVAQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $90 | 0.89% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A shares of Franklin Virginia Tax-Free Income Fund returned 2.98%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Underweight to AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 1163-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 2/29/2016 — 2/28/2026

![image](ts6746img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 2.98 | 0.36 | 1.28 |
| **Class A (with sales charge)**  | -0.88 | -0.41 | 0.89 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $448134596 |
| **Total Number of Portfolio Holdings** | 147 |
| **Total Management Fee Paid** | $2255697 |
| **Portfolio Turnover Rate** | 15.57% |

---

Franklin Virginia Tax-Free Income Fund PAGE 2 1163-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6746img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund PAGE 3 1163-ATSR-0426

962597699736100331077510712105649734102851059010906100001002510276107001171311837117591115911764121121271323.817.616.710.69.37.44.13.62.61.51.51.3 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FRVAX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $75 | 0.74% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class A1 shares of Franklin Virginia Tax-Free Income Fund returned 3.14%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Underweight to AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 163-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 2/29/2016 — 2/28/2026

![image](ts6745img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 3.14 | 0.53 | 1.39 |
| **Class A1 (with sales charge)**  | -0.73 | -0.23 | 1.00 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $448134596 |
| **Total Number of Portfolio Holdings** | 147 |
| **Total Management Fee Paid** | $2255697 |
| **Portfolio Turnover Rate** | 15.57% |

---

Franklin Virginia Tax-Free Income Fund PAGE 2 163-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6745img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund PAGE 3 163-ATSR-0426

962597709737100501082010762106399819103791071311050100001002510276107001171311837117591115911764121121271323.817.616.710.69.37.44.13.62.61.51.51.3 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FVAIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $130 | 1.28% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class C shares of Franklin Virginia Tax-Free Income Fund returned 2.42%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Underweight to AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 263-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 2/29/2016 — 2/28/2026

![image](ts6747img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 2.42 | -0.09 | 0.80 |
| **Class C (with sales charge)**  | 1.42 | -0.09 | 0.80 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $448134596 |
| **Total Number of Portfolio Holdings** | 147 |
| **Total Management Fee Paid** | $2255697 |
| **Portfolio Turnover Rate** | 15.57% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6747img004.jpg)

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

Franklin Virginia Tax-Free Income Fund PAGE 2 263-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund PAGE 3 263-ATSR-0426

100001009210003102711099710881106899805103081057510831100001002510276107001171311837117591115911764121121271323.817.616.710.69.37.44.13.62.61.51.51.3 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FRVRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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** |
| Class R6 | $58 | 0.57% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Class R6 shares of Franklin Virginia Tax-Free Income Fund returned 3.21%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Underweight to AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 8163-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 2/29/2016 — 2/28/2026

![image](ts6748img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 3.21 | 0.66 | 1.53 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $448134596 |
| **Total Number of Portfolio Holdings** | 147 |
| **Total Management Fee Paid** | $2255697 |
| **Portfolio Turnover Rate** | 15.57% |

---

Franklin Virginia Tax-Free Income Fund PAGE 2 8163-ATSR-0426

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6748img004.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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund PAGE 3 8163-ATSR-0426

1000010152101151046411280112361112310271108841125211613100001002510276107001171311837117591115911764121121271323.817.616.710.69.37.44.13.62.61.51.51.3 ------

---

| | |
|:---|:---|
| **Franklin Virginia Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FRVZX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| February 28, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Virginia Tax-Free Income Fund for the period March 1, 2025, to February 28, 2026.

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 YEAR?** (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 | $65 | 0.64% |

---

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

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended February 28, 2026, Advisor Class shares of Franklin Virginia Tax-Free Income Fund returned 3.24%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 4.96% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight to bonds with no external credit rating |
| ↑ | Overweight to bonds with 20 years to maturity |
| ↑ | Underweight to AA rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Security selection in AA rated bonds |
| ↓ | Security selection in BBB rated bonds |

---

Franklin Virginia Tax-Free Income Fund PAGE 1 84-ATSR-0426

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 2/29/2016 — 2/28/2026

![image](ts6744img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended February 28, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 3.24 | 0.63 | 1.50 |
| **Bloomberg Municipal Bond Index**  | 4.96 | 1.44 | 2.43 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $448134596 |
| **Total Number of Portfolio Holdings** | 147 |
| **Total Management Fee Paid** | $2255697 |
| **Portfolio Turnover Rate** | 15.57% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

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

![image](ts6744img004.jpg)

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

Franklin Virginia Tax-Free Income Fund PAGE 2 84-ATSR-0426

------

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Virginia Tax-Free Income Fund PAGE 3 84-ATSR-0426

1000010160101441048111294112451112810281108781123911603100001002510276107001171311837117591115911764121121271323.817.616.710.69.37.44.13.62.61.51.51.3 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending February 28, 2025 and February 28, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $742,611 in February 28, 2025 and $836,756 in February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in February 28, 2025 and $0 in February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $196,250 in February 28, 2025 and $196,250 in February 28, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in February 28, 2025 and $0 in February 28, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $489,326 in February 28, 2025 and $1,690,011 in February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) 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 HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Tax-Free

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

February

28,

2026

#### 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

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedules

of

Investments

#### 2
Financial

Statements

#### 283
Notes

to

Financial

Statements

#### 308
Report

of

Independent

Registered

Public

Accounting

Firm

#### 349
Tax

Information

#### 350
Changes

In

and

Disagreements

with

Accountants

#### 351
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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.21

$10.20

$9.92

$10.97

$11.18

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.29 0.27 0.25 0.24 0.22 Net

realized

and

unrealized

gains

(losses)

...........

0.10 0.01 0.28 (1.06)

(0.21)

Total

from

investment

operations

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

0.39 0.28 0.53 (0.82)

0.01 Less

distributions

from:

Net

investment

income

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

(0.29)

(0.27)

(0.25)

(0.23)

(0.22)

Net

asset

value,

end

of

year

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

$10.31

$10.21

$10.20

$9.92

$10.97

Total

return

d

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

3.83%

2.84%

5.43%

(7.45)%

0.02%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.97%

0.95%

0.93%

0.93%

0.91%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.90%

0.89%

e

0.90%

e

0.90%

e

0.91%

e

Net

investment

income

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

2.93%

2.60%

2.50%

2.34%

1.91%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$42,795

$47,227

$48,532

$42,244

$46,633

Portfolio

turnover

rate

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

15.17%

14.27%

7.51%

19.06%

20.50%

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.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.20

$10.19

$9.91

$10.95

$11.16

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.31 0.28 0.26 0.25 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.01 0.28 (1.04)

(0.20)

Total

from

investment

operations

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

0.40 0.29 0.54 (0.79)

0.03 Less

distributions

from:

Net

investment

income

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

(0.30)

(0.28)

(0.26)

(0.25)

(0.24)

Net

asset

value,

end

of

year

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

$10.30

$10.20

$10.19

$9.91

$10.95

Total

return

d

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

4.09%

2.90%

5.59%

(7.24)%

0.17%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.82%

0.80%

0.78%

0.78%

0.76%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.75%

0.75%

e

0.75%

e

0.75%

e

0.76%

e

Net

investment

income

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

3.08%

2.75%

2.66%

2.49%

2.07%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$96,006

$103,724

$118,538

$125,644

$163,571

Portfolio

turnover

rate

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

15.17%

14.27%

7.51%

19.06%

20.50%

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.

e

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.34

$10.32

$10.05

$11.10

$11.32

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.25 0.22 0.21 0.19 0.17 Net

realized

and

unrealized

gains

(losses)

...........

0.10 0.02 0.27 (1.05)

(0.22)

Total

from

investment

operations

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

0.35 0.24 0.48 (0.86)

(0.05)

Less

distributions

from:

Net

investment

income

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

(0.25)

(0.22)

(0.21)

(0.19)

(0.17)

Net

asset

value,

end

of

year

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

$10.44

$10.34

$10.32

$10.05

$11.10

Total

return

d

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

3.46%

2.39%

4.83%

(7.74)%

(0.38)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.36%

1.33%

1.32%

1.32%

1.30%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.29%

1.29%

e

1.29%

e

1.29%

e

1.30%

e

Net

investment

income

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

2.48%

2.15%

2.06%

1.89%

1.51%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$2,308

$3,461

$6,046

$8,264

$13,416

Portfolio

turnover

rate

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

15.17%

14.27%

7.51%

19.06%

20.50%

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.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.21

$10.19

$9.91

$10.95

$11.17

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.32 0.29 0.28 0.26 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.02 0.28 (1.04)

(0.22)

Total

from

investment

operations

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

0.41 0.31 0.56 (0.78)

0.03 Less

distributions

from:

Net

investment

income

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

(0.32)

(0.29)

(0.28)

(0.26)

(0.25)

Net

asset

value,

end

of

year

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

$10.30

$10.21

$10.19

$9.91

$10.95

Total

return

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

4.12%

3.13%

5.73%

(7.11)%

0.22%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.71%

0.68%

0.66%

0.66%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.62%

0.62%

d

0.61%

d

0.62%

d

0.63%

d

Net

investment

income

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

3.21%

2.89%

2.78%

2.62%

2.19%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$3,399

$2,097

$1,279

$1,786

$2,308

Portfolio

turnover

rate

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

15.17%

14.27%

7.51%

19.06%

20.50%

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

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.20

$10.19

$9.91

$10.95

$11.17

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.32 0.29 0.27 0.26 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.01 0.28 (1.04)

(0.22)

Total

from

investment

operations

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

0.41 0.30 0.55 (0.78)

0.03 Less

distributions

from:

Net

investment

income

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

(0.31)

(0.29)

(0.27)

(0.26)

(0.25)

Net

asset

value,

end

of

year

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

$10.30

$10.20

$10.19

$9.91

$10.95

Total

return

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

4.19%

3.00%

5.70%

(7.14)%

0.18%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.72%

0.70%

0.68%

0.68%

0.66%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.65%

0.65%

d

0.65%

d

0.65%

d

0.66%

d

Net

investment

income

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

3.19%

2.85%

2.76%

2.59%

2.16%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$26,577

$20,943

$19,911

$18,309

$19,796

Portfolio

turnover

rate

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

15.17%

14.27%

7.51%

19.06%

20.50%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

$

529,166

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 500,000

####)
........................................

#### 529,166

#### Municipal

#### Bonds

#### 96.2%

#### Alabama

#### 86.9%
Alabama

Community

College

System

,

Bishop

State

Community

College

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/01/49

....

2,000,000

1,806,424

Shelton

State

Community

College

,

Revenue

,

2024

,

AG

Insured

,

%

,

8/01/49

.....

1,000,000

1,038,494

Alabama

Federal

Aid

Highway

Finance

Authority

,

Revenue

,

2025

A

,

%

,

3/01/45

....

750,000

820,612

Alabama

Highway

Authority

,

Revenue

,

2025

,

AG

Insured

,

%

,

9/01/45

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

500,000

549,256

Alabama

Housing

Finance

Authority

,

Revenue

,

2024

A

,

GNMA

Insured

,

4.7 %

,

10/01/54

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

970,000

967,414

Revenue

,

2024

D

,

GNMA

Insured

,

4.55 %

,

10/01/54

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

990,000

977,971

Revenue

,

2025

B

,

GNMA

Insured

,

5.05 %

,

10/01/45

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

1,000,000

1,035,147

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Children's

Hospital

of

Alabama

Obligated

Group

(The)

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

6/01/50

...

1,000,000

1,065,841

Alabama

State

University

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

%

,

9/01/36

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

1,500,000

1,650,192

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

%

,

9/01/40

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

1,500,000

1,612,103

Revenue

,

2025

,

AG

Insured

,

5.75 %

,

9/01/50

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

500,000

548,143

Alabaster

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

%

,

9/01/47

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

1,500,000

1,567,978

Special

Tax

,

2022

,

BAM

Insured

,

%

,

9/01/52

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

1,500,000

1,543,600

Alexander

City

Board

of

Education

,

Special

Tax

,

2022

,

BAM

Insured

,

%

,

2/01/52

...

3,000,000

2,820,159

Auburn

University

,

Revenue

,

2025

A

,

%

,

6/01/55

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

2,670,000

2,794,957

Bessemer

Governmental

Utility

Services

Corp.

,

Water

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

%

,

6/01/39

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

3,000,000

3,078,896

Birmingham

Airport

Authority

,

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

%

,

7/01/38

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

400,000

412,046

Revenue

,

2020

,

Refunding

,

BAM

Insured

,

%

,

7/01/40

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

705,000

720,758

Birmingham-Jefferson

Civic

Center

Authority

,

Special

Tax

,

2018

A

,

%

,

7/01/33

.....

1,605,000

1,690,110

b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/29

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

1,000,000

1,027,309

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

12/01/30

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

3,000,000

3,286,317

Revenue

,

2024

A

,

Mandatory

Put

,

5.25 %

,

9/01/32

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

2,000,000

2,171,524

c

Revenue

,

144A,

2025

C

,

Mandatory

Put

,

5.5 %

,

8/01/34

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

1,200,000

1,312,978

Revenue

,

2025

D

,

Refunding

,

Mandatory

Put

,

%

,

8/01/35

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

1,000,000

1,111,106

City

of

Albertville

,

GO

,

2025

A

,

BAM

Insured

,

5.5 %

,

4/01/51

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

1,000,000

1,087,022

City

of

Bessemer

,

Water

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

1/01/47

.....

2,590,000

2,602,679

City

of

Huntsville

,

GO

,

2018

B

,

%

,

5/01/38

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

4,775,000

4,948,206

City

of

Lincoln

,

GO

,

2020

,

BAM

Insured

,

%

,

6/01/50

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

2,500,000

2,387,818

City

of

Trussville

,

GO

,

2018

A

,

%

,

8/01/41

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

3,000,000

3,031,333

City

of

Tuscaloosa

,

GO

,

2020

A

,

%

,

10/01/50

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

2,000,000

1,844,963

GO

,

2025

B

,

5.25 %

,

8/01/55

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

1,250,000

1,336,275

b

Columbia

Industrial

Development

Board

,

Alabama

Power

Co.

,

Revenue

,

2014

D

,

Refunding

,

Mandatory

Put

,

3.81 %

,

6/01/28

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

2,000,000

2,048,192

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5.5 %

,

10/01/53

..........

4,500,000

4,774,438

County

of

Marshall

,

GO

,

2025

,

%

,

11/01/54

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

1,000,000

1,036,020

c

County

of

Mobile

,

Revenue

,

144A,

2020

,

%

,

11/01/45

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

2,100,000

1,988,762

DCH

Healthcare

Authority

,

Revenue

,

2015

,

Refunding

,

%

,

6/01/36

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

2,000,000

2,002,266

Revenue

,

2021

A

,

%

,

6/01/46

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

2,310,000

2,205,890

East

Alabama

Health

Care

Authority

(The)

,

Revenue

,

2018

A

,

%

,

9/01/41

........

3,000,000

3,078,877

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

,

Mandatory

Put

,

5.5 %

,

1/01/31

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

$

1,000,000

$

1,101,412

Revenue

,

2024

B

,

Mandatory

Put

,

5.25 %

,

6/01/32

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

2,000,000

2,209,744

Florence

City

Board

of

Education

,

Special

Tax

,

2022

,

%

,

3/01/46

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

3,000,000

2,867,772

Florence

Public

Educational

Building

Authority

,

University

of

North

Alabama

,

Revenue

,

2024

,

AG

Insured

,

5.25 %

,

11/01/49

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

1,000,000

1,069,630

Health

Care

Authority

for

Baptist

Health

(The)

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/36

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

1,000,000

1,090,096

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/37

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

875,000

948,701

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

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

2,000,000

1,910,019

Huntsville

Hospital

Health

System

Obligated

Group

,

Revenue

,

2025

B

,

%

,

6/01/35

3,000,000

3,522,454

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

5.5 %

,

10/01/54

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

1,000,000

1,024,521

Samford

University

,

Revenue

,

2019

A

,

Refunding

,

%

,

12/01/49

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

2,500,000

2,136,343

Samford

University

,

Revenue

,

2021

A

,

%

,

12/01/51

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

1,470,000

1,232,101

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/46

......

3,000,000

2,714,566

Jacksonville

State

University

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

12/01/36

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

2,500,000

2,567,781

Revenue

,

2020

,

Refunding

,

%

,

12/01/50

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

5,000,000

4,278,029

Jefferson

County

Board

of

Education

,

Special

Tax

,

2024

,

%

,

2/01/46

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

1,000,000

1,062,927

Limestone

County

Water

&

Sewer

Authority

,

Revenue

,

2015

B

,

Refunding

,

BAM

Insured

,

%

,

12/01/43

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

230,000

230,153

Revenue

,

2024

,

%

,

12/01/44

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

500,000

542,740

Revenue

,

2024

,

4.25 %

,

12/01/54

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

2,000,000

1,875,280

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

%

,

2/01/44

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

3,000,000

2,954,831

Madison

Water

&

Wastewater

Board

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/41

.....

4,610,000

4,672,832

Mobile

County

Board

of

School

Commissioners

,

Special

Tax

,

2022

B

,

BAM

Insured

,

4.25 %

,

3/01/52

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

2,000,000

1,957,026

Mobile

County

Industrial

Development

Authority

,

AM/NS

Calvert

LLC

,

Revenue

,

2024

A

,

%

,

6/01/54

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

1,000,000

992,689

AM/NS

Calvert

LLC

,

Revenue

,

2024

B

,

4.75 %

,

12/01/54

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

1,250,000

1,197,921

Montgomery

Water

Works

&

Sanitary

Sewer

Board

,

Revenue

,

2025

,

%

,

9/01/46

...

1,000,000

1,081,517

Opelika

Utilities

Board

,

Revenue

,

2017

,

Refunding

,

%

,

6/01/41

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

2,000,000

2,006,341

Prattville

Waterworks

Board

,

Revenue

,

2023

,

5.125 %

,

8/01/53

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

1,000,000

1,038,888

Selma

Industrial

Development

Board

,

International

Paper

Co.

,

Revenue

,

2020

A

,

Refunding

,

4.2 %

,

5/01/34

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

1,500,000

1,614,633

b

Southeast

Alabama

Gas

Supply

District

(The)

,

Revenue

,

2024

B

,

Refunding

,

Mandatory

Put

,

%

,

5/01/32

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

1,000,000

1,093,187

Southeast

Energy

Authority

A

Cooperative

District

,

b

Revenue

,

2021

A

,

Mandatory

Put

,

%

,

10/01/28

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

2,000,000

2,061,317

b

Revenue

,

2022

,

Mandatory

Put

,

5.5 %

,

12/01/29

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

2,000,000

2,176,946

b

Revenue

,

2023

B

,

Mandatory

Put

,

%

,

6/01/30

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

1,000,000

1,076,271

Revenue

,

2024

A

,

%

,

11/01/35

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

1,000,000

1,076,346

b

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

6/01/35

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

1,000,000

1,053,272

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

4,064,526

Talladega

County

Board

of

Education

,

Special

Tax

,

2017

,

Refunding

,

BAM

Insured

,

%

,

11/01/39

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

2,000,000

2,039,782

Town

of

Pike

Road

,

GO

,

2024

,

%

,

9/01/44

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

1,000,000

1,087,247

Troy

Public

Educational

Building

Authority

,

Troy

City

Board

of

Education

,

Revenue

,

2011

,

AG

Insured

,

5.25 %

,

12/01/40

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

295,000

295,318

University

of

Alabama

(The)

,

Revenue

,

2018

,

%

,

9/01/48

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

5,000,000

5,101,256

University

of

Montevallo

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

%

,

5/01/42

....

2,500,000

2,546,109

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Alabama
(continued)

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

%

,

4/01/49

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

$

2,000,000

$

2,043,205

Revenue

,

2024

A

,

Refunding

,

BAM

Insured

,

5.25 %

,

4/01/54

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

1,000,000

1,052,646

Water

Works

Board

of

the

City

of

Birmingham

(The)

,

Revenue,

Sub.

Lien

,

2016

B

,

Pre-

Refunded

,

%

,

1/01/43

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

2,000,000

2,047,475

148,697,926

#### California

#### 0.3%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

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

700,000

589,840

#### Florida

#### 1.1%
c

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

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

500,000

355,200

c

,d

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

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

1,725,000

1,477,648

1,832,848

#### Georgia

#### 0.4%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

185,000

197,955

d

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

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

925,000

463,640

661,595

#### South

#### Carolina

#### 0.4%
c

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

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

750,000

691,798

#### Texas

#### 0.4%
c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

800,000

616,418

#### Washington

#### 0.3%
c

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

500,000

445,809

#### Wisconsin

#### 2.9%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

855,000

914,124

c

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

500,000

419,960

d

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

4,200,000

2,112,193

c,d

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

2,125,000

1,428,135

4,874,412

#### U.S.

#### Territories

#### 3.5%

#### Guam

#### 2.2%
Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

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

1,000,000

1,020,661

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/45

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

1,000,000

1,042,339

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

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

600,000

623,389

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

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

1,100,000

1,156,237

3,842,626

#### Puerto

#### Rico

#### 1.3%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

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

500,000

513,143

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

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

1,000,000

1,024,451

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

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

$

500,000

$

490,764

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

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

250,000

242,228

2,270,586

#### Total

#### U.S.

#### Territories

#### ....................................................................
6,113,212

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 167,798,975

####)
.....................................

#### 164,523,858

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 168,298,975

####)
...............................

#### 165,053,024

#### a
a

a

a

#### Total

#### Investments

#### (Cost

#### $

#### 168,298,975

####)
96.5 #### %
...................................

#### $165,053,024

#### Other

#### Assets,

#### less

#### Liabilities
3.5 #### %
.............................................

#### 6,031,295

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $171,084,319
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

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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$8,736,708,

representing

5.1%

of

net

assets.

d

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.88

$9.81

$9.60

$10.64

$10.92

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.31 0.30 0.30 0.27 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.05 0.07 0.21 (1.04)

(0.28)

Total

from

investment

operations

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

0.36 0.37 0.51 (0.77)

(0.03)

Less

distributions

from:

Net

investment

income

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

(0.31)

(0.30)

(0.30)

(0.27)

(0.25)

Net

asset

value,

end

of

year

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

$9.93

$9.88

$9.81

$9.60

$10.64

Total

return

d

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

3.79%

3.83%

5.39%

(7.24)%

(0.37)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.83%

e

0.82%

f

0.82%

f

0.83%

f

0.81%

f

Net

investment

income

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

3.27%

3.06%

3.15%

2.79%

2.23%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$206,246

$230,162

$220,872

$212,662

$210,355

Portfolio

turnover

rate

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

17.42%

10.60%

7.72%

27.77%

17.24%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.86

$9.80

$9.59

$10.62

$10.90

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.33 0.32 0.32 0.29 0.26 Net

realized

and

unrealized

gains

(losses)

...........

0.04 0.05 0.20 (1.04)

(0.28)

Total

from

investment

operations

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

0.37 0.37 0.52 (0.75)

(0.02)

Less

distributions

from:

Net

investment

income

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

(0.32)

(0.31)

(0.31)

(0.28)

(0.26)

Net

asset

value,

end

of

year

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

$9.91

$9.86

$9.80

$9.59

$10.62

Total

return

d

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

3.95%

3.89%

5.55%

(7.02)%

(0.22)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.68%

e

0.67%

f

0.67%

f

0.68%

f

0.66%

f

Net

investment

income

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

3.42%

3.22%

3.30%

2.94%

2.39%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$254,936

$305,231

$349,407

$396,929

$526,131

Portfolio

turnover

rate

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

17.42%

10.60%

7.72%

27.77%

17.24%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.03

$9.97

$9.75

$10.81

$11.09

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.28 0.26 0.26 0.23 0.20 Net

realized

and

unrealized

gains

(losses)

...........

0.05 0.06 0.22 (1.06)

(0.28)

Total

from

investment

operations

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

0.33 0.32 0.48 (0.83)

(0.08)

Less

distributions

from:

Net

investment

income

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

(0.27)

(0.26)

(0.26)

(0.23)

(0.20)

Net

asset

value,

end

of

year

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

$10.09

$10.03

$9.97

$9.75

$10.81

Total

return

d

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

3.41%

3.24%

4.98%

(7.69)%

(0.76)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

1.22%

e

1.21%

f

1.21%

f

1.22%

f

1.20%

f

Net

investment

income

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

2.81%

2.61%

2.68%

2.33%

1.80%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$13,602

$17,424

$24,653

$32,466

$48,833

Portfolio

turnover

rate

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

17.42%

10.60%

7.72%

27.77%

17.24%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.89

$9.83

$9.62

$10.66

$10.94

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.34 0.33 0.33 0.30 0.28 Net

realized

and

unrealized

gains

(losses)

...........

0.05 0.06 0.20 (1.04)

(0.28)

Total

from

investment

operations

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

0.39 0.39 0.53 (0.74)

—

Less

distributions

from:

Net

investment

income

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

(0.34)

(0.33)

(0.32)

(0.30)

(0.28)

Net

asset

value,

end

of

year

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

$9.94

$9.89

$9.83

$9.62

$10.66

Total

return

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

4.08%

4.01%

5.67%

(6.96)%

(0.08)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.54%

0.54%

0.55%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.55%

0.54%

d

0.54%

d

0.54%

d

0.52%

d

Net

investment

income

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

3.55%

3.33%

3.43%

3.06%

2.51%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$23,802

$25,494

$25,018

$19,946

$28,123

Portfolio

turnover

rate

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

17.42%

10.60%

7.72%

27.77%

17.24%

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

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.89

$9.83

$9.62

$10.65

$10.94

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.34 0.33 0.33 0.30 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.04 0.05 0.20 (1.04)

(0.29)

Total

from

investment

operations

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

0.38 0.38 0.53 (0.74)

(0.02)

Less

distributions

from:

Net

investment

income

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

(0.33)

(0.32)

(0.32)

(0.29)

(0.27)

Net

asset

value,

end

of

year

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

$9.94

$9.89

$9.83

$9.62

$10.65

Total

return

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

4.04%

3.98%

5.64%

(6.91)%

(0.21)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.58%

d

0.57%

e

0.56%

e

0.57%

e

0.56%

e

Net

investment

income

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

3.51%

3.31%

3.40%

3.02%

2.48%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$111,255

$122,601

$103,552

$114,323

$178,256

Portfolio

turnover

rate

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

17.42%

10.60%

7.72%

27.77%

17.24%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 98.5%

#### Arizona

#### 91.6%
Arizona

Board

of

Regents

,

Arizona

State

University

,

Revenue

,

2023

B

,

%

,

7/01/53

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

$

5,000,000

$

4,621,620

Arizona

State

University

,

Revenue

,

2024

A

,

%

,

7/01/50

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

6,225,000

6,581,730

Arizona

State

University

,

Revenue

,

2024

A

,

%

,

7/01/54

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

2,000,000

2,102,840

Arizona

State

University

SPEED

Fund

,

Revenue

,

2024

,

Refunding

,

%

,

8/01/46

...

2,115,000

2,270,716

Arizona

State

University

SPEED

Fund

,

Revenue

,

2026

A

,

%

,

8/01/56

..........

9,000,000

9,438,854

University

of

Arizona

(The)

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/39

...........

2,750,000

2,768,696

University

of

Arizona

(The)

,

Revenue

,

2016

B

,

Refunding

,

%

,

6/01/42

..........

2,000,000

2,013,597

University

of

Arizona

(The)

,

Revenue

,

2018

A

,

%

,

6/01/43

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

4,500,000

4,652,892

University

of

Arizona

(The)

,

Revenue

,

2025

A

,

Refunding

,

%

,

6/01/55

..........

5,000,000

5,241,757

Arizona

Industrial

Development

Authority

,

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/42

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

2,045,000

2,057,670

Academies

of

Math

&

Science

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/51

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

1,080,000

1,057,113

Arizona

Agribusiness

and

Equine

Center,

Inc.

,

Revenue

,

2017

A

,

%

,

3/01/48

....

1,555,000

1,563,536

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

2.65 %

,

7/01/26

195,000

194,485

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/31

...

550,000

559,323

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/41

...

2,000,000

1,895,612

Ball

Charter

Schools

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/51

...

2,340,000

1,938,304

BASIS

Schools,

Inc.

Obligated

Group

,

Revenue

,

2017

F

,

Refunding

,

%

,

7/01/47

..

3,350,000

3,364,065

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/33

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

1,000,000

1,058,412

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/36

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

1,235,000

1,295,625

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/39

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

1,000,000

1,041,390

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/45

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

2,200,000

2,071,864

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/50

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

7,055,000

6,313,647

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

A

,

%

,

11/01/51

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

1,400,000

1,243,197

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/42

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

1,650,000

1,632,086

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/47

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

5,610,000

5,806,903

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

4.25 %

,

11/01/52

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

3,500,000

3,217,216

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2023

A

,

5.25 %

,

11/01/53

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

5,540,000

5,727,726

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2026

A

,

5.5 %

,

11/01/56

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

1,000,000

1,065,455

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue

,

2025

,

5.125 %

,

1/01/59

2,425,000

2,287,317

Great

Lakes

Senior

Living

Communities

LLC

,

Revenue,

Second

Tier

,

2025

B

,

5.125 %

,

1/01/59

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

6,899,966

5,258,350

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2021

B

,

%

,

7/01/41

..........

5,000

4,734

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2025

A

,

%

,

7/01/45

..........

900,000

916,687

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2025

A

,

%

,

7/01/50

..........

1,300,000

1,286,256

GreatHearts

Arizona

Obligated

Group

,

Revenue

,

2025

A

,

5.25 %

,

7/01/55

........

1,750,000

1,762,757

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

%

,

7/01/47

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

1,400,000

1,410,966

KIPP

Nashville

Obligated

Group

,

Revenue

,

2022

A

,

%

,

7/01/62

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

2,400,000

2,371,872

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/32

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

660,000

702,463

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/34

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

660,000

661,396

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/36

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

315,000

313,047

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/51

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

8,000,000

6,705,663

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

C

,

3.25 %

,

7/01/31

..........

1,350,000

1,249,973

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

Arizona

Industrial

Development

Authority,

(continued)

Leman

Academy

of

Excellence

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4.5 %

,

7/01/54

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

$

3,000,000

$

2,520,755

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

%

,

2/01/50

.....

2,540,000

2,238,339

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/41

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

885,000

788,757

Provident

Group-NCCU

Properties

LLC

,

Revenue

,

2019

A

,

BAM

Insured

,

%

,

6/01/58

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

6,250,000

6,292,219

Arizona

State

University

,

Revenue

,

2019

A

,

%

,

7/01/40

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

1,000,000

1,063,472

City

of

Bullhead

,

Excise

Taxes

,

Revenue

,

2022

,

%

,

7/01/47

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

2,065,000

2,002,375

City

of

Glendale

,

Water

&

Sewer

,

Revenue,

Senior

Lien

,

2024

,

%

,

7/01/41

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

1,000,000

1,133,210

Water

&

Sewer

,

Revenue,

Senior

Lien

,

2024

,

%

,

7/01/43

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

1,000,000

1,111,754

City

of

Goodyear

,

Water

&

Sewer

,

Revenue,

Sub.

Lien,

Second

Series

,

2020

,

AG

Insured

,

%

,

7/01/45

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

3,500,000

3,504,176

City

of

Kingman

,

Excise

Tax

,

Revenue

,

2025

,

4.5 %

,

7/15/44

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

1,000,000

1,039,313

City

of

Lake

Havasu

City

,

Wastewater

System

,

GO,

Senior

Lien

,

2025

,

Refunding

,

%

,

7/01/43

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

2,000,000

2,059,937

City

of

Mesa

,

Utility

System

,

Revenue

,

2018

,

%

,

7/01/38

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

1,425,000

1,447,521

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue

,

2017

A

,

%

,

7/01/42

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

2,155,000

2,192,058

Airport

,

Revenue

,

2017

A

,

%

,

7/01/47

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

12,935,000

13,040,812

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

%

,

7/01/40

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

16,570,000

16,669,906

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

%

,

7/01/44

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

4,000,000

4,019,731

Airport

,

Revenue,

Junior

Lien

,

2019

A

,

%

,

7/01/44

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

8,500,000

8,848,409

Airport

,

Revenue,

Senior

Lien

,

2018

,

%

,

7/01/48

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

5,000,000

5,048,223

Excise

Tax

,

Revenue

,

2022

,

%

,

7/01/46

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

8,300,000

8,829,321

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/37

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

1,500,000

1,593,524

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/38

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

4,420,000

4,679,593

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/39

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

4,090,000

4,318,365

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/45

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

12,500,000

12,160,140

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/27

.....

3,945,000

4,117,832

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/28

.....

2,000,000

2,149,740

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/29

.....

2,000,000

2,211,620

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/36

.....

5,000,000

6,217,000

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/37

.....

7,000,000

8,736,277

Wastewater

,

Revenue,

Junior

Lien

,

2018

A

,

%

,

7/01/39

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

5,000,000

5,083,606

Water

System

,

Revenue,

Junior

Lien

,

2016

,

Refunding

,

%

,

7/01/38

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

5,000,000

5,037,773

Water

System

,

Revenue,

Junior

Lien

,

2020

B

,

%

,

7/01/44

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

8,030,000

8,550,554

City

of

Scottsdale

,

GO

,

2023

,

%

,

7/01/39

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

1,500,000

1,573,121

City

of

Tempe

,

GO

,

2025

,

Refunding

,

%

,

7/01/40

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

6,930,000

8,008,243

Coconino

County

Jail

District

,

Excise

Tax

,

Revenue

,

2025

,

4.5 %

,

7/01/45

.........

1,000,000

1,036,515

County

of

Yuma

,

Pledged

,

Revenue

,

2022

,

BAM

Insured

,

4.25 %

,

7/15/42

.........

3,250,000

3,367,300

Gilbert

Water

Resource

Municipal

Property

Corp.

,

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

%

,

7/15/39

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

10,000,000

10,423,267

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

%

,

7/15/42

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

4,700,000

4,802,281

Town

of

Gilbert

Waterworks

&

Sewer

System

,

Revenue,

Senior

Lien

,

2022

,

%

,

7/15/47

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

9,030,000

9,075,565

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/31

...........

400,000

397,785

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/41

...........

1,000,000

1,004,100

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Glendale

Industrial

Development

Authority,

(continued)

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/56

...........

$

4,500,000

$

3,937,128

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

2,013,915

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

%

,

7/01/49

......

3,120,000

3,086,377

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

%

,

7/01/54

......

2,665,000

2,588,229

Downtown

Phoenix

Student

Housing

II

LLC

,

Revenue

,

2019

A

,

%

,

7/01/59

......

2,000,000

1,921,394

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/27

425,000

434,142

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/30

700,000

724,352

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/32

250,000

257,861

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/33

600,000

617,539

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/37

3,950,000

4,028,605

Downtown

Phoenix

Student

Housing

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/42

12,800,000

12,885,779

Vista

College

Preparatory

Obligated

Group

,

Revenue

,

2018

A

,

%

,

7/01/48

......

1,000,000

1,005,909

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/40

....

1,040,000

1,043,694

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/41

....

1,360,000

1,343,651

TMC

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/51

....

12,000,000

8,628,939

Industrial

Development

Authority

of

the

County

of

Yavapai

(The)

,

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

8/01/34

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

4,250,000

4,286,346

Yavapai

Community

Hospital

Association

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

8/01/36

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

1,310,000

1,319,947

La

Paz

County

Industrial

Development

Authority

,

Harmony

Public

Schools

,

Revenue

,

2018

A

,

%

,

2/15/38

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

1,000,000

1,019,668

Harmony

Public

Schools

,

Revenue

,

2018

A

,

%

,

2/15/48

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

1,000,000

980,871

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2019

F

,

%

,

1/01/49

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

5,000,000

3,792,938

Banner

Health

Obligated

Group

,

Revenue

,

A

,

%

,

1/01/41

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

9,630,000

9,635,310

Banner

Health

Obligated

Group

,

Revenue

,

A

,

%

,

1/01/41

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

37,590,000

38,657,455

Creighton

University

,

Revenue

,

2020

,

%

,

7/01/50

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

8,450,000

7,588,871

Highland

Prep

Obligated

Group

,

Revenue

,

2019

,

%

,

1/01/43

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

2,275,000

2,336,242

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/36

.......

2,100,000

2,209,668

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/37

.......

3,175,000

3,329,647

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/42

.......

2,750,000

2,847,704

HonorHealth

Obligated

Group

,

Revenue

,

2021

A

,

%

,

9/01/51

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

5,600,000

4,021,577

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

%

,

7/01/36

.........

1,120,000

1,121,819

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

%

,

7/01/47

.........

3,325,000

3,147,094

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.

,

Revenue

,

2009

B

,

Refunding

,

3.6 %

,

4/01/40

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

13,500,000

13,133,131

El

Paso

Electric

Co.

,

Revenue

,

2012

A

,

Refunding

,

4.5 %

,

8/01/42

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

10,000,000

10,002,747

a

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875 %

,

10/01/26

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

4,500,000

4,449,955

a

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

B

,

Refunding

,

Mandatory

Put

,

0.875 %

,

10/01/26

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

2,150,000

2,126,090

Maricopa

County

Unified

School

District

No.

Higley

,

COP

,

2023

,

Refunding

,

AG

Insured

,

%

,

6/01/53

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

3,000,000

3,080,291

Maricopa

County

Unified

School

District

No.

Paradise

Valley

,

GO

,

2025

A

,

%

,

7/01/43

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

7,150,000

7,921,732

McAllister

Academic

Village

LLC

,

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/37

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

2,095,000

2,108,168

Arizona

State

University

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/39

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

1,000,000

1,005,631

Mohave

County

Union

High

School

District

No.

Colorado

River

,

GO

,

2017

,

%

,

7/01/35

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

1,000,000

1,027,790

Pima

County

Unified

School

District

No.

Sahuarita

,

GO

,

2017

,

BAM

Insured

,

%

,

7/01/33

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

2,665,000

2,741,297

GO

,

2017

,

BAM

Insured

,

%

,

7/01/34

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

2,800,000

2,877,568

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2017

A

,

Refunding

,

%

,

1/01/38

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

$

2,125,000

$

2,210,479

Revenue

,

2019

A

,

%

,

1/01/47

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

2,000,000

2,077,387

Revenue

,

2023

A

,

%

,

1/01/47

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

5,000,000

5,307,913

Revenue

,

2023

A

,

%

,

1/01/50

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

5,265,000

5,529,037

Revenue

,

2023

B

,

5.25 %

,

1/01/53

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

2,780,000

2,967,233

Revenue

,

2024

A

,

5.25 %

,

1/01/54

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

15,000,000

16,088,970

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

%

,

12/01/32

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

11,555,000

12,797,604

Revenue

,

2007-1

,

%

,

12/01/37

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

5,000,000

5,574,369

Student

&

Academic

Services

LLC

,

Northern

Arizona

Capital

Facilities

Finance

Corp.

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

%

,

6/01/44

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

1,030,000

1,113,870

Town

of

Marana

,

Pledged

Excise

,

Revenue

,

2024

,

%

,

7/01/44

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

2,250,000

2,263,622

Town

of

Queen

Creek

,

Excise

Tax

,

Revenue

,

2018

A

,

%

,

8/01/42

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

5,000,000

5,222,930

Excise

Tax

,

Revenue

,

2018

A

,

%

,

8/01/47

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

5,000,000

5,126,504

Excise

Tax

,

Revenue

,

2022

,

%

,

8/01/47

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

1,190,000

1,251,180

Excise

Tax

,

Revenue

,

2024

,

%

,

8/01/49

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

4,425,000

4,667,522

Yuma

Industrial

Development

Authority

,

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

8/01/49

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

4,000,000

3,698,788

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

8/01/54

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

4,000,000

3,594,345

Yuma

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

8/01/54

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

1,750,000

1,812,946

558,714,071

#### Florida

#### 1.0%
b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

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

800,000

568,320

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

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

6,465,000

5,537,968

6,106,288

#### Georgia

#### 0.3%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

540,000

577,816

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

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

2,420,000

1,212,981

1,790,797

#### 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

1,481,758

#### Texas

#### 0.7%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

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

2,000,000

1,916,889

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

3,300,000

2,542,726

4,459,615

#### Washington

#### 0.3%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

1,800,000

1,604,913

#### Wisconsin

#### 2.6%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

2,530,000

2,704,953

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

1,900,000

1,595,846

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Wisconsin
(continued)

Public

Finance

Authority,

(continued)

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

$

10,975,000

$

5,519,361

b

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5 %

,

8/01/53

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

1,500,000

1,378,815

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

5,075,000

3,410,722

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,500,000

1,514,564

16,124,261

#### U.S.

#### Territories

#### 1.8%

#### Guam

#### 0.1%
Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/44

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

450,000

475,925

#### Puerto

#### Rico

#### 1.7%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

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

3,700,000

3,797,254

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

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

1,550,000

1,511,440

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

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

4,906,000

4,815,379

10,124,073

#### Total

#### U.S.

#### Territories

#### ....................................................................
10,599,998

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 604,881,221

####)
.....................................

#### 600,881,701
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 0.3%

#### Municipal

#### Bonds

#### 0.3%

#### Arizona

#### 0.3%
d

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

1/01/46

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

1,900,000

1,900,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 1,900,000

####)
.......................................

#### 1,900,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 1,900,000

####)
.................................

#### 1,900,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 606,781,221

####)
98.8 #### %
...................................

#### $602,781,701

#### Other

#### Assets,

#### less

#### Liabilities
1.2 #### %
.............................................

#### 7,059,453

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $609,841,154
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$19,635,632,

representing

3.2%

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.59

$10.54

$10.26

$11.40

$11.69

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.35 0.32 0.30 0.28 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.07 0.05 0.28 (1.15)

(0.29)

Total

from

investment

operations

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

0.42 0.37 0.58 (0.87)

(0.04)

Less

distributions

from:

Net

investment

income

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

(0.33)

(0.32)

(0.30)

(0.27)

(0.25)

Net

asset

value,

end

of

year

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

$10.68

$10.59

$10.54

$10.26

$11.40

Total

return

d

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

4.11%

3.57%

5.74%

(7.63)%

(0.43)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.87%

e

0.85%

f

0.85%

f

0.85%

f

0.83%

f

Net

investment

income

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

3.33%

3.05%

2.90%

2.62%

2.08%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$121,401

$122,273

$121,792

$117,511

$142,935

Portfolio

turnover

rate

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

11.43%

13.97%

15.33%

13.39%

14.21%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.58

$10.54

$10.26

$11.40

$11.68

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.36 0.34 0.31 0.29 0.26 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.04 0.28 (1.14)

(0.28)

Total

from

investment

operations

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

0.44 0.38 0.59 (0.85)

(0.02)

Less

distributions

from:

Net

investment

income

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

(0.35)

(0.34)

(0.31)

(0.29)

(0.26)

Net

asset

value,

end

of

year

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

$10.67

$10.58

$10.54

$10.26

$11.40

Total

return

d

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

4.27%

3.63%

5.90%

(7.49)%

(0.19)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.72%

e

0.70%

f

0.70%

f

0.70%

f

0.68%

f

Net

investment

income

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

3.48%

3.20%

3.05%

2.77%

2.24%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$202,362

$227,023

$255,227

$287,013

$386,962

Portfolio

turnover

rate

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

11.43%

13.97%

15.33%

13.39%

14.21%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.72

$10.67

$10.39

$11.54

$11.83

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.30 0.28 0.26 0.23 0.20 Net

realized

and

unrealized

gains

(losses)

...........

0.07 0.05 0.28 (1.15)

(0.29)

Total

from

investment

operations

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

0.37 0.33 0.54 (0.92)

(0.09)

Less

distributions

from:

Net

investment

income

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

(0.29)

(0.28)

(0.26)

(0.23)

(0.20)

Net

asset

value,

end

of

year

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

$10.80

$10.72

$10.67

$10.39

$11.54

Total

return

d

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

3.55%

3.10%

5.24%

(8.00)%

(0.83)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

1.26%

e

1.25%

f

1.24%

f

1.24%

f

1.23%

f

Net

investment

income

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

2.88%

2.60%

2.44%

2.18%

1.66%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$8,066

$12,151

$16,388

$23,346

$36,062

Portfolio

turnover

rate

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

11.43%

13.97%

15.33%

13.39%

14.21%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.59

$10.55

$10.27

$11.41

$11.69

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.38 0.35 0.33 0.31 0.28 Net

realized

and

unrealized

gains

(losses)

...........

0.07 0.04 0.28 (1.15)

(0.28)

Total

from

investment

operations

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

0.45 0.39 0.61 (0.84)

—

Less

distributions

from:

Net

investment

income

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

(0.36)

(0.35)

(0.33)

(0.30)

(0.28)

Net

asset

value,

end

of

year

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

$10.68

$10.59

$10.55

$10.27

$11.41

Total

return

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

4.42%

3.77%

6.03%

(7.35)%

(0.05)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.58%

0.56%

0.56%

0.56%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.58%

d

0.56%

e

0.56%

e

0.55%

e

0.54%

e

Net

investment

income

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

3.64%

3.34%

3.18%

2.91%

2.38%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$25,629

$16,355

$15,928

$15,147

$23,615

Portfolio

turnover

rate

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

11.43%

13.97%

15.33%

13.39%

14.21%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.58

$10.54

$10.26

$11.40

$11.68

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.37 0.35 0.32 0.30 0.28 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.04 0.28 (1.14)

(0.28)

Total

from

investment

operations

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

0.45 0.39 0.60 (0.84)

—

Less

distributions

from:

Net

investment

income

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

(0.36)

(0.35)

(0.32)

(0.30)

(0.28)

Net

asset

value,

end

of

year

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

$10.67

$10.58

$10.54

$10.26

$11.40

Total

return

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

4.28%

3.83%

6.00%

(7.40)%

(0.10)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.62%

d

0.60%

e

0.60%

e

0.60%

e

0.58%

e

Net

investment

income

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

3.58%

3.30%

3.15%

2.87%

2.33%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$139,523

$131,282

$97,040

$97,723

$137,797

Portfolio

turnover

rate

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

11.43%

13.97%

15.33%

13.39%

14.21%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

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

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

$

1,400,000

$

1,481,665

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,400,000

####)
.......................................

#### 1,481,665

#### Municipal

#### Bonds

#### 96.0%

#### California

#### 0.3%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

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

2,000,000

1,685,257

#### Colorado

#### 89.2%
b

Access

Metropolitan

District

No.

,

GO

,

144A,

2023

,

6.75 %

,

12/01/53

..........

3,000,000

3,113,295

Adams

&

Arapahoe

Counties

Joint

School

District

28J

Aurora

,

COP

,

2025

,

BAM

Insured

,

5.5 %

,

12/01/50

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

2,000,000

2,168,413

Adams

&

Arapahoe

Joint

School

District

28J

Aurora

,

GO

,

2025

,

5.5 %

,

12/01/47

.....

3,000,000

3,366,310

Adams

State

University

,

Revenue

,

2012

,

%

,

5/15/37

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

630,000

630,117

Revenue

,

2019

A

,

Refunding

,

%

,

5/15/42

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

1,515,000

1,520,883

Anthem

West

Metropolitan

District

,

GO

,

2015

,

Refunding

,

BAM

Insured

,

%

,

12/01/35

1,950,000

1,953,067

Arapahoe

County

School

District

No.

Cherry

Creek

,

GO

,

2024

,

5.25 %

,

12/15/44

...

2,000,000

2,253,350

c

Aurora

Crossroads

Metropolitan

District

No.

,

GO

,

2025

,

Refunding

,

0.41 %,

12/01/55

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

4,250,000

3,836,484

Baseline

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

12/01/46

2,000,000

1,939,008

Board

of

Governors

of

Colorado

State

University

System

,

Revenue

,

2013

A

,

Refunding

,

%

,

3/01/43

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

5,000,000

5,879,903

Revenue

,

2017

E

,

Refunding

,

%

,

3/01/43

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

4,500,000

4,508,453

Revenue

,

2024

A

,

Refunding

,

%

,

3/01/47

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

5,000,000

4,710,358

Revenue

,

A

,

Refunding

,

%

,

3/01/40

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

5,000,000

5,032,434

Board

of

Water

Commissioners

City

&

County

of

Denver

(The)

,

Revenue

,

2017

A

,

%

,

9/15/47

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

5,000,000

5,083,457

Revenue

,

2024

A

,

Refunding

,

%

,

9/15/54

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

1,500,000

1,576,278

b

Broadway

Park

North

Metropolitan

District

No.

,

GO

,

144A,

2020

,

Refunding

,

%

,

12/01/40

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

1,325,000

1,338,980

Bromley

Park

Metropolitan

District

No.

,

GO

,

2023

,

Refunding

,

BAM

Insured

,

5.375 %

,

12/01/53

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

2,500,000

2,657,690

b

Broomfield

Village

Metropolitan

District

No.

,

GO

,

144A,

2021

,

Refunding

,

%

,

12/01/49

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

4,227,000

3,967,227

Castle

Oaks

Metropolitan

District

No.

,

GO

,

2020

,

Refunding

,

AG

Insured

,

%

,

12/01/45

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

1,140,000

1,118,263

CCP

Metropolitan

District

No.

,

GO

,

2024

,

Refunding

,

%

,

12/01/53

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

1,175,000

1,164,166

Centennial

Water

&

Sanitation

District

,

Revenue

,

2019

,

5.25 %

,

12/01/48

..........

2,135,000

2,209,906

Cherokee

Metropolitan

District

,

Revenue

,

2020

,

BAM

Insured

,

%

,

8/01/45

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

2,250,000

2,237,793

Revenue

,

2020

,

BAM

Insured

,

%

,

8/01/50

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

1,400,000

1,336,470

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

A

,

%

,

11/15/37

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

4,250,000

4,704,030

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

%

,

11/15/53

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

5,000,000

5,101,868

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5 %

,

11/15/42

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

1,000,000

1,118,198

Airport

System

,

Revenue

,

2023

B

,

Refunding

,

5.5 %

,

11/15/43

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

1,000,000

1,107,635

Airport

System

,

Revenue,

Sub.

Lien

,

2018

A

,

Refunding

,

5.25 %

,

12/01/48

.......

5,000,000

5,088,260

Airport

System

,

Revenue,

Sub.

Lien

,

2018

B

,

Refunding

,

%

,

12/01/48

..........

4,440,000

4,523,326

Pledged

Excise

Tax

,

Revenue

,

2016

A

,

Refunding

,

%

,

8/01/46

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

3,500,000

3,452,910

Pledged

Excise

Tax

,

Revenue

,

2018

,

%

,

8/01/48

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

5,000,000

5,024,286

City

of

Aurora

,

Water

,

Revenue,

First

Lien

,

2024

,

%

,

8/01/54

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

2,250,000

2,102,600

City

of

Brighton

,

Water

Activity

,

Revenue

,

2025

,

4.25 %

,

6/01/55

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

3,000,000

2,893,262

City

of

Colorado

Springs

,

Utilities

System

,

GO

,

2025

A

,

5.25 %

,

11/15/50

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

5,000,000

5,424,635

Utilities

System

,

Revenue

,

2024

A

,

%

,

11/15/49

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

1,500,000

1,593,089

Utilities

System

,

Revenue

,

2024

A

,

5.25 %

,

11/15/54

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

5,000,000

5,351,059

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado
(continued)

City

of

Fort

Collins

,

Electric

Utility

Enterprise

,

Revenue

,

2018

A

,

%

,

12/01/42

......

$

13,500,000

$

14,018,759

City

of

Grand

Junction

,

COP

,

2021

,

%

,

12/01/45

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

2,005,000

1,993,537

Sales

&

Use

Tax

,

Revenue

,

2020

B

,

%

,

3/01/49

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

3,775,000

3,526,413

Colorado

Bridge

&

Tunnel

Enterprise

,

Revenue

,

2024

A

,

AG

Insured

,

5.5 %

,

12/01/54

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

1,000,000

1,081,630

Revenue

,

2024

B

,

Refunding

,

%

,

12/01/49

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

2,925,000

3,113,485

Revenue,

Senior

Lien

,

2025

A

,

AG

Insured

,

5.25 %

,

12/01/54

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

3,490,000

3,720,177

Colorado

Educational

&

Cultural

Facilities

Authority

,

Addenbrooke

Classical

Academy,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

6/01/55

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

750,000

767,330

Alexander

Dawson

School

LLC

(The)

,

Revenue

,

2010

,

%

,

2/15/40

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

5,280,000

5,288,075

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

%

,

5/01/36

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

425,000

428,483

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

%

,

5/01/41

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

150,000

142,231

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

%

,

5/01/51

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

370,000

308,502

Aspen

View

Academy,

Inc.

,

Revenue

,

2021

,

%

,

5/01/61

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

550,000

437,196

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

%

,

8/01/41

......

1,460,000

1,213,549

Denver

School

of

Science

&

Technology,

Inc.

,

Revenue

,

2021

,

%

,

8/01/51

......

3,635,000

2,486,522

Eagle

Ridge

Academy

,

Revenue

,

2022

A

,

Refunding

,

%

,

11/01/37

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

1,000,000

1,072,433

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/32

.......

280,000

285,469

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/52

.......

1,355,000

1,137,219

Golden

View

Classical

Academy

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/62

.......

1,600,000

1,287,051

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

%

,

9/01/52

750,000

738,159

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

%

,

9/01/57

1,765,000

1,715,780

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

%

,

10/01/46

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

320,000

274,292

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

%

,

10/01/56

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

1,000,000

793,980

Lighthouse

Building

Corp.

,

Revenue

,

2021

,

%

,

10/01/61

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

2,210,000

1,714,275

Pinnacle

Charter

School,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/50

.......

5,820,000

5,168,367

Roosevelt

Charter

Academy

,

Revenue

,

2025

A

,

BAM

Insured

,

%

,

7/01/55

.......

725,000

739,132

Union

Colony

Schools

,

Revenue

,

2018

,

Refunding

,

%

,

4/01/48

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

715,000

717,543

University

of

Denver

,

Revenue

,

2017

A

,

%

,

3/01/47

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

3,950,000

3,987,592

West

Ridge

Academy

Charter

School

,

Revenue

,

2019

A

,

Refunding

,

%

,

6/01/49

..

400,000

399,983

Westgate

Community

School

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/41

........

2,370,000

2,281,985

Windsor

Charter

Academy

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/50

2,400,000

2,085,909

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

11/15/41

......

3,000,000

3,001,229

AdventHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/15/39

......

5,005,000

5,328,771

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/35

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

1,575,000

1,603,277

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/37

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

850,000

855,894

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/38

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

705,000

706,814

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/39

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

835,000

837,780

Boulder

Community

Health

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/40

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

725,000

727,041

BSLC

II

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

4.75 %

,

9/15/53

.......

1,500,000

1,395,745

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.5 %

,

9/15/54

..........

2,000,000

2,020,313

BSLC

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

9/15/48

...........

3,000,000

2,991,980

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2016

A

,

%

,

12/01/41

...

5,195,000

5,212,176

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/38

3,000,000

3,149,856

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/39

2,000,000

2,092,146

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/49

9,990,000

8,898,473

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5.25 %

,

11/01/52

......

3,000,000

3,123,268

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

12/01/54

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

4,000,000

4,157,714

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Colorado

Health

Facilities

Authority,

(continued)

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

9/01/35

.

$

1,000,000

$

1,157,637

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

A

,

%

,

12/01/48

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

5,000,000

5,005,174

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

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

5,700,000

4,869,753

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.125 %

,

12/01/45

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

1,000,000

1,033,961

Craig

Hospital

Obligated

Group

,

Revenue

,

2025

A

,

5.25 %

,

12/01/50

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

3,000,000

3,146,295

Craig

Hospital

Obligated

Group

,

Revenue

,

2025

A

,

5.5 %

,

12/01/55

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

3,535,000

3,740,351

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

5/15/48

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

1,500,000

1,542,261

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

1/01/38

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

3,660,000

3,727,055

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

5/15/54

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

1,100,000

1,132,542

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/01/44

..........

3,495,000

3,598,474

Sanford

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/01/49

..........

8,050,000

8,175,767

University

of

Colorado

Health

Obligated

Group

,

Revenue

,

2020

A

,

Pre-Refunded

,

%

,

9/01/50

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

6,275,000

6,764,523

Valley

View

Hospital

Association

,

Revenue

,

2015

,

%

,

5/15/40

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

2,000,000

2,002,011

Valley

View

Hospital

Association

,

Revenue

,

2015

,

%

,

5/15/45

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

1,000,000

1,000,584

Colorado

High

Performance

Transportation

Enterprise

,

Express

Lanes

System

,

Revenue

,

2017

,

%

,

12/31/47

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

2,555,000

2,555,032

Colorado

Housing

and

Finance

Authority

,

Revenue

,

2019

,

I

,

3.15 %

,

10/01/44

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

1,000,000

872,457

Revenue

,

2019

,

I

,

3.25 %

,

10/01/49

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

1,000,000

831,242

Colorado

School

of

Mines

,

Revenue

,

2023

C

,

5.25 %

,

12/01/53

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

3,000,000

3,169,358

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

12/01/54

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

750,000

760,012

Colorado

Springs

School

District

No.

Facilities

Corp.

,

COP

,

2024

,

BAM

Insured

,

5.25 %

,

12/15/48

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

1,000,000

1,064,927

Crystal

Valley

Metropolitan

District

No.

,

GO

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

12/01/49

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

3,000,000

2,219,928

Denver

City

&

County

Housing

Authority

,

4965

Washington

Street

LLLP

,

Revenue

,

2025

A

,

%

,

12/01/45

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

3,500,000

3,620,679

Denver

City

&

County

School

District

No.

,

GO

,

2017

,

%

,

12/01/41

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

5,000,000

5,071,936

GO

,

2025

C

,

5.5 %

,

12/01/49

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

5,000,000

5,550,807

Denver

Convention

Center

Hotel

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

%

,

12/01/40

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

9,775,000

9,831,011

Denver

Health

&

Hospital

Authority

,

COP

,

2018

,

%

,

12/01/48

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

5,255,000

5,279,183

Revenue

,

2014

A

,

5.25 %

,

12/01/45

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

9,250,000

9,254,463

Revenue

,

2019

A

,

Refunding

,

%

,

12/01/30

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

1,000,000

1,074,679

Revenue

,

2019

A

,

Refunding

,

%

,

12/01/32

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

1,330,000

1,418,513

Revenue

,

2019

A

,

Refunding

,

%

,

12/01/37

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

3,540,000

3,517,076

Revenue

,

2025

A

,

5.125 %

,

12/01/50

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

1,015,000

1,028,440

Revenue

,

2025

A

,

%

,

12/01/55

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

1,000,000

1,078,276

Denver

International

Business

Center

Metropolitan

District

No.

,

GO

,

2019

A

,

%

,

12/01/48

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

350,000

304,519

Eagle

River

Water

&

Sanitation

District

,

GO

,

2016

,

%

,

12/01/45

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

1,360,000

1,370,813

East

Cherry

Creek

Valley

Water

and

Sanitation

District

,

Revenue

,

2019

A

,

%

,

11/15/38

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

1,000,000

1,023,203

Revenue

,

2019

A

,

%

,

11/15/39

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

1,200,000

1,226,827

Erie

Farm

Metropolitan

District

,

GO

,

2021

,

Refunding

,

AG

Insured

,

%

,

12/01/51

....

1,200,000

1,087,675

Evan's

Place

Metropolitan

District

,

GO

,

2020

,

%

,

12/01/40

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

550,000

555,379

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado
(continued)

b

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55 %

,

12/01/47

$

3,500,000

$

3,572,839

Gunnison

County

Housing

Authority

,

Revenue

,

2025

,

BAM

Insured

,

5.125 %

,

6/01/55

.

1,350,000

1,397,958

Gunnison

Watershed

School

District

No.

Re

1J

,

GO

,

2023

,

%

,

12/01/47

..........

3,250,000

3,423,229

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25 %

,

12/01/46

.....

3,000,000

2,955,503

Lakes

at

Centerra

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

4.5 %

,

12/01/54

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

2,500,000

2,408,069

Lambertson

Farms

Metropolitan

District

No.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

4.25 %

,

12/15/54

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

1,000,000

937,194

Larimer

County

School

District

No.

Poudre

,

GO

,

2018

,

%

,

12/15/39

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

2,660,000

2,803,832

GO

,

2018

,

%

,

12/15/40

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

2,340,000

2,462,228

Meridian

Metropolitan

District

,

GO

,

2023

,

AG

Insured

,

4.375 %

,

12/01/53

..........

2,000,000

1,934,595

Mesa

County

Valley

School

District

No.

Grand

Junction

,

GO

,

2025

,

5.25 %

,

12/01/49

2,000,000

2,163,766

North

Pine

Vistas

Metropolitan

District

No.

,

GO

,

2022

,

Refunding

,

AG

Insured

,

%

,

12/01/52

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

1,125,000

1,155,453

Park

Metropolitan

District

,

GO

,

2016

,

Refunding

,

%

,

12/01/36

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

1,000,000

1,008,363

GO

,

2016

,

Refunding

,

%

,

12/01/46

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

1,500,000

1,501,283

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/01/46

.

2,875,000

2,932,161

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2024

A

,

AG

Insured

,

4.5 %

,

12/01/51

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

1,500,000

1,480,261

Westerly

Creek

District

Service

Area

,

Tax

Allocation,

Senior

Lien

,

2024

A

,

AG

Insured

,

4.25 %

,

12/01/47

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

1,000,000

977,464

Westerly

Creek

District

Service

Area

,

Tax

Allocation,

Senior

Lien

,

2025

,

Refunding

,

AG

Insured

,

%

,

12/01/41

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

1,000,000

1,096,783

Parker

Water

&

Sanitation

District

,

Revenue

,

2018

,

%

,

11/01/42

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

6,475,000

6,661,195

Patriot

Park

Metropolitan

District

No.

,

GO

,

2021

,

4.3 %

,

12/01/50

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

534,000

464,672

Prairie

Center

Metropolitan

District

No.

,

GO

,

2024

B

,

5.875 %

,

12/15/46

.........

1,000,000

1,060,596

Prairie

Center

Metropolitan

District

No.

,

GO

,

2020

,

4.125 %

,

12/15/36

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

390,000

392,392

GO

,

2020

,

4.875 %

,

12/15/44

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

725,000

726,805

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5 %

,

11/15/38

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

9,900,000

12,263,429

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/34

........

550,000

568,465

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/35

........

1,750,000

1,800,759

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/38

........

700,000

708,575

Sales

Tax

,

Revenue

,

2016

A

,

%

,

11/01/41

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

10,000,000

10,127,990

Sales

Tax

,

Revenue

,

2016

A

,

%

,

11/01/46

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

6,000,000

6,048,746

Silver

Peaks

Metropolitan

District

No.

,

GO,

Senior

Lien

,

2020

A

,

%

,

12/01/50

....

1,000,000

969,285

South

Timnath

Metropolitan

District

No.

,

GO

,

2016

,

Refunding

,

%

,

12/01/42

.....

5,690,000

5,710,215

State

of

Colorado

,

COP

,

2020

,

Refunding

,

%

,

6/15/40

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

1,315,000

1,346,466

COP

,

2020

A

,

%

,

12/15/38

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

3,555,000

3,692,804

COP

,

2020

R

,

%

,

3/15/45

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

5,000,000

4,971,272

COP

,

2024

A

,

%

,

11/01/53

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

2,000,000

1,811,612

Sterling

Hills

West

Metropolitan

District

,

GO

,

2017

,

Refunding

,

%

,

12/01/39

.......

1,125,000

1,163,586

Thompson

Crossing

Metropolitan

District

No.

,

GO

,

2016

B

,

Refunding

,

AG

Insured

,

%

,

12/01/46

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

4,500,000

4,518,286

Town

of

Monument

,

COP

,

2020

,

AG

Insured

,

%

,

12/01/45

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

2,000,000

1,930,427

Trails

at

Crowfoot

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

4.25 %

,

12/01/54

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

2,000,000

1,842,475

University

of

Colorado

,

Revenue

,

2025

A

,

4.25 %

,

6/01/55

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

4,055,000

3,930,044

Upper

Eagle

Regional

Water

Authority

,

Revenue

,

2024

,

BAM

Insured

,

4.25 %

,

12/01/53

2,000,000

1,932,146

Whispering

Pines

Metropolitan

District

No.

,

GO

,

2023

,

Refunding

,

AG

Insured

,

%

,

12/01/52

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

900,000

928,550

Wildwing

Metropolitan

District

No.

,

GO

,

2024

,

Refunding

,

AG

Insured

,

4.5 %

,

12/01/53

750,000

723,259

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Windsor

Highlands

Metropolitan

District

No.

,

GO

,

2024

,

Refunding

,

BAM

Insured

,

4.5 %

,

12/01/53

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

$

2,000,000

$

1,982,933

443,265,786

#### 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

3,779,938

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

800,000

568,320

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

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

4,920,000

4,214,509

8,562,767

#### Georgia

#### 0.4%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

550,000

588,516

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

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

2,735,000

1,370,870

1,959,386

#### South

#### Carolina

#### 0.1%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

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

695,000

641,066

#### Texas

#### 0.4%
b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

2,400,000

1,849,255

#### Washington

#### 0.3%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

1,400,000

1,248,265

#### Wisconsin

#### 2.5%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

2,570,000

2,747,719

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

1,400,000

1,175,886

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

12,405,000

6,238,513

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

3,650,000

2,453,032

12,615,150

#### U.S.

#### Territories

#### 1.1%

#### Guam

#### 0.5%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

10/01/39

600,000

661,363

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

.........

1,500,000

1,530,991

2,192,354

#### Puerto

#### Rico

#### 0.6%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

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

1,200,000

1,231,542

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

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

1,000,000

1,024,451

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

750,000

736,146

2,992,139

#### Total

#### U.S.

#### Territories

#### ....................................................................
5,184,493

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 483,795,669

####)
.....................................

#### 477,011,425

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 485,195,669

####)
...............................

#### 478,493,090

#### a
a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments

#### 2.6%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 2.6%

#### Colorado

#### 2.6%
d

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

12/01/52

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

$

2,600,000

$

2,600,000

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

D

,

Daily

VRDN

and

Put

,

1.9 %

,

5/15/64

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

10,400,000

10,400,000

13,000,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 13,000,000

####)
......................................

#### 13,000,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 13,000,000

####)
................................

#### 13,000,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 498,195,669

####)
98.9 #### %
...................................

#### $491,493,090

#### Other

#### Assets,

#### less

#### Liabilities
1.1 #### %
.............................................

#### 5,487,762

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $496,980,852
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$24,142,674,

representing

4.9%

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

#### Connecticut

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.15

$9.12

$8.86

$9.85

$10.17

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.26 0.24 0.24 0.22 0.20 Net

realized

and

unrealized

gains

(losses)

...........

0.14 0.03 0.26 (0.99)

(0.32)

Total

from

investment

operations

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

0.40 0.27 0.50 (0.77)

(0.12)

Less

distributions

from:

Net

investment

income

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

(0.25)

(0.24)

(0.24)

(0.22)

(0.20)

Net

asset

value,

end

of

year

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

$9.30

$9.15

$9.12

$8.86

$9.85

Total

return

d

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

4.42%

3.14%

5.78%

(7.84)%

(1.23)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.01%

1.00%

0.98%

0.97%

0.98%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.90%

0.90%

e

0.90%

e

0.91%

e

0.98%

e

Net

investment

income

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

2.85%

2.66%

2.74%

2.44%

1.95%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$31,568

$31,359

$29,938

$27,698

$34,084

Portfolio

turnover

rate

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

10.75%

12.35%

13.95%

14.70%

23.52%

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.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.15

$9.11

$8.85

$9.84

$10.16

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.27 0.26 0.26 0.23 0.22 Net

realized

and

unrealized

gains

(losses)

...........

0.14 0.04 0.26 (0.99)

(0.32)

Total

from

investment

operations

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

0.41 0.30 0.52 (0.76)

(0.10)

Less

distributions

from:

Net

investment

income

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

(0.27)

(0.26)

(0.26)

(0.23)

(0.22)

Net

asset

value,

end

of

year

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

$9.29

$9.15

$9.11

$8.85

$9.84

Total

return

d

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

4.58%

3.30%

5.94%

(7.71)%

(1.08)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.86%

0.85%

0.83%

0.83%

0.83%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.75%

0.75%

e

0.75%

e

0.76%

e

0.83%

e

Net

investment

income

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

3.00%

2.81%

2.89%

2.59%

2.12%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$73,197

$79,581

$89,034

$93,653

$119,599

Portfolio

turnover

rate

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

10.75%

12.35%

13.95%

14.70%

23.52%

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.

e

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.22

$9.18

$8.92

$9.92

$10.24

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.22 0.21 0.21 0.18 0.16 Net

realized

and

unrealized

gains

(losses)

...........

0.15 0.03 0.26 (1.00)

(0.32)

Total

from

investment

operations

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

0.37 0.24 0.47 (0.82)

(0.16)

Less

distributions

from:

Net

investment

income

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

(0.22)

(0.20)

(0.21)

(0.18)

(0.16)

Net

asset

value,

end

of

year

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

$9.37

$9.22

$9.18

$8.92

$9.92

Total

return

d

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

4.08%

2.70%

5.31%

(8.26)%

(1.62)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.41%

1.39%

1.37%

1.37%

1.38%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.30%

1.29%

e

1.29%

e

1.31%

e

1.38%

e

Net

investment

income

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

2.43%

2.23%

2.31%

2.01%

1.58%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$2,705

$2,762

$4,067

$4,828

$7,281

Portfolio

turnover

rate

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

10.75%

12.35%

13.95%

14.70%

23.52%

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.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.15

$9.11

$8.85

$9.84

$10.16

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.28 0.27 0.27 0.25 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.14 0.04 0.26 (1.00)

(0.32)

Total

from

investment

operations

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

0.42 0.31 0.53 (0.75)

(0.09)

Less

distributions

from:

Net

investment

income

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

(0.28)

(0.27)

(0.27)

(0.24)

(0.23)

Net

asset

value,

end

of

year

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

$9.29

$9.15

$9.11

$8.85

$9.84

Total

return

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

4.71%

3.43%

6.08%

(7.58)%

(0.91)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.70%

0.71%

0.69%

0.69%

0.68%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.62%

0.62%

d

0.63%

d

0.63%

d

0.67%

d

Net

investment

income

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

3.14%

2.94%

3.03%

2.75%

2.27%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$11,871

$7,950

$6,947

$2,952

$1,815

Portfolio

turnover

rate

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

10.75%

12.35%

13.95%

14.70%

23.52%

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

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$9.14

$9.10

$8.84

$9.83

$10.15

Income

from

investment

operations

b

:

Net

investment

income

c

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

0.28 0.26 0.27 0.24 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.14 0.04 0.25 (0.99)

(0.32)

Total

from

investment

operations

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

0.42 0.30 0.52 (0.75)

(0.09)

Less

distributions

from:

Net

investment

income

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

(0.27)

(0.26)

(0.26)

(0.24)

(0.23)

Net

asset

value,

end

of

year

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

$9.29

$9.14

$9.10

$8.84

$9.83

Total

return

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

4.80%

3.40%

6.05%

(7.63)%

(0.98)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.77%

0.76%

0.73%

0.73%

0.73%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.65%

0.65%

d

0.65%

d

0.66%

d

0.73%

d

Net

investment

income

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

3.11%

2.91%

3.01%

2.69%

2.22%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$41,679

$30,246

$15,886

$14,477

$20,378

Portfolio

turnover

rate

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

10.75%

12.35%

13.95%

14.70%

23.52%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 97.3%

#### Connecticut

#### 90.7%
City

of

Bridgeport

,

GO

,

2021

A

,

BAM

Insured

,

%

,

8/01/46

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

$

375,000

$

368,644

GO

,

2021

A

,

BAM

Insured

,

%

,

8/01/51

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

575,000

546,413

GO

,

2024

A

,

Refunding

,

BAM

Insured

,

%

,

7/01/44

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

550,000

600,818

City

of

New

Britain

,

GO

,

2017

C

,

AG

Insured

,

%

,

3/01/36

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

1,000,000

1,021,269

City

of

New

Haven

,

GO

,

2021

A

,

Refunding

,

%

,

8/01/41

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

2,000,000

2,005,060

GO

,

2025

,

Refunding

,

AG

Insured

,

%

,

8/01/44

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

300,000

325,059

City

of

Stamford

,

Water

Pollution

Control

System

&

Facility

,

Revenue

,

2013

A

,

5.25 %

,

8/15/43

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

1,000,000

1,000,939

City

of

West

Haven

,

GO

,

2021

,

BAM

Insured

,

%

,

9/15/41

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

565,000

572,164

Connecticut

Housing

Finance

Authority

,

Revenue

,

2019

E-E1

,

3.05 %

,

11/15/44

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

5,000,000

4,339,855

Revenue

,

2019

E-E1

,

3.1 %

,

11/15/49

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

2,000,000

1,583,482

Revenue

,

2020

,

Refunding

,

2.05 %

,

5/15/37

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

1,000,000

841,111

Revenue

,

2020

,

Refunding

,

2.2 %

,

11/15/34

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

960,000

847,997

Connecticut

Municipal

Electric

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/37

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

135,000

150,362

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Area

Cooperative

Educational

Services

,

Revenue

,

C

,

Refunding

,

%

,

7/01/42

....

240,000

266,013

Area

Cooperative

Educational

Services

,

Revenue

,

C

,

Refunding

,

%

,

7/01/43

....

140,000

153,899

Area

Cooperative

Educational

Services

,

Revenue

,

C

,

Refunding

,

%

,

7/01/44

....

320,000

348,092

Area

Cooperative

Educational

Services

,

Revenue

,

C

,

Refunding

,

%

,

7/01/45

....

400,000

429,678

Avon

Old

Farms

School

Obligated

Group

,

Revenue

,

,

Refunding

,

%

,

7/01/46

..

1,000,000

943,067

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

%

,

7/01/38

315,000

323,372

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

%

,

7/01/39

380,000

388,569

Choate

Rosemary

Hall

Foundation,

Inc.

(The)

,

Revenue

,

F

,

Refunding

,

%

,

7/01/42

860,000

871,413

Connecticut

Children's

Medical

Center

Obligated

Group

,

Revenue

,

E

,

5.25 %

,

7/15/48

3,375,000

3,577,654

Connecticut

College

,

Revenue

,

,

Refunding

,

%

,

7/01/46

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

5,000,000

4,865,783

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2018

B

,

%

,

12/01/40

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

4,000,000

4,080,241

Fairfield

University

,

Revenue

,

,

%

,

7/01/46

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

9,000,000

9,024,978

Fairfield

University

,

Revenue

,

V

,

5.25 %

,

7/01/47

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

620,000

676,790

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/46

..........

4,500,000

4,243,801

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2026

A

,

Refunding

,

5.5 %

,

7/01/51

2,000,000

2,170,545

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2026

A

,

Refunding

,

5.5 %

,

7/01/55

1,300,000

1,397,733

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

%

,

7/01/41

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

735,000

700,258

Jerome

Home

,

Revenue

,

2021

E

,

Refunding

,

%

,

7/01/51

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

1,250,000

1,014,297

Masonicare

Corp.

Obligated

Group

,

Revenue

,

F

,

Refunding

,

%

,

7/01/43

........

1,000,000

1,000,951

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/38

.....

1,000,000

1,007,780

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/41

.....

6,310,000

6,299,931

Quinnipiac

University

,

Revenue

,

L

,

Refunding

,

%

,

7/01/45

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

8,250,000

8,254,766

Sacred

Heart

University,

Inc.

,

Revenue

,

,

Refunding

,

%

,

7/01/42

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

4,375,000

4,452,056

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

%

,

7/01/35

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

550,000

599,135

Sacred

Heart

University,

Inc.

,

Revenue

,

K

,

%

,

7/01/45

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

1,200,000

1,167,373

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

%

,

7/01/37

...

2,550,000

2,608,129

Taft

School

Corp.

(The)

,

Revenue

,

L

,

Refunding

,

%

,

7/01/46

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

2,210,000

1,794,811

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

CT

,

%

,

12/01/45

.........

5,000,000

5,014,202

Trustees

of

Trinity

College

(The)

,

Revenue

,

R

,

Refunding

,

%

,

6/01/45

..........

2,500,000

2,419,229

Trustees

of

Trinity

College

(The)

,

Revenue

,

S

,

Refunding

,

%

,

6/01/51

..........

4,800,000

4,322,346

Trustees

of

Trinity

College

(The)

,

Revenue

,

,

Refunding

,

%

,

6/01/49

.........

400,000

425,260

University

of

Hartford

(The)

,

Revenue

,

2022

P

,

5.375 %

,

7/01/52

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

2,000,000

1,882,309

Yale

University

,

Revenue

,

2015

A

,

Refunding

,

%

,

7/01/35

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

2,435,000

2,953,625

Yale

University

,

Revenue

,

,

%

,

7/01/37

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

3,000,000

3,512,315

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/44

520,000

567,268

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/45

500,000

540,124

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/46

500,000

536,782

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Connecticut
(continued)

Connecticut

State

Health

&

Educational

Facilities

Authority,

(continued)

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/47

$

495,000

$

526,735

Yale-New

Haven

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/48

500,000

528,532

Connecticut

State

Higher

Education

Supplement

Loan

Authority

,

Revenue

,

2020

B

,

3.25 %

,

11/15/36

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

1,360,000

1,315,827

Revenue

,

2020

D

,

Pre-Refunded

,

%

,

11/15/35

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

1,145,000

1,151,518

Revenue

,

2021

B

,

2.25 %

,

11/15/37

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

2,355,000

2,004,823

Revenue

,

2025

,

%

,

11/15/40

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

500,000

520,573

South

Central

Connecticut

Regional

Water

Authority

,

Revenue

,

38th

,

Refunding

,

%

,

8/01/38

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

1,000,000

1,175,875

Revenue

,

38th

,

Refunding

,

%

,

8/01/40

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

500,000

576,659

Revenue

,

38th

,

Refunding

,

%

,

8/01/41

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

300,000

341,920

Revenue

,

39th

A

,

%

,

8/01/54

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

1,000,000

1,056,135

Revenue,

Second

Series

,

32nd

B

,

Refunding

,

%

,

8/01/38

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

1,720,000

1,735,498

State

of

Connecticut

,

GO

,

2020

A

,

%

,

1/15/38

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

7,250,000

7,483,449

GO

,

2020

C

,

%

,

6/01/39

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

600,000

618,035

GO

,

2024

G

,

%

,

11/15/41

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

3,990,000

4,543,424

GO

,

2025

C

,

%

,

8/15/44

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

2,000,000

2,222,725

Special

Tax

,

2018

A

,

%

,

1/01/36

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

1,000,000

1,041,642

Special

Tax

,

2020

A

,

%

,

5/01/35

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

4,500,000

4,937,502

Special

Tax

,

2020

A

,

%

,

5/01/40

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

2,000,000

2,151,182

Special

Tax

,

2021

A

,

%

,

5/01/41

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

1,500,000

1,630,219

Special

Tax

,

2021

D

,

%

,

11/01/40

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

2,075,000

2,138,898

Special

Tax

,

2024

,

%

,

7/01/45

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

1,250,000

1,373,669

Bradley

International

Airport

CFC

,

Revenue

,

2019

A

,

AG

Insured

,

%

,

7/01/49

....

1,400,000

1,416,641

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2015

A

,

%

,

3/01/34

.......

1,000,000

1,001,771

Clean

Water

Fund

-

State

Revolving

Fund

,

Revenue

,

2017

A

,

%

,

5/01/37

.......

1,000,000

1,027,129

a

Special

Tax

,

Special

Tax

,

2025

A

,

Refunding

,

%

,

7/01/45

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

1,000,000

1,108,266

Town

of

Hamden

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

8/15/41

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

500,000

509,495

Town

of

Stafford

,

GO

,

2021

,

Refunding

,

%

,

2/01/36

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

250,000

248,920

GO

,

2021

,

Refunding

,

%

,

2/01/38

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

310,000

304,264

GO

,

2021

,

Refunding

,

%

,

2/01/41

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

300,000

274,150

Town

of

Stratford

,

GO

,

2017

,

AG

Insured

,

%

,

7/01/33

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

1,000,000

1,002,032

University

of

Connecticut

,

Revenue

,

2017

A

,

%

,

1/15/37

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

1,000,000

1,020,373

146,025,629

#### Florida

#### 0.9%
b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

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

500,000

355,200

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

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

1,325,000

1,135,005

1,490,205

#### Georgia

#### 0.3%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

185,000

197,955

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

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

420,000

210,518

408,473

#### Illinois

#### 0.6%
State

of

Illinois

,

GO

,

2020

C

,

%

,

10/01/42

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

1,000,000

965,825

#### Texas

#### 0.3%
b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

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

615,000

473,872

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Washington

#### 0.3%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

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

$

500,000

$

445,809

#### Wisconsin

#### 1.7%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

855,000

914,124

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

400,000

335,967

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

1,910,000

960,545

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

800,000

537,651

2,748,287

#### U.S.

#### Territories

#### 2.5%

#### Guam

#### 1.6%
Antonio

B

Won

Pat

International

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

10/01/36

365,000

410,519

Guam

Government

Waterworks

Authority

,

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

.............

600,000

623,389

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

..............

1,000,000

1,051,124

Territory

of

Guam

,

Revenue

,

2025

G

,

Refunding

,

5.25 %

,

1/01/39

................

500,000

561,307

2,646,339

#### Puerto

#### Rico

#### 0.9%
Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

1,500,000

1,472,293

#### Total

#### U.S.

#### Territories

#### ....................................................................
4,118,632

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 159,774,421

####)
.....................................

#### 156,676,732
a

#### a
a

a

#### Total

#### Investments

#### (Cost

#### $

#### 159,774,421

####)
97.3 #### %
...................................

#### $156,676,732

#### Other

#### Assets,

#### less

#### Liabilities
2.7 #### %
.............................................

#### 4,342,850

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $161,019,582
See

A

bbreviations

on

.

a

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$3,283,504,

representing

2.0%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

Franklin

Tax-Free

Trust

Financial

Highlights

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.35

$11.27

$11.02

$11.82

$12.22

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.37 0.32 0.30 0.26 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.23 0.08 0.25 (0.82)

(0.40)

Total

from

investment

operations

....................

0.60 0.40 0.55 (0.56)

(0.17)

Less

distributions

from:

Net

investment

income

..........................

(0.36)

(0.32)

(0.30)

(0.24)

(0.23)

Net

asset

value,

end

of

year

.......................

$11.59

$11.35

$11.27

$11.02

$11.82

Total

return

d

...................................

5.46%

3.63%

5.05%

(4.70)%

(1.42)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.83%

0.81%

0.81%

0.83%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.71%

0.71%

e

0.70%

e

0.71%

e

0.70%

e

Net

investment

income

...........................

3.26%

2.87%

2.70%

2.31%

1.89%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$670,905

$655,106

$667,503

$707,816

$754,463

Portfolio

turnover

rate

............................

27.20%

18.10%

16.21%

24.76%

22.05%

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.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.34

$11.26

$11.01

$11.81

$12.21

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.38 0.34 0.32 0.27 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.23 0.08 0.24 (0.81)

(0.40)

Total

from

investment

operations

....................

0.61 0.42 0.56 (0.54)

(0.15)

Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.34)

(0.31)

(0.26)

(0.25)

Net

asset

value,

end

of

year

.......................

$11.57

$11.34

$11.26

$11.01

$11.81

Total

return

d

...................................

5.53%

3.79%

5.22%

(4.56)%

(1.27)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.68%

0.66%

0.66%

0.68%

0.65%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.56%

0.56%

e

0.55%

e

0.56%

e

0.55%

e

Net

investment

income

...........................

3.41%

3.02%

2.85%

2.45%

2.05%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$539,132

$623,410

$730,605

$864,508

$1,265,052

Portfolio

turnover

rate

............................

27.20%

18.10%

16.21%

24.76%

22.05%

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.

e

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.37

$11.29

$11.05

$11.85

$12.24

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.32 0.28 0.25 0.21 0.18 Net

realized

and

unrealized

gains

(losses)

...........

0.24 0.08 0.24 (0.81)

(0.39)

Total

from

investment

operations

....................

0.56 0.36 0.49 (0.60)

(0.21)

Less

distributions

from:

Net

investment

income

..........................

(0.32)

(0.28)

(0.25)

(0.20)

(0.18)

Net

asset

value,

end

of

year

.......................

$11.61

$11.37

$11.29

$11.05

$11.85

Total

return

d

...................................

5.03%

3.21%

4.53%

(5.07)%

(1.73)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.23%

1.21%

1.21%

1.23%

1.20%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.11%

1.10%

e

1.10%

e

1.11%

e

1.10%

e

Net

investment

income

...........................

2.85%

2.45%

2.29%

1.88%

1.50%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$14,946

$20,682

$28,661

$42,983

$67,008

Portfolio

turnover

rate

............................

27.20%

18.10%

16.21%

24.76%

22.05%

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.

e

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.

Annual

Report

In

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.37

$11.29

$11.04

$11.84

$12.24

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.40 0.36 0.33 0.29 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.23 0.08 0.25 (0.81)

(0.40)

Total

from

investment

operations

....................

0.63 0.44 0.58 (0.52)

(0.13)

Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.36)

(0.33)

(0.28)

(0.27)

Net

asset

value,

end

of

year

.......................

$11.60

$11.37

$11.29

$11.04

$11.84

Total

return

....................................

5.69%

3.94%

5.36%

(4.40)%

(1.12)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.51%

0.51%

0.51%

0.53%

0.50%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.40%

0.40%

d

0.40%

d

0.40%

d

0.40%

d

Net

investment

income

...........................

3.57%

3.17%

3.00%

2.60%

2.19%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$124,276

$123,010

$127,665

$135,524

$257,641

Portfolio

turnover

rate

............................

27.20%

18.10%

16.21%

24.76%

22.05%

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

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.37

$11.28

$11.04

$11.84

$12.24

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.40 0.35 0.33 0.28 0.26 Net

realized

and

unrealized

gains

(losses)

...........

0.22 0.09 0.24 (0.81)

(0.40)

Total

from

investment

operations

....................

0.62 0.44 0.57 (0.53)

(0.14)

Less

distributions

from:

Net

investment

income

..........................

(0.39)

(0.35)

(0.33)

(0.27)

(0.26)

Net

asset

value,

end

of

year

.......................

$11.60

$11.37

$11.28

$11.04

$11.84

Total

return

....................................

5.62%

3.98%

5.21%

(4.45)%

(1.17)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.58%

0.56%

0.56%

0.58%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.46%

0.45%

d

0.45%

d

0.46%

0.45%

d

Net

investment

income

...........................

3.51%

3.12%

2.95%

2.53%

2.14%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$718,823

$689,045

$644,787

$633,982

$1,126,152

Portfolio

turnover

rate

............................

27.20%

18.10%

16.21%

24.76%

22.05%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Management

#### Investment

#### Companies

#### 0.7%

#### Capital

#### Markets

#### 0.7%
a

Franklin

Municipal

Green

Bond

ETF

.....................................

620,000

$

15,059,800

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 16,750,550

####)
....................

#### 15,059,800

#### Principal

#### Amount
a

#### a
a

#### Municipal

#### Bonds

#### 95.9%

#### Alabama

#### 5.1%
b

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

F

,

Mandatory

Put

,

5.5 %

,

12/01/28

.........................

$

6,970,000

7,436,791

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

12/01/30

.......................

14,000,000

15,336,147

Revenue

,

2024

C

,

Mandatory

Put

,

%

,

7/01/31

...........................

4,000,000

4,338,548

c

Revenue

,

144A,

2025

C

,

Mandatory

Put

,

5.5 %

,

8/01/34

.....................

8,715,000

9,535,503

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

,

Mandatory

Put

,

5.5 %

,

1/01/31

.........................

8,570,000

9,439,096

Revenue

,

2023

,

Mandatory

Put

,

5.75 %

,

11/01/31

.......................

6,000,000

6,769,903

Revenue

,

2024

B

,

Mandatory

Put

,

5.25 %

,

6/01/32

.........................

7,000,000

7,734,105

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

2,293,429

Infirmary

Health

System

Special

Care

Facilities

Financing

Authority

of

Mobile

,

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

%

,

2/01/27

.......

4,920,000

4,925,112

Infirmary

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

%

,

2/01/28

.......

5,000,000

5,005,673

Madison

City

Board

of

Education

,

Special

Tax

,

2019

,

%

,

2/01/33

...............

2,855,000

2,973,578

b

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2022

,

Mandatory

Put

,

5.5 %

,

12/01/29

........................

4,585,000

4,990,648

Revenue

,

2022

,

Mandatory

Put

,

4.249 %

,

8/01/28

.......................

15,000,000

15,235,877

Revenue

,

2025

B

,

Mandatory

Put

,

5.25 %

,

1/01/33

.........................

9,700,000

10,394,681

106,409,091

#### Alaska

#### 0.1%
Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2020

,

Refunding

,

%

,

12/01/35

...

1,710,000

1,775,435

#### Arizona

#### 3.1%
Arizona

Industrial

Development

Authority

,

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/30

.......................................................

600,000

638,597

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/31

.......................................................

630,000

669,557

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/32

.......................................................

1,000,000

1,060,639

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/35

.......................................................

1,115,000

1,173,309

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/36

.......................................................

1,250,000

1,311,361

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/37

.......................................................

1,050,000

1,098,392

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/37

.......................................................

1,105,000

1,117,610

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/38

.......................................................

600,000

604,311

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/41

.......................................................

6,000,000

5,997,209

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/27

.............

55,000

56,277

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/28

.............

60,000

62,123

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/29

.............

60,000

62,943

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/30

.............

65,000

68,905

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

A

,

%

,

7/01/31

.............

70,000

74,782

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/27

.............

160,000

160,928

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Arizona

Industrial

Development

Authority,

(continued)

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/28

.............

$

170,000

$

170,870

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/29

.............

160,000

160,807

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/30

.............

185,000

185,894

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/31

.............

195,000

195,885

Phoenix

Children's

Hospital

Obligated

Group

,

Revenue

,

2020

A

,

%

,

2/01/39

.....

1,200,000

1,110,687

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue,

Junior

Lien

,

2019

B

,

%

,

7/01/35

........................

7,500,000

7,990,385

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/35

..................................................

3,340,000

3,574,801

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/36

..................................................

6,380,000

6,804,183

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/39

..................................................

6,365,000

6,720,389

Maricopa

County

Industrial

Development

Authority

,

c

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

18,555,000

20,033,668

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/30

.......

850,000

904,962

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/31

.......

1,000,000

1,063,710

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/32

.......

1,000,000

1,062,700

HonorHealth

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/33

.......

800,000

848,640

64,984,524

#### Arkansas

#### 0.6%
Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/35

........................................................

4,630,000

4,886,392

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/36

........................................................

3,625,000

3,807,185

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/37

........................................................

1,250,000

1,306,645

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/38

........................................................

1,000,000

1,041,051

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/39

........................................................

1,000,000

1,037,212

12,078,485

#### California

#### 5.9%
b

California

Community

Choice

Financing

Authority

,

Revenue

,

2023

C

,

Mandatory

Put

,

5.25 %

,

10/01/31

...................................................

11,000,000

11,827,472

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

2/01/43

..........

2,085,000

2,003,467

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/46

...

6,485,000

5,689,785

California

Municipal

Finance

Authority

,

d

Revenue

,

FRN

,

2025-1

,

,

3.537 %

,

2/20/41

............................

13,389,603

12,031,903

Witmer

Manor

Community

Partners

LP

,

Revenue

,

2025

A

,

FNMA

Insured

,

4.875 %

,

11/01/43

.......................................................

3,100,000

3,307,547

California

Statewide

Communities

Development

Authority

,

Southern

California

Edison

Co.

,

Revenue

,

2010

A

,

Refunding

,

1.75 %

,

9/01/29

.........................

5,000,000

4,768,278

City

of

Los

Angeles

,

Department

of

Airports

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/15/38

14,960,000

17,134,681

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/47

..............................................

9,710,000

9,154,030

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/47

.........................................

4,800,000

4,525,164

c

CSCDA

Community

Improvement

Authority

,

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

9/01/46

...............................................

4,825,000

4,144,086

Golden

State

Tobacco

Securitization

Corp.

,

Revenue

,

2021

,

Refunding

,

3.85 %

,

6/01/50

.........................................................

2,960,000

2,753,166

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/31

...................

$

8,220,000

$

8,401,293

Power

System

,

Revenue

,

2017

C

,

%

,

7/01/33

............................

3,960,000

4,091,932

Power

System

,

Revenue

,

2017

C

,

%

,

7/01/34

............................

4,080,000

4,211,732

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

%

,

5/01/44

........................................

6,760,000

6,964,866

Revenue,

Second

Series

,

2023

C

,

Refunding

,

%

,

5/01/33

...................

15,000,000

17,385,796

d

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

4.099 %

,

(3-month

TSOF

+

1.645 %),

11/01/38

...........................................

3,000,000

2,974,789

121,369,987

#### Colorado

#### 3.4%
City

&

County

of

Denver

,

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75 %

,

11/15/41

........................................................

5,325,000

6,040,575

Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/31

2,500,000

2,698,416

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/33

9,595,000

10,288,451

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/36

11,635,000

12,325,242

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/38

2,000,000

2,099,904

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/39

5,500,000

5,753,402

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/44

6,695,000

6,886,500

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/40

.........

3,000,000

3,241,093

Denver

City

&

County

School

District

No.

,

GO

,

2025

A

,

5.5 %

,

12/01/44

..........

10,000,000

11,526,366

Denver

Health

&

Hospital

Authority

,

Revenue

,

2025

A

,

%

,

12/01/55

.............

1,500,000

1,617,414

c

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

%

,

12/01/32

..

975,000

1,017,327

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/15/35

.............................................

1,400,000

1,440,607

South

Maryland

Creek

Ranch

Metropolitan

District

,

GO

,

2023

,

Refunding

,

AG

Insured

,

%

,

12/01/43

.....................................................

1,000,000

1,060,541

c

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

%

,

4/01/35

................................................

4,100,000

4,596,495

70,592,333

#### Connecticut

#### 0.9%
Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/38

..........

2,500,000

2,542,179

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/33

.....

5,000,000

5,274,294

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/35

.....

250,000

254,486

Nuvance

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/36

.....

4,750,000

4,817,360

University

of

Connecticut

,

Revenue

,

2016

A

,

%

,

3/15/31

.....................

5,025,000

5,034,020

17,922,339

#### Delaware

#### 0.1%
b

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

%

,

10/01/35

................................

2,500,000

2,581,754

#### Florida

#### 7.6%
Alachua

County

Health

Facilities

Authority

,

Shands

Teaching

Hospital

&

Clinics

Obligated

Group

,

Revenue

,

,

Refunding

,

%

,

12/01/35

...................

2,350,000

2,502,806

Beach

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

Refunding

,

AG

Insured

,

5.25 %

,

5/01/44

.................................

1,395,000

1,476,539

Capital

Projects

Finance

Authority

,

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

,

%

,

11/01/48

............................

2,500,000

2,409,140

c

Capital

Trust

Agency,

Inc.

,

Kingdom

Kensington

LLC

,

Revenue

,

144A,

2021

,

3.65 %

,

12/01/36

..........

5,345,000

5,002,926

Kingdom

Kensington

LLC

,

Revenue

,

144A,

2021

,

5.1 %

,

12/01/31

...........

1,725,000

1,651,261

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

T

,

5.05 %

,

7/01/34

..........

855,000

771,343

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

c,e

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

$

17,200,000

$

14,733,651

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.........................................................

750,000

661,653

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

2.75 %

,

5/01/30

.........................................................

255,000

247,843

City

of

Jacksonville

,

Revenue

,

2023

A

,

Refunding

,

5.5 %

,

10/01/53

.............................

5,175,000

5,592,536

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/01/39

..

1,650,000

1,652,292

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/40

........................................

2,500,000

2,474,717

City

of

Port

St.

Lucie

,

Utility

System

,

Revenue

,

2016

,

Refunding

,

%

,

9/01/30

.....................

1,500,000

1,509,526

Utility

System

,

Revenue

,

2016

,

Refunding

,

%

,

9/01/31

.....................

1,635,000

1,645,117

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Foundation,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/33

...................

6,000,000

6,087,605

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

%

,

7/01/38

..................................................

700,000

708,919

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

%

,

7/01/39

..................................................

500,000

504,451

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group

,

Revenue

,

2020

B

,

%

,

7/01/40

..................................................

1,000,000

1,054,573

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/37

........................................

1,000,000

932,337

County

of

Pasco

,

Solid

Waste

Disposal

&

Resource

Recovery

System

,

Revenue

,

2026

B

,

5.5 %

,

10/01/51

.......................................................

1,125,000

1,166,878

Solid

Waste

Disposal

&

Resource

Recovery

System

,

Revenue

,

2026

B

,

5.5 %

,

10/01/56

.......................................................

1,625,000

1,680,077

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

3.75 %

,

5/01/32

...................................................

460,000

471,834

East

Palm

Drive

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.1 %

,

6/15/44

.....................................

750,000

774,765

Everlands

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.25 %

,

6/15/44

...............................................

1,000,000

1,038,208

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC

,

Revenue

,

2024

,

Refunding

,

AG

Insured

,

%

,

7/01/44

....................................

20,000,000

19,857,674

c

Forest

Lake

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/40

..................................

1,270,000

1,264,242

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

%

,

10/01/33

.......................................

10,500,000

11,290,837

Revenue

,

2019

A

,

%

,

10/01/37

.......................................

8,430,000

8,536,188

Harvest

Ridge

Community

Development

District

,

Special

Assessment

,

2024

,

4.375 %

,

5/01/31

.............................

240,000

246,036

Special

Assessment

,

2024

,

5.125 %

,

5/01/44

.............................

260,000

270,449

Special

Assessment

,

2024

,

5.375 %

,

5/01/54

.............................

650,000

659,742

Herons

Glen

Recreation

District

,

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/32

.............

185,000

186,988

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/33

.............

300,000

302,068

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/34

.............

245,000

245,710

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/35

.............

255,000

254,827

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/36

.............

260,000

258,313

Hillsborough

County

Housing

Finance

Authority

,

Tampa

47th

Street

Apartments

LLC

,

Revenue

,

2025

A

,

FNMA

Insured

,

%

,

12/01/42

...........................

3,075,000

3,354,629

Keys

Edge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.1 %

,

5/01/44

................................................

500,000

509,591

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

c

Knightsbridge

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

6/15/31

...................................................

$

190,000

$

195,337

Lakewood

Ranch

Stewardship

District

,

Special

Assessment

,

2025

,

5.7 %

,

5/01/45

...............................

1,100,000

1,158,222

Assessment

Southeast

,

Special

Assessment

,

2025

,

5.8 %

,

5/01/45

.............

2,000,000

2,114,399

Assessments

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/44

....................

485,000

504,928

Lee

County

Industrial

Development

Authority

,

Lee

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

4/01/37

........................................................

5,000,000

5,062,667

Lee

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

4/01/49

........................................................

12,000,000

10,775,030

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.45 %

,

5/01/32

...................................................

1,000,000

1,083,872

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/28

.....

1,000,000

1,014,759

Orlando

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/30

.....

2,875,000

2,916,714

Palm

Beach

County

Housing

Finance

Authority

,

SP

Field

LLC

,

Revenue

,

2026

A

,

FHLMC

Insured

,

4.55 %

,

2/01/44

......................................

5,000,000

5,046,475

c,f

PBR

Community

Development

District

,

Special

Assessment

,

144A,

2026

,

%

,

3/01/48

.........................................................

800,000

804,591

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

12/15/41

........................................................

1,000,000

928,460

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

4.2 %

,

5/01/33

...............................

800,000

835,690

Special

Assessment

,

2023

,

%

,

5/01/43

.................................

2,000,000

2,082,929

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/31

.....................................

500,000

484,688

State

Board

of

Administration

Finance

Corp.

,

Florida

Hurricane

Catastrophe

Fund

,

Revenue

,

2024

A

,

5.526 %

,

7/01/34

....................................

6,600,000

7,115,199

State

of

Florida

,

GO

,

2017

C

,

Refunding

,

%

,

6/01/33

........................

5,000,000

5,091,742

c

Summerstone

Community

Development

District

,

Assessment

Phase

,

Special

Assessment

,

144A,

2021

,

3.15 %

,

5/01/41

...............................

725,000

675,695

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

%

,

10/01/32

..........

2,855,000

2,878,530

c

Village

Community

Development

District

No.

,

Special

Assessment

,

144A,

2024

,

%

,

5/01/34

............................

1,000,000

1,033,561

Special

Assessment

,

144A,

2024

,

4.2 %

,

5/01/39

..........................

1,000,000

1,013,654

Phase

I

,

Special

Assessment

,

144A,

2023

,

4.85 %

,

5/01/38

...................

845,000

888,061

157,693,494

#### Georgia

#### 3.9%
c

Atlanta

Development

Authority

(The)

,

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

%

,

7/01/35

.............

625,000

666,448

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

5.25 %

,

7/01/40

...........

700,000

740,552

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

%

,

7/01/45

.............

975,000

1,038,915

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

4/01/36

1,400,000

1,442,320

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

%

,

4/01/33

250,000

261,667

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

%

,

4/01/34

275,000

286,730

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

%

,

4/01/35

275,000

285,517

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

%

,

4/01/36

275,000

283,313

DeKalb

County

Housing

Authority

,

HADC

Avenues

LLC

,

Revenue

,

2024

,

Refunding

,

4.125 %

,

12/01/34

............

2,500,000

2,554,077

HADC

Park

at

500

LLC

,

Revenue

,

2024

,

%

,

3/01/34

.......................

2,250,000

2,301,709

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

%

,

8/21/26

......................

2,375,000

2,353,930

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

5,050,000

5,403,649

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Development

Authority

of

Rockdale

County,

(continued)

e

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

$

1,260,000

$

631,552

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

%

,

2/15/28

........................................................

2,100,000

2,154,567

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

%

,

2/15/29

........................................................

2,000,000

2,050,324

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

A

,

Refunding

,

%

,

2/15/30

........................................................

1,000,000

1,025,144

b

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

C

,

Mandatory

Put

,

%

,

12/01/28

...........................

5,000,000

5,149,476

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/29

...........................

10,000,000

10,355,379

Revenue

,

2022

B

,

Mandatory

Put

,

%

,

6/01/29

............................

10,200,000

10,814,736

c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

%

,

11/01/27

......................

12,000,000

12,103,568

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/31

..........................

11,495,000

12,506,083

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

%

,

1/01/33

........................................

1,000,000

1,055,282

Revenue

,

2019

B

,

%

,

1/01/34

........................................

700,000

729,931

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

%

,

1/01/29

..............

500,000

524,238

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

%

,

1/01/30

..............

480,000

503,165

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

%

,

1/01/31

..............

700,000

733,095

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

%

,

1/01/32

..............

750,000

784,633

PowerSouth

Energy

Cooperative

,

Revenue

,

2019

B

,

%

,

1/01/33

..............

1,045,000

1,091,413

Savannah

Georgia

Convention

Center

Authority

,

Revenue

,

2025

C

,

AG

Insured

,

5.5 %

,

6/01/50

.........................................................

1,000,000

1,080,810

80,912,223

#### Hawaii

#### 0.5%
City

&

County

Honolulu

,

Wastewater

System

,

Revenue,

Senior

Lien

,

2025

B

,

5.25 %

,

7/01/46

............

1,000,000

1,109,501

Wastewater

System

,

Revenue,

Senior

Lien

,

2025

B

,

5.25 %

,

7/01/47

............

1,750,000

1,930,924

Wastewater

System

,

Revenue,

Senior

Lien

,

2025

B

,

5.25 %

,

7/01/48

............

2,000,000

2,195,224

State

of

Hawaii

,

Airports

System

,

Revenue

,

2020

A

,

%

,

7/01/35

................

4,420,000

4,534,024

9,769,673

#### Idaho

#### 0.1%
Boise

State

University

,

Revenue

,

2025

A

,

Refunding

,

%

,

4/01/50

...............................

850,000

888,090

Revenue

,

2025

A

,

Refunding

,

%

,

4/01/54

...............................

825,000

857,634

1,745,724

#### Illinois

#### 7.4%
Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.25 %

,

4/01/40

...................................................

3,720,000

4,044,380

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2020

E

,

Refunding

,

%

,

1/01/34

.........................................................

5,345,000

5,548,156

Chicago

Park

District

,

GO

,

2020

,

Refunding

,

%

,

1/01/32

..................................

1,500,000

1,637,991

GO

,

2020

,

Refunding

,

%

,

1/01/33

..................................

3,000,000

3,265,351

GO

,

2020

,

Refunding

,

%

,

1/01/34

..................................

1,100,000

1,136,053

City

of

Berwyn

,

GO

,

2022

B

,

Refunding

,

AG

Insured

,

%

,

12/01/41

..............

6,000,000

6,184,933

City

of

Chicago

,

e

GO

,

1999

,

NATL

Insured

,

3.21 %,

1/01/31

................................

4,000,000

3,431,958

GO

,

2021

A

,

Refunding

,

%

,

1/01/33

...................................

9,335,000

9,867,323

GO

,

2021

A

,

Refunding

,

%

,

1/01/34

...................................

6,655,000

7,042,903

GO

,

2021

B

,

Refunding

,

%

,

1/01/35

...................................

4,295,000

4,312,944

GO

,

2021

B

,

Refunding

,

BAM

Insured

,

%

,

1/01/38

........................

5,150,000

5,185,237

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Illinois
(continued)

City

of

Chicago,

(continued)

GO

,

2023

A

,

%

,

1/01/35

............................................

$

10,000,000

$

10,649,607

GO

,

2024

B

,

Refunding

,

%

,

1/01/35

...................................

5,575,000

6,095,215

Illinois

Finance

Authority

,

Carle

Foundation

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

8/15/40

12,645,000

12,710,583

b,c

Centerpoint

Joliet

Terminal

Railroad

LLC

,

Revenue

,

144A,

2012

,

Mandatory

Put

,

4.8 %

,

7/02/35

...................................................

5,000,000

5,252,553

g,h

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/28

.........

321,200

—

g,h

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/29

.........

331,756

—

g,h

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/30

.........

395,091

—

g,h

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/31

.........

330,248

—

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

5/15/35

........................................................

500,000

500,306

Northwestern

University

,

Revenue

,

2015

,

%

,

12/01/28

.....................

1,675,000

1,797,714

c

Rosalind

Franklin

University

of

Medicine

and

Science

,

Revenue

,

144A,

2025

,

5.25 %

,

8/01/35

........................................................

5,000,000

5,364,497

e

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

2002

A

,

BAM,

NATL

RE

Insured

,

3.48 %,

12/15/37

...................................................

13,045,000

8,712,964

Northern

Illinois

University

,

Revenue

,

2021

,

BAM

Insured

,

%

,

10/01/41

.............................

400,000

400,376

Revenue

,

2021

,

BAM

Insured

,

%

,

10/01/43

.............................

2,075,000

2,025,538

State

of

Illinois

,

GO

,

2019

B

,

%

,

11/01/38

...........................................

4,680,000

4,697,596

GO

,

2020

C

,

%

,

10/01/37

...........................................

8,170,000

8,288,616

GO

,

2021

A

,

%

,

3/01/46

............................................

2,000,000

2,050,757

GO

,

2022

A

,

%

,

3/01/29

............................................

6,385,000

6,867,661

GO

,

2022

B

,

%

,

10/01/30

...........................................

10,000,000

11,083,085

GO

,

2022

C

,

5.5 %

,

10/01/40

.........................................

3,700,000

4,118,300

GO

,

2024

C

,

%

,

10/01/39

...........................................

2,500,000

2,515,690

c

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

................

5,000,000

5,143,768

Village

of

Bellwood

,

Tax

Allocation

,

2024

,

%

,

12/01/50

.......................

2,750,000

2,775,827

152,707,882

#### Indiana

#### 1.3%
Indiana

Finance

Authority

,

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

%

,

6/01/32

.....................

650,000

711,020

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

%

,

6/01/33

.....................

830,000

912,301

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

%

,

6/01/38

.....................

1,600,000

1,714,242

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/26

..

1,065,000

1,070,063

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/27

..

1,150,000

1,164,046

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/28

..

1,235,000

1,256,794

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/29

..

1,330,000

1,359,578

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/30

..

1,425,000

1,458,601

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

4.3 %

,

5/01/29

...

750,000

769,915

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5.25 %

,

5/01/45

..

1,000,000

1,028,291

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue

,

2021

A

,

Refunding

,

AG

Insured

,

%

,

6/01/37

...............................................

14,000,000

14,584,969

26,029,820

#### Iowa

#### 1.1%
Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/32

....

680,000

682,051

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/36

....

650,000

651,443

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/41

....

350,000

350,363

b

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.119 %

,

5/15/26

.....................................

3,250,000

3,227,329

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Iowa
(continued)

Iowa

Finance

Authority,

(continued)

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75 %

,

5/15/33

........................................................

$

2,500,000

$

2,902,094

Iowa

Higher

Education

Loan

Authority

,

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/31

.

1,800,000

1,946,401

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/32

.

1,920,000

2,067,816

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/33

.

2,030,000

2,176,880

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/34

.

2,135,000

2,280,833

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/35

.

1,250,000

1,329,598

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/36

.

2,470,000

2,615,307

Des

Moines

University

Osteopathic

Medical

Center

,

Revenue

,

2020

,

%

,

10/01/37

.

2,595,000

2,736,873

22,966,988

#### Kentucky

#### 2.5%
County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2024

,

5.25 %

,

4/01/49

...............................................

3,250,000

3,426,251

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/35

1,000,000

1,064,192

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/36

1,000,000

1,059,324

Kentucky

Municipal

Energy

Agency

,

Revenue

,

2025

,

AG

Insured

,

%

,

1/01/55

......

14,000,000

14,342,306

Kentucky

Municipal

Power

Agency

,

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

%

,

9/01/34

....................

6,500,000

6,555,269

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/31

...............................

1,500,000

1,576,165

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/32

...............................

1,600,000

1,677,296

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/33

...............................

1,000,000

1,046,196

Kentucky

Public

Energy

Authority

,

Revenue

,

2025

B

,

%

,

12/01/33

..............

15,000,000

15,994,708

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

%

,

10/01/31

5,500,000

5,571,567

52,313,274

#### Louisiana

#### 2.4%
East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

%

,

2/01/35

1,310,000

1,352,759

Jefferson

Sales

Tax

District

,

Revenue

,

2019

B

,

AG

Insured

,

%

,

12/01/36

.........

6,000,000

6,173,107

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

c

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

%

,

11/01/46

...................

8,600,000

7,997,039

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

,

Revenue

,

2022

A

,

3.615 %

,

2/01/29

.................................................

2,815,305

2,814,238

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

..................................................

6,295,000

6,476,005

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75 %

,

9/01/64

.....

5,650,000

5,884,672

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/29

........................................................

10,000

10,057

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/30

........................................................

5,000

5,028

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/32

........................................................

15,000

15,085

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/28

1,000,000

1,029,421

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/29

2,000,000

2,059,091

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/30

2,250,000

2,314,859

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/31

1,745,000

1,793,153

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/32

1,750,000

1,796,292

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/33

2,000,000

2,050,044

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2020

E

,

%

,

4/01/35

........................................

1,000,000

1,060,654

Revenue

,

2020

E

,

%

,

4/01/36

........................................

1,495,000

1,578,824

Revenue

,

2020

E

,

%

,

4/01/37

........................................

1,065,000

1,119,599

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Louisiana
(continued)

Port

New

Orleans

Board

of

Commissioners,

(continued)

Revenue

,

2020

E

,

%

,

4/01/38

........................................

$

1,000,000

$

1,049,000

Revenue

,

2020

E

,

%

,

4/01/39

........................................

2,750,000

2,878,001

49,456,928

#### Maine

#### 0.1%
Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/36

........................................

1,000,000

1,034,246

#### Maryland

#### 3.0%
City

of

Baltimore

,

Wastewater

Utility

Fund

,

Revenue

,

2017

C

,

Refunding

,

%

,

7/01/32

............

5,905,000

6,030,830

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

%

,

7/01/28

......

2,790,000

2,795,841

Wastewater

Utility

Fund

,

Revenue,

Senior

Lien

,

D

,

Refunding

,

%

,

7/01/29

......

5,835,000

5,847,209

Wastewater

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

7/01/29

.............

1,000,000

1,021,658

Wastewater

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

7/01/30

.............

2,940,000

3,003,079

Wastewater

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

7/01/31

.............

2,085,000

2,127,339

Wastewater

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

7/01/32

.............

3,240,000

3,302,844

Water

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

7/01/29

.................

1,320,000

1,348,589

Water

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

7/01/30

.................

1,785,000

1,823,298

Water

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

7/01/31

.................

3,765,000

3,844,273

Water

Utility

Fund

,

Revenue,

Sub.

Lien

,

2017

A

,

%

,

7/01/32

.................

4,000,000

4,082,240

Maryland

Community

Development

Administration

,

Residential

,

Revenue

,

2019

B

,

Refunding

,

%

,

9/01/34

.............................................

5,000,000

4,940,802

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

3.25 %

,

7/01/39

500,000

441,148

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/40

..

300,000

298,396

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/30

............................................

8,520,000

8,802,955

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/31

............................................

7,415,000

7,645,969

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/28

...............

1,000,000

1,019,644

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/29

...............

1,340,000

1,377,739

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/31

...............

1,480,000

1,538,685

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/32

...............

1,550,000

1,605,929

62,898,467

#### Massachusetts

#### 0.9%
Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2025

B

,

%

,

7/01/46

...............................

7,630,000

8,317,121

Sales

Tax

,

Revenue

,

2025

B

,

5.25 %

,

7/01/47

.............................

6,780,000

7,453,128

Massachusetts

Development

Finance

Agency

,

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/38

...........................

845,000

970,387

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/40

...........................

1,100,000

1,239,098

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/43

...........................

1,000,000

1,086,257

19,065,991

#### Michigan

#### 1.8%
Detroit

Downtown

Development

Authority

,

Catalyst

Development

Area

,

Tax

Allocation

,

2024

,

Refunding

,

%

,

7/01/48

........................................

4,445,000

4,642,866

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/46

.......................................................

4,000,000

3,673,988

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5 %

,

2/28/49

............

5,375,000

5,695,608

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

MI

,

Refunding

,

%

,

12/01/46

4,750,000

4,457,163

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

,

Pre-Refunded

,

%

,

11/15/33

.

$

5,100,000

$

5,297,710

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Refunding

,

%

,

12/01/31

.

2,700,000

2,822,732

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2008

C

,

Pre-Refunded

,

%

,

12/01/32

135,000

141,468

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

,

%

,

10/01/39

..

3,500,000

3,299,448

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875 %

,

10/08/26

..................................................

5,000,000

4,915,508

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue,

Junior

Lien

,

2017

B

,

Refunding

,

%

,

12/01/29

............................

1,980,000

2,053,948

37,000,439

#### Mississippi

#### 0.5%
County

of

Warren

,

International

Paper

Co.

,

Revenue

,

2018

,

Refunding

,

%

,

9/01/32

.

3,250,000

3,436,975

c

Mississippi

Development

Bank

,

County

of

Hancock

,

Revenue

,

144A,

2019

,

4.55 %

,

11/01/39

........................................................

1,545,000

1,578,836

c

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

...................................

5,000,000

5,143,768

10,159,579

#### Missouri

#### 1.1%
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

2,548,317

Mercy

Health

,

Revenue

,

2018

A

,

Refunding

,

%

,

6/01/31

....................

12,500,000

13,295,521

Southeast

Missouri

State

University

,

Revenue

,

2020

,

Refunding

,

%

,

4/01/33

.................................

2,745,000

2,851,592

Revenue

,

2020

,

Refunding

,

%

,

4/01/34

.................................

2,180,000

2,258,517

Revenue

,

2020

,

Refunding

,

%

,

4/01/35

.................................

1,575,000

1,626,659

22,580,606

#### Nebraska

#### 0.3%
b

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

%

,

10/01/29

.....

5,000,000

5,322,527

#### Nevada

#### 0.0%

#### †
City

of

Las

Vegas

,

Special

Improvement

District

No.

819

,

Special

Assessment

,

2025

,

%

,

6/01/40

....

325,000

338,352

Special

Improvement

District

No.

819

,

Special

Assessment

,

2025

,

5.25 %

,

6/01/45

.

325,000

334,452

672,804

#### New

#### Hampshire

#### 0.5%
New

Hampshire

Business

Finance

Authority

,

d

Revenue

,

FRN

,

2024-3

,

A

,

4.162 %

,

10/20/41

.............................

1,485,224

1,532,541

Adventist

Health

System/West

Obligated

Group

,

Revenue

,

2024

D

,

6.129 %

,

7/01/38

4,080,000

4,261,122

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

5.125 %

,

8/01/40

..

2,600,000

2,683,457

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

5.75 %

,

8/01/45

...

1,750,000

1,793,730

10,270,850

#### New

#### Jersey

#### 1.7%
New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

11/01/39

.....................................................

16,000,000

17,732,571

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

%

,

9/01/36

......................................................

5,000,000

5,049,968

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/30

...............

900,000

928,811

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/31

...............

1,080,000

1,113,928

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5 %

,

12/01/39

...................

2,090,000

2,084,308

Revenue,

Senior

Lien

,

2020

B

,

3.5 %

,

12/01/39

............................

970,000

962,104

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/36

...........................................

$

6,200,000

$

6,494,117

34,365,807

#### New

#### Mexico

#### 0.7%
Aspire

Public

Improvement

District

,

Special

Tax

,

2024

,

5.05 %

,

10/01/44

....................................

525,000

525,725

Special

Tax

,

2024

,

5.3 %

,

10/01/53

.....................................

800,000

775,236

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

A

,

Refunding

,

2.15 %

,

4/01/33

...................................................

13,500,000

12,119,877

13,420,838

#### New

#### York

#### 5.9%
Build

NYC

Resource

Corp.

,

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/43

......................

1,230,000

1,360,342

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/45

......................

400,000

434,080

TrIPs

Obligated

Group

,

Revenue

,

2025

,

5.5 %

,

7/01/55

......................

500,000

524,192

City

of

New

York

,

GO

,

2021

C

,

%

,

8/01/37

............................................

5,000,000

5,160,693

GO

,

2022

,

5.5 %

,

5/01/44

.........................................

2,500,000

2,734,412

GO

,

2022

,

5.5 %

,

5/01/46

.........................................

2,600,000

2,799,017

Metropolitan

Transportation

Authority

,

b

Revenue

,

2015

,

Mandatory

Put

,

%

,

5/15/30

..........................

7,000,000

7,586,919

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/34

..............................

3,265,000

3,312,250

Revenue

,

2017

B

,

Refunding

,

%

,

11/15/26

..............................

2,140,000

2,182,330

Revenue

,

2017

,

Refunding

,

%

,

11/15/31

............................

1,870,000

1,970,435

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

11/15/47

.............................

5,000,000

5,412,206

New

York

City

Housing

Development

Corp.

,

Revenue

,

2019

,

Refunding

,

4.15 %

,

11/01/38

........................................................

1,825,000

1,828,116

New

York

City

Industrial

Development

Agency

,

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

3/01/36

....................................

2,500,000

2,454,983

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2024

,

5.25 %

,

6/15/54

..........................................

15,090,000

15,994,244

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2022

,

%

,

8/01/45

......................

5,000,000

4,877,959

Future

Tax

Secured

,

Revenue

,

2022

,

%

,

2/01/42

......................

12,000,000

13,020,242

Future

Tax

Secured

,

Revenue

,

2026

,

5.25 %

,

5/01/46

....................

7,500,000

8,250,140

b

New

York

Energy

Finance

Development

Corp.

,

Revenue

,

2025

,

Mandatory

Put

,

%

,

12/01/33

........................................................

6,990,000

7,505,612

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95 %

,

11/15/27

2,340,000

2,239,050

New

York

State

Dormitory

Authority

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2018

A

,

Pre-Refunded

,

%

,

3/15/32

........................................................

5,000

5,347

State

of

New

York

Sales

Tax

,

Revenue

,

2024

A

,

%

,

3/15/46

.................

10,000,000

10,712,083

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

%

,

4/01/35

..........................

4,275,000

4,772,576

JFK

NTO

LLC

,

Revenue

,

2023

,

%

,

6/30/54

..............................

2,000,000

2,099,533

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/42

..............................

1,625,000

1,859,336

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/44

..............................

1,000,000

1,120,890

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

,

Refunding

,

5.25 %

,

8/01/42

.

2,500,000

2,709,216

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/30

......

2,900,000

3,201,391

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/34

......

4,425,000

4,819,017

120,946,611

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

#### 0.1%
North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/27

..............................

$

450,000

$

461,526

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/28

..............................

500,000

519,603

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/29

..............................

350,000

371,082

1,352,211

#### North

#### Dakota

#### 0.3%
City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/29

..

1,600,000

1,697,814

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/30

..

1,600,000

1,718,392

City

of

Horace

,

GO

,

2024

C

,

Refunding

,

4.75 %

,

5/01/44

......................

1,100,000

1,120,163

North

Dakota

Housing

Finance

Agency

,

Revenue

,

2024

C

,

%

,

7/01/42

...........

2,240,000

2,463,740

7,000,109

#### Ohio

#### 2.1%
Columbus

Metropolitan

Housing

Authority

,

Revenue

,

2024

,

%

,

12/01/34

........................................

5,500,000

5,602,102

Revenue

,

2025

C

,

%

,

11/01/35

.......................................

5,000,000

5,045,475

Revenue

,

2025

F

,

%

,

12/01/35

.......................................

5,300,000

5,360,590

County

of

Franklin

,

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

%

,

7/01/31

.........................................................

5,000,000

5,158,305

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

1/01/36

........................................................

400,000

442,571

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

1/01/37

........................................................

500,000

550,044

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5 %

,

1/01/38

........................................................

350,000

388,544

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5 %

,

1/01/39

........................................................

575,000

635,238

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5 %

,

1/01/40

........................................................

440,000

483,640

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

1/01/41

........................................................

525,000

565,114

c

Ohio

Housing

Finance

Agency

,

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25 %

,

3/01/26

...................................................

6,850,000

6,850,000

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

AG

Insured

,

4.375 %

,

12/01/58

...........................................

12,535,000

12,120,109

State

of

Ohio

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/36

.....................................................

905,000

914,613

44,116,345

#### Oregon

#### 0.9%
Clackamas

County

School

District

No.

North

Clackamas

,

GO

,

B

,

%

,

6/15/32

....

3,725,000

3,859,301

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/35

...

5,240,000

5,467,593

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/36

.......................................

1,300,000

1,398,141

Oregon

State

Facilities

Authority

,

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/26

.......................................................

150,000

151,520

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/28

.......................................................

325,000

340,316

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/29

.......................................................

600,000

637,491

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/35

.......................................................

275,000

292,033

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/51

.............

1,000,000

805,837

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Oregon
(continued)

Salem

Hospital

Facility

Authority

,

Salem

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/15/34

.............................................

$

3,780,000

$

4,030,534

c

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

,

5.5 %

,

12/01/39

............................

2,405,000

2,545,448

19,528,214

#### Pennsylvania

#### 2.4%
Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AG

Insured

,

5.5 %

,

1/01/41

.............................

1,000,000

1,117,071

Revenue

,

2023

A

,

AG

Insured

,

5.5 %

,

1/01/42

.............................

1,000,000

1,108,342

Allegheny

County

Hospital

Development

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/15/33

............

4,000,000

4,288,703

UPMC

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/15/34

............

1,000,000

1,068,579

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/28

.................................

600,000

625,508

Revenue

,

2022

,

Refunding

,

%

,

5/01/29

.................................

600,000

636,942

Revenue

,

2022

,

Refunding

,

%

,

5/01/30

.................................

700,000

754,982

Revenue

,

2022

,

Refunding

,

%

,

5/01/31

.................................

675,000

737,571

City

of

Philadelphia

,

Water

&

Wastewater

,

Revenue

,

2023

B

,

Refunding

,

AG

Insured

,

5.5 %

,

9/01/53

....................................................

3,000,000

3,236,933

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

4/15/34

.....................

1,750,000

1,905,165

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/15/40

............

2,525,000

2,541,779

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/15/41

............

2,375,000

2,379,454

UPMC

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/15/42

............

2,815,000

2,796,207

b

Waste

Management

Obligated

Group

,

Revenue

,

2009

,

Mandatory

Put

,

0.95 %

,

12/01/26

.......................................................

3,000,000

2,954,770

b

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1 %

,

11/02/26

.......................................................

6,750,000

6,660,611

Pennsylvania

Higher

Educational

Facilities

Authority

,

Drexel

University

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

5/01/39

........

6,950,000

7,404,268

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2017

A

,

%

,

8/15/34

....................................................

5,895,000

5,992,038

Philadelphia

Authority

for

Industrial

Development

,

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

%

,

8/01/40

........................................

300,000

308,003

Redevelopment

Authority

of

the

City

of

Philadelphia

,

City

of

Philadelphia

,

Revenue

,

2021

A

,

BAM

Insured

,

2.799 %

,

9/01/33

.................................

2,425,000

2,229,298

48,746,224

#### Rhode

#### Island

#### 0.2%
Rhode

Island

Health

and

Educational

Building

Corp.

,

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/55

..........

3,000,000

3,017,981

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/60

..........

2,000,000

2,004,224

5,022,205

#### South

#### Carolina

#### 2.9%
c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.625 %

,

11/01/31

...............................

1,000,000

929,138

b

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

8/01/31

.........................................................

27,500,000

30,240,235

South

Carolina

Jobs-Economic

Development

Authority

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/44

.....

4,315,000

4,064,923

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

11/01/43

...

4,500,000

5,037,023

Novant

Health

Obligated

Group

,

Revenue

,

2024

A

,

5.5 %

,

11/01/45

.............

5,715,000

6,296,234

Novant

Health

Obligated

Group

,

Revenue

,

2024

A

,

5.5 %

,

11/01/50

.............

4,000,000

4,278,320

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

5/01/33

......

6,000,000

6,319,372

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### South

#### Carolina
(continued)

f

South

Carolina

Public

Service

Authority

,

Revenue

,

2025

A

,

%

,

12/01/55

..........

$

1,750,000

$

1,817,057

58,982,302

#### South

#### Dakota

#### 0.6%
County

of

Turner

,

GO

,

2025

,

4.35 %

,

12/01/44

..........................................

3,330,000

3,424,302

GO

,

2025

,

4.5 %

,

12/01/49

...........................................

4,520,000

4,523,569

Huron

School

District

No.

2-2

,

GO

,

2024

,

%

,

8/01/39

.............................................

1,940,000

2,158,518

GO

,

2024

,

%

,

8/01/44

.............................................

1,700,000

1,711,191

South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/41

..................

1,150,000

999,502

12,817,082

#### Tennessee

#### 1.7%
Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/35

................

2,550,000

2,713,689

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5 %

,

12/01/30

..............

21,895,000

23,864,961

Tennessee

State

School

Bond

Authority

,

Revenue

,

2015

B

,

%

,

11/01/28

.........

8,180,000

8,194,944

34,773,594

#### Texas

#### 11.6%
Arlington

Higher

Education

Finance

Corp.

,

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

%

,

6/15/49

..........

250,000

229,356

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4.125 %

,

6/15/54

.......

475,000

436,734

Leadership

Prep

School

,

Revenue

,

2024

,

PSF

Guaranty

,

4.25 %

,

6/15/59

........

1,000,000

934,066

Bexar

Management

And

Development

Corp.

,

Oso

Apartments

Ltd.

,

Revenue

,

2024

,

FNMA

Insured

,

4.61 %

,

7/01/44

........................................

8,250,000

8,569,839

c

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/01/44

.........................................

360,000

369,900

City

of

Dallas

Housing

Finance

Corp.

,

TX

Illinois

2024

Ltd.

,

Revenue

,

2025

A

,

FNMA

Insured

,

%

,

3/01/44

...............................................

2,850,000

3,083,325

c

City

of

Kyle

,

Creeks

Public

Improvement

District

Improvement

Area

No.

3B

,

Special

Assessment

,

144A,

2025

,

4.375 %

,

9/01/35

...............................

621,000

637,062

c

City

of

Lavon

,

Trails

of

Lavon

Public

Improvement

District

Projects

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/54

..................................

1,304,000

1,350,069

City

of

Lubbock

,

GO

,

2024

,

%

,

2/15/42

.............................................

4,130,000

4,585,712

GO

,

2024

,

%

,

2/15/43

.............................................

4,350,000

4,798,482

GO

,

2024

,

%

,

2/15/44

.............................................

2,205,000

2,414,989

Clifton

Higher

Education

Finance

Corp.

,

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/41

....................................................

3,850,000

4,233,603

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

4.375 %

,

2/15/42

.................................................

3,275,000

3,372,140

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

5.25 %

,

2/15/44

..................................................

4,450,000

4,833,619

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2025

A

,

Refunding

,

PSF

Guaranty

,

5.25 %

,

2/15/49

..................................................

2,250,000

2,365,141

Southwestern

University

,

Revenue

,

2022

,

%

,

8/15/42

......................

10,535,000

10,408,673

c

County

of

Hays

,

La

Cima

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.125 %

,

9/15/45

...................

1,616,000

1,639,969

Dallas

Convention

Center

Hotel

Development

Corp.

,

Revenue

,

2009

B

,

7.088 %

,

1/01/42

.........................................................

8,535,000

9,699,431

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

11/01/43

..........................

14,250,000

15,718,510

Revenue

,

2025

,

Refunding

,

5.25 %

,

11/01/44

..........................

5,000,000

5,453,770

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Dallas

Fort

Worth

International

Airport,

(continued)

Revenue

,

2025

,

Refunding

,

5.25 %

,

11/01/45

..........................

$

8,000,000

$

8,636,260

Revenue

,

2025

,

Refunding

,

5.25 %

,

11/01/46

..........................

12,500,000

13,358,361

Ector

County

Hospital

District

,

GO

,

2020

,

Refunding

,

%

,

9/15/29

.....................................

800,000

842,758

GO

,

2020

,

Refunding

,

%

,

9/15/30

.....................................

745,000

794,432

GO

,

2020

,

Refunding

,

%

,

9/15/31

.....................................

450,000

477,867

GO

,

2020

,

Refunding

,

%

,

9/15/32

.....................................

600,000

635,578

GO

,

2020

,

Refunding

,

%

,

9/15/33

.....................................

650,000

686,436

GO

,

2020

,

Refunding

,

%

,

9/15/34

.....................................

650,000

652,160

GO

,

2020

,

Refunding

,

%

,

9/15/35

.....................................

700,000

699,776

EP

Cimarron

Ventanas

PFC

,

Revenue

,

2024

,

Refunding

,

4.125 %

,

12/01/39

........

4,020,000

4,101,020

EP

Royal

Estates

PFC

,

Revenue

,

2024

,

4.25 %

,

10/01/39

.....................

1,000,000

1,031,104

Harris

County

Municipal

Utility

District

No.

,

GO

,

2025

,

BAM

Insured

,

4.25 %

,

3/01/40

................................

1,400,000

1,437,593

GO

,

2025

,

BAM

Insured

,

4.5 %

,

3/01/43

.................................

1,610,000

1,645,834

Houston

Higher

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2025

,

5.125 %

,

10/01/51

..................................................

725,000

706,298

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

%

,

9/01/28

.............................................

155,000

146,964

GO

,

2021

,

%

,

9/01/29

.............................................

155,000

144,252

GO

,

2024

,

AG

Insured

,

%

,

9/01/39

....................................

935,000

953,311

GO

,

2024

,

AG

Insured

,

4.25 %

,

9/01/43

..................................

715,000

721,498

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/34

200,000

186,814

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/35

225,000

227,286

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/36

250,000

251,049

Lake

View

Management

and

Development

District

,

GO

,

2024

,

BAM

Insured

,

%

,

2/15/44

...................................

1,000,000

983,161

GO

,

2024

,

BAM

Insured

,

4.125 %

,

2/15/49

...............................

1,725,000

1,612,298

c

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48 %

,

12/15/39

........................................................

3,729,212

2,996,027

Lower

Colorado

River

Authority

,

Revenue

,

2022

,

Refunding

,

AG

Insured

,

%

,

5/15/40

.......................

5,000,000

5,131,535

Revenue

,

2024

,

Refunding

,

%

,

5/15/41

.................................

3,025,000

3,336,312

North

Texas

Tollway

Authority

,

Revenue,

First

Tier

,

A

,

Refunding

,

%

,

1/01/33

......

5,000,000

5,048,801

c

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

4.5 %

,

12/01/37

...........

11,900,000

10,824,510

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/37

......

635,000

616,913

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/39

......

2,435,000

2,306,726

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/40

......

2,000,000

1,872,487

Tarrant

Regional

Water

District

,

City

of

Dallas

Waterworks

&

Sewer

System

,

Revenue

,

2025

,

4.25 %

,

9/01/55

...............................................

13,865,000

13,212,394

Terrell

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

5.25 %

,

8/01/43

...............................

2,600,000

2,924,480

GO

,

2025

,

PSF

Guaranty

,

5.25 %

,

8/01/44

...............................

3,000,000

3,336,589

GO

,

2025

,

PSF

Guaranty

,

5.25 %

,

8/01/45

...............................

2,250,000

2,476,712

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

%

,

12/15/30

........................................................

10,000,000

10,836,816

b

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5 %

,

1/01/30

....................................................

19,500,000

20,985,333

f

Texas

Transportation

Finance

Corp.

,

Revenue

,

2025

A

,

Refunding

,

5.5 %

,

10/01/55

..

20,790,000

22,730,620

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

9/01/31

.........................

281,000

263,048

Town

of

Trophy

Club

,

Public

Improvement

District

No.

,

Special

Assessment

,

2025

,

Refunding

,

%

,

9/01/30

........................................................

264,000

282,111

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Town

of

Trophy

Club,

(continued)

Public

Improvement

District

No.

,

Special

Assessment

,

2025

,

Refunding

,

%

,

9/01/32

........................................................

$

252,000

$

274,780

Travis

County

Development

Authority

,

Special

Assessment

,

2025

,

%

,

9/01/44

.....

500,000

508,035

Westpointe

Special

Improvement

District

,

GO

,

2024

,

BAM

Insured

,

%

,

8/15/37

...................................

450,000

497,248

GO

,

2024

,

BAM

Insured

,

%

,

8/15/45

...................................

1,000,000

1,047,187

GO

,

2024

,

BAM

Insured

,

%

,

8/15/49

...................................

1,095,000

1,129,507

Westside

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

%

,

8/15/29

.....................................

290,000

276,929

GO,

Sub.

Lien

,

2021

,

2.25 %

,

8/15/31

...................................

300,000

281,038

GO,

Sub.

Lien

,

2021

,

%

,

8/15/33

.....................................

315,000

302,693

GO,

Sub.

Lien

,

2021

,

%

,

8/15/35

.....................................

335,000

315,443

GO,

Sub.

Lien

,

2021

,

%

,

8/15/37

.....................................

355,000

320,448

240,201,222

#### Utah

#### 0.3%
City

of

Lehi

,

Franchise

&

Sales

Tax

,

Revenue

,

2021

,

AG

Insured

,

%

,

2/01/48

......

3,000,000

2,786,626

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

1,394,142

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5.25 %

,

6/01/43

...........................................

1,000,000

1,124,224

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5.5 %

,

6/01/50

............................................

1,000,000

1,097,523

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

%

,

10/15/35

.....................

400,000

403,597

6,806,112

#### Virginia

#### 0.8%
Virginia

Public

Building

Authority

,

Commonwealth

of

Virginia

,

Revenue

,

B

,

%

,

8/01/29

9,605,000

9,673,739

Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/32

........................................................

2,500,000

2,605,011

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

7/01/32

........................................................

2,000,000

2,079,077

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/35

....................................................

3,000,000

3,165,298

17,523,125

#### Washington

#### 3.2%
City

of

Seattle

,

Municipal

Light

&

Power

,

Revenue

,

2017

C

,

Refunding

,

%

,

9/01/35

.

5,000,000

5,059,551

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/37

..............

9,420,000

9,504,126

King

County

Housing

Authority

,

Revenue

,

2025

,

Refunding

,

%

,

7/01/40

.................................

500,000

535,373

Revenue

,

2025

,

Refunding

,

5.375 %

,

7/01/45

.............................

2,000,000

2,125,552

State

of

Washington

,

GO

,

2024

A

,

%

,

8/01/43

.............................

10,000,000

11,000,536

Vancouver

Housing

Authority

,

2200

Norris

LLLP

,

Revenue

,

2025

,

Refunding

,

4.125 %

,

12/01/39

..............

1,975,000

2,002,977

Cascara

Vancouver

LLLP

,

Revenue

,

2024

A

,

%

,

12/01/42

...................

2,500,000

2,811,552

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

B

,

4.5 %

,

10/01/42

...............

2,000,000

2,090,132

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/31

..

2,250,000

2,327,584

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/32

..

1,605,000

1,658,983

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/35

..

2,400,000

2,470,195

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/36

1,200,000

1,271,190

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/35

1,665,000

1,771,879

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/36

3,250,000

3,442,805

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Washington
(continued)

Washington

Health

Care

Facilities

Authority,

(continued)

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/38

........................................................

$

1,000,000

$

1,074,679

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/39

........................................................

1,000,000

1,070,914

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/40

........................................................

1,000,000

1,066,507

c

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/35

.......................................................

440,000

433,194

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

%

,

7/01/30

........................................................

1,000,000

1,036,015

Overlake

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

B

,

Refunding

,

%

,

7/01/31

........................................................

1,925,000

1,992,655

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5 %

,

12/20/35

...................................

6,404,608

6,361,252

c

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

B

,

5.3 %

,

1/01/30

.

940,000

928,060

c

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

%

,

7/01/45

........................................................

2,250,000

2,345,780

c

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

5.625 %

,

7/01/38

........................................................

2,000,000

2,195,510

66,577,001

#### Wisconsin

#### 5.8%
City

of

Milwaukee

,

Sewerage

System

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/46

..

4,600,000

3,644,560

Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

23,650,000

25,285,426

e

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

5,725,000

2,879,120

BlueHub

Loan

Fund,

Inc.

,

Revenue

,

2024

B

,

5.25 %

,

7/01/44

.................

8,200,000

8,789,711

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/29

..........

285,000

290,353

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/30

..........

200,000

203,414

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/31

..........

200,000

202,985

c

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

,

6.81 %

,

4/28/36

........

3,500,000

3,649,765

EMU

Campus

Living

LLC

,

Revenue

,

2022

,

BAM

Insured

,

5.375 %

,

7/01/47

....

7,000,000

7,446,306

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

,

7.125 %

,

7/25/34

........................................................

5,330,000

5,608,268

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

A

,

3.8 %

,

12/01/37

5,600,000

5,112,164

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

B

,

5.75 %

,

12/01/27

.......................................................

1,240,000

1,234,565

KSU

Bixby

Real

Estate

Foundation

LLC

,

Revenue,

Senior

Lien

,

2025

A

,

5.25 %

,

6/15/50

........................................................

1,000,000

1,019,380

f

Maniilaq

Association

Obligated

Group

,

Revenue

,

2026

,

5.25 %

,

12/01/41

........

2,300,000

2,534,702

f

Maniilaq

Association

Obligated

Group

,

Revenue

,

2026

,

5.25 %

,

12/01/44

........

1,750,000

1,868,570

North

East

Carolina

Preparatory

School,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

%

,

6/15/44

........................................................

800,000

809,426

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

..................................................

24,350,000

25,062,783

PRG

-

Oxford

Properties

LLC

,

Revenue

,

2025

A

,

BAM

Insured

,

%

,

7/01/45

......

1,000,000

1,044,456

Renown

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/35

....................................................

2,100,000

2,152,732

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/46

.......

1,100,000

902,802

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/27

...........................................

195,000

198,321

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/28

...........................................

250,000

257,007

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/29

...........................................

320,000

332,368

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/30

...........................................

$

265,000

$

277,626

Wisconsin

Health

&

Educational

Facilities

Authority

,

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/28

....................................................

375,000

379,611

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/29

....................................................

390,000

397,028

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/30

....................................................

405,000

414,169

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/37

....................................................

1,460,000

1,462,273

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

2/15/34

.

600,000

624,688

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

2/15/35

.

1,000,000

1,040,010

Sanford

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

2/15/36

.

600,000

621,619

Sanford

Obligated

Group

,

Revenue

,

2024

A

,

5.5 %

,

2/15/54

..................

11,500,000

12,116,140

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

%

,

8/15/41

......

1,790,000

1,726,483

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

A

,

5.5 %

,

8/15/44

.....

1,000,000

1,065,068

120,653,899

#### U.S.

#### Territories

#### 0.5%

#### District

#### of

#### Columbia

#### 0.4%
Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

4.375 %

,

7/15/56

.................

505,000

484,845

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

%

,

7/15/56

.....................

7,060,000

7,298,321

7,783,166

#### 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

460,863

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/30

..

550,000

592,208

1,053,071

#### Total

#### U.S.

#### Territories

#### ....................................................................
8,836,237

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 1,937,570,852

####)
...................................

#### 1,981,984,601

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,954,321,402

####)
.............................

#### 1,997,044,401

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 2.7%

#### Municipal

#### Bonds

#### 2.7%

#### California

#### 0.8%
i

University

of

California

,

Revenue

,

2013

,

Daily

VRDN

and

Put

,

1.2 %

,

5/15/48

...................

2,000,000

2,000,000

Revenue

,

2013

,

Refunding

,

Daily

VRDN

and

Put

,

1.35 %

,

5/15/48

..........

15,000,000

15,000,000

17,000,000

#### Maryland

#### 0.0%

#### †
i

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2025

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

1.95 %

,

7/01/55

.............................................

1,000,000

1,000,000

#### Minnesota

#### 0.2%
i

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

1.25 %

,

11/15/64

............................................

3,900,000

3,900,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### New

#### York

#### 0.5%
i

City

of

New

York

,

GO

,

2014

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.95 %

,

3/01/44

.........................................................

$

7,300,000

$

7,300,000

i

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2014

,

SPA

Mizuho

Bank

Ltd.

,

Daily

VRDN

and

Put

,

1.9 %

,

2/01/44

..........

2,400,000

2,400,000

9,700,000

#### Oregon

#### 0.5%
i

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

8/01/34

.............

10,700,000

10,700,000

#### Pennsylvania

#### 0.7%
i

Philadelphia

Authority

for

Industrial

Development

,

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.85 %

,

7/01/54

.............................................

14,000,000

14,000,000

#### Virginia

#### 0.0%

#### †
i

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

10/01/48

........................................................

200,000

200,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 56,500,000

####)
......................................

#### 56,500,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 56,500,000

####)
................................

#### 56,500,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 2,010,821,402

####)
99.3 #### %
..................................

#### $2,053,544,401

#### Other

#### Assets,

#### less

#### Liabilities
0.7 #### %
.............................................

#### 14,539,102

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $2,068,083,503
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

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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$216,143,516,

representing

10.5%

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

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. i

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.33

$10.20

$10.03

$10.34

$10.56

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.28 0.27 0.24 0.15 0.07 Net

realized

and

unrealized

gains

(losses)

...........

0.16 0.13 0.17 (0.33)

(0.22)

Total

from

investment

operations

....................

0.44 0.40 0.41 (0.18)

(0.15)

Less

distributions

from:

Net

investment

income

..........................

(0.28)

(0.27)

(0.24)

(0.13)

(0.07)

Net

asset

value,

end

of

year

.......................

$10.49

$10.33

$10.20

$10.03

$10.34

Total

return

d

...................................

4.29%

4.00%

4.09%

(1.75)%

(1.39)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.86%

0.84%

0.82%

0.86%

0.80%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.65%

0.65%

e

0.65%

e

0.65%

e

0.65%

e

Net

investment

income

...........................

2.69%

2.65%

2.34%

1.51%

0.70%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$335,845

$332,695

$331,917

$385,372

$345,670

Portfolio

turnover

rate

............................

33.07%

20.89%

24.84%

29.88%

33.22%

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.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.34

$10.21

$10.04

$10.35

$10.57

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.29 0.28 0.25 0.16 0.09 Net

realized

and

unrealized

gains

(losses)

...........

0.16 0.13 0.17 (0.33)

(0.22)

Total

from

investment

operations

....................

0.45 0.41 0.42 (0.17)

(0.13)

Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.28)

(0.25)

(0.14)

(0.09)

Net

asset

value,

end

of

year

.......................

$10.50

$10.34

$10.21

$10.04

$10.35

Total

return

d

...................................

4.39%

4.10%

4.19%

(1.65)%

(1.29)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.76%

0.74%

0.72%

0.75%

0.70%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.55%

0.55%

e

0.55%

e

0.55%

e

0.55%

e

Net

investment

income

...........................

2.79%

2.75%

2.44%

1.55%

0.81%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$196,734

$221,207

$252,596

$305,208

$413,869

Portfolio

turnover

rate

............................

33.07%

20.89%

24.84%

29.88%

33.22%

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.

e

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.33

$10.20

$10.03

$10.34

$10.56

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.31 0.30 0.26 0.18 0.10 Net

realized

and

unrealized

gains

(losses)

...........

0.16 0.13 0.17 (0.33)

(0.22)

Total

from

investment

operations

....................

0.47 0.43 0.43 (0.15)

(0.12)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.30)

(0.26)

(0.16)

(0.10)

Net

asset

value,

end

of

year

.......................

$10.49

$10.33

$10.20

$10.03

$10.34

Total

return

....................................

4.58%

4.30%

4.38%

(1.48)%

(1.12)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.54%

0.54%

0.54%

0.58%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.37%

0.37%

d

0.37%

d

0.37%

d

0.37%

d

Net

investment

income

...........................

2.97%

2.93%

2.62%

1.74%

0.98%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$56,822

$57,065

$56,991

$68,248

$86,417

Portfolio

turnover

rate

............................

33.07%

20.89%

24.84%

29.88%

33.22%

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

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.34

$10.20

$10.03

$10.35

$10.57

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.30 0.30 0.26 0.16 0.10 Net

realized

and

unrealized

gains

(losses)

...........

0.15 0.14 0.17 (0.33)

(0.22)

Total

from

investment

operations

....................

0.45 0.44 0.43 (0.17)

(0.12)

Less

distributions

from:

Net

investment

income

..........................

(0.30)

(0.30)

(0.26)

(0.15)

(0.10)

Net

asset

value,

end

of

year

.......................

$10.49

$10.34

$10.20

$10.03

$10.35

Total

return

....................................

4.45%

4.36%

4.35%

(1.60)%

(1.05)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.61%

0.59%

0.57%

0.59%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.40%

0.40%

d

0.40%

d

0.40%

d

0.40%

d

Net

investment

income

...........................

2.94%

2.90%

2.60%

1.63%

0.95%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$296,396

$269,894

$265,437

$220,088

$542,557

Portfolio

turnover

rate

............................

33.07%

20.89%

24.84%

29.88%

33.22%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Management

#### Investment

#### Companies

#### 1.8%

#### Capital

#### Markets

#### 1.8%
a

Franklin

Municipal

Green

Bond

ETF

.....................................

660,000

$

16,031,400

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 16,388,450

####)
....................

#### 16,031,400

#### Principal

#### Amount
a

#### a
a

#### Municipal

#### Bonds

#### 91.5%

#### Alabama

#### 6.0%
b

Black

Belt

Energy

Gas

District

,

Revenue

,

2021

B

,

Mandatory

Put

,

%

,

12/01/26

...........................

$

5,000,000

5,046,136

Revenue

,

2022

E

,

Mandatory

Put

,

%

,

6/01/28

............................

4,000,000

4,190,698

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

12/01/30

.......................

10,000,000

10,954,391

Revenue

,

2023

,

Refunding

,

Mandatory

Put

,

4.309 %

,

2/01/29

..............

5,000,000

5,097,866

Revenue

,

2024

A

,

Mandatory

Put

,

5.25 %

,

9/01/32

.........................

2,000,000

2,171,524

Revenue

,

2024

C

,

Mandatory

Put

,

%

,

7/01/31

...........................

10,000,000

10,846,370

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

%

,

10/01/33

............

2,500,000

2,887,851

b

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

,

Mandatory

Put

,

5.5 %

,

1/01/31

.........................

4,285,000

4,719,548

Revenue

,

2023

,

Mandatory

Put

,

5.75 %

,

11/01/31

.......................

3,500,000

3,949,110

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2024

C

,

%

,

11/01/26

.......................................

400,000

406,088

Revenue

,

2024

C

,

%

,

11/01/27

.......................................

330,000

341,717

b

Revenue

,

2025

B

,

Mandatory

Put

,

5.25 %

,

1/01/33

.........................

1,575,000

1,687,796

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

1,047,270

53,346,365

#### Arizona

#### 1.5%
b

Arizona

Industrial

Development

Authority

,

TWG

Glendale

LP

,

Revenue

,

2024

,

Mandatory

Put

,

%

,

9/01/26

..........................................

800,000

803,194

c

Maricopa

County

Industrial

Development

Authority

,

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

..........................

11,630,000

12,556,807

13,360,001

#### Arkansas

#### 0.4%
Arkansas

Development

Finance

Authority

,

b

Revenue

,

2025

,

Mandatory

Put

,

3.875 %

,

10/15/32

.........................

2,000,000

2,013,922

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

%

,

2/01/27

............

735,000

747,503

Washington

Regional

Medical

Center

,

Revenue

,

2024

,

%

,

2/01/28

............

800,000

827,447

3,588,872

#### California

#### 4.6%
California

Community

Choice

Financing

Authority

,

Revenue

,

2021

,

%

,

8/01/26

......................................

325,000

326,760

Revenue

,

2021

,

%

,

8/01/27

......................................

400,000

407,216

Revenue

,

2021

,

%

,

2/01/28

......................................

375,000

383,409

Revenue

,

2021

,

%

,

8/01/28

......................................

470,000

483,226

b

Revenue

,

2023

C

,

Mandatory

Put

,

5.25 %

,

10/01/31

........................

4,245,000

4,564,329

c

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

2/01/43

..............................................

2,795,000

2,685,703

c

California

Housing

Finance

Agency

,

Found

Middle

LP

,

Revenue

,

144A,

2024

L

,

5.2 %

,

12/01/27

........................................................

1,000,000

1,019,086

b

California

Infrastructure

&

Economic

Development

Bank

,

c

DesertXpress

Enterprises

LLC

,

Revenue

,

144A,

2025

C

,

Mandatory

Put

,

3.5 %

,

11/02/26

.......................................................

4,000,000

4,001,380

Museum

Associates

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

2.58 %

,

6/01/26

800,000

799,009

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

b

California

Municipal

Finance

Authority

,

Republic

Services,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

Mandatory

Put

,

3.45 %

,

4/01/26

........................................................

$

1,500,000

$

1,500,419

Waste

Management,

Inc.

,

Revenue

,

2020

,

Mandatory

Put

,

3.45 %

,

6/01/26

.......

2,000,000

2,000,000

Waste

Management,

Inc.

,

Revenue

,

2024

B

,

Mandatory

Put

,

3.375 %

,

9/01/28

....

1,000,000

1,003,158

b

California

State

University

,

Revenue

,

2016

,

Refunding

,

Mandatory

Put

,

0.55 %

,

11/01/26

........................................................

800,000

789,186

d

City

of

Los

Angeles

,

Revenue

,

2025

,

%

,

6/25/26

...........................

7,500,000

7,565,409

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/47

..............................................

875,000

824,900

e

Long

Beach

Bond

Finance

Authority

,

Revenue

,

FRN

,

2007

B

,

4.072 %

,

(3-month

TSOF

+

1.45 %),

11/15/27

.................................................

6,125,000

6,204,019

d

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2025

A

,

Refunding

,

%

,

7/01/28

.............................................

4,000,000

4,196,366

f

Oxnard

School

District

,

GO

,

2026

,

2.77 %,

2/01/31

...........................

1,500,000

1,310,962

Sierra

View

Local

Health

Care

District

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/26

....

240,000

240,950

University

of

California

,

College

of

the

Law

San

Francisco

,

Revenue

,

2026

,

BAM

Insured

,

4.216 %

,

8/01/28

............................................

125,000

125,701

40,431,188

#### Colorado

#### 1.8%
Colorado

Health

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

%

,

11/01/29

.........

900,000

974,615

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/15/26

........................................................

250,000

250,945

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/15/27

........................................................

255,000

260,751

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/15/28

........................................................

340,000

353,805

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/15/29

........................................................

560,000

592,719

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/15/30

........................................................

395,000

424,628

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

5/15/33

........................................................

670,000

741,972

Denver

City

&

County

School

District

No.

,

GO

,

2025

A

,

%

,

12/01/34

...........................................

5,000,000

6,036,539

GO

,

2025

A

,

5.5 %

,

12/01/44

..........................................

3,000,000

3,457,910

c

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

%

,

4/01/35

................................................

2,750,000

3,083,015

16,176,899

#### Connecticut

#### 0.6%
Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2026

A

,

%

,

7/01/31

..........

4,000,000

4,483,956

b

Yale

University

,

Revenue

,

2016

,

Refunding

,

Mandatory

Put

,

%

,

7/01/26

.....

840,000

839,309

5,323,265

#### Delaware

#### 0.6%
b

Delaware

State

Economic

Development

Authority

,

NRG

Energy,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

Mandatory

Put

,

%

,

10/01/35

................................

5,000,000

5,163,507

#### 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

1,144,234

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

%

,

5/01/30

.......................................

515,000

511,811

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.75 %

,

5/01/31

.........................................................

$

240,000

$

234,270

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/27

.......

4,650,000

4,826,831

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

.........................................................

325,000

320,798

East

Palm

Drive

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.375 %

,

6/15/31

...................................

325,000

332,754

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

...............................................

110,000

110,709

c

Entrada

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

5/01/31

..............................................

370,000

360,188

b

Florida

Development

Finance

Corp.

,

Florida

Health

Sciences

Center,

Inc.

Obligated

Group

,

Revenue

,

2026

B

,

Mandatory

Put

,

%

,

10/01/31

.....................

1,000,000

1,111,067

Halifax

Hospital

Medical

Center

,

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/27

.........................................................

2,890,000

2,906,511

Hillsborough

County

Aviation

Authority

,

Revenue

,

2024

B

,

%

,

10/01/32

..........

10,085,000

11,448,703

Ibis

Landing

Community

Development

District

,

Special

Assessment

,

2025

,

4.7 %

,

6/15/35

.........................................................

465,000

493,481

Jacksonville

Transportation

Authority

,

Revenue,

Senior

Lien

,

2020

,

%

,

8/01/26

.....

1,940,000

1,961,736

Keys

Edge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.375 %

,

5/01/31

..............................................

405,000

412,223

Kindred

Community

Development

District

II

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

235,000

230,590

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2021

,

3.125 %

,

6/15/31

.........................................................

250,000

251,269

Lakes

by

the

Bay

South

Community

Development

District

,

Special

Assessment

,

2024

,

Refunding

,

%

,

5/01/26

.............................................

710,000

711,878

Lakewood

Ranch

Stewardship

District

,

Assessment

Calusa

,

Special

Assessment

,

2025

,

4.6 %

,

5/01/35

...............

440,000

460,525

Assessment

Southeast

,

Special

Assessment

,

2025

,

%

,

5/01/30

..............

1,435,000

1,517,140

Assessments

,

Special

Assessment

,

2024

,

4.625 %

,

5/01/31

..................

130,000

133,675

b,c

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

4,004,545

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

,

4.125 %

,

11/15/29

..........................................

3,000,000

3,022,244

Leomas

Landing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.95 %

,

5/01/31

....................................

105,000

103,828

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

5.2 %

,

5/01/27

....................................................

200,000

202,275

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

%

,

12/15/31

........................................................

230,000

230,511

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

5/01/28

300,000

302,831

Preserve

at

South

Branch

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

%

,

5/01/31

.......................................

350,000

350,572

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/32

.......................................

195,000

194,152

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/26

.....................................

220,000

219,804

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1 %

,

6/15/31

................................................

500,000

500,240

South

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.875 %

,

6/15/31

...................................

175,000

172,719

b,c

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

1,002,356

c

Storey

Park

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

6/15/31

...............................

170,000

169,425

Summerstone

Community

Development

District

,

Assessment

Phase

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

....................................

165,000

166,095

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

c

Village

Community

Development

District

No.

,

Special

Assessment

,

144A,

2024

,

3.75 %

,

5/01/29

...................................................

$

735,000

$

743,658

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2 %

,

5/01/30

240,000

240,819

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2025

,

%

,

10/15/28

........

625,000

666,907

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2025

,

%

,

10/15/29

........

800,000

873,099

42,646,473

#### Georgia

#### 5.4%
c

Atlanta

Development

Authority

(The)

,

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

B

,

8.125 %

,

7/01/30

............................................

1,715,000

1,699,895

City

of

Atlanta

,

Department

of

Aviation

,

Revenue

,

2024

,

%

,

7/01/26

....................

300,000

302,795

Department

of

Aviation

,

Revenue

,

2024

,

%

,

7/01/28

....................

215,000

229,073

Cobb-Marietta

Coliseum

&

Exhibit

Hall

Authority

,

County

of

Cobb

,

Revenue

,

2025

,

%

,

10/01/27

...........................

300,000

313,264

County

of

Cobb

,

Revenue

,

2025

,

%

,

10/01/28

...........................

400,000

428,618

b

Development

Authority

of

Burke

County

(The)

,

Georgia

Power

Co.

,

Revenue

,

4th

1995

,

Mandatory

Put

,

3.8 %

,

5/21/26

.........

3,000,000

3,008,214

Georgia

Power

Co.

,

Revenue

,

5th

1994

,

Mandatory

Put

,

3.7 %

,

6/13/28

.........

1,750,000

1,792,068

Georgia

Power

Co.

,

Revenue,

First

Series

,

2013-1

,

Refunding

,

Mandatory

Put

,

3.375 %

,

3/12/27

.................................................

2,000,000

2,015,780

b

Development

Authority

of

Monroe

County

(The)

,

Georgia

Power

Co.

,

Revenue,

First

Series

,

2009

,

Refunding

,

Mandatory

Put

,

%

,

8/21/26

........................................................

2,000,000

1,982,257

Georgia

Power

Co.

,

Revenue,

Second

Series

,

2006

,

Refunding

,

Mandatory

Put

,

3.875 %

,

3/06/26

.................................................

3,500,000

3,500,466

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

........................................................

460,000

492,213

b

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2021

A

,

Mandatory

Put

,

%

,

9/01/27

............................

8,050,000

8,211,833

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/29

...........................

4,500,000

4,659,921

c

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

%

,

11/01/27

......................

15,000,000

15,129,460

Revenue

,

2023

D

,

Mandatory

Put

,

%

,

12/01/30

...........................

4,000,000

4,295,529

48,061,386

#### Hawaii

#### 0.8%
University

of

Hawaii

,

Revenue

,

2020

B

,

Refunding

,

%

,

10/01/26

..............................

2,865,000

2,909,986

Revenue

,

2020

D

,

Refunding

,

%

,

10/01/26

..............................

4,360,000

4,428,460

7,338,446

#### Illinois

#### 4.3%
Chicago

Park

District

,

GO

,

2020

,

Refunding

,

%

,

1/01/27

..................

550,000

562,366

City

of

Chicago

,

GO

,

2020

A

,

%

,

1/01/28

............................................

2,110,000

2,166,298

GO

,

2020

A

,

ETM,

%

,

1/01/28

.......................................

990,000

1,038,746

GO

,

2024

B

,

Refunding

,

%

,

1/01/29

...................................

1,000,000

1,042,063

GO

,

2024

B

,

Refunding

,

%

,

1/01/31

...................................

3,220,000

3,437,029

County

of

Cook

,

Sales

Tax

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/29

......................

845,000

925,763

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/27

.......................

500,000

522,926

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/28

.......................

1,000,000

1,070,748

Sales

Tax

,

Revenue

,

2024

,

Refunding

,

%

,

11/15/29

.......................

1,000,000

1,095,577

Illinois

Finance

Authority

,

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

%

,

4/01/26

...........

340,000

340,589

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

%

,

4/01/27

...........

400,000

409,115

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Chicago

School

-

California,

Inc.

(The)

,

Revenue

,

2024

,

%

,

4/01/28

...........

$

400,000

$

415,789

g,h

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/27

.........

847,485

—

b

Field

Museum

of

Natural

History

,

Revenue

,

2019

,

Refunding

,

Mandatory

Put

,

3.719 %

,

9/01/28

.................................................

1,450,000

1,454,745

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

5/15/27

........................................................

590,000

590,448

d

Lake

County

Consolidated

High

School

District

No.

Mundelein

,

GO

,

2026

,

%

,

12/01/27

.............................................

500,000

522,252

GO

,

2026

,

%

,

12/01/28

.............................................

500,000

534,388

GO

,

2026

,

%

,

12/01/34

.............................................

750,000

877,647

Sangamon

County

School

District

No.

Springfield

,

GO

,

2020

C

,

AG

Insured

,

%

,

6/01/36

.........................................................

1,485,000

1,606,045

State

of

Illinois

,

GO

,

2016

,

Refunding

,

%

,

2/01/29

.....................................

750,000

767,440

GO

,

2017

C

,

%

,

11/01/29

...........................................

2,000,000

2,082,422

GO

,

2017

D

,

%

,

11/01/27

...........................................

5,025,000

5,242,896

GO

,

2018

A

,

Refunding

,

%

,

10/01/29

..................................

375,000

399,240

GO

,

2018

B

,

Refunding

,

%

,

10/01/31

..................................

625,000

662,252

GO

,

2019

B

,

%

,

11/01/30

...........................................

375,000

407,724

GO

,

2025

A

,

4.1 %

,

9/01/26

...........................................

8,200,000

8,209,851

Sales

Tax

,

Revenue

,

2021

A

,

%

,

6/15/27

...............................

1,500,000

1,528,918

37,913,277

#### Indiana

#### 1.9%
b

City

of

Whiting

,

BP

Products

North

America,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

Mandatory

Put

,

%

,

6/05/26

..........................................

5,900,000

5,937,566

Indiana

Finance

Authority

,

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/30

....

785,000

834,627

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/31

....

875,000

940,516

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/32

....

920,000

997,065

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/33

....

965,000

1,053,579

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/34

....

1,015,000

1,113,086

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

%

,

5/01/35

....

535,000

587,894

b

Southern

Indiana

Gas

&

Electric

Co.

,

Revenue

,

2013

E

,

Refunding

,

Mandatory

Put

,

3.55 %

,

8/01/28

..................................................

5,000,000

5,066,326

16,530,659

#### Iowa

#### 1.9%
Crawford

County

Memorial

Hospital,

Inc.

,

Revenue

,

2024

,

%

,

6/15/27

...........

2,000,000

2,018,450

Des

Moines

Independent

Community

School

District

,

Sales

Services

&

Use

Tax

,

Revenue

,

2018

,

AG

Insured

,

%

,

6/01/29

................................

9,300,000

9,308,346

Iowa

Finance

Authority

,

b

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.119 %

,

5/15/26

.....................................

1,500,000

1,489,536

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.6 %

,

5/15/28

........................................................

640,000

666,619

Iowa

Higher

Education

Loan

Authority

,

University

of

Dubuque

,

Revenue

,

2025

,

%

,

10/01/30

.......................

1,370,000

1,467,384

University

of

Dubuque

,

Revenue

,

2025

,

%

,

10/01/35

.......................

2,050,000

2,262,709

17,213,044

#### Kansas

#### 0.2%
Reno

County

Unified

School

District

No.

Hutchinson

,

GO

,

2019

,

Refunding

,

%

,

9/01/27

.........................................................

1,575,000

1,635,119

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Kentucky

#### 4.8%
County

of

Trimble

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2001

A

,

Refunding

,

0.625 %

,

9/01/26

...

$

3,375,000

$

3,336,502

b

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2023

A

,

Mandatory

Put

,

4.7 %

,

6/01/27

..

2,500,000

2,542,627

Eastern

Kentucky

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/26

..............................

1,205,000

1,214,713

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/27

..............................

1,255,000

1,282,425

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/28

..............................

1,305,000

1,349,137

Kentucky

Municipal

Energy

Agency

,

Revenue

,

2025

,

%

,

1/01/34

.........................................

2,875,000

3,322,867

Revenue

,

2025

,

%

,

1/01/35

.........................................

3,020,000

3,521,109

Kentucky

Public

Energy

Authority

,

b

Revenue

,

2022

,

Mandatory

Put

,

3.659 %

,

8/01/30

.......................

14,125,000

14,206,243

Revenue

,

2025

B

,

%

,

12/01/33

.......................................

5,000,000

5,331,569

Kentucky

State

Property

&

Building

Commission

,

Commonwealth

of

Kentucky

,

Revenue

,

A

,

%

,

4/01/33

............................................

5,715,000

6,673,177

42,780,369

#### Louisiana

#### 1.6%
City

of

New

Orleans

,

Sewerage

Service

,

Revenue

,

2020

B

,

%

,

6/01/26

.........................

450,000

452,710

Sewerage

Service

,

Revenue

,

2020

B

,

%

,

6/01/27

.........................

600,000

618,430

Sewerage

Service

,

Revenue

,

2020

B

,

%

,

6/01/28

.........................

550,000

579,150

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Louisiana

Utilities

Restoration

Corp.

ELL

System

Restoration

,

Revenue

,

2023

,

,

5.081 %

,

6/01/31

..........................................

1,167,397

1,193,005

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15 %

,

9/01/27

.........................................................

1,500,000

1,528,396

Louisiana

Public

Facilities

Authority

,

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

%

,

5/15/30

...............................

4,000,000

4,380,378

b

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

C

,

Refunding

,

Mandatory

Put

,

3.3 %

,

7/03/28

........................................

5,000,000

5,088,180

13,840,249

#### Maine

#### 0.1%
Maine

Governmental

Facilities

Authority

,

State

of

Maine

,

Revenue

,

2025

A

,

%

,

10/01/26

...........................

700,000

711,277

State

of

Maine

,

Revenue

,

2025

A

,

%

,

10/01/27

...........................

600,000

625,669

1,336,946

#### Maryland

#### 2.0%
Maryland

Economic

Development

Corp.

,

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

%

,

11/12/28

...............................................

10,000,000

10,056,432

b

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

Mandatory

Put

,

%

,

7/01/27

......................................................

5,110,000

5,202,374

State

of

Maryland

,

GO

,

2017

B

,

Refunding

,

%

,

8/01/26

......................

30,000

30,366

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/26

...............

1,035,000

1,035,000

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/27

...............

1,215,000

1,235,438

17,559,610

#### Massachusetts

#### 1.3%
City

of

Quincy

,

GO

,

2025

,

%

,

7/24/26

....................................

4,000,000

4,041,226

City

of

Worcester

,

GO

,

%

,

3/19/26

......................................

700,000

700,566

f

Massachusetts

Department

of

Transportation

,

Revenue,

Senior

Lien

,

1997

A

,

NATL

Insured

,

2.41 %,

1/01/29

.............................................

2,000,000

1,869,189

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

,

Revenue

,

2022

,

FHA

Insured

,

%

,

6/01/26

.........................................................

$

4,580,000

$

4,584,046

11,195,027

#### Michigan

#### 2.0%
City

of

Detroit

,

GO

,

2018

,

%

,

4/01/33

.............................................

950,000

989,374

GO

,

2018

,

%

,

4/01/37

.............................................

2,280,000

2,359,263

GO

,

2018

,

%

,

4/01/38

.............................................

1,110,000

1,146,584

Michigan

Finance

Authority

,

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/27

.......................................

2,000,000

2,032,454

b

Michigan

Strategic

Fund

,

Consumers

Energy

Co.

,

Revenue

,

2005

,

Mandatory

Put

,

0.875 %

,

10/08/26

..................................................

5,915,000

5,815,047

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2017

E

,

Refunding

,

%

,

12/01/26

......................................

5,000,000

5,055,309

17,398,031

#### Minnesota

#### 1.8%
b

City

of

Mounds

View

,

OAHS

Sibley

TC

LLLP

,

Revenue

,

2024

,

Mandatory

Put

,

3.375 %

,

3/01/28

.........................................................

5,500,000

5,542,871

Minnesota

Health

&

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2019

,

%

,

10/01/26

................................................

1,000,000

1,014,538

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2019

,

%

,

10/01/27

................................................

1,000,000

1,040,084

b

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

B

,

Mandatory

Put

,

3.459 %

,

(SOFR

+

%),

12/01/27

....................................................

8,000,000

7,997,203

15,594,696

#### Mississippi

#### 0.3%
b

Mississippi

Business

Finance

Corp.

,

Waste

Management,

Inc.

,

Revenue

,

2004

,

Mandatory

Put

,

0.7 %

,

9/01/26

........................................

2,500,000

2,470,446

#### Missouri

#### 0.7%
Citizens

Memorial

Hospital

District

,

Revenue

,

2024

A

,

Refunding

,

%

,

12/01/26

.....

5,000,000

5,023,081

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/26

...............

405,000

405,000

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/27

...............

660,000

670,127

6,098,208

#### Montana

#### 0.1%
b

Montana

Board

of

Housing

,

Aspen

Village

Housing

Partners

LP

,

Revenue

,

2025

,

Mandatory

Put

,

2.9 %

,

12/01/26

.......................................

1,000,000

1,001,192

#### Nevada

#### 0.4%
b

County

of

Washoe

,

Sierra

Pacific

Power

Co.

,

Revenue

,

2016

F

,

Refunding

,

Mandatory

Put

,

4.125 %

,

10/01/29

..............................................

3,575,000

3,695,522

#### New

#### Hampshire

#### 0.3%
e

New

Hampshire

Business

Finance

Authority

,

Revenue

,

FRN

,

2024-3

,

A

,

4.162 %

,

10/20/41

........................................................

990,149

1,021,694

New

Hampshire

Municipal

Bond

Bank

,

Revenue

,

2025

B

,

%

,

8/15/27

...........

1,500,000

1,562,573

2,584,267

#### New

#### Jersey

#### 7.4%
b

Camden

County

Improvement

Authority

(The)

,

Revenue

,

2024

,

Mandatory

Put

,

%

,

3/01/26

.........................................................

3,200,000

3,200,000

City

of

Newark

,

GO

,

2025

B

,

4.5 %

,

5/07/26

................................

4,000,000

4,011,771

Garden

State

Preservation

Trust

,

Revenue

,

2005

A

,

AG

Insured

,

5.75 %

,

11/01/28

...

15,855,000

16,794,241

Jersey

City

Municipal

Utilities

Authority

,

Water

Fund

,

Revenue

,

2025

A

,

%

,

5/01/26

.

1,000,000

1,004,317

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

New

Jersey

Economic

Development

Authority

,

b

New

Jersey-American

Water

Co.,

Inc.

,

Revenue

,

2019

B

,

Refunding

,

Mandatory

Put

,

2.05 %

,

12/03/29

.................................................

$

7,500,000

$

7,193,704

c

State

of

New

Jersey

,

Revenue

,

144A,

2019

,

Refunding

,

5.25 %

,

9/01/27

.........

6,000,000

6,271,752

New

Jersey

Transportation

Trust

Fund

Authority

,

f

State

of

New

Jersey

,

Revenue

,

2006

C

,

AMBAC

Insured

,

2.32 %,

12/15/26

.......

10,000,000

9,818,744

f

State

of

New

Jersey

,

Revenue

,

2006

C

,

BHAC

Insured

,

2.23 %,

12/15/27

........

11,110,000

10,678,893

State

of

New

Jersey

,

Revenue

,

2023

AA

,

Refunding

,

%

,

6/15/34

..............

3,500,000

4,067,726

State

of

New

Jersey

,

Revenue

,

2024

A

,

Refunding

,

%

,

6/15/36

...............

2,500,000

2,931,711

65,972,859

#### New

#### Mexico

#### 2.6%
b

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

A

,

Refunding

,

Mandatory

Put

,

0.875 %

,

10/01/26

................................................

4,250,000

4,202,977

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

C

,

Refunding

,

Mandatory

Put

,

3.875 %

,

6/01/29

.................................................

11,000,000

11,317,118

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2010

D

,

Refunding

,

Mandatory

Put

,

3.9 %

,

6/01/28

...................................................

4,000,000

4,087,483

b

County

of

Santa

Fe

,

Cresta

Ranch

Apartments

LLP

,

Revenue

,

2024

,

Mandatory

Put

,

3.29 %

,

6/01/28

...................................................

3,700,000

3,734,147

23,341,725

#### New

#### York

#### 4.9%
Cortland

Enlarged

City

School

District

,

GO

,

2026

,

4.125 %

,

4/30/26

..............

1,000,000

1,002,053

County

of

Suffolk

,

GO

,

2018

B

,

AG

Insured

,

%

,

10/15/28

.....................

4,205,000

4,250,705

Metropolitan

Transportation

Authority

,

Revenue

,

2025

B

,

Refunding

,

%

,

11/15/26

...

3,000,000

3,059,342

New

York

City

Industrial

Development

Agency

,

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

3/01/36

....................................

5,000,000

4,909,966

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2025

,

Refunding

,

%

,

11/01/33

.............

2,000,000

2,351,132

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2025

D

,

%

,

5/01/26

...............

270,000

271,290

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

0.95 %

,

11/15/27

780,000

746,350

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

3,064,221

b

New

York

State

Housing

Finance

Agency

,

Revenue

,

2022

,

Mandatory

Put

,

2.5 %

,

5/01/27

.........................

1,885,000

1,883,873

Revenue

,

2025

,

Mandatory

Put

,

3.4 %

,

5/01/29

.........................

4,000,000

4,041,518

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/36

..........................

7,195,000

7,401,729

JFK

NTO

LLC

,

Revenue

,

2025

,

5.5 %

,

6/30/37

............................

2,000,000

2,284,601

JFK

NTO

LLC

,

Revenue

,

2025

,

AG

Insured

,

5.5 %

,

6/30/38

...................

1,600,000

1,834,581

JFK

NTO

LLC

,

Revenue

,

2025

,

5.5 %

,

6/30/39

............................

2,100,000

2,360,555

Triborough

Bridge

&

Tunnel

Authority

,

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax

,

Revenue

,

2025

,

%

,

3/15/27

............................

3,500,000

3,607,425

Troy

Capital

Resource

Corp.

,

Rensselaer

Polytechnic

Institute

,

Revenue

,

2020

A

,

Refunding

,

%

,

9/01/28

.............................................

750,000

796,142

43,865,483

#### North

#### Carolina

#### 1.0%
b

Cumberland

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

,

American

Titanium

Metal

LLC

,

Revenue

,

2024

,

Mandatory

Put

,

3.125 %

,

12/01/26

.

2,000,000

2,001,553

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/26

......................................

850,000

858,959

North

Carolina

Medical

Care

Commission

,

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2025

,

3.4 %

,

10/01/29

..................

1,135,000

1,144,455

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

State

University

at

Raleigh

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/26

................................

$

3,000,000

$

3,049,731

Revenue

,

2018

,

Refunding

,

%

,

10/01/27

................................

1,500,000

1,567,514

8,622,212

#### North

#### Dakota

#### 0.8%
City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/27

..

2,325,000

2,396,721

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/28

..

1,680,000

1,759,098

City

of

Horace

,

GO

,

2024

B

,

Refunding

,

4.85 %

,

8/01/26

.................................

1,750,000

1,750,971

GO

,

2024

C

,

Refunding

,

%

,

5/01/26

...................................

385,000

386,358

GO

,

2024

C

,

Refunding

,

%

,

5/01/27

...................................

400,000

409,994

GO

,

2024

C

,

Refunding

,

%

,

5/01/28

...................................

475,000

495,397

7,198,539

#### Ohio

#### 2.6%
American

Municipal

Power,

Inc.

,

City

of

Wapakoneta

,

Revenue

,

2025

,

%

,

6/17/26

..

1,555,000

1,560,810

Cleveland

Department

of

Public

Utilities

,

Division

of

Public

Power

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

11/15/27

...................................

1,580,000

1,651,095

Columbus

Metropolitan

Housing

Authority

,

Revenue

,

2024

,

%

,

6/01/34

.........................................

1,500,000

1,535,433

Cobblestone

Manor

LLC

,

Revenue

,

2024

,

%

,

8/01/27

......................

2,000,000

2,016,213

Ohio

Air

Quality

Development

Authority

,

American

Electric

Power

Co.,

Inc.

,

Revenue

,

2014

D

,

Refunding

,

3.2 %

,

5/01/26

...

3,500,000

3,500,833

b

Duke

Energy

Corp.

,

Revenue

,

2022

A

,

Refunding

,

Mandatory

Put

,

4.25 %

,

6/01/27

.

7,500,000

7,623,737

Ohio

Housing

Finance

Agency

,

b

At

Main

LLC

,

Revenue

,

2025

,

Mandatory

Put

,

3.7 %

,

5/01/28

.................

1,200,000

1,215,661

c

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

B

,

6.25 %

,

3/01/26

...........

3,000,000

3,000,000

Youngstown

State

University

,

Revenue

,

2021

,

Refunding

,

AG

Insured

,

%

,

12/15/26

.

850,000

862,234

22,966,016

#### Oklahoma

#### 0.3%
d

Lawton

Industrial

Development

Authority

,

City

of

Lawton

Sales

Tax

,

Revenue

,

2026

A

,

%

,

7/01/36

....................

150,000

171,862

City

of

Lawton

Sales

Tax

,

Revenue

,

2026

A

,

%

,

7/01/37

....................

200,000

227,417

City

of

Lawton

Sales

Tax

,

Revenue

,

2026

A

,

%

,

7/01/38

....................

150,000

169,222

City

of

Lawton

Sales

Tax

,

Revenue

,

2026

B

,

4.75 %

,

7/01/35

..................

500,000

502,595

City

of

Lawton

Sales

Tax

,

Revenue

,

2026

B

,

4.85 %

,

7/01/36

..................

500,000

501,362

City

of

Lawton

Sales

Tax

,

Revenue

,

2026

B

,

4.95 %

,

7/01/37

..................

750,000

752,283

2,324,741

#### Oregon

#### 0.6%
b

State

of

Oregon

Housing

&

Community

Services

Department

,

Hollywood

Hub

LP

,

Revenue

,

2024

R

,

Mandatory

Put

,

%

,

1/01/29

...........................

5,000,000

5,120,577

#### Pennsylvania

#### 3.9%
Adams

County

General

Authority

,

Brethren

Home

Community

Obligated

Group

(The)

,

Revenue

,

2024

,

Refunding

,

3.6 %

,

6/01/29

............................

1,500,000

1,518,673

Allegheny

County

Airport

Authority

,

Revenue

,

2023

A

,

AG

Insured

,

5.25 %

,

1/01/36

...

1,000,000

1,129,267

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/26

.................................

500,000

501,215

Revenue

,

2022

,

Refunding

,

%

,

5/01/27

.................................

590,000

603,716

Chester

County

Industrial

Development

Authority

,

Avon

Grove

Charter

School

,

Revenue

,

2024

,

%

,

3/01/27

.........................................

3,250,000

3,275,552

Lehigh

County

Industrial

Development

Authority

,

PPL

Electric

Utilities

Corp.

,

Revenue

,

2016

B

,

Refunding

,

2.625 %

,

2/15/27

...................................

5,000,000

5,019,281

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

b

Montgomery

County

Industrial

Development

Authority

,

Constellation

Energy

Generation

LLC

,

Revenue

,

2023

A

,

Refunding

,

Mandatory

Put

,

4.1 %

,

4/03/28

.............

$

5,000,000

$

5,129,408

Pennsylvania

Economic

Development

Financing

Authority

,

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/29

...........

1,230,000

1,280,922

b

UPMC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

Mandatory

Put

,

%

,

3/15/32

8,200,000

9,026,101

b

Waste

Management

Obligated

Group

,

Revenue

,

2013

,

Mandatory

Put

,

%

,

5/01/26

1,500,000

1,500,305

b

Waste

Management,

Inc.

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

1.1 %

,

11/02/26

.......................................................

4,000,000

3,947,029

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2025-149

A

,

%

,

4/01/27

....................................

300,000

308,293

Revenue

,

2025-149

A

,

Refunding

,

%

,

10/01/27

...........................

300,000

311,409

Philadelphia

Gas

Works

Co.

,

Revenue

,

16th

A

,

AG

Insured

,

%

,

8/01/26

..........

600,000

606,947

34,158,118

#### Rhode

#### Island

#### 0.3%
Rhode

Island

Health

and

Educational

Building

Corp.

,

Lifespan

Corp.

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

ETM,

%

,

5/15/26

...

465,000

467,587

Lifespan

Corp.

Obligated

Group

,

Revenue

,

2026

B

,

Refunding

,

%

,

5/15/31

......

2,000,000

2,217,105

2,684,692

#### South

#### Carolina

#### 1.3%
c

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

%

,

11/01/26

...................................

210,000

207,703

b

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

8/01/31

.........................................................

3,535,000

3,887,245

South

Carolina

Public

Service

Authority

,

Revenue

,

2024

A

,

%

,

12/01/26

.......................................

675,000

689,099

Revenue

,

2024

A

,

%

,

12/01/27

.......................................

525,000

550,522

Revenue

,

2024

A

,

%

,

12/01/28

.......................................

500,000

537,463

Revenue

,

2024

A

,

%

,

12/01/29

.......................................

550,000

603,784

Revenue

,

2024

A

,

%

,

12/01/30

.......................................

675,000

756,109

Revenue

,

2024

A

,

5.5 %

,

12/01/54

.....................................

3,000,000

3,227,123

d

Revenue

,

2025

B

,

Refunding

,

%

,

12/01/28

..............................

750,000

804,739

11,263,787

#### South

#### Dakota

#### 0.7%
South

Dakota

Health

&

Educational

Facilities

Authority

,

Presbyterian

Retirement

Village

of

Rapid

City,

Inc.

,

Revenue

,

2025

,

3.25 %

,

9/01/30

.....................

6,500,000

6,508,735

#### Tennessee

#### 3.6%
State

of

Tennessee

,

GO

,

2023

A

,

%

,

5/01/31

..............................

6,670,000

7,611,042

b

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5 %

,

12/01/30

..............

8,010,000

8,730,684

b

Tennessee

Energy

Acquisition

Corp.

,

Revenue

,

2023

,

Refunding

,

Mandatory

Put

,

%

,

5/01/28

......................................................

14,560,000

15,210,483

31,552,209

#### Texas

#### 5.0%
b

Austin

Housing

Finance

Corp.

,

Austin

Leased

Housing

Associates

V

LP

,

Revenue

,

2024

,

Mandatory

Put

,

3.4 %

,

11/01/27

...................................

10,000,000

10,144,137

f

Central

Texas

Turnpike

System

,

Revenue,

First

Tier

,

2002

A

,

BHAC,

AMBAC

Insured

,

2.47 %,

8/15/27

...................................................

3,280,000

3,165,102

City

of

Austin

,

Airport

System

,

Revenue

,

2025

,

Refunding

,

%

,

11/15/26

..........

900,000

915,326

c

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

4.375 %

,

9/01/31

.........................................

132,000

135,166

City

of

Houston

,

Combined

Utility

System

,

Revenue,

First

Lien

,

2018

D

,

Refunding

,

%

,

11/15/26

........................................................

1,000,000

1,019,922

c

City

of

Lavon

,

Special

Assessment

,

144A,

2025

,

4.25 %

,

9/15/32

................

600,000

614,512

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Lowry

Crossing

,

Simpson

Road

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

4.75 %

,

9/15/35

...............................

$

295,000

$

312,143

c

City

of

Manor

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/30

..................

180,000

181,894

City

of

Pflugerville

,

GO

,

2025

,

%

,

8/01/26

................................

1,685,000

1,703,808

County

of

Hidalgo

,

GO

,

2025

,

Refunding

,

%

,

8/15/26

.....................................

1,150,000

1,163,752

GO

,

2025

,

Refunding

,

%

,

8/15/27

.....................................

400,000

415,108

Forney

Independent

School

District

,

GO

,

2025

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/26

.........................

600,000

607,584

GO

,

2025

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/27

.........................

1,600,000

1,662,767

FW

Ramble

Public

Facility

Corp.

,

Revenue

,

2025

,

%

,

10/01/32

................

2,115,000

2,283,973

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

%

,

9/01/26

.............................................

150,000

148,411

GO

,

2021

,

%

,

9/01/27

.............................................

155,000

150,169

GO

,

2024

,

AG

Insured

,

%

,

9/01/29

....................................

385,000

403,772

GO

,

2024

,

AG

Insured

,

%

,

9/01/33

....................................

470,000

521,892

b

Prosper

Independent

School

District

,

GO

,

2019

B

,

PSF

Guaranty

,

Mandatory

Put

,

%

,

8/15/26

.........................................................

1,600,000

1,612,188

San

Antonio

Independent

School

District

,

GO

,

2025

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/26

.........................................................

2,875,000

2,912,518

b

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

Texas

Health

Resources

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

Mandatory

Put

,

%

,

11/15/29

....

7,250,000

7,846,861

b

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

A

,

Mandatory

Put

,

5.5 %

,

1/01/30

....................................................

5,000,000

5,380,854

c

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

9/01/26

.........................

117,000

116,343

Town

of

Trophy

Club

,

Public

Improvement

District

No.

,

Special

Assessment

,

2025

,

Refunding

,

%

,

9/01/28

.............................................

590,000

606,054

Westside

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

%

,

8/15/27

.....

280,000

272,669

44,296,925

#### Utah

#### 1.0%
City

of

Salt

Lake

City

,

Airport

,

Revenue

,

2023

A

,

%

,

7/01/27

...................

760,000

784,382

Davis

School

District

,

GO

,

2016

,

2.5 %

,

6/01/28

.............................

2,975,000

2,971,955

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

578,722

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

First

Lien

,

2025

A

,

AG

Insured

,

%

,

6/01/28

..............................................

1,130,000

1,195,484

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

%

,

6/01/26

..............................................

1,330,000

1,338,309

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

%

,

6/01/27

..............................................

350,000

361,144

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

%

,

6/01/28

..............................................

470,000

496,707

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

%

,

6/01/29

..............................................

545,000

589,231

Utah

Infrastructure

Agency

,

Revenue

,

2022

,

%

,

10/15/27

.....................

300,000

309,451

8,625,385

#### Virginia

#### 0.2%
Virginia

Small

Business

Financing

Authority

,

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/29

........................................................

180,000

184,528

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

7/01/29

........................................................

1,750,000

1,800,113

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia
(continued)

Virginia

Small

Business

Financing

Authority,

(continued)

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/26

...

$

235,000

$

234,834

2,219,475

#### Washington

#### 1.7%
Auburn

School

District

No.

of

King

&

Pierce

Counties

,

GO

,

2018

,

%

,

12/01/27

..

1,700,000

1,785,639

Port

of

Seattle

,

Revenue

,

2018

B

,

%

,

5/01/27

.............................

880,000

904,736

Spokane

County

School

District

No.

Mead

,

GO

,

2018

,

%

,

12/01/32

.............................................

1,150,000

1,177,758

GO

,

2018

,

%

,

12/01/33

.............................................

1,500,000

1,570,281

Vancouver

Housing

Authority

,

Battle

Ground

Portfolio

LLLP

,

Revenue

,

2026

A

,

%

,

8/01/29

.................

800,000

844,927

Cascara

Vancouver

LLLP

,

Revenue

,

2024

A

,

%

,

12/01/26

...................

1,655,000

1,656,697

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

A

,

%

,

10/01/27

.................

1,460,000

1,479,444

Esther

Cougar

Rehab

LLLP

,

Revenue

,

2024

B

,

%

,

10/01/27

.................

1,055,000

1,068,683

Washington

Health

Care

Facilities

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/26

..

1,500,000

1,517,323

c

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/31

.......................................................

280,000

310,809

c

Washington

State

Housing

Finance

Commission

,

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

%

,

7/01/31

........................................................

500,000

551,756

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

%

,

7/01/32

........................................................

750,000

837,271

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

%

,

7/01/33

........................................................

1,000,000

1,129,470

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

%

,

7/01/28

410,000

423,975

15,258,769

#### Wisconsin

#### 1.7%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

2,145,000

2,293,329

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/26

..........

150,000

150,049

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

,

7.125 %

,

7/25/34

........................................................

2,270,000

2,388,512

d

Lindenwood

Education

System

Obligated

Group

,

Revenue

,

2026

,

Refunding

,

%

,

6/01/30

........................................................

820,000

870,728

d

Maniilaq

Association

Obligated

Group

,

Revenue

,

2026

,

%

,

12/01/29

...........

1,555,000

1,670,934

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/26

...........................................

300,000

301,882

Wisconsin

Health

&

Educational

Facilities

Authority

,

Hospital

Sisters

Services

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

8/15/28

........................................................

1,000,000

1,060,444

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/27

....................................................

360,000

362,128

Sanford

Obligated

Group

,

Revenue

,

2024

A

,

%

,

2/15/29

....................

5,000,000

5,332,476

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

,

4.2 %

,

8/15/28

...

455,000

455,163

14,885,645

#### Wyoming

#### 0.1%
County

of

Laramie

,

Cheyenne

Regional

Medical

Center

,

Revenue

,

2021

,

Refunding

,

%

,

5/01/27

......................................................

550,000

558,560

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

#### 1.6%

#### District

#### of

#### Columbia

#### 1.3%
b

District

of

Columbia

,

Georgetown

University

(The)

,

Revenue

,

2025

A

,

Refunding

,

Mandatory

Put

,

%

,

4/03/35

..........................................

$

3,250,000

$

3,759,965

b

District

of

Columbia

Housing

Finance

Agency

,

Florida

Avenue

Apartments

LLC

,

Revenue

,

2024

,

Mandatory

Put

,

4.1 %

,

9/01/30

.........................

6,335,000

6,688,985

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2025

A

,

Refunding

,

%

,

10/01/26

........................................................

1,145,000

1,162,778

11,611,728

#### Guam

#### 0.1%
Guam

Government

Waterworks

Authority

,

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/26

............................................

600,000

604,551

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

%

,

7/01/32

...............

640,000

719,838

1,324,389

#### 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

460,863

#### Virgin

#### Islands

#### 0.2%
Virgin

Islands

Transportation

&

Infrastructure

Corp.

,

Revenue

,

2025

,

Refunding

,

%

,

9/01/26

.................................

800,000

808,974

Revenue

,

2025

,

Refunding

,

%

,

9/01/27

.................................

640,000

660,605

1,469,579

#### Total

#### U.S.

#### Territories

#### ....................................................................
14,866,559

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 796,252,459

####)
.....................................

#### 810,574,075

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 812,640,909

####)
...............................

#### 826,605,475

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 6.5%

#### Municipal

#### Bonds

#### 6.5%

#### Arizona

#### 0.4%
i

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

1/01/46

................

3,200,000

3,200,000

#### Georgia

#### 0.0%

#### †
i

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

1.9 %

,

4/01/47

................

100,000

100,000

#### Minnesota

#### 2.3%
i

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.05 %

,

11/15/48

.....

4,200,000

4,200,000

i

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

1.25 %

,

11/15/64

............................................

16,000,000

16,000,000

20,200,000

#### Missouri

#### 0.1%
i

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Washington

University

(The)

,

Revenue

,

2000

C

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

3/01/40

..

1,300,000

1,300,000

#### New

#### York

#### 3.7%
i

City

of

New

York

,

GO

,

2014

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.95 %

,

3/01/44

..........

12,000,000

12,000,000

GO

,

2020

,

Daily

VRDN

and

Put

,

%

,

10/01/46

.........................

5,000,000

5,000,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

i

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

BB-1B

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

%

,

6/15/49

....................................

$

12,000,000

$

12,000,000

Water

&

Sewer

System

,

Revenue,

Sub.

Lien

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

%

,

6/15/33

.................................................

3,900,000

3,900,000

32,900,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 57,700,000

####)
......................................

#### 57,700,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 57,700,000

####)
................................

#### 57,700,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 870,340,909

####)
99.8 #### %
...................................

#### $884,305,475

#### Other

#### Assets,

#### less

#### Liabilities
0.2 #### %
.............................................

#### 1,491,801

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $885,797,276
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

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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$63,992,235,

representing

7.2%

of

net

assets.

d

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

e

The

coupon

rate

shown

represents

the

rate

at

period

end.

f

The

rate

shown

represents

the

yield

at

period

end.

g

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. i

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.69

$10.68

$10.40

$11.57

$11.91

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.32 0.30 0.29 0.28 0.26 Net

realized

and

unrealized

gains

(losses)

...........

0.07 0.01 0.28 (1.17)

(0.34)

Total

from

investment

operations

....................

0.39 0.31 0.57 (0.89)

(0.08)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.30)

(0.29)

(0.28)

(0.26)

Net

asset

value,

end

of

year

.......................

$10.77

$10.69

$10.68

$10.40

$11.57

Total

return

d

...................................

3.81%

2.91%

5.55%

(7.71)%

(0.71)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.92%

0.90%

0.89%

0.88%

0.86%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.90%

0.90%

e,f

0.89%

e

0.88%

e

0.86%

e

Net

investment

income

...........................

3.05%

2.76%

2.76%

2.65%

2.20%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$67,993

$74,081

$76,014

$76,312

$92,129

Portfolio

turnover

rate

............................

10.73%

14.81%

9.84%

15.85%

22.60%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.69

$10.68

$10.40

$11.57

$11.91

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.33 0.31 0.30 0.30 0.28 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.01 0.28 (1.18)

(0.34)

Total

from

investment

operations

....................

0.41 0.32 0.58 (0.88)

(0.06)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.31)

(0.30)

(0.29)

(0.28)

Net

asset

value,

end

of

year

.......................

$10.77

$10.69

$10.68

$10.40

$11.57

Total

return

d

...................................

3.97%

3.07%

5.71%

(7.57)%

(0.56)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.77%

0.75%

0.74%

0.73%

0.71%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.75%

0.75%

e,f

0.74%

e

0.73%

e

0.71%

e

Net

investment

income

...........................

3.20%

2.91%

2.91%

2.79%

2.36%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$132,960

$152,912

$172,564

$189,496

$249,763

Portfolio

turnover

rate

............................

10.73%

14.81%

9.84%

15.85%

22.60%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.85

$10.85

$10.56

$11.75

$12.09

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.28 0.25 0.24 0.24 0.22 Net

realized

and

unrealized

gains

(losses)

...........

0.07 (—)

d

0.29 (1.20)

(0.35)

Total

from

investment

operations

....................

0.35 0.25 0.53 (0.96)

(0.13)

Less

distributions

from:

Net

investment

income

..........................

(0.27)

(0.25)

(0.24)

(0.23)

(0.21)

Net

asset

value,

end

of

year

.......................

$10.93

$10.85

$10.85

$10.56

$11.75

Total

return

e

...................................

3.34%

2.36%

5.14%

(8.14)%

(1.10)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.31%

1.29%

1.28%

1.27%

1.25%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.29%

1.29%

f,g

1.28%

f

1.27%

f

1.25%

f

Net

investment

income

...........................

2.60%

2.31%

2.30%

2.19%

1.79%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$7,087

$9,589

$14,486

$19,610

$28,904

Portfolio

turnover

rate

............................

10.73%

14.81%

9.84%

15.85%

22.60%

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.

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

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.69

$10.69

$10.40

$11.57

$11.91

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.35 0.33 0.32 0.31 0.30 Net

realized

and

unrealized

gains

(losses)

...........

0.07 (—)

d

0.29 (1.17)

(0.34)

Total

from

investment

operations

....................

0.42 0.33 0.61 (0.86)

(0.04)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.33)

(0.32)

(0.31)

(0.30)

Net

asset

value,

end

of

year

.......................

$10.77

$10.69

$10.69

$10.40

$11.57

Total

return

....................................

4.10%

3.11%

5.95%

(7.44)%

(0.42)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.62%

0.61%

0.61%

0.59%

0.57%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.62%

e

0.61%

e,f

0.61%

e

0.59%

e,f

0.57%

e,f

Net

investment

income

...........................

3.34%

3.05%

3.04%

2.92%

2.49%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$15,491

$12,203

$11,082

$10,366

$17,047

Portfolio

turnover

rate

............................

10.73%

14.81%

9.84%

15.85%

22.60%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.69

$10.69

$10.40

$11.57

$11.92

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.35 0.32 0.31 0.31 0.29 Net

realized

and

unrealized

gains

(losses)

...........

0.07 (—)

d

0.29 (1.18)

(0.35)

Total

from

investment

operations

....................

0.42 0.32 0.60 (0.87)

(0.06)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.32)

(0.31)

(0.30)

(0.29)

Net

asset

value,

end

of

year

.......................

$10.77

$10.69

$10.69

$10.40

$11.57

Total

return

....................................

4.07%

3.07%

5.91%

(7.48)%

(0.46)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.67%

0.65%

0.64%

0.63%

0.61%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.65%

0.65%

e

0.64%

e

0.63%

e

0.61%

e

Net

investment

income

...........................

3.30%

3.01%

3.01%

2.88%

2.46%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$46,156

$48,251

$46,388

$48,473

$72,069

Portfolio

turnover

rate

............................

10.73%

14.81%

9.84%

15.85%

22.60%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

$

952,499

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 900,000

####)
........................................

#### 952,499

#### Municipal

#### Bonds

#### 97.4%

#### California

#### 0.4%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

1,300,000

1,095,417

#### Florida

#### 2.0%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

2,592,000

2,387,329

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

750,000

532,800

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

2,950,000

2,526,992

5,447,121

#### Georgia

#### 90.5%
Athens

Housing

Authority

,

UGAREF

Lumpkin

Street

Housing

Phase

I

LLC

,

Revenue

,

2024

,

%

,

6/15/49

.....

2,000,000

1,924,442

UGAREF

Lumpkin

Street

Housing

Phase

I

LLC

,

Revenue

,

2024

,

4.125 %

,

6/15/56

.

3,500,000

3,356,283

Atlanta

&

Fulton

County

Recreation

Authority

,

City

of

Atlanta

,

Revenue

,

2024

,

Refunding

,

%

,

12/01/35

............................................

300,000

362,991

b

Atlanta

Development

Authority

(The)

,

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

%

,

7/01/55

................................................

1,000,000

1,041,025

Augusta

,

Water

&

Sewer

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

%

,

10/01/50

...

1,500,000

1,437,436

Bainbridge

Public

Facilities

Authority

,

County

of

Decatur

,

Revenue

,

2018

,

AG

Insured

,

%

,

3/01/43

......................................................

3,000,000

3,014,890

Bleckley

County

School

District

,

GO

,

2020

,

%

,

10/01/42

.....................

2,055,000

2,205,034

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

........................................

3,000,000

2,818,381

Carroll

City-County

Hospital

Authority

,

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/50

.

1,450,000

1,384,560

Tanner

Medical

Center

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

7/01/50

.

5,000,000

5,232,847

City

of

Atlanta

,

d

Airport

Passenger

Facility

Charge

,

Revenue

,

2025

B

,

Refunding

,

5.5 %

,

7/01/50

...

3,000,000

3,272,745

Airport

Passenger

Facility

Charge

,

Revenue,

Sub.

Lien

,

2023

E

,

5.25 %

,

7/01/43

...

3,000,000

3,277,949

Department

of

Aviation

,

Revenue

,

2021

C

,

Refunding

,

%

,

7/01/37

.............

1,500,000

1,633,326

Department

of

Aviation

,

Revenue

,

2024

B

,

5.25 %

,

7/01/54

...................

7,000,000

7,338,699

Department

of

Aviation

,

Revenue

,

2025

,

5.5 %

,

7/01/55

..................

1,000,000

1,061,758

Water

&

Wastewater

,

Revenue

,

2001

A

,

AG,

NATL

RE

Insured

,

5.5 %

,

11/01/27

....

2,140,000

2,223,346

City

of

Baldwin

,

Water

&

Sewerage

,

Revenue

,

2021

,

Refunding

,

BAM

Insured

,

%

,

6/01/46

.........................................................

1,835,000

1,502,836

City

of

Buford

,

GO

,

2017

C

,

Pre-Refunded

,

%

,

1/01/43

......................

5,000,000

5,069,467

City

of

Griffin

,

Public

Utility

,

Revenue

,

2025

,

BAM

Insured

,

%

,

1/01/51

...........

2,000,000

2,101,302

City

of

Springfield

,

Water

and

Sewer

Fund

,

Revenue

,

2025

,

AG

Insured

,

%

,

9/01/50

1,000,000

1,052,064

City

of

Valdosta

,

Water

&

Sewer

,

Revenue

,

2024

,

AG

Insured

,

%

,

10/01/51

.......

3,000,000

2,834,298

Clayton

County

Development

Authority

,

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

%

,

6/15/32

..........

1,295,000

1,480,092

USG

Real

Estate

Foundation

XIII

LLC

,

Revenue

,

2022

A

,

%

,

6/15/33

..........

1,210,000

1,399,449

Cobb-Marietta

Coliseum

&

Exhibit

Hall

Authority

,

County

of

Cobb

,

Revenue

,

2025

,

5.5 %

,

10/01/50

...................................................

1,000,000

1,101,582

Columbia

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

5.125 %

,

4/01/48

....................................

3,000,000

3,147,681

County

of

Columbia

,

Water

&

Sewerage

,

Revenue

,

2024

,

%

,

6/01/49

............

610,000

648,980

County

of

DeKalb

,

Water

&

Sewerage

,

Revenue

,

2006

B

,

Refunding

,

AG

Insured

,

%

,

10/01/35

........................................................

4,000,000

4,057,122

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Fulton

,

Water

&

Sewerage

,

Revenue

,

2020

A

,

%

,

1/01/45

.............

$

5,000,000

$

4,118,492

Coweta

County

Water

&

Sewage

Authority

,

Revenue

,

2021

B

,

%

,

6/01/43

........................................

820,000

727,187

Revenue

,

2021

B

,

%

,

6/01/46

........................................

1,000,000

810,996

Revenue

,

2024

,

%

,

6/01/54

.........................................

2,000,000

2,102,619

Dalton

Whitfield

County

Joint

Development

Authority

,

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2017

,

%

,

8/15/41

.....

3,000,000

3,003,701

Hamilton

Health

Care

System

Obligated

Group

,

Revenue

,

2024

B

,

Refunding

,

%

,

8/15/37

........................................................

3,075,000

3,523,271

DeKalb

County

Development

Authority

,

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

%

,

6/01/45

.................

350,000

351,565

GLOBE

Academy,

Inc.

(The)

,

Revenue

,

2024

A

,

%

,

6/01/50

.................

550,000

537,440

Development

Authority

for

Fulton

County

,

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2018

,

%

,

3/01/43

...................

2,000,000

2,008,779

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

%

,

6/15/49

...................

1,750,000

1,844,127

Georgia

Tech

Facilities,

Inc.

,

Revenue

,

2024

,

%

,

6/15/56

...................

2,000,000

2,088,018

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/46

........................................................

5,840,000

5,855,690

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

......

5,000,000

4,608,229

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

%

,

4/01/50

........

3,000,000

2,664,554

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

D

,

Refunding

,

4.125 %

,

11/01/45

..................................

6,000,000

5,834,037

Development

Authority

of

Cobb

County

(The)

,

KSU

2020

Housing

Real

Estate

Foundation

LLC

,

Revenue

,

2020

,

%

,

7/15/52

....

5,720,000

5,248,168

University

System

of

Georgia

,

Revenue

,

2020

C

,

%

,

7/15/52

................

2,000,000

1,835,024

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

2,085,000

2,231,011

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

8,155,000

4,087,547

Etowah

Water

&

Sewer

Authority

,

Revenue

,

2019

,

Refunding

,

BAM

Insured

,

%

,

3/01/44

.........................................................

1,250,000

1,047,506

Floyd

County

Hospital

Authority

,

Floyd

Obligated

Group

,

Revenue

,

2016

,

Pre-

Refunded

,

%

,

7/01/43

.............................................

3,000,000

3,015,055

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/42

..........

6,000,000

6,012,481

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/15/42

....................................................

7,000,000

7,085,832

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

%

,

2/15/51

5,000,000

4,489,009

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2013

A

,

3.8 %

,

12/01/37

.....................................

1,655,000

1,655,246

Revenue

,

2018

A

,

3.85 %

,

12/01/38

....................................

1,170,000

1,171,933

Revenue

,

2018

A

,

3.95 %

,

12/01/43

....................................

1,210,000

1,211,349

Revenue

,

2019

A

,

Refunding

,

3.7 %

,

6/01/49

..............................

4,370,000

3,930,509

Georgia

Ports

Authority

,

Revenue

,

2021

,

%

,

7/01/51

.........................................

1,145,000

1,088,824

Revenue

,

2022

,

5.25 %

,

7/01/52

.......................................

2,000,000

2,116,765

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

%

,

8/01/47

............................

2,000,000

2,000,025

Henry

County

School

District

,

GO

,

2016

,

Pre-Refunded

,

%

,

8/01/33

.............

5,000,000

5,039,704

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5 %

,

9/15/27

......................................

5,000,000

5,190,872

Revenue

,

2019

A

,

%

,

5/15/37

........................................

1,975,000

2,216,414

Revenue

,

2019

A

,

%

,

5/15/38

........................................

1,000,000

1,118,728

b,e

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

%

,

11/01/27

......................

6,000,000

6,051,784

e

Revenue

,

2023

A

,

Mandatory

Put

,

%

,

6/01/30

............................

5,000,000

5,353,245

e

Revenue

,

2023

D

,

Mandatory

Put

,

%

,

12/01/30

...........................

2,000,000

2,147,764

e

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/31

..........................

2,000,000

2,175,917

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Georgia
(continued)

Main

Street

Natural

Gas,

Inc.,

(continued)

e

Revenue

,

2024

E

,

Mandatory

Put

,

%

,

12/01/32

...........................

$

2,000,000

$

2,188,238

e

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

6/01/32

............................

2,505,000

2,751,781

Moultrie-Colquitt

Counties

Development

Authority

,

Philadelphia

College

of

Osteopathic

Medicine

Obligated

Group

,

Revenue

,

2018

,

%

,

12/01/43

...................

4,815,000

4,976,653

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2019

A

,

AG

Insured

,

%

,

1/01/44

..............................

5,000,000

4,981,186

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/50

...............................

3,500,000

3,555,917

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

1/01/49

.............................

500,000

524,189

Revenue

,

2024

A

,

Refunding

,

BAM

Insured

,

5.25 %

,

1/01/54

..................

500,000

523,987

PowerSouth

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/46

.....

330,000

307,596

PowerSouth

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/51

.....

425,000

379,349

PowerSouth

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/56

.....

750,000

751,489

PowerSouth

Energy

Cooperative

,

Revenue

,

2023

A

,

5.5 %

,

7/01/64

............

2,000,000

2,074,618

Municipal

Gas

Authority

of

Georgia

,

Revenue

,

2025

,

BAM

Insured

,

%

,

9/01/55

.....

2,000,000

2,038,136

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2013

A

,

%

,

10/01/43

.........................

5,000,000

5,002,780

Emory

University

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

9/01/45

...............

2,000,000

2,224,829

Mercer

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/50

.................

5,400,000

4,724,524

Mercer

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

10/01/51

...............

5,500,000

5,730,086

Savannah

Georgia

Convention

Center

Authority

,

Revenue

,

2025

A

,

5.125 %

,

6/01/50

.

1,750,000

1,757,579

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/43

...............................

10,000,000

9,645,951

Upper

Oconee

Basin

Water

Authority

,

Revenue

,

2024

,

%

,

7/01/49

.........................................

3,000,000

3,193,357

Revenue

,

2024

,

%

,

7/01/55

.........................................

2,835,000

2,978,997

243,891,244

#### Illinois

#### 1.1%
State

of

Illinois

,

GO

,

2024

C

,

%

,

10/01/38

................................

3,000,000

3,041,543

#### New

#### Jersey

#### 0.5%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/35

..........................................

1,200,000

1,274,694

#### New

#### York

#### 0.0%

#### †
Metropolitan

Transportation

Authority

,

Revenue

,

2020

,

%

,

11/15/53

..........

100,000

87,270

#### South

#### Carolina

#### 0.2%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

500,000

461,199

#### Texas

#### 0.4%
b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

1,500,000

1,155,784

#### 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

802,456

#### Wisconsin

#### 0.9%
b

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

900,000

755,927

c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

2,300,000

1,545,746

2,301,673

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

$

574,719

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

2,000,000

1,963,057

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

480,000

465,078

3,002,854

#### Total

#### U.S.

#### Territories

#### ....................................................................
3,002,854

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 269,218,201

####)
.....................................

#### 262,561,255

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 270,118,201

####)
...............................

#### 263,513,754

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.4%

#### Municipal

#### Bonds

#### 1.4%

#### Georgia

#### 1.4%
f

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

1.9 %

,

4/01/47

................

3,800,000

3,800,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 3,800,000

####)
.......................................

#### 3,800,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 3,800,000

####)
.................................

#### 3,800,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 273,918,201

####)
99.1 #### %
...................................

#### $267,313,754

#### Other

#### Assets,

#### less

#### Liabilities
0.9 #### %
.............................................

#### 2,373,255

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $269,687,009
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$14,873,713,

representing

5.5%

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

The

maturity

date

shown

represents

the

mandatory

put

date.

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.06

$8.84

$8.68

$10.05

$10.29

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.41 0.40 0.40 0.38 0.36 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.21 0.15 (1.40)

(0.24)

Total

from

investment

operations

....................

0.38 0.61 0.55 (1.02)

0.12 Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.39)

(0.39)

(0.35)

(0.36)

Net

asset

value,

end

of

year

.......................

$9.04

$9.06

$8.84

$8.68

$10.05

Total

return

d

...................................

4.41%

7.09%

6.59%

(10.15)%

1.07%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.81%

0.79%

e,f

0.83%

e,f

0.91%

e

0.80%

e,f

Net

investment

income

...........................

4.64%

4.49%

4.62%

4.20%

3.49%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,657,791

$1,600,757

$1,452,358

$1,390,633

$1,559,216

Portfolio

turnover

rate

............................

12.16%

14.31%

14.74%

23.04%

18.70%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.05

$8.84

$8.67

$10.04

$10.28

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.42 0.42 0.41 0.39 0.38 Net

realized

and

unrealized

gains

(losses)

...........

(0.02)

0.20 0.17 (1.39)

(0.24)

Total

from

investment

operations

....................

0.40 0.62 0.58 (1.00)

0.14 Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.41)

(0.41)

(0.37)

(0.38)

Net

asset

value,

end

of

year

.......................

$9.04

$9.05

$8.84

$8.67

$10.04

Total

return

d

...................................

4.68%

7.13%

6.88%

(10.02)%

1.22%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.66%

0.64%

e,f

0.68%

e,f

0.75%

e

0.65%

e,f

Net

investment

income

...........................

4.79%

4.64%

4.77%

4.35%

3.65%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,980,022

$2,191,612

$2,349,443

$2,577,670

$3,518,033

Portfolio

turnover

rate

............................

12.16%

14.31%

14.74%

23.04%

18.70%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.24

$9.02

$8.84

$10.24

$10.49

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.37 0.36 0.36 0.34 0.32 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.22 0.18 (1.42)

(0.25)

Total

from

investment

operations

....................

0.34 0.58 0.54 (1.08)

0.07 Less

distributions

from:

Net

investment

income

..........................

(0.36)

(0.36)

(0.36)

(0.32)

(0.32)

Net

asset

value,

end

of

year

.......................

$9.22

$9.24

$9.02

$8.84

$10.24

Total

return

d

...................................

3.90%

6.51%

6.15%

(10.52)%

0.54%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

1.20%

1.18%

e,f

1.21%

e,f

1.29%

e

1.19%

e,f

Net

investment

income

...........................

4.15%

3.99%

4.12%

3.71%

3.03%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$95,945

$116,587

$137,544

$175,131

$262,313

Portfolio

turnover

rate

............................

12.16%

14.31%

14.74%

23.04%

18.70%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.10

$8.88

$8.71

$10.09

$10.33

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.43 0.43 0.42 0.40 0.40 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.21 0.17 (1.40)

(0.25)

Total

from

investment

operations

....................

0.40 0.64 0.59 (1.00)

0.15 Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.42)

(0.42)

(0.38)

(0.39)

Net

asset

value,

end

of

year

.......................

$9.08

$9.10

$8.88

$8.71

$10.09

Total

return

....................................

4.69%

7.37%

6.99%

(9.94)%

1.36%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.51%

0.50%

0.53%

0.62%

0.51%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.51%

0.50%

d,e

0.53%

d,e

0.61%

d

0.51%

d,e

Net

investment

income

...........................

4.91%

4.76%

4.88%

4.48%

3.77%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$233,975

$205,197

$174,493

$181,286

$228,725

Portfolio

turnover

rate

............................

12.16%

14.31%

14.74%

23.04%

18.70%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.09

$8.88

$8.71

$10.08

$10.33

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.43 0.42 0.42 0.40 0.39 Net

realized

and

unrealized

gains

(losses)

...........

(0.02)

0.21 0.16 (1.39)

(0.25)

Total

from

investment

operations

....................

0.41 0.63 0.58 (0.99)

0.14 Less

distributions

from:

Net

investment

income

..........................

(0.42)

(0.42)

(0.41)

(0.38)

(0.39)

Net

asset

value,

end

of

year

.......................

$9.08

$9.09

$8.88

$8.71

$10.08

Total

return

....................................

4.76%

7.21%

6.95%

(9.89)%

1.22%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.56%

0.54%

d,e

0.57%

d,e

0.65%

d

0.55%

d,e

Net

investment

income

...........................

4.87%

4.72%

4.85%

4.42%

3.73%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$840,553

$828,084

$780,675

$846,496

$1,284,270

Portfolio

turnover

rate

............................

12.16%

14.31%

14.74%

23.04%

18.70%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 0.0%

#### Financial

#### Services

#### 0.0%
a,b

Brightline

Train

Holdings

West

LLC

......................................

141,600

$

—

b

#### 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

#### 3.7%

#### Capital

#### Markets

#### 3.7%
iShares

National

Muni

Bond

ETF

........................................

325,000

35,399,000

Vanguard

Tax-Exempt

Bond

Index

ETF

...................................

2,750,000

140,662,500

176,061,500

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 172,880,790

####)
...................

#### 176,061,500

#### Principal

#### Amount
a

#### a
a

#### Corporate

#### Bonds

#### 1.2%

#### 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 %

,

9/30/23

..........................

1,920,000

249,600

d

B

,

Senior

Secured

Note

,

144A,

9.5 %

,

9/30/23

..........................

7,205,000

936,650

d

A

,

Senior

Secured

Note

,

144A,

9.5 %

,

9/30/23

..........................

3,975,000

516,750

d

B

,

Senior

Secured

Note

,

144A,

9.5 %

,

9/30/23

..........................

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

#### 0.4%
Grand

Canyon

University

,

Secured

Note

,

5.125 %

,

10/01/28

....................

19,410,000

19,518,353

#### Electric

#### Utilities

#### 0.3%
c

Mission

Rock

Utilities,

Inc.

,

144A,

%

,

7/01/27

..............................

14,300,000

14,471,320

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 67,578,459

####)
......................................

#### 56,227,523

#### Municipal

#### Bonds

#### 93.0%

#### Alabama

#### 0.5%
Black

Belt

Energy

Gas

District

,

e

Revenue

,

2024

A

,

Mandatory

Put

,

5.25 %

,

9/01/32

.........................

1,000,000

1,085,762

Revenue

,

2025

G

,

%

,

10/01/35

.......................................

1,500,000

1,640,254

Homewood

Educational

Building

Authority

,

CHF

-

Horizons

II

LLC

,

Revenue

,

2024

C

,

%

,

10/01/56

.....................................................

8,000,000

7,791,219

MidCity

Improvement

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3.875 %

,

11/01/27

..............

200,000

197,874

Assessment

Area

,

Special

Assessment

,

2022

,

4.25 %

,

11/01/32

...............

600,000

592,313

Assessment

Area

,

Special

Assessment

,

2022

,

4.5 %

,

11/01/42

................

2,090,000

1,975,299

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

11/01/49

...............

1,150,000

1,036,450

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

6.5 %

,

11/01/44

...........

250,000

250,927

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

6.75 %

,

11/01/53

..........

540,000

525,410

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Alabama
(continued)

e

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue

,

2025

B

,

Mandatory

Put

,

5.25 %

,

1/01/33

...................................................

$

10,000,000

$

10,716,166

25,811,674

#### 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

2,394,100

c

Industrial

Development

Authority

of

the

County

of

Pima

(The)

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2022

,

Refunding

,

%

,

6/15/57

8,500,000

6,311,713

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

A

,

%

,

11/15/57

.......................................................

5,000,000

5,358,004

La

Posada

at

Park

Centre,

Inc.

Obligated

Group

,

Revenue

,

144A,

2022

,

6.625 %

,

5/15/31

........................................................

4,000,000

4,003,668

c

Maricopa

County

Industrial

Development

Authority

,

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

%

,

7/01/38

........................................................

5,000,000

5,164,774

Benjamin

Franklin

Charter

School

Obligated

Group

,

Revenue

,

144A,

2018

A

,

%

,

7/01/52

........................................................

10,000,000

10,073,720

Grand

Canyon

University

Obligated

Group

,

Revenue

,

144A,

2024

,

7.375 %

,

10/01/29

8,800,000

9,501,282

Salt

Verde

Financial

Corp.

,

Revenue

,

2007-1

,

5.5 %

,

12/01/29

..................

11,105,000

12,059,958

c

Sierra

Vista

Industrial

Development

Authority

,

American

Leadership

Academy,

Inc.

,

Revenue

,

144A,

2023

,

5.75 %

,

6/15/58

......

5,000,000

4,884,411

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

A

,

5.375 %

,

10/01/56

.......................................................

18,880,000

15,811,666

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2021

B

,

6.25 %

,

10/01/36

.......................................................

3,945,000

3,513,289

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

A

,

%

,

10/01/56

.......................................................

2,327,000

2,363,419

Georgetown

Community

Development

Authority

,

Revenue

,

144A,

2022

B

,

%

,

10/01/37

.......................................................

250,000

251,110

Tempe

Industrial

Development

Authority

,

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

%

,

10/01/37

................

1,900,000

1,675,144

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125 %

,

10/01/47

.............

4,850,000

3,943,240

c

Mirabella

at

ASU,

Inc.

,

Revenue

,

144A,

2017

A

,

6.125 %

,

10/01/52

.............

2,800,000

2,225,002

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/50

........

4,550,000

4,453,554

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/54

........

8,000,000

7,733,042

Tempe

Life

Care

Village

Obligated

Group

,

Revenue

,

2021

B

,

%

,

12/01/56

.......

2,130,000

1,725,647

103,446,743

#### Arkansas

#### 0.4%
Arkansas

Development

Finance

Authority

,

c

Hybar

LLC

,

Revenue

,

144A,

2023

B

,

7.375 %

,

7/01/48

......................

12,500,000

13,592,978

United

States

Steel

Corp.

,

Revenue

,

2022

,

5.45 %

,

9/01/52

...................

3,000,000

3,025,468

United

States

Steel

Corp.

,

Revenue

,

2023

,

5.7 %

,

5/01/53

....................

4,575,000

4,678,322

f

Fayetteville

Public

Facilities

Board

,

Butterfield

Trail

Village,

Inc.

,

Revenue

,

2026

,

5.5 %

,

12/01/60

........................................................

700,000

713,527

22,010,295

#### California

#### 17.3%
g

Alvord

Unified

School

District

,

GO

,

2011

B

,

AG

Insured

,

3.94 %,

8/01/41

...........

30,750,000

16,941,150

c

California

Community

College

Financing

Authority

,

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

4.25 %

,

7/01/32

.....

500,000

427,316

NCCD-Napa

Valley

Properties

LLC

,

Revenue

,

144A,

2022

A

,

5.75 %

,

7/01/60

.....

17,500,000

12,117,663

NCCD-Napa

Valley

Properties

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

C

,

6.75 %

,

7/01/60

........................................................

7,000,000

5,040,087

c

California

Community

Housing

Agency

,

Annadel

Apartments

,

Revenue

,

144A,

2019

A

,

%

,

4/01/49

..................

5,800,000

4,707,756

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Community

Housing

Agency,

(continued)

Arbors

Apartments

,

Revenue

,

144A,

2020

A

,

%

,

8/01/50

....................

$

16,485,000

$

15,810,381

Aster

Apartments

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

2/01/43

..........

10,415,000

10,007,726

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue,

Sub.

Lien

,

144A,

2021

,

%

,

8/01/47

....................................................

16,500,000

13,325,395

Fountains

at

Emerald

Park

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/46

...

18,890,000

16,573,636

K

Street

Flats

,

Revenue

,

144A,

2021

,

%

,

8/01/50

......................

17,730,000

14,260,126

Mira

Vista

Hills

Apartments

,

Revenue

,

144A,

2021

A

,

%

,

2/01/56

.............

33,000,000

16,279,039

Twin

Creek

Apartments

,

Revenue,

Junior

Lien

,

144A,

2022

B

,

5.5 %

,

2/01/40

.....

4,400,000

3,966,204

Verdant

at

Green

Valley

Apartments

,

Revenue

,

144A,

2019

A

,

%

,

8/01/49

.......

20,000,000

18,819,412

c,e

California

Infrastructure

&

Economic

Development

Bank

,

Desertxpress

Enterprises

LLC

,

Revenue

,

144A,

2025

B

,

Refunding

,

Mandatory

Put

,

%

,

11/02/26

........

6,075,000

3,280,500

c

California

Municipal

Finance

Authority

,

California

Baptist

University

,

Revenue

,

144A,

2015

A

,

5.5 %

,

11/01/45

...........

17,400,000

17,403,863

Capital

Christian

Center

,

Revenue

,

144A,

2021

A

,

%

,

10/01/51

...............

8,425,000

7,053,379

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

3,572,601

c

California

Statewide

Communities

Development

Authority

,

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25 %

,

7/01/39

.............

1,275,000

1,312,767

NCCD-Hooper

Street

LLC

,

Revenue

,

144A,

2019

,

5.25 %

,

7/01/49

.............

3,725,000

3,741,080

c

City

&

County

of

San

Francisco

,

District

No.

2020-1

Development

,

Special

Tax

,

144A,

2021

B

,

5.25 %

,

9/01/49

.............................................

2,500,000

2,280,665

City

of

San

Francisco

,

5.25 %

,

9/01/49

....................................

10,000,000

9,122,658

c

CMFA

Special

Finance

Agency

,

Solana

at

Grand

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/45

...........

30,500,000

27,949,471

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

..........

1,700,000

1,493,298

c

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Junior

Lien

,

144A,

2022

,

4.5 %

,

8/01/51

.........................................................

38,000,000

26,952,841

c

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/47

..............................................

24,255,000

22,866,219

c

CMFA

Special

Finance

Agency

VIII

,

Elan

Huntington

Beach

,

Revenue,

Junior

Lien

,

144A,

2021

,

%

,

8/01/47

.........................................

10,205,000

9,620,687

c

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue

,

144A,

2022

,

4.375 %

,

8/01/49

...................................................

21,215,000

18,346,588

c

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

3/01/57

............

15,000,000

11,326,559

Crescent

(The)

,

Revenue

,

144A,

2022

B

,

5.5 %

,

7/01/59

.....................

15,935,000

13,036,291

Dublin

,

Revenue

,

144A,

2021

B

,

%

,

2/01/57

.............................

7,500,000

5,817,651

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/48

........

10,000,000

7,217,011

Park

Crossing

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

12/01/48

.............

14,235,000

11,499,736

Renaissance

at

City

Center

,

Revenue

,

144A,

2020

A

,

%

,

7/01/51

.............

18,325,000

17,710,125

Waterscape

Apartments

,

Revenue

,

144A,

2021

B

,

%

,

9/01/46

................

5,970,000

5,127,500

Wood

Creek

Apartments

,

Revenue,

Sub.

Lien

,

144A,

2021

B

,

%

,

12/01/59

......

19,800,000

11,578,668

c

Golden

State

Connect

Authority

,

Revenue

,

144A,

2025

,

6.5 %

,

12/01/60

...........

8,350,000

8,444,678

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.125 %

,

11/01/29

...................................

20,125,000

21,406,695

Revenue

,

2009

B

,

%

,

11/01/34

.......................................

20,000,000

24,852,820

Revenue

,

2009

C

,

6.5 %

,

11/01/39

.....................................

20,000,000

25,053,912

Palmdale

Elementary

School

District

,

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

5.625 %

,

8/01/34

........................................................

2,500,000

2,824,267

g

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

2.57 %,

8/01/28

........................................................

1,500,000

1,410,751

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

Palmdale

Elementary

School

District,

(continued)

g

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

2.62 %,

8/01/30

........................................................

$

1,250,000

$

1,114,779

g

Community

Facilities

District

No.

90-1

,

Special

Tax

,

2012

A

,

AG

Insured

,

2.69 %,

8/01/31

........................................................

1,250,000

1,082,166

g

Riverside

County

Transportation

Commission

,

Revenue,

Senior

Lien

,

2013

B

,

3.03 %,

6/01/32

............................

4,000,000

3,318,434

Revenue,

Senior

Lien

,

2013

B

,

3.11 %,

6/01/33

............................

5,500,000

4,403,546

Revenue,

Senior

Lien

,

2013

B

,

3.98 %,

6/01/41

............................

5,000,000

2,756,585

Revenue,

Senior

Lien

,

2013

B

,

4.13 %,

6/01/42

............................

7,000,000

3,625,828

g

San

Diego

Unified

School

District

,

GO

,

2012

E

,

5.191 %,

7/01/42

.........................................

44,565,000

39,474,550

GO

,

2012

E

,

5.512 %,

7/01/47

.........................................

33,305,000

27,700,291

San

Joaquin

Hills

Transportation

Corridor

Agency

,

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/45

...............................

35,834,000

46,455,269

Revenue

,

1997

A

,

Refunding

,

%

,

1/15/46

...............................

35,834,000

46,335,749

g

Revenue,

Junior

Lien

,

ETM,

1.97 %,

1/01/27

..............................

114,100,000

112,240,238

g

San

Mateo

Foster

City

School

District

,

GO

,

A

,

5.497 %,

8/01/42

.................

40,000,000

45,700,220

g

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

6.444 %,

9/01/41

.............

20,000,000

22,436,756

g

Silicon

Valley

Tobacco

Securitization

Authority

,

Revenue

,

2007

C

,

7.83 %,

6/01/56

...

60,000,000

6,140,256

833,364,284

#### Colorado

#### 5.1%
3rd

and

Havana

Metropolitan

District

,

GO

,

2020

A

,

5.25 %

,

12/01/49

.............

3,775,000

3,267,016

9th

Avenue

Metropolitan

District

No.

,

GO

,

2018

,

%

,

12/01/48

................

7,411,000

7,412,653

Allison

Valley

Metropolitan

District

No.

,

GO

,

2020

,

Refunding

,

%

,

12/01/47

......

5,134,000

5,001,166

Allison

Valley

Metropolitan

District

No.

,

GO

,

2020

,

Refunding

,

4.7 %

,

12/01/47

.....

4,670,000

4,414,497

g

Aurora

Crossroads

Metropolitan

District

No.

,

GO

,

2025

,

Refunding

,

0.396 %,

12/01/55

........................................................

4,760,000

4,318,195

Banning

Lewis

Ranch

Regional

Metropolitan

District

No.

,

GO

,

2018

A

,

5.375 %

,

12/01/48

........................................................

1,935,000

1,913,879

Baseline

Metropolitan

District

No.

,

GO

,

2024

B

,

6.75 %

,

12/15/54

..............

2,500,000

2,524,833

Bradburn

Metropolitan

District

No.

,

GO

,

2018

A

,

Refunding

,

%

,

12/01/47

........

2,400,000

2,263,346

c

Broomfield

Village

Metropolitan

District

No.

,

GO

,

144A,

2021

,

Refunding

,

%

,

12/01/49

........................................................

708,000

673,523

Clear

Creek

Transit

Metropolitan

District

No.

,

GO

,

2021

A

,

%

,

12/01/41

...........................................

578,000

487,080

GO

,

2021

A

,

%

,

12/01/50

...........................................

1,000,000

754,670

Colliers

Hill

Metropolitan

District

No.

,

GO,

Sub.

Lien

,

2022

,

Refunding

,

5.75 %

,

12/15/47

........................................................

2,824,000

2,812,112

Colorado

Health

Facilities

Authority

,

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/49

..........

2,235,000

1,738,508

Aberdeen

Ridge,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/58

..........

4,750,000

3,478,915

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.25 %

,

9/15/45

.........

3,600,000

3,704,118

Frasier

Meadows

Manor,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25 %

,

5/15/47

........................................................

6,500,000

6,533,970

Conestoga

Metropolitan

District

No.

,

GO

,

2021

,

Refunding

,

5.25 %

,

12/01/51

..

1,625,000

1,478,023

Copperleaf

Metropolitan

District

No.

,

GO,

Senior

Lien

,

2025

A

,

Refunding

,

6.5 %

,

12/01/55

........................................................

1,300,000

1,327,972

Copperleaf

Metropolitan

District

No.

,

GO

,

2022

B

,

%

,

12/15/41

...............

1,225,000

1,257,071

Cornerstar

Metropolitan

District

,

GO

,

A

,

Refunding

,

5.125 %

,

12/01/37

...................................

2,000,000

2,000,617

GO

,

A

,

Refunding

,

5.25 %

,

12/01/47

....................................

5,200,000

5,153,358

Creekwalk

Marketplace

Business

Improvement

District

,

Revenue

,

2024

A

,

Refunding

,

%

,

12/01/54

.....................................................

7,500,000

7,550,786

Denver

International

Business

Center

Metropolitan

District

No.

,

GO

,

2019

B

,

%

,

12/01/48

........................................................

6,570,000

6,596,597

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Eagle

Brook

Meadows

Metropolitan

District

No.

,

GO

,

2021-3

,

%

,

12/01/51

......

$

1,600,000

$

1,515,402

Greenways

Metropolitan

District

No.

,

GO

,

2021

,

4.625 %

,

12/01/51

..........

1,580,000

1,259,696

c

Hidden

Creek

Metropolitan

District

,

GO

,

144A,

2021

,

4.625 %

,

12/01/45

........

1,140,000

1,001,897

c

Horizon

Metropolitan

District

No.

,

GO

,

144A,

2021

,

4.5 %

,

12/01/51

..........

1,675,000

1,335,917

Jay

Grove

Metropolitan

District

,

GO

,

2021

,

4.25 %

,

12/01/51

...................

1,225,000

961,456

Jefferson

Center

Metropolitan

District

No.

,

Revenue

,

2020

,

4.125 %

,

12/01/40

..................................

575,000

563,811

Revenue

,

2020

,

4.375 %

,

12/01/47

..................................

1,125,000

1,053,689

Johnstown

Farms

East

Metropolitan

District

,

GO

,

2021

,

%

,

12/01/51

............

1,500,000

1,299,687

Johnstown

Plaza

Metropolitan

District

,

GO

,

2022

,

Refunding

,

4.25 %

,

12/01/46

.....

5,500,000

5,418,422

Liberty

Ranch

Metropolitan

District

,

GO

,

2021

A

,

Refunding

,

5.25 %

,

12/01/51

......

6,590,000

5,954,117

Morgan

Hill

Metropolitan

District

No.

,

GO

,

2021

B

,

Refunding

,

6.375 %

,

12/15/51

...

1,465,000

1,470,363

Murphy

Creek

Metropolitan

District

No.

,

GO

,

2021

,

%

,

12/01/51

..............

8,000,000

7,209,243

Nexus

North

at

DIA

Metropolitan

District

,

GO

,

2021

,

%

,

12/01/51

...............

565,000

541,105

c

Platte

River

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5 %

,

8/01/53

.........................................................

1,175,000

1,203,482

Prairie

Center

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

5.875 %

,

12/15/46

.

750,000

795,447

Prairie

Center

Metropolitan

District

No.

,

GO

,

2021

,

6.375 %

,

6/15/46

............

1,330,000

1,329,958

Ptarmigan

West

Metropolitan

District

No.

,

GO

,

2021-3

,

4.125 %

,

12/01/51

........

1,475,000

1,075,847

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.25 %

,

11/15/28

......................................

8,165,000

8,641,790

Revenue

,

2008

,

6.5 %

,

11/15/38

.......................................

60,100,000

74,447,685

Raindance

Metropolitan

District

No.

,

Non-Potable

Water

System

,

Revenue

,

2020

,

5.25 %

,

12/01/50

...................................................

4,250,000

4,190,584

Reunion

Metropolitan

District

,

Water

Activity

Enterprise

,

Revenue

,

2021

A

,

3.625 %

,

12/01/44

........................................................

5,700,619

4,381,854

RRC

Metropolitan

District

No.

,

GO

,

2021

,

5.25 %

,

12/01/51

...................

5,625,000

5,082,231

Southglenn

Metropolitan

District

,

GO

,

2016

,

Refunding

,

%

,

12/01/30

....................................

3,470,000

3,473,825

GO

,

2016

,

Refunding

,

%

,

12/01/36

....................................

810,000

810,727

GO

,

2016

,

Refunding

,

%

,

12/01/46

....................................

3,700,000

3,604,916

c

STC

Metropolitan

District

No.

,

GO,

Second

Lien

,

144A,

2025

,

Refunding

,

6.25 %

,

12/01/55

........................................................

3,500,000

3,540,674

Trails

at

Crowfoot

Metropolitan

District

No.

,

GO

,

2024

B

,

Refunding

,

6.875 %

,

12/15/52

..................................................

1,215,000

1,222,150

Village

Metropolitan

District

(The)

,

GO

,

2025

A

,

5.75 %

,

12/01/55

................

1,955,000

1,983,788

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

3,389,201

GO

,

2022

A3-1

,

%

,

12/01/51

.........................................

4,085,000

3,305,093

g

GO

,

2022

A3-2

,

1.094 %,

12/01/51

.....................................

5,130,000

3,829,160

Water

Tap

Fee

,

Revenue

,

2022

,

4.625 %

,

12/01/28

.........................

6,000,000

5,571,012

c

West

Meadow

Metropolitan

District

,

GO,

Senior

Lien

,

144A,

2023

A

,

Refunding

,

6.5 %

,

12/01/50

........................................................

2,750,000

2,841,015

243,968,149

#### 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

991,162

c

Church

Home

of

Hartford

Obligated

Group

,

Revenue

,

144A,

A

,

%

,

9/01/53

......

7,850,000

7,458,443

Masonicare

Corp.

Obligated

Group

,

Revenue

,

F

,

Refunding

,

%

,

7/01/43

........

6,500,000

6,506,185

c

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

1/01/45

........

1,000,000

923,803

c

McLean

Affiliates

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

1/01/55

........

5,695,000

4,831,447

Stamford

Housing

Authority

,

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.375 %

,

10/01/45

.......................................................

1,415,000

1,483,618

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Connecticut
(continued)

Stamford

Housing

Authority,

(continued)

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.5 %

,

10/01/55

.......................................................

$

1,765,000

$

1,816,787

TJH

Senior

Living

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

6.25 %

,

10/01/60

.......................................................

1,280,000

1,292,556

25,304,001

#### Florida

#### 19.3%
Abbott

Square

Community

Development

District

,

Special

Assessment

,

2022

,

5.375 %

,

6/15/42

.............................

1,075,000

1,132,637

Special

Assessment

,

2022

,

5.5 %

,

6/15/52

...............................

1,695,000

1,719,730

Anabelle

Island

Community

Development

District

,

Special

Assessment

,

2022

,

2.7 %

,

5/01/27

...............................

275,000

272,784

Special

Assessment

,

2022

,

3.1 %

,

5/01/32

...............................

750,000

730,321

Special

Assessment

,

2022

,

3.5 %

,

5/01/42

...............................

1,945,000

1,740,093

Antillia

Community

Development

District

,

Special

Assessment

,

2024

,

5.6 %

,

5/01/44

.

570,000

593,526

Arbors

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

4.5 %

,

5/01/30

.................

540,000

554,213

2023

Project

Area

,

Special

Assessment

,

2023

,

5.4 %

,

5/01/43

.................

1,705,000

1,807,626

2023

Project

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

...............

2,235,000

2,318,898

c

2024

Project

Area

,

Special

Assessment

,

144A,

2024

,

5.15 %

,

5/01/44

...........

630,000

650,967

c

2024

Project

Area

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

5/01/55

............

815,000

826,120

Artisan

Lakes

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021-1

,

2.75 %

,

5/01/31

.............

250,000

241,257

Assessment

Area

,

Special

Assessment

,

2021-1

,

3.125 %

,

5/01/41

............

470,000

406,002

c

Assessment

Area

,

Special

Assessment

,

144A,

2021-2

,

2.75 %

,

5/01/31

........

275,000

265,383

c

Assessment

Area

,

Special

Assessment

,

144A,

2021-2

,

3.125 %

,

5/01/41

.......

515,000

444,875

Astonia

Community

Development

District

,

c

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/40

......................

540,000

545,202

c

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/51

......................

1,370,000

1,228,272

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.5 %

,

5/01/26

...........

50,000

49,872

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/31

............

500,000

486,066

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.2 %

,

5/01/41

...........

750,000

659,414

Assessment

Area

,

Special

Assessment

,

2023

,

5.125 %

,

6/15/43

..............

410,000

428,302

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

..............

740,000

756,004

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.5 %

,

5/01/26

..

50,000

49,913

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/31

....

320,000

313,299

c

North

Parcel

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.2 %

,

5/01/41

..

750,000

667,922

Aurora

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.35 %

,

5/01/44

...............

665,000

676,130

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/55

..............

1,030,000

1,016,049

Avalon

Groves

Community

Development

District

,

Special

Assessment,

Sub.

Lien

,

2021

,

3.125 %

,

5/01/41

.....................

360,000

321,340

Special

Assessment,

Sub.

Lien

,

2021

,

%

,

5/01/51

.........................

500,000

444,891

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/32

.................

200,000

197,558

Assessment

Area

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

..............

495,000

457,838

Avalon

Park

West

Community

Development

District

,

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.25 %

,

5/01/30

..

215,000

214,337

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.75 %

,

5/01/40

..

580,000

562,461

c

2020

Project

Area

,

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/51

.....

880,000

741,900

2022

Project

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/42

.................

500,000

532,475

2022

Project

Area

,

Special

Assessment

,

2022

,

5.625 %

,

5/01/52

...............

875,000

901,693

c

Ave

Maria

Stewardship

Community

District

,

BAN

Assessment

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

5/01/53

...........................................

2,790,000

2,822,026

Avenir

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

3,030,000

3,112,197

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/54

..............

5,115,000

5,149,836

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Avenir

Community

Development

District,

(continued)

Parcel

,

Special

Assessment

,

2024

A

,

4.875 %

,

5/01/31

..................

$

270,000

$

277,042

Parcel

,

Special

Assessment

,

2024

A

,

5.75 %

,

5/01/44

...................

1,005,000

1,042,836

Parcel

,

Special

Assessment

,

2024

A

,

%

,

5/01/55

.....................

1,625,000

1,650,981

Aviary

at

Rutland

Ranch

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.1 %

,

11/01/31

...............

170,000

168,402

Assessment

Area

,

Special

Assessment

,

2021

,

3.4 %

,

11/01/41

...............

410,000

377,659

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.875 %

,

5/01/31

..............

465,000

449,538

Assessment

Area

2C

,

Special

Assessment

,

2020

,

%

,

5/01/30

................

250,000

249,516

Assessment

Area

2C

,

Special

Assessment

,

2020

,

%

,

5/01/40

................

775,000

777,770

Assessment

Area

2C

,

Special

Assessment

,

2020

,

%

,

5/01/51

................

1,550,000

1,342,286

Assessment

Area

3A

,

Special

Assessment

,

2020

,

%

,

5/01/30

................

250,000

248,452

Assessment

Area

3B

,

Special

Assessment

,

2020

,

%

,

5/01/40

................

385,000

386,376

Balm

Grove

Community

Development

District

,

Special

Assessment

,

2022

,

3.25 %

,

11/01/27

........................................................

435,000

434,411

Bannon

Lakes

Community

Development

District

,

c

Phase

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

5/01/41

...................

700,000

653,535

Phase

,

Special

Assessment

,

2022

,

3.3 %

,

5/01/32

........................

365,000

342,995

Phase

,

Special

Assessment

,

2022

,

%

,

5/01/42

..........................

1,370,000

1,227,905

Bella

Tara

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

6.125 %

,

5/01/56

..............

1,600,000

1,663,039

Master

Infrastructure

Project

,

Special

Assessment

,

2025

,

6.5 %

,

5/01/56

.........

4,000,000

4,153,410

Bellehaven

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.8 %

,

5/01/45

................

1,335,000

1,408,339

Assessment

Area

,

Special

Assessment

,

2025

,

6.05 %

,

5/01/55

...............

1,215,000

1,258,902

Belmond

Reserve

Community

Development

District

,

2020

Project

,

Special

Assessment

,

2020

,

%

,

5/01/40

......................

1,745,000

1,768,195

2020

Project

,

Special

Assessment

,

2020

,

%

,

5/01/51

......................

2,000,000

1,763,505

Belmont

II

Community

Development

District

,

Special

Assessment

,

2020

,

3.125 %

,

12/15/30

.............................

325,000

325,142

Special

Assessment

,

2020

,

3.625 %

,

12/15/40

.............................

1,390,000

1,379,861

Berry

Bay

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.625 %

,

5/01/26

..............

55,000

54,910

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

..............

400,000

388,248

Assessment

Area

,

Special

Assessment

,

2021

,

3.625 %

,

5/01/41

..............

1,250,000

1,116,488

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

................

985,000

1,037,297

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

1,675,000

1,722,930

Berry

Bay

II

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.45 %

,

5/01/31

...............

120,000

122,448

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/44

................

145,000

148,057

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/54

...............

115,000

114,217

Big

Cypress

Stewardship

District

,

Assessment

Area

,

Special

Assessment

,

2026

,

5.75 %

,

5/01/55

...................................................

1,850,000

1,862,516

Black

Creek

Community

Development

District

,

Special

Assessment

,

2022

,

5.125 %

,

6/15/32

.............................

150,000

162,066

Special

Assessment

,

2022

,

5.625 %

,

6/15/52

.............................

2,000,000

2,065,124

Blackwell

Community

Development

District

,

Special

Assessment

,

2026

,

5.75 %

,

5/01/56

575,000

578,885

Boggy

Branch

Community

Development

District

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

...............................

30,000

29,941

Special

Assessment

,

2021

,

%

,

5/01/31

.................................

450,000

437,874

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

...............................

1,165,000

1,040,098

Bradbury

Community

Development

District

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

2,245,000

2,278,786

Bridgewalk

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

6.25 %

,

12/15/43

..............

760,000

822,835

Assessment

Area

,

Special

Assessment

,

2023

,

6.5 %

,

12/15/53

...............

700,000

742,767

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Bridgewater

North

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

3.125 %

,

5/01/27

..................

$

85,000

$

84,618

Assessments

,

Special

Assessment

,

2022

,

3.5 %

,

5/01/32

....................

350,000

347,351

Bridle

Creek

Community

Development

District

,

Special

Assessment

,

2025

,

6.375 %

,

5/01/56

.........................................................

3,525,000

3,656,890

f

Brightshore

Community

Development

District

,

Assessments

,

Special

Assessment

,

2026

,

5.7 %

,

5/01/57

................................................

2,965,000

2,971,436

Brightwater

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.85 %

,

5/01/31

...............

280,000

276,542

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.35 %

,

5/01/44

..........

405,000

423,900

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

5/01/55

.........

540,000

553,139

Brookstone

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

5/01/32

...............

325,000

339,127

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/42

................

1,000,000

1,050,032

Assessment

Area

,

Special

Assessment

,

2022

,

5.625 %

,

5/01/52

..............

1,750,000

1,783,894

Buckhead

Trails

Community

Development

District

,

Special

Assessment

,

2022

,

5.25 %

,

5/01/32

..............................

400,000

423,632

Special

Assessment

,

2022

,

5.625 %

,

5/01/42

.............................

1,000,000

1,090,608

Special

Assessment

,

2022

,

5.75 %

,

5/01/52

..............................

1,410,000

1,450,669

Special

Assessment

,

2024

,

4.7 %

,

5/01/31

...............................

290,000

296,981

Special

Assessment

,

2024

,

5.6 %

,

5/01/44

...............................

395,000

413,191

Special

Assessment

,

2024

,

5.875 %

,

5/01/54

.............................

885,000

910,781

Buckhead

Trails

II

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2026

,

5.8 %

,

5/01/56

.....................................

1,045,000

1,056,057

Buena

Lago

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/52

.....................................

1,135,000

1,181,877

Caldera

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/54

................................................

385,000

377,318

c

Cape

Coral

Health

Facilities

Authority

,

Gulf

Care,

Inc.

Obligated

Group

,

Revenue,

Senior

Lien

,

144A,

2015

,

Refunding

,

%

,

7/01/45

..........................

5,250,000

3,462,079

c

Capital

Projects

Finance

Authority

,

PRG

-

UnionWest

Properties

LLC

,

Revenue,

Senior

Lien

,

144A,

2024

,

%

,

6/01/58

.....................................

1,250,000

1,134,990

c

Capital

Trust

Agency,

Inc.

,

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

%

,

7/01/31

..........

100,000

95,671

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

%

,

7/01/41

..........

450,000

412,252

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

%

,

7/01/51

..........

540,000

423,137

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

A

,

%

,

7/01/56

..........

445,000

341,082

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

,

%

,

7/01/41

.........

750,000

687,086

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

,

%

,

7/01/51

.........

975,000

763,997

AcadeMir

Charter

School

West

,

Revenue

,

144A,

2021

,

%

,

7/01/56

.........

750,000

576,650

g

Educational

Growth

Fund

LLC

,

Revenue,

Sub.

Lien

,

144A,

2021

B

,

5.67 %,

7/01/31

7,825,000

5,830,371

Sarasota-Manatee

Jewish

Housing

Council

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

7/01/46

............................................

3,250,000

2,476,982

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

4.43 %

,

1/01/57

...........

10,245,000

7,509,862

South

Tech

Schools

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

6/15/55

......

3,805,000

3,517,994

University

Bridge

LLC

,

Revenue

,

144A,

2018

A

,

5.25 %

,

12/01/43

..............

27,380,000

27,622,143

WFCS

Holdings

II

LLC

,

Revenue

,

144A,

2021

,

3.3 %

,

1/01/31

..............

585,000

564,624

WFCS

Holdings

LLC

,

Revenue

,

144A,

2020

,

%

,

1/01/55

.................

3,500,000

3,058,649

c

Capital

Trust

Authority

,

g

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

........................................................

17,000,000

14,562,329

Madrone

Florida

Tech

Student

Housing

I

LLC

,

Revenue

,

144A,

2025

A

,

5.25 %

,

7/01/55

........................................................

275,000

268,844

Madrone

Florida

Tech

Student

Housing

I

LLC

,

Revenue

,

144A,

2025

A

,

5.375 %

,

7/01/65

........................................................

2,650,000

2,592,304

Caymas

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/44

................

800,000

826,840

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Caymas

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/54

..............

$

690,000

$

695,679

Celebration

Community

Development

District

,

Special

Assessment

,

2021

,

2.25 %

,

5/01/26

..............................

75,000

74,877

Special

Assessment

,

2021

,

2.75 %

,

5/01/31

..............................

240,000

234,270

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.............................

590,000

520,500

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

1,450,113

Assessment

Area

,

Special

Assessment

,

2023

,

%

,

5/01/54

.................

2,320,000

2,415,815

Central

Parc

Community

Development

District

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/44

...............................

500,000

516,841

Special

Assessment

,

2024

,

%

,

5/01/54

.................................

750,000

762,146

Chaparral

Palm

Bay

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/44

................

1,000,000

1,026,514

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/55

................

2,190,000

2,202,283

Assessments

,

Special

Assessment

,

2020

,

%

,

5/01/40

...................

1,220,000

1,226,837

Assessments

,

Special

Assessment

,

2020

,

%

,

5/01/50

...................

1,985,000

1,769,187

Chapel

Creek

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/31

..............

165,000

162,225

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

5/01/41

..........

540,000

500,281

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

.................

535,000

557,171

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

................

995,000

1,010,627

c

Chapel

Crossings

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

,

3.2 %

,

5/01/30

...............

645,000

634,860

Assessments

,

Special

Assessment

,

144A,

2020

,

3.7 %

,

5/01/40

...............

1,695,000

1,592,700

Charlotte

County

Industrial

Development

Authority

,

c

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

144A,

2021

B

,

%

,

10/01/36

.......

2,300,000

2,161,807

MSKP

Town

&

Country

Utility

LLC

,

Revenue

,

2025

,

6.125 %

,

10/01/55

..........

3,175,000

3,311,361

Coddington

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

5.75 %

,

5/01/42

...................

610,000

655,069

Assessments

,

Special

Assessment

,

2022

,

5.75 %

,

5/01/52

...................

1,090,000

1,131,561

Connerton

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.25 %

,

6/15/43

...............

1,435,000

1,514,710

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

..............

2,245,000

2,283,960

Copes

Landing

Community

Development

District

,

2023

Project

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/43

................

285,000

309,910

2023

Project

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/53

...............

1,825,000

1,929,075

Coral

Creek

Community

Development

District

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

..............................

2,020,000

2,106,649

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

..............................

1,580,000

1,607,932

Coral

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

11/01/44

...............

780,000

819,051

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

11/01/53

..............

1,000,000

1,025,927

Cordoba

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/31

.............

835,000

832,384

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/37

.............

825,000

769,178

Cordova

Palms

Community

Development

District

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

...............................

25,000

24,954

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

...............................

330,000

317,870

Special

Assessment

,

2021

,

%

,

5/01/41

.................................

995,000

854,820

Special

Assessment

,

2022-1

,

5.7 %

,

5/01/42

..............................

275,000

299,505

Special

Assessment

,

2022-1

,

5.8 %

,

5/01/53

..............................

410,000

432,185

Assessment

Area

,

Special

Assessment

,

2022-2

,

4.5 %

,

5/01/27

..............

115,000

115,863

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.1 %

,

5/01/32

..............

335,000

354,625

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Cordova

Palms

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.4 %

,

5/01/42

..............

$

1,005,000

$

1,065,441

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.6 %

,

5/01/53

..............

1,980,000

2,051,338

c

County

of

Okaloosa

,

AIR

Force

Enlisted

Village,

Inc.

Obligated

Group

,

Revenue

,

144A,

2025

,

5.75 %

,

5/15/60

...............................................

1,500,000

1,537,489

Creekview

Community

Development

District

,

Phase

,

Special

Assessment

,

2022

,

4.25 %

,

5/01/32

.......................

505,000

514,654

Phase

,

Special

Assessment

,

2024

,

4.6 %

,

5/01/31

........................

860,000

877,941

Phase

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/44

......................

1,995,000

2,047,298

Phase

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/55

......................

2,260,000

2,266,658

Cresswind

DeLand

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

....................................

730,000

737,165

c

Crestview

II

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/31

...................

250,000

258,970

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/37

...................

475,000

486,634

Cross

Creek

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.25 %

,

5/01/42

..............................

1,340,000

1,343,649

Special

Assessment

,

2023

,

5.125 %

,

5/01/43

.............................

990,000

1,033,024

Special

Assessment

,

2023

,

5.375 %

,

5/01/53

.............................

1,250,000

1,275,282

Crossings

Community

Development

District

,

Area

,

Special

Assessment

,

2024

,

5.35 %

,

5/01/44

........................

515,000

531,626

Area

,

Special

Assessment

,

2024

,

5.6 %

,

5/01/54

.........................

465,000

469,177

Crosswinds

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

................

1,220,000

1,272,227

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

1,500,000

1,529,484

Assessment

Area

,

Special

Assessment

,

2024

,

4.5 %

,

5/01/31

................

180,000

183,466

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/54

...............

300,000

299,666

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

...............................

200,000

197,414

Special

Assessment

,

2021

,

3.05 %

,

5/01/41

..............................

850,000

792,633

Special

Assessment

,

2021

,

%

,

5/01/51

.................................

1,000,000

905,322

c

Curiosity

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.4 %

,

5/01/44

...........

900,000

924,522

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.7 %

,

5/01/55

...........

1,475,000

1,482,839

Curiosity

Creek

Community

Development

District

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

5/01/56

.............................

2,550,000

2,571,992

c

Currents

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2020

A

,

%

,

5/01/40

................................................

3,100,000

3,040,033

Cypress

Bay

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.25 %

,

5/01/43

...............

1,370,000

1,429,694

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

................

1,200,000

1,223,800

c

Cypress

Bluff

Community

Development

District

,

Special

Assessment

,

144A,

2020

A

,

3.125 %

,

5/01/30

.......................

250,000

250,184

Special

Assessment

,

144A,

2020

A

,

3.625 %

,

5/01/40

.......................

800,000

777,735

Special

Assessment

,

144A,

2020

A

,

3.8 %

,

5/01/50

.........................

1,165,000

977,062

Cypress

Creek

Reserve

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/45

...............

525,000

554,732

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/56

.................

1,355,000

1,405,091

Cypress

Park

Estates

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375 %

,

5/01/27

...............

55,000

55,261

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

5/01/32

................

350,000

364,503

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

5/01/30

..........

295,000

293,069

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.875 %

,

5/01/40

.........

1,170,000

1,148,423

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/51

............

1,210,000

1,025,819

c

Cypress

Reserve

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2025

,

5.8 %

,

5/01/56

...........................................

1,645,000

1,664,196

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Cypress

Ridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/43

..............

$

1,245,000

$

1,311,962

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/53

..............

1,060,000

1,091,781

Darby

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

...............

1,290,000

1,355,983

Assessments

,

Special

Assessment

,

2024

,

%

,

5/01/54

...................

1,610,000

1,660,395

Assessments

,

Special

Assessment

,

2024

,

5.875 %

,

5/01/35

...............

300,000

323,744

Deerbrook

Community

Development

District

,

Special

Assessment

,

2023

,

4.375 %

,

5/01/30

.............................

105,000

107,394

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

...............................

1,250,000

1,277,043

Deering

Park

Stewardship

District

,

DPSD

JV1

No.

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/45

.....

3,000,000

3,177,268

DPSD

JV1

No.

Assessment

Area

,

Special

Assessment

,

2025

,

6.25 %

,

5/01/55

...

2,300,000

2,396,184

Del

Webb

Oak

Creek

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

5/01/43

.................................

1,425,000

1,479,638

Special

Assessment

,

2023

,

5.25 %

,

5/01/53

..............................

1,985,000

2,003,253

DG

Farms

Community

Development

District

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

..............................

200,000

199,383

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

..............................

255,000

245,952

Dowden

West

Community

Development

District

,

Special

Assessment

,

2024

,

5.25 %

,

5/01/44

..............................

495,000

511,641

Special

Assessment

,

2024

,

5.55 %

,

5/01/54

..............................

855,000

863,464

DW

Bayview

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

5/01/26

..........

85,000

84,874

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/32

..............

430,000

430,025

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

5/01/41

..........

1,160,000

1,102,056

Assessment

Area

,

Special

Assessment

,

2022

,

4.5 %

,

5/01/32

.................

185,000

194,432

Assessment

Area

,

Special

Assessment

,

2022

,

5.125 %

,

5/01/42

...............

1,115,000

1,169,911

East

547

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

20,000

19,969

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

90,000

88,700

Assessment

Area

,

Special

Assessment

,

2021

,

3.3 %

,

5/01/41

................

375,000

343,439

Assessment

Area

,

Special

Assessment

,

2023

,

6.25 %

,

5/01/43

...............

270,000

294,454

Assessment

Area

,

Special

Assessment

,

2023

,

6.5 %

,

5/01/54

................

515,000

550,651

East

Bonita

Beach

Road

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/32

.................

255,000

254,601

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/41

...............

750,000

681,570

East

Nassau

Stewardship

District

,

Special

Assessment

,

2025

,

6.25 %

,

5/01/56

..............................

7,130,000

7,426,635

Assessments

,

Special

Assessment

,

2021

,

%

,

5/01/31

......................

500,000

491,597

Assessments

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

....................

1,185,000

1,102,734

Wildlight

Village

Phase

,

Special

Assessment

,

2024

,

5.25 %

,

5/01/44

...........

1,500,000

1,540,209

Eden

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

................

110,000

110,710

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

5/01/40

...................

300,000

302,601

Assessment

Area

,

Special

Assessment

,

2022

,

3.25 %

,

5/01/27

................

190,000

190,286

Assessment

Area

,

Special

Assessment

,

2022

,

3.625 %

,

5/01/32

...............

610,000

618,060

Edgewater

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

110,000

109,822

Assessment

Area

,

Special

Assessment

,

2021

,

3.1 %

,

5/01/31

................

700,000

686,677

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/42

.................

3,975,000

3,770,849

Edgewater

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.5 %

,

5/01/31

................

900,000

915,434

Assessment

Area

,

Special

Assessment

,

2024

,

5.25 %

,

5/01/44

...............

2,000,000

2,030,808

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/54

................

2,750,000

2,708,262

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

c

Enbrook

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/40

............................

$

500,000

$

476,423

Special

Assessment

,

144A,

2020

,

%

,

5/01/51

............................

1,150,000

960,957

Entrada

Community

Development

District

,

Special

Assessment

,

2023

,

5.6 %

,

5/01/43

...............................

500,000

536,497

c

Assessments

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

5/01/31

.............

370,000

360,188

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

5/01/41

.............

935,000

856,492

Assessments

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/55

....................

310,000

309,501

Epperson

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

45,000

44,923

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

235,000

228,884

Assessment

Area

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

................

1,200,000

1,094,884

Assessment

Area

,

Special

Assessment

,

2021

A

,

2.45 %

,

11/01/26

............

125,000

124,194

Assessment

Area

,

Special

Assessment

,

2021

A

,

3.1 %

,

11/01/31

.............

400,000

389,034

Assessment

Area

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/44

................

465,000

478,055

Assessment

Area

,

Special

Assessment

,

2024

,

5.6 %

,

5/01/55

................

500,000

502,670

Epperson

Ranch

II

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.625 %

,

5/01/30

...................................

425,000

424,916

c

Everlands

Community

Development

District

,

Assessment

Area

Phase

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

6/15/54

................................

2,350,000

2,359,713

Everlands

II

Community

Development

District

,

Special

Assessment

,

2024

,

5.2 %

,

6/15/44

...............................

500,000

518,622

Special

Assessment

,

2024

,

5.45 %

,

6/15/54

..............................

485,000

490,053

Fallschase

Community

Development

District

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

.........................................................

1,000,000

897,541

Feed

Mill

Community

Development

District

,

Parcel

Assessment

Area

,

Special

Assessment

,

2025

,

5.875 %

,

5/01/56

...................................

4,570,000

4,632,406

c

Florida

Development

Finance

Corp.

,

e

Brightline

Florida

Holdings

LLC

,

Revenue

,

144A,

2025

B

,

Mandatory

Put

,

%

,

6/15/26

........................................................

3,275,000

2,259,750

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

6/01/31

........................................................

450,000

476,109

Glenridge

on

Palmer

Ranch

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

6/01/51

........................................................

5,500,000

5,142,373

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25 %

,

6/01/50

........................................................

7,000,000

6,830,639

Mayflower

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

6/01/55

............................................

3,900,000

2,925,563

c

Florida

Local

Government

Finance

Commission

,

BridgePrep

Academy,

Inc.

Obligated

Group

,

Revenue

,

144A,

2025

A

,

6.125 %

,

6/15/65

........................................................

12,400,000

12,627,803

Ponte

Vedra

Pine

Co.

LLC

Obligated

Group

,

Revenue

,

144A,

2025

A

,

6.75 %

,

11/15/55

.......................................................

2,650,000

2,790,877

c

Forest

Lake

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

5/01/30

..........

350,000

350,745

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

5/01/27

..........

20,000

20,159

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

%

,

5/01/32

............

75,000

79,094

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

5.375 %

,

5/01/42

.........

310,000

327,540

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

5/01/52

...........

275,000

281,588

c

Gas

Worx

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/36

............................

525,000

560,082

Special

Assessment

,

144A,

2025

,

5.75 %

,

5/01/45

.........................

800,000

835,948

Special

Assessment

,

144A,

2025

,

%

,

5/01/57

............................

1,980,000

2,039,727

Grand

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

4.25 %

,

5/01/40

...............

1,095,000

1,099,387

Assessment

Area

,

Special

Assessment

,

2020

,

4.5 %

,

5/01/52

................

3,500,000

3,211,723

Assessment

Area

,

Special

Assessment

,

2021

,

3.2 %

,

11/01/31

...............

215,000

211,275

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Grand

Oaks

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

11/01/51

................

$

1,205,000

$

1,037,402

Grande

Pines

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.75 %

,

5/01/41

...............

710,000

659,185

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/51

.................

750,000

634,180

Assessment

Area

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

................

1,010,000

1,025,830

Greenbriar

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.65 %

,

5/01/45

...............

1,000,000

1,030,721

Assessment

Area

,

Special

Assessment

,

2025

,

5.875 %

,

5/01/54

..............

1,200,000

1,216,668

Grove

Resort

Community

Development

District

,

Special

Assessment

,

2022

,

3.3 %

,

5/01/32

...............................

170,000

165,384

Special

Assessment

,

2022

,

3.55 %

,

5/01/42

..............................

435,000

382,907

Hamilton

Bluff

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

................

1,000,000

1,034,633

Assessment

Area

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

................

1,250,000

1,263,872

Hammock

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.875 %

,

5/01/30

..............

155,000

159,356

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/43

..............

635,000

671,524

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

985,000

1,007,877

Assessment

Area

,

Special

Assessment

,

2024

,

5.85 %

,

5/01/44

...............

670,000

696,925

Assessment

Area

,

Special

Assessment

,

2024

,

6.15 %

,

5/01/54

...............

655,000

670,225

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.55 %

,

5/01/45

..........

1,040,000

1,076,709

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

5/01/55

..........

1,455,000

1,478,650

Hammock

Reserve

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

5/01/51

.................

860,000

723,965

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

200,000

197,538

Assessment

Area

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

..............

520,000

485,248

Assessment

Area

,

Special

Assessment

,

2022

,

4.4 %

,

5/01/32

................

445,000

462,864

Harmony

on

Lake

Eloise

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.45 %

,

11/01/45

..............

500,000

511,724

Assessment

Area

,

Special

Assessment

,

2025

,

5.65 %

,

11/01/54

..............

1,250,000

1,263,797

Harmony

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

%

,

5/01/43

.................

360,000

372,907

Assessment

Area

,

Special

Assessment

,

2023

,

5.3 %

,

5/01/53

................

305,000

310,174

Harvest

Hills

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

4.5 %

,

5/01/35

................

375,000

383,686

Assessment

Area

,

Special

Assessment

,

2025

,

5.45 %

,

5/01/45

...............

1,375,000

1,403,644

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/56

...............

1,700,000

1,706,272

Hawkstone

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.6 %

,

5/01/26

................

45,000

44,931

Assessment

Area

,

Special

Assessment

,

2021

,

3.2 %

,

5/01/31

................

440,000

433,892

Assessment

Area

,

Special

Assessment

,

2021

,

3.45 %

,

5/01/41

...............

1,120,000

1,025,089

Assessment

Area

,

Special

Assessment

,

2023

,

4.375 %

,

5/01/30

..............

215,000

219,627

Hawthorne

Mill

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/44

................

1,000,000

1,024,632

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/54

................

1,400,000

1,403,977

Hickory

Tree

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.15 %

,

5/01/44

...............

890,000

910,070

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/55

...............

365,000

363,364

Highland

Trails

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.85 %

,

5/01/56

...............

1,385,000

1,395,369

Assessments

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

....................

780,000

814,460

Assessments

,

Special

Assessment

,

2024

,

5.85 %

,

5/01/54

...................

785,000

807,109

Hills

of

Minneola

Community

Development

District

,

North

Parcel

Assessment

Area

,

Special

Assessment

,

2024

,

5.55 %

,

5/01/44

.....

545,000

582,647

North

Parcel

Assessment

Area

,

Special

Assessment

,

2024

,

5.875 %

,

5/01/54

....

760,000

799,532

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Hills

of

Minneola

Community

Development

District,

(continued)

South

Parcel

Assessment

Area

Phase

,

Special

Assessment

,

2021

,

2.375 %

,

5/01/26

........................................................

$

25,000

$

24,958

South

Parcel

Assessment

Area

Phase

,

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

250,000

241,728

South

Parcel

Assessment

Area

Phase

,

Special

Assessment

,

2021

,

3.2 %

,

5/01/41

500,000

440,634

Hilltop

Point

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.375 %

,

5/01/52

............

700,000

707,014

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.6 %

,

5/01/53

..............

745,000

757,974

Hobe-St.

Lucie

Conservancy

District

,

Unit

of

Development

No.

1A

,

Special

Assessment

,

2024

,

5.875 %

,

5/01/55

...................................

3,000,000

3,080,794

Holly

Hill

Road

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

4.5 %

,

11/01/31

...............

165,000

179,417

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

11/01/41

................

350,000

386,896

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

11/01/50

................

520,000

540,111

Hyde

Park

Community

Development

District

No.

,

Assessments

,

Special

Assessment

,

2024

A

,

5.35 %

,

5/01/44

..................

420,000

431,212

Assessments

,

Special

Assessment

,

2024

A

,

5.625 %

,

5/01/55

.................

280,000

281,698

Indigo

Community

Development

District

,

Special

Assessment

,

1999

A

,

%

,

5/01/31

...............................

340,000

340,829

Special

Assessment

,

1999

C

,

%

,

5/01/30

...............................

4,123,752

2,309,301

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.2 %

,

5/01/26

.........

65,000

64,858

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

.........

240,000

233,036

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.......

855,000

746,382

Phase

A1

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/52

...........

1,375,000

1,184,173

Island

Lake

Estates

Community

Development

District

,

Special

Assessment

,

2023

,

5.75 %

,

12/15/43

.............................

1,240,000

1,329,347

Special

Assessment

,

2023

,

%

,

12/15/53

................................

1,430,000

1,495,626

Juniper

Cove

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

,

5.45 %

,

5/01/45

...................

515,000

532,110

Assessments

,

Special

Assessment

,

2025

,

5.7 %

,

5/01/55

....................

1,070,000

1,085,122

c

K-Bar

Ranch

III

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

5/01/45

.........................

1,765,000

1,881,696

Special

Assessment

,

144A,

2025

,

6.125 %

,

5/01/55

.........................

1,940,000

2,032,684

Kelly

Park

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

%

,

11/01/43

................

640,000

681,758

Assessment

Area

,

Special

Assessment

,

2023

,

6.25 %

,

11/01/53

..............

860,000

893,793

Assessment

Area

,

Special

Assessment

,

2025

,

4.375 %

,

5/01/32

..............

150,000

154,101

Assessment

Area

,

Special

Assessment

,

2025

,

5.5 %

,

5/01/55

................

750,000

753,131

Kindred

Community

Development

District

II

,

Special

Assessment

,

2020

,

3.5 %

,

5/01/40

...............................

395,000

384,553

Special

Assessment

,

2020

,

3.75 %

,

5/01/50

..............................

570,000

491,382

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

...............................

235,000

230,590

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.............................

500,000

459,642

Special

Assessment

,

2023

,

5.875 %

,

5/01/54

.............................

1,100,000

1,141,369

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2020

,

3.125 %

,

6/15/30

.............................

375,000

376,731

Special

Assessment

,

2020

,

%

,

6/15/40

.................................

775,000

786,333

Special

Assessment

,

2020

,

%

,

6/15/50

.................................

2,270,000

2,066,912

Special

Assessment

,

2021

,

2.5 %

,

6/15/26

...............................

20,000

19,975

Special

Assessment

,

2021

,

3.125 %

,

6/15/31

.............................

250,000

251,269

Special

Assessment

,

2021

,

3.6 %

,

6/15/41

...............................

750,000

729,215

Kings

Creek

I

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/45

...............

775,000

810,425

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/55

.................

1,300,000

1,335,318

Kingston

One

Community

Development

District

,

Assessment

Area

-

2025

Project

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/45

....

2,600,000

2,728,946

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Kingston

One

Community

Development

District,

(continued)

Assessment

Area

-

2025

Project

,

Special

Assessment

,

2025

,

%

,

5/01/57

......

$

6,000,000

$

6,190,033

Kissimmee

Park

Community

Development

District

,

Offsite

Master

Infrastructure

Project

,

Special

Assessment

,

2025

,

6.5 %

,

5/01/56

...............................

6,200,000

6,437,786

Lake

Ashton

Community

Development

District

,

Special

Assessment

,

2015

,

Refunding

,

%

,

5/01/32

.............................................

1,760,000

1,762,132

Lake

Deer

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/32

...................

220,000

228,214

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/42

.................

740,000

787,707

Assessment

Area

,

Special

Assessment

,

2022

,

5.625 %

,

5/01/53

...............

1,325,000

1,348,090

c

Lake

Emma

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

5/01/43

..........

1,230,000

1,288,960

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

5/01/53

...........

805,000

828,245

Lake

Flores

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2026

,

5.75 %

,

5/01/56

...............................................

1,250,000

1,262,295

Lake

Harris

Community

Development

District

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

.............................

580,000

611,842

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

.............................

570,000

587,245

Lake

Hideaway

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.75 %

,

5/01/31

...............

475,000

487,941

Assessment

Area

,

Special

Assessment

,

2024

,

5.65 %

,

5/01/44

...............

1,425,000

1,477,901

Assessment

Area

,

Special

Assessment

,

2024

,

5.9 %

,

5/01/54

................

2,345,000

2,373,961

Lake

Mattie

Preserve

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

...............................

1,005,000

1,035,727

Special

Assessment

,

2024

,

5.85 %

,

5/01/54

..............................

1,750,000

1,770,518

Phase

,

Special

Assessment

,

2025

,

5.45 %

,

5/01/45

.......................

975,000

990,188

Phase

,

Special

Assessment

,

2025

,

5.65 %

,

5/01/55

.......................

1,075,000

1,068,760

Lakefront

Estates

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/56

.......................................

3,150,000

3,185,398

Lakes

at

Bella

Lago

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023-1

,

5.75 %

,

5/01/43

.............

805,000

851,344

Assessment

Area

,

Special

Assessment

,

2023-1

,

%

,

5/01/53

................

1,895,000

1,962,331

Assessment

Area

,

Special

Assessment

,

2023-2

,

5.75 %

,

5/01/43

.............

1,000,000

1,057,571

Assessment

Area

,

Special

Assessment

,

2023-2

,

%

,

5/01/54

................

2,395,000

2,478,192

Lakes

of

Sarasota

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.4 %

,

5/01/31

.............

135,000

134,517

Assessment

Area

,

Special

Assessment

,

2021

,

3.9 %

,

5/01/41

.............

285,000

273,876

Assessment

Area

,

Special

Assessment

,

2021

,

3.875 %

,

5/01/31

...........

100,000

102,536

Assessment

Area

,

Special

Assessment

,

2021

,

3.625 %

,

5/01/31

...........

125,000

126,211

Assessment

Area

,

Special

Assessment

,

2021

,

4.125 %

,

5/01/41

...........

200,000

196,307

Assessments

,

Special

Assessment

,

2024

A

,

5.6 %

,

5/01/55

...................

280,000

280,696

Lakes

of

Sarasota

Community

Development

District

,

Assessments

,

Special

Assessment

,

2025

A

,

5.7 %

,

5/01/55

....................................

760,000

765,844

c

Lakeside

at

Satilla

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

5/01/55

...............................

1,500,000

1,521,601

Lakeside

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

5/01/43

.................................

655,000

706,154

Special

Assessment

,

2023

,

6.375 %

,

5/01/54

.............................

1,110,000

1,171,057

Lakewood

Park

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.2 %

,

5/01/31

................

125,000

124,254

Assessment

Area

,

Special

Assessment

,

2021

,

3.625 %

,

5/01/41

..............

325,000

306,775

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

910,000

942,626

Lakewood

Ranch

Stewardship

District

,

c

Assessment

Lorraine

Lakes

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

5/01/30

..

250,000

248,697

c

Assessment

Northeast

Sector

Project

Phase

2B

,

Special

Assessment

,

144A,

2020

,

Refunding

,

3.2 %

,

5/01/30

..........................................

440,000

437,117

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Lakewood

Ranch

Stewardship

District,

(continued)

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

%

,

5/01/30

........................................................

$

470,000

$

461,505

Assessment

Northeast

Sector

Project

Phase

2C

,

Special

Assessment

,

2020

,

3.5 %

,

5/01/40

........................................................

750,000

694,202

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.3 %

,

5/01/26

....

50,000

49,911

Assessment

Star

Farms

Phase

1/2

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

....

100,000

96,360

Assessments

,

Special

Assessment

,

2023

,

6.125 %

,

5/01/43

..................

1,500,000

1,633,395

Assessments

,

Special

Assessment

,

2023

,

6.3 %

,

5/01/54

....................

5,000,000

5,283,040

Assessments

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/55

....................

765,000

772,933

Langley

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.125 %

,

5/01/44

..............

1,250,000

1,282,788

Assessment

Area

,

Special

Assessment

,

2024

,

5.4 %

,

5/01/55

................

2,605,000

2,615,932

Laurel

Road

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

%

,

5/01/31

...................

350,000

338,160

Assessments

,

Special

Assessment

,

2021

,

%

,

5/01/52

...................

1,445,000

1,192,831

Lawson

Dunes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.375 %

,

5/01/27

...............

85,000

85,479

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

5/01/32

................

510,000

532,769

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2024

C

,

%

,

11/15/54

...............................................

1,600,000

1,570,112

Leomas

Landing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

................

55,000

54,899

Assessment

Area

,

Special

Assessment

,

2021

,

2.95 %

,

5/01/31

...............

310,000

305,814

Assessment

Area

,

Special

Assessment

,

2021

,

2.95 %

,

5/01/31

...............

100,000

98,884

Assessment

Area

,

Special

Assessment

,

2021

,

3.35 %

,

5/01/41

...............

795,000

727,165

Assessment

Area

,

Special

Assessment

,

2021

,

3.35 %

,

5/01/41

...............

265,000

243,516

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/52

.................

530,000

439,484

Live

Oak

Lake

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

4.4 %

,

5/01/40

................................................

1,600,000

1,537,550

Longleaf

Community

Development

District

,

c

Neighborhood

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.4 %

,

5/01/44

........................................................

720,000

753,924

c

Neighborhood

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.75 %

,

5/01/54

........................................................

935,000

958,330

Neighborhood

Assessment

Area

,

Special

Assessment

,

2024

A

,

5.45 %

,

5/01/55

.

820,000

804,620

c

Lowery

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.85 %

,

5/01/55

...............................

1,000,000

1,009,053

LT

Ranch

Community

Development

District

,

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.3 %

,

5/01/32

.........

120,000

128,124

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.75 %

,

5/01/42

........

380,000

408,076

Phase

I

Assessment

Area

,

Special

Assessment

,

2022-1

,

5.9 %

,

5/01/53

.........

500,000

516,249

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

%

,

5/01/32

.........

1,245,000

1,319,492

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.5 %

,

5/01/42

........

2,620,000

2,759,713

Phase

IIA

Assessment

Area

,

Special

Assessment

,

2022-2

,

5.7 %

,

5/01/53

........

5,790,000

5,948,540

LTC

Ranch

West

Residential

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

A

,

3.125 %

,

5/01/31

............

700,000

683,613

Assessment

Area

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/44

...........

300,000

310,710

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/54

.............

305,000

309,939

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/44

...........

990,000

1,028,607

Assessment

Area

,

Special

Assessment

,

2024

,

6.05 %

,

5/01/54

...........

1,090,000

1,111,164

Magnolia

Island

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.55 %

,

5/01/45

...............

500,000

512,855

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/55

...............

1,000,000

1,009,096

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

A

,

5.45 %

,

5/01/45

........

600,000

612,024

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

A

,

5.75 %

,

5/01/56

........

1,000,000

1,002,925

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

c

Magnolia

Park

Community

Development

District

,

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/31

...................

$

250,000

$

258,655

Special

Assessment

,

144A,

2020

,

Refunding

,

%

,

5/01/39

...................

688,000

699,620

Malabar

Springs

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.5 %

,

5/01/31

................

385,000

393,045

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/44

................

455,000

463,949

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/54

................

925,000

920,041

c

Mandarin

Grove

Community

Development

District

,

Special

Assessment

,

144A,

2022

,

6.625 %

,

5/01/53

...................................................

1,000,000

1,165,961

Mangrove

Point

&

Mangrove

Manor

,

Community

Development

District

,

Special

Assessment

,

2022

,

%

,

5/01/32

.......................................

345,000

333,846

Marion

Ranch

Community

Development

District

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/44

.........................................................

655,000

682,370

Marshall

Creek

Community

Development

District

,

Special

Assessment

,

2015

A

,

Refunding

,

%

,

5/01/32

.............................................

1,290,000

1,291,440

Meadow

View

at

Twin

Creeks

Community

Development

District

,

Phase

3B

,

Special

Assessment

,

2021

,

%

,

5/01/31

........................

205,000

199,287

Phase

3B

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/41

......................

785,000

685,728

Phase

3B

,

Special

Assessment

,

2021

,

3.75 %

,

5/01/52

......................

625,000

493,048

Phase

,

Special

Assessment

,

2021

,

%

,

5/01/31

..........................

225,000

218,833

Phase

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/41

.......................

1,155,000

1,020,700

Merrick

Square

Community

Development

District

,

Special

Assessment

,

2023

,

4.5 %

,

5/01/30

...............................

175,000

179,612

Special

Assessment

,

2023

,

5.4 %

,

5/01/43

...............................

725,000

767,725

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

.............................

1,000,000

1,036,320

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

6.2 %

,

5/01/53

....................................................

3,115,000

3,260,110

Mirada

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/32

...............................................

120,000

117,579

Mirada

II

Community

Development

District

,

2021

Project

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

.................

105,000

104,449

2021

Project

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

...............

645,000

608,625

2021

Project

Area

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

.................

2,070,000

1,829,210

2022

Project

Area

,

Special

Assessment

,

2022

,

5.125 %

,

5/01/32

...............

185,000

196,149

2022

Project

Area

,

Special

Assessment

,

2022

,

5.6 %

,

5/01/42

.................

580,000

615,302

2022

Project

Area

,

Special

Assessment

,

2022

,

5.75 %

,

5/01/53

................

1,065,000

1,095,244

New

Port

Tampa

Bay

Community

Development

District

,

Special

Assessment

,

2021

,

2.875 %

,

5/01/26

.............................

95,000

94,862

Special

Assessment

,

2021

,

3.5 %

,

5/01/31

...............................

500,000

495,193

Special

Assessment

,

2021

,

3.875 %

,

5/01/41

.............................

1,250,000

1,159,345

Newport

Isles

Community

Development

District

,

Special

Assessment

,

2024

,

%

,

5/01/44

.........................................................

2,000,000

2,043,017

c

Normandy

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.55 %

,

5/01/54

..........................................

1,365,000

1,331,254

North

Pasco

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.625 %

,

5/01/26

..............

35,000

34,947

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

..............

275,000

268,943

Assessment

Area

,

Special

Assessment

,

2021

A

,

3.25 %

,

5/01/31

.............

160,000

158,516

Assessment

Area

,

Special

Assessment

,

2021

A

,

3.55 %

,

5/01/41

.............

390,000

366,894

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/43

...............

410,000

432,587

Assessment

Area

,

Special

Assessment

,

2023

,

%

,

5/01/54

.................

600,000

618,686

Assessment

Area

,

Special

Assessment

,

2024

,

4.625 %

,

5/01/31

..............

165,000

169,160

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

...............

760,000

787,408

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

800,000

808,897

Assessment

Area

,

Special

Assessment

,

2024

A

,

4.875 %

,

5/01/31

............

315,000

323,867

Assessment

Area

,

Special

Assessment

,

2024

A

,

5.75 %

,

5/01/44

.............

870,000

911,602

Assessment

Area

,

Special

Assessment

,

2024

A

,

%

,

5/01/54

................

925,000

950,895

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

North

Loop

Community

Development

District

,

Special

Assessment

,

2023

,

6.375 %

,

5/01/43

.............................

$

525,000

$

577,664

Special

Assessment

,

2023

,

6.625 %

,

5/01/54

.............................

1,000,000

1,076,012

North

Park

Isle

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.45 %

,

11/01/26

..............

55,000

54,638

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

11/01/31

................

500,000

486,003

North

Powerline

Road

Community

Development

District

,

Special

Assessment

,

2020

,

3.125 %

,

5/01/30

.............................

490,000

484,998

Special

Assessment

,

2020

,

3.625 %

,

5/01/40

.............................

1,000,000

950,140

c

Special

Assessment

,

144A,

2022

,

5.25 %

,

5/01/32

.........................

200,000

210,847

c

Special

Assessment

,

144A,

2022

,

5.625 %

,

5/01/52

.........................

1,395,000

1,440,539

North

River

Ranch

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

3.5 %

,

5/01/30

.................

855,000

855,348

Assessments

,

Special

Assessment

,

2020

,

%

,

5/01/40

...................

1,150,000

1,144,786

North

River

Ranch

Improvement

Stewardship

District

,

Assessments

,

Special

Assessment

,

2023

A

,

6.7 %

,

5/01/55

...................

1,400,000

1,498,682

Assessments

,

Special

Assessment

,

2023

,

%

,

5/01/54

...................

4,920,000

5,038,108

Northlake

Stewardship

District

,

Rye

Ranch

Pod

C1

-

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/45

.

875,000

924,661

Rye

Ranch

Pod

C1

-

Assessment

Area

,

Special

Assessment

,

2025

,

6.2 %

,

5/01/56

2,570,000

2,669,937

c

Northridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

5/01/45

..........

1,500,000

1,567,403

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/55

............

2,000,000

2,055,836

Orange

Blossom

Groves

Community

Development

District

,

Special

Assessment

,

2023

,

4.25 %

,

6/15/30

..............................

365,000

374,902

Special

Assessment

,

2023

,

5.25 %

,

6/15/43

..............................

1,100,000

1,164,623

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

.............................

1,375,000

1,411,489

c

Osceola

Village

Center

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

5/01/31

.........................

180,000

176,236

Special

Assessment

,

144A,

2021

,

3.3 %

,

5/01/41

..........................

370,000

337,967

Palermo

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

6/15/43

.................................

1,945,000

2,022,960

Special

Assessment

,

2023

,

5.25 %

,

6/15/53

..............................

1,500,000

1,522,947

Palm

Beach

County

Health

Facilities

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.5 %

,

5/15/53

........................................................

2,035,000

2,261,552

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.625 %

,

5/15/58

.................................................

1,620,000

1,804,250

c

Palm

Coast

Community

Development

District

,

Special

Assessment

,

144A,

2025

A

,

6.75 %

,

5/01/57

...................................................

2,315,000

2,409,220

Palm

Coast

Park

Community

Development

District

,

Special

Assessment

,

2023

,

5.6 %

,

5/01/53

...............................

1,000,000

1,018,566

Sawmill

Branch

-

Phase

,

Special

Assessment

,

2024

,

%

,

5/01/44

............

1,000,000

1,014,834

Sawmill

Branch

-

Phase

,

Special

Assessment

,

2024

,

5.3 %

,

5/01/55

...........

670,000

664,013

Spring

Lake

-

Tracts

&

,

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

...........

350,000

335,537

Spring

Lake

-

Tracts

&

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

.........

730,000

625,476

Palm

Gate

Community

Development

District

,

Special

Assessment

,

2025

,

5.55 %

,

6/15/55

.........................................................

630,000

630,760

Park

East

Community

Development

District

,

Special

Assessment

,

2021

,

3.15 %

,

11/01/41

........................................................

595,000

510,839

Parker

Pointe

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

.........................................................

570,000

586,658

Parkland

Community

Development

District

,

Phase

,

Special

Assessment

,

2023

,

6.45 %

,

5/01/54

...................................................

2,445,000

2,529,731

Parkview

at

Long

Lake

Ranch

Community

Development

District

,

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

...............................................

955,000

889,854

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Parrish

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.4 %

,

5/01/53

................

$

980,000

$

991,292

Assessment

Area

,

Special

Assessment

,

2023

A

,

5.375 %

,

5/01/43

............

1,080,000

1,125,843

Assessment

Area

,

Special

Assessment

,

2023

A

,

5.625 %

,

5/01/53

............

1,535,000

1,567,597

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

................

1,365,000

1,411,691

Assessment

Area

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

................

595,000

602,735

Parrish

Lakes

II

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.125 %

,

5/01/44

..............

2,500,000

2,543,136

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/54

...............

5,220,000

5,184,470

Parrish

Plantation

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

70,000

69,897

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

..............

235,000

231,458

Assessment

Area

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

................

790,000

719,973

Assessment

Area

,

Special

Assessment

,

2022

,

4.75 %

,

5/01/32

...............

115,000

120,273

Assessment

Area

,

Special

Assessment

,

2022

,

5.375 %

,

5/01/42

..............

425,000

447,402

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/52

................

680,000

695,928

Assessment

Area

,

Special

Assessment

,

2024

,

4.875 %

,

5/01/31

..............

250,000

257,487

Assessment

Area

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/44

................

480,000

505,857

Assessment

Area

,

Special

Assessment

,

2024

,

6.05 %

,

5/01/54

...............

1,305,000

1,350,956

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..............

250,000

261,929

Assessment

Area

,

Special

Assessment

,

2024

,

5.875 %

,

5/01/54

..............

375,000

385,675

Pasadena

Ridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.05 %

,

5/01/44

...............

750,000

763,863

Assessment

Area

,

Special

Assessment

,

2025

,

5.7 %

,

5/01/55

................

1,500,000

1,504,244

Peace

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.125 %

,

6/15/43

..............

1,450,000

1,515,647

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

..............

1,615,000

1,647,953

Peace

Creek

Village

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

...............................

1,115,000

1,160,445

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

..............................

910,000

922,501

c

Special

Assessment

,

144A,

2025

,

5.85 %

,

5/01/55

.........................

1,685,000

1,703,847

Peace

Crossing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/31

.................

435,000

443,245

Assessment

Area

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/44

................

2,825,000

2,890,574

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/54

.................

4,000,000

3,974,204

c

Pine

Isle

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

12/15/26

........................

20,000

19,899

Special

Assessment

,

144A,

2021

,

%

,

12/15/31

...........................

225,000

225,500

Special

Assessment

,

144A,

2021

,

3.25 %

,

12/15/41

.........................

1,000,000

928,460

Special

Assessment

,

144A,

2021

,

%

,

12/15/51

...........................

1,200,000

1,081,192

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment,

Sub.

Lien

,

2020

,

Refunding

,

3.75 %

,

5/01/37

...............................

700,000

705,163

Pinery

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2026

,

5.875 %

,

5/01/56

..............................................

1,750,000

1,761,079

Preserve

at

Savannah

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

...............

135,000

140,791

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

1,000,000

1,017,679

Preserve

at

South

Branch

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

%

,

5/01/31

..........................

150,000

150,245

Phase

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

........................

750,000

733,412

Prosperity

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

12/15/43

.............

355,000

385,868

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

12/15/53

.............

985,000

1,054,200

Quail

Roost

Community

Development

District

,

Expansion

Area

,

Special

Assessment

,

2021

,

2.2 %

,

12/15/26

.................

40,000

39,697

Expansion

Area

,

Special

Assessment

,

2021

,

2.7 %

,

12/15/31

.................

200,000

194,155

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Quail

Roost

Community

Development

District,

(continued)

Expansion

Area

,

Special

Assessment

,

2021

,

3.125 %

,

12/15/41

................

$

965,000

$

839,106

Expansion

Area

,

Special

Assessment

,

2021

,

%

,

12/15/51

...................

2,335,000

2,046,567

c

Radiance

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

6.2 %

,

5/01/45

...........

1,000,000

1,053,929

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

6.4 %

,

5/01/56

...........

2,100,000

2,176,210

Ranches

at

Lake

Mcleod

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

6/15/53

...............................

730,000

745,048

Reserve

at

Van

Oaks

Community

Development

District

,

Special

Assessment

,

2023

,

5.125 %

,

5/01/43

.............................

285,000

298,813

Special

Assessment

,

2023

,

5.375 %

,

5/01/53

.............................

965,000

988,598

Reunion

East

Community

Development

District

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

...............................

110,000

109,835

Special

Assessment

,

2021

,

2.85 %

,

5/01/31

..............................

400,000

390,649

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

2.6 %

,

5/01/27

.................

55,000

54,712

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/32

...................

190,000

189,173

Assessment

Area

,

Special

Assessment

,

2022

,

3.3 %

,

5/01/42

.................

490,000

440,296

Ridge

at

Apopka

Community

Development

District

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/52

...............................

2,145,000

2,152,428

Parcel

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

........................

310,000

323,768

Parcel

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

.......................

545,000

553,771

River

Glen

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

350,000

343,585

Assessment

Area

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

..............

1,000,000

924,758

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/31

.......

825,000

799,735

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/36

.......

825,000

759,589

Assessment

Area

,

Special

Assessment

,

2020

A

,

3.625 %

,

5/01/40

............

1,030,000

959,690

Assessment

Area

,

Special

Assessment

,

2023

A

,

6.25 %

,

5/01/43

.............

500,000

545,988

Assessment

Area

,

Special

Assessment

,

2023

A

,

6.5 %

,

5/01/54

..............

1,300,000

1,383,824

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

5/01/55

.........

335,000

336,444

River

Landing

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

A

,

3.6 %

,

5/01/30

...................

475,000

474,452

Assessments

,

Special

Assessment

,

2020

A

,

4.125 %

,

5/01/40

.................

850,000

843,032

Assessments

,

Special

Assessment

,

2020

A

,

4.35 %

,

5/01/51

..................

1,100,000

990,146

Assessments

,

Special

Assessment

,

2023

A

,

5.5 %

,

5/01/43

...................

750,000

798,758

Assessments

,

Special

Assessment

,

2023

A

,

5.75 %

,

5/01/53

..................

1,000,000

1,043,153

River

Place

on

the

St.

Lucie

Community

Development

District

,

Special

Assessment

,

2001

A

,

7.625 %

,

5/01/30

............................

690,000

678,443

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

196,576

Rivers

Edge

III

Community

Development

District

,

c

Assessments

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/31

.................

295,000

290,926

c

Assessments

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

5/01/41

...............

775,000

721,228

Assessments

,

Special

Assessment

,

2024

,

5.95 %

,

5/01/55

...................

1,920,000

1,954,521

Rivington

Community

Development

District

,

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

..............................

1,680,000

1,592,606

Special

Assessment

,

2022

,

3.625 %

,

5/01/32

.............................

430,000

429,689

Rolling

Hills

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

3.65 %

,

5/01/32

...................................

700,000

684,177

c

Rolling

Oaks

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2022

,

6.5 %

,

5/01/53

...........................................

1,500,000

1,579,171

Rookery

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.25 %

,

5/01/31

...............

300,000

304,993

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Rookery

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/44

.................

$

775,000

$

783,779

Assessment

Area

,

Special

Assessment

,

2024

,

5.35 %

,

5/01/55

...............

495,000

487,032

Rye

Crossing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

4.2 %

,

5/01/31

................

270,000

274,799

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/44

.................

630,000

642,050

Rye

Ranch

Community

Development

District

,

Pod

A

Assessment

Area

,

Special

Assessment

,

2023

,

6.5 %

,

5/01/43

...........

1,000,000

1,109,360

Pod

A

Assessment

Area

,

Special

Assessment

,

2023

,

6.625 %

,

5/01/54

.........

1,600,000

1,716,174

c

Pod

B

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

11/01/43

....

710,000

748,365

c

Pod

B

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

%

,

11/01/53

......

215,000

222,982

Saddle

Creek

Preserve

of

Polk

County

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

6/15/30

.................

250,000

248,709

Assessment

Area

,

Special

Assessment

,

2020

,

%

,

6/15/40

.................

610,000

611,463

Assessment

Area

,

Special

Assessment

,

2022

,

3.1 %

,

12/15/32

...............

300,000

296,461

Assessment

Area

,

Special

Assessment

,

2022

,

3.35 %

,

12/15/41

..............

485,000

437,279

Saltleaf

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

4.75 %

,

5/01/31

...................

450,000

463,152

Assessments

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..................

1,565,000

1,625,808

Assessments

,

Special

Assessment

,

2024

,

%

,

5/01/56

......................

3,000,000

3,067,543

Sanctuary

Cove

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.625 %

,

5/01/31

...............

190,000

185,050

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

...............

400,000

356,625

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/52

...................

770,000

681,707

Sandmine

Road

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

5/01/30

.........

300,000

301,378

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.625 %

,

5/01/40

.........

1,040,000

1,044,496

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

5/01/50

..........

2,020,000

1,762,526

Assessment

Area

,

Special

Assessment

,

2021

,

2.3 %

,

11/01/26

...............

50,000

49,749

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

11/01/31

................

450,000

450,471

Assessment

Area

,

Special

Assessment

,

2021

,

3.3 %

,

11/01/41

...............

1,180,000

1,102,865

Sandridge

Community

Development

District

,

Special

Assessment

,

2021

,

2.875 %

,

5/01/26

..........................

35,000

34,976

Special

Assessment

,

2021

,

3.4 %

,

5/01/31

............................

750,000

757,175

Special

Assessment

,

2021

,

3.875 %

,

5/01/41

..........................

730,000

715,480

Special

Assessment

,

2021

,

%

,

5/01/51

..............................

735,000

644,194

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

...............................

1,000,000

1,020,275

Sarasota

National

Community

Development

District

,

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

3.5 %

,

5/01/31

...........

1,490,000

1,509,372

Assessments

,

Special

Assessment

,

2020

,

Refunding

,

%

,

5/01/39

.............

2,210,000

2,229,545

Savanna

Lakes

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.125 %

,

6/15/43

.........

395,000

413,384

c

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

6/15/53

.........

1,065,000

1,087,382

Assessment

Area

,

Special

Assessment

,

2024

,

5.25 %

,

6/15/44

...............

495,000

510,164

Sawgrass

Village

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.875 %

,

5/01/30

..............

440,000

451,305

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

................

1,500,000

1,573,113

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

1,595,000

1,628,242

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

11/01/43

.............

1,000,000

1,076,432

Assessment

Area

,

Special

Assessment

,

2023

,

6.375 %

,

11/01/53

.............

1,000,000

1,052,714

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

4.7 %

,

5/01/31

...........

315,000

323,259

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.55 %

,

5/01/44

..........

700,000

724,668

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.875 %

,

5/01/54

.........

1,180,000

1,197,281

Scenic

Highway

Community

Development

District

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

..............................

470,000

471,303

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

..............................

1,230,000

1,201,899

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Scenic

Terrace

North

Community

Development

District

,

2023

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/43

...........

$

1,490,000

$

1,574,014

2023

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

5/01/54

...........

1,300,000

1,349,232

Scenic

Terrace

South

Community

Development

District

,

Special

Assessment

,

2022

,

3.75 %

,

5/01/27

..............................

200,000

200,310

Special

Assessment

,

2022

,

4.125 %

,

5/01/32

.............................

585,000

596,571

c

Seaton

Creek

Reserve

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

6/15/53

................................

980,000

1,004,986

Sebastian

Isles

Community

Development

District

,

Assessments

,

Special

Assessment

,

2024

,

4.25 %

,

5/01/31

...................

220,000

224,294

Assessments

,

Special

Assessment

,

2024

,

%

,

5/01/44

......................

500,000

511,706

Sedona

Point

Community

Development

District

,

Special

Assessment

,

2023

,

4.125 %

,

6/15/30

.............................

55,000

56,224

Special

Assessment

,

2023

,

%

,

6/15/43

.................................

705,000

737,740

c

Seminole

County

Industrial

Development

Authority

,

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

%

,

6/15/36

.....

310,000

301,529

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

%

,

6/15/41

.....

425,000

386,680

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

%

,

6/15/51

.....

830,000

654,404

Galileo

School

Foundation,

Inc.

(The)

,

Revenue

,

144A,

2021

A

,

%

,

6/15/56

.....

705,000

537,946

Seminole

Palms

Community

Development

District

,

Special

Assessment

,

2023

,

4.75 %

,

5/01/30

..............................

195,000

199,660

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

...............................

815,000

854,725

Special

Assessment

,

2023

,

5.7 %

,

5/01/53

...............................

830,000

846,341

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.2 %

,

5/01/44

...........

1,185,000

1,194,166

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

5/01/55

...........

1,660,000

1,636,046

Sherwood

Manor

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/43

................

1,695,000

1,794,528

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

..............

1,570,000

1,616,552

Shingle

Creek

at

Bronson

Community

Development

District

,

Special

Assessment

,

2021

,

3.1 %

,

6/15/31

...............................

375,000

375,180

Special

Assessment

,

2021

,

3.5 %

,

6/15/41

...............................

1,000,000

950,784

Silver

Oaks

Community

Development

District

,

Special

Assessment

,

2024

,

5.55 %

,

5/01/44

..............................

985,000

1,025,065

Special

Assessment

,

2024

,

5.85 %

,

5/01/54

..............................

1,475,000

1,501,937

Silver

Palms

West

Community

Development

District

,

Special

Assessment

,

2022

,

2.6 %

,

6/15/27

...............................

170,000

168,055

Special

Assessment

,

2022

,

3.25 %

,

6/15/42

..............................

1,750,000

1,606,108

Silverlake

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

245,000

258,450

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

................

985,000

1,014,638

Six

Mile

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

Refunding

,

3.625 %

,

11/01/31

....

495,000

503,463

Assessment

Area

,

Special

Assessment

,

2020

,

Refunding

,

4.125 %

,

11/01/40

....

1,370,000

1,382,166

Assessment

Area

,

Special

Assessment

,

2020

,

Refunding

,

4.25 %

,

11/01/50

.....

2,275,000

2,070,882

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

2.5 %

,

5/01/26

.......

65,000

64,881

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

3.1 %

,

5/01/31

.......

250,000

244,779

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

75,000

74,895

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

520,000

507,426

Assessment

Area

,

Special

Assessment

,

2021

,

3.4 %

,

5/01/41

................

805,000

723,077

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

4.75 %

,

5/01/30

...........

420,000

431,172

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.5 %

,

5/01/43

...........

1,200,000

1,268,959

Assessments

,

Special

Assessment

,

2023

,

Refunding

,

5.7 %

,

5/01/54

...........

1,500,000

1,545,416

Project

Area

,

Special

Assessment

,

2024

,

4.3 %

,

5/01/31

.....................

225,000

228,749

Solaeris

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.2 %

,

5/01/31

................

175,000

185,072

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/44

.................

1,000,000

1,096,792

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Solaeris

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2024

,

6.25 %

,

5/01/55

...............

$

2,535,000

$

2,711,114

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/45

............

1,325,000

1,391,998

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

6.3 %

,

5/01/56

...........

2,300,000

2,380,414

c

Somerset

Bay

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

5/01/44

.........

935,000

950,673

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

5.9 %

,

5/01/54

...........

1,075,000

1,080,618

Somerset

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

%

,

5/01/32

.............

750,000

761,757

Assessments

,

Special

Assessment

,

2022

,

Refunding

,

4.2 %

,

5/01/37

...........

1,000,000

1,006,603

Sorrento

Pines

Community

Development

District

,

Assessment

Area

,

Revenue

,

2023

,

5.25 %

,

5/01/43

.......................

445,000

468,282

Assessment

Area

,

Revenue

,

2023

,

5.5 %

,

5/01/53

........................

500,000

515,044

South

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.875 %

,

6/15/31

..............

175,000

172,719

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

6/15/41

...............

500,000

447,265

Southern

Groves

Community

Development

District

No.

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

.................

105,000

104,838

Assessment

Area

,

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

.................

400,000

394,201

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

...............

1,100,000

999,353

Assessment

Area

,

Special

Assessment

,

2022-1

,

%

,

5/01/49

.................

1,210,000

1,276,877

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

................

900,000

953,563

Assessment

Area

,

Special

Assessment

,

2024

,

5.7 %

,

5/01/50

.................

1,025,000

1,071,012

Stellar

North

Community

Development

District

,

Special

Assessment

,

2021

,

2.45 %

,

5/01/26

..............................

35,000

34,937

Special

Assessment

,

2021

,

%

,

5/01/31

.................................

215,000

209,404

c

Stillwater

Community

Development

District

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

6/15/26

.........................

75,000

74,654

Special

Assessment

,

144A,

2021

,

%

,

6/15/31

............................

325,000

312,281

Stonegate

Preserve

Community

Development

District

,

Special

Assessment

,

2023

,

5.875 %

,

12/15/43

.............................

700,000

761,824

Special

Assessment

,

2023

,

6.125 %

,

12/15/53

.............................

1,250,000

1,339,481

c

Stonewater

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2021

,

%

,

11/01/32

................

250,000

240,262

Assessments

,

Special

Assessment

,

144A,

2021

,

3.3 %

,

11/01/41

..............

635,000

560,496

Stoneybrook

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

6.375 %

,

11/01/52

..........................

1,200,000

1,315,199

Stoneybrook

South

at

Championsgate

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.5 %

,

6/15/30

.................

80,000

82,827

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/43

...............

395,000

425,617

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

6/15/53

.................

390,000

408,159

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

%

,

12/15/30

....

500,000

501,375

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.5 %

,

12/15/40

...

1,000,000

983,041

c

Fox

South

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

12/15/50

..

1,500,000

1,307,839

Storey

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

6/15/32

.................

240,000

257,774

Assessment

Area

,

Special

Assessment

,

2022

,

5.2 %

,

6/15/42

................

650,000

674,683

Assessment

Area

,

Special

Assessment

,

2022

,

5.375 %

,

6/15/52

..............

1,000,000

1,007,967

Assessment

Area

,

Special

Assessment

,

2024

,

4.45 %

,

6/15/31

...............

230,000

236,673

Assessment

Area

,

Special

Assessment

,

2024

,

5.25 %

,

6/15/44

...............

650,000

674,835

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

6/15/54

................

810,000

828,370

Storey

Drive

Community

Development

District

,

Special

Assessment

,

2022

,

2.55 %

,

6/15/27

..............................

80,000

79,134

Special

Assessment

,

2022

,

%

,

6/15/32

.................................

375,000

362,861

Special

Assessment

,

2022

,

3.25 %

,

6/15/42

..............................

900,000

804,905

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

c

Storey

Park

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

6/15/31

.........

$

230,000

$

229,223

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.3 %

,

6/15/41

...........

620,000

594,654

Summer

Woods

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

150,000

149,176

Assessment

Area

,

Special

Assessment

,

2021

,

3.4 %

,

5/01/41

................

395,000

365,195

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

50,000

49,912

Assessment

Area

,

Special

Assessment

,

2021

,

3.15 %

,

5/01/31

...............

200,000

196,198

Assessment

Area

,

Special

Assessment

,

2021

,

3.45 %

,

5/01/41

...............

725,000

663,201

Summerstone

Community

Development

District

,

Assessment

Phase

,

Special

Assessment

,

2020

,

3.25 %

,

5/01/30

.............

165,000

166,095

Assessment

Phase

,

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

.............

700,000

698,299

Assessment

Phase

,

Special

Assessment

,

2020

,

%

,

5/01/51

................

910,000

820,833

c

Assessment

Phase

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

5/01/31

........

175,000

173,783

c

Assessment

Phase

,

Special

Assessment

,

144A,

2021

,

3.15 %

,

5/01/41

........

700,000

652,395

c

Assessment

Phase

,

Special

Assessment

,

144A,

2021

,

%

,

5/01/51

...........

1,750,000

1,578,524

Summit

View

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..............

945,000

986,862

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/54

.................

1,205,000

1,236,349

Sunbridge

Stewardship

District

,

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

%

,

5/01/32

........................................................

350,000

371,512

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.4 %

,

5/01/42

...................................................

920,000

970,232

Assessment

Del

Webb

Phase

1/2

Assessment

Area

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/52

...................................................

1,720,000

1,763,034

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.2 %

,

5/01/27

........................................................

235,000

236,517

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

4.6 %

,

5/01/32

........................................................

460,000

479,128

Assessment

Weslyn

Park

Assessment

Area

,

Special

Assessment

,

2022

,

5.2 %

,

5/01/42

........................................................

1,000,000

1,041,158

c

Sunrise

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

5/01/55

.........................................................

2,250,000

2,235,682

Tamarindo

Community

Development

District

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................................

185,000

179,674

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

.............................

820,000

733,442

Tern

Bay

Community

Development

District

,

Special

Assessment

,

2022

,

%

,

6/15/42

.

2,000,000

1,870,283

Terra

Lago

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.625 %

,

5/01/45

..............

450,000

465,664

Assessment

Area

,

Special

Assessment

,

2025

,

5.8 %

,

5/01/55

................

1,170,000

1,189,814

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/56

...............

2,500,000

2,510,285

Terreno

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2025

,

5.65 %

,

5/01/55

...............................................

540,000

548,428

Three

Rivers

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

Refunding

,

5.75 %

,

5/01/53

......................................

2,000,000

2,040,492

Timber

Creek

Southwest

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.35 %

,

12/15/26

..............

85,000

84,350

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

12/15/31

................

750,000

728,656

Tohoqua

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

2.875 %

,

5/01/31

......................

215,000

212,748

Phase

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

......................

805,000

741,139

Tolomato

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022-1

,

3.3 %

,

5/01/32

..............

515,000

509,386

Assessment

Area

,

Special

Assessment

,

2022-2

,

3.3 %

,

5/01/32

..............

185,000

182,882

c

Towne

Park

Community

Development

District

,

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

5/01/30

........

410,000

407,705

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

c

Towne

Park

Community

Development

District,

(continued)

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

3.625 %

,

5/01/40

........

$

1,075,000

$

1,029,221

Assessment

Area

3D

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/51

...........

1,000,000

880,424

c

Towns

at

Woodsdale

Community

Development

District

,

Assessments

,

Special

Assessment

,

144A,

2023

,

6.125 %

,

11/01/43

.............

285,000

307,538

Assessments

,

Special

Assessment

,

144A,

2023

,

6.375 %

,

11/01/53

.............

1,005,000

1,063,121

Tradition

Community

Development

District

No.

,

Assessments

,

Special

Assessment

,

2021

,

2.3 %

,

5/01/26

....................

100,000

99,810

Assessments

,

Special

Assessment

,

2021

,

2.7 %

,

5/01/31

....................

445,000

425,750

c

Trevesta

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

5/01/30

..........

235,000

230,864

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

5/01/40

..........

880,000

812,955

Triple

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

11/01/31

..................

250,000

242,626

Assessment

Area

,

Special

Assessment

,

2021

,

3.5 %

,

11/01/41

................

740,000

666,738

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.375 %

,

11/01/26

.......................................................

40,000

39,666

c

Villages

Q

&

R

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

11/01/31

.......................................................

450,000

431,632

Tuckers

Pointe

Community

Development

District

,

Phase

Project

,

Special

Assessment

,

2022

,

%

,

5/01/27

....................

130,000

129,320

Phase

Project

,

Special

Assessment

,

2022

,

3.375 %

,

5/01/32

................

565,000

555,629

Twisted

Oaks

Pointe

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

..............

500,000

510,618

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/43

..............

500,000

530,670

Assessment

Area

,

Special

Assessment

,

2023

,

6.125 %

,

5/01/54

..............

500,000

519,535

Assessment

Area

,

Special

Assessment

,

2024

,

4.8 %

,

5/01/31

................

330,000

338,356

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..............

965,000

1,001,841

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/55

.................

1,350,000

1,375,104

Two

Rivers

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.875 %

,

5/01/30

..............

175,000

179,534

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/43

...............

2,000,000

2,117,627

Assessment

Area

,

Special

Assessment

,

2023

,

5.875 %

,

5/01/53

..............

3,465,000

3,554,391

Two

Rivers

North

Community

Development

District

,

Special

Assessment

,

2022

,

4.625 %

,

5/01/27

.............................

45,000

45,265

Special

Assessment

,

2022

,

4.875 %

,

5/01/32

.............................

380,000

397,164

Two

Rivers

West

Community

Development

District

,

Special

Assessment

,

2022

,

%

,

5/01/43

.................................

1,190,000

1,277,859

Special

Assessment

,

2022

,

6.25 %

,

5/01/53

..............................

1,465,000

1,537,687

Special

Assessment

,

2023

,

%

,

11/01/43

................................

1,555,000

1,666,693

Special

Assessment

,

2023

,

6.125 %

,

11/01/53

.............................

2,145,000

2,242,646

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

.............................

420,000

439,179

c

Union

Park

East

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

2.95 %

,

5/01/31

..........

60,000

58,326

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

3.35 %

,

5/01/41

..........

160,000

147,212

Varrea

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.125 %

,

5/01/43

...............

1,075,000

1,123,061

Assessment

Area

,

Special

Assessment

,

2023

,

5.4 %

,

5/01/53

.................

1,320,000

1,349,458

V-Dana

Community

Development

District

,

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.5 %

,

5/01/31

...........

375,000

376,408

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

%

,

5/01/40

............

1,775,000

1,720,344

Assessment

Area

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

..............

400,000

395,988

Assessment

Area

,

Special

Assessment

,

2021

,

3.625 %

,

5/01/41

..............

1,250,000

1,175,639

Assessment

Area

,

Special

Assessment

,

2023

,

4.3 %

,

5/01/30

................

570,000

582,622

Assessment

Area

,

Special

Assessment

,

2023

,

5.25 %

,

5/01/43

...............

1,435,000

1,500,205

Assessment

Area

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/54

................

1,895,000

1,932,214

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

V-Dana

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2025

,

5.375 %

,

5/01/45

..............

$

495,000

$

508,376

Assessment

Area

,

Special

Assessment

,

2025

,

5.55 %

,

5/01/55

...............

1,090,000

1,099,225

Veranda

Community

Development

District

II

,

Assessment

Area

,

Special

Assessment

,

2024

,

Refunding

,

5.125 %

,

5/01/44

.....

1,675,000

1,741,415

Assessment

Area

,

Special

Assessment

,

2024

,

Refunding

,

5.375 %

,

5/01/54

.....

3,470,000

3,531,141

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5 %

,

5/01/26

..

50,000

49,924

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1 %

,

5/01/31

..

260,000

256,412

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.5 %

,

5/01/26

..

25,000

24,962

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.1 %

,

5/01/31

..

65,000

64,102

c

Assessment

Area

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.6 %

,

5/01/41

..

275,000

258,532

Assessment

Area

Phase

,

Special

Assessment

,

2024

,

Refunding

,

5.375 %

,

5/01/44

........................................................

580,000

604,357

Assessment

Area

Phase

,

Special

Assessment

,

2024

,

Refunding

,

5.625 %

,

5/01/54

........................................................

260,000

263,848

Verano

No.

Community

Development

District

,

Pod

D

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

..........................

815,000

845,440

Pod

D

,

Special

Assessment

,

2024

,

5.8 %

,

5/01/54

..........................

1,910,000

1,938,685

Pod

D

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/55

........................

195,000

195,840

Verano

No.

Community

Development

District

,

Phase

Assessment

Area

,

Special

Assessment

,

2021

,

3.375 %

,

5/01/41

.........

750,000

671,001

Phase

Assessment

Area

,

Special

Assessment

,

2022

,

6.45 %

,

11/01/42

.........

1,000,000

1,088,421

Phase

Assessment

Area

,

Special

Assessment

,

2022

,

6.625 %

,

11/01/52

........

1,475,000

1,569,127

Verano

No.

Community

Development

District

,

Astor

Creek

Phase

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

1,020,000

1,077,278

Astor

Creek

Phase

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

250,000

258,472

Viera

Stewardship

District

,

Assessments

,

Special

Assessment

,

2021

,

2.3 %

,

5/01/26

....................

200,000

199,577

Assessments

,

Special

Assessment

,

2021

,

2.8 %

,

5/01/31

....................

800,000

765,850

Assessments

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/41

..................

1,750,000

1,517,012

Assessments

,

Special

Assessment

,

2023

,

5.5 %

,

5/01/54

....................

2,500,000

2,529,698

Village

Community

Development

District

No.

,

Phase

I

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/53

....................................................

11,265,000

11,497,301

Villages

of

Glen

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

3.15 %

,

5/01/32

......

200,000

196,278

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

%

,

5/01/52

........

1,170,000

989,404

Assessment

Area

,

Special

Assessment

,

2022

A

,

4.625 %

,

5/01/27

............

100,000

100,680

Assessment

Area

,

Special

Assessment

,

2022

A

,

4.875 %

,

5/01/32

............

250,000

262,477

Assessment

Area

,

Special

Assessment

,

2022

A

,

5.125 %

,

5/01/42

............

710,000

740,657

Villamar

Community

Development

District

,

Special

Assessment

,

2020

,

3.2 %

,

5/01/30

...............................

240,000

240,819

Special

Assessment

,

2020

,

3.75 %

,

5/01/40

..............................

655,000

633,817

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/43

..............

395,000

419,448

Assessment

Area

,

Special

Assessment

,

2023

,

5.75 %

,

5/01/53

...............

1,195,000

1,224,897

Assessment

Area

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/44

................

670,000

702,363

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

495,000

505,711

Phase

Project

,

Special

Assessment

,

2022

,

3.25 %

,

5/01/27

.................

75,000

74,845

Phase

Project

,

Special

Assessment

,

2022

,

3.625 %

,

5/01/32

................

250,000

248,999

Phase

Project

,

Special

Assessment

,

2022

,

%

,

5/01/42

....................

670,000

638,565

Vivid

Shores

Community

Development

District

,

Special

Assessment

,

2025

,

5.625 %

,

5/01/56

.........................................................

1,400,000

1,413,315

Waterford

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

315,000

332,293

Assessment

Area

,

Special

Assessment

,

2023

,

5.6 %

,

5/01/53

................

610,000

630,876

Assessment

Area

,

Special

Assessment

,

2024

,

4.375 %

,

5/01/31

..............

160,000

163,030

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/54

...............

600,000

596,767

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

6.25 %

,

5/01/56

..........

1,590,000

1,655,280

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Waterset

South

Community

Development

District

,

Assessments

,

Special

Assessment

,

2022

,

6.1 %

,

5/01/53

....................

$

715,000

$

751,134

Assessments

,

Special

Assessment

,

2024

,

5.65 %

,

5/01/54

...................

1,680,000

1,702,333

Wellness

Ridge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

5.125 %

,

6/15/43

..............

1,405,000

1,467,718

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

6/15/53

..............

1,340,000

1,364,888

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

6/15/31

..........

235,000

239,284

c

Assessment

Area

,

Special

Assessment

,

144A,

2024

,

%

,

6/15/44

............

500,000

510,041

West

Hillcrest

Community

Development

District

,

Special

Assessment

,

2023

,

5.25 %

,

6/15/43

.........................................................

825,000

870,299

West

Port

Community

Development

District

,

Assessment

Area

2021

Project

Area

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

..

55,000

54,896

Assessment

Area

2021

Project

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

...

570,000

553,591

Assessment

Area

2021

Project

Area

,

Special

Assessment

,

2021

,

3.4 %

,

5/01/41

..

1,470,000

1,309,813

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

5/01/31

..........

410,000

402,416

c

Assessment

Area

,

Special

Assessment

,

144A,

2020

,

3.625 %

,

5/01/41

.........

1,085,000

992,456

West

Villages

Improvement

District

,

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/44

........................................................

945,000

978,217

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/54

........................................................

995,000

1,003,841

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/35

........................................................

855,000

909,456

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/45

........................................................

500,000

532,072

Unit

of

Development

No.

Assessment

Area

,

Special

Assessment

,

2025

,

%

,

5/01/55

........................................................

1,570,000

1,647,622

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

..........

55,000

54,881

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

........

200,000

192,303

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

..........

800,000

698,155

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

%

,

5/01/43

............

320,000

349,502

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

6.25 %

,

5/01/54

.........

585,000

622,699

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

..........

40,000

39,911

Unit

of

Development

No.

,

Special

Assessment

,

2021

,

3.125 %

,

5/01/31

........

525,000

505,034

Unit

of

Development

No.

,

Special

Assessment

,

2022

,

5.5 %

,

5/01/53

..........

1,905,000

1,941,640

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

4.625 %

,

5/01/30

........

205,000

210,280

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

........

1,495,000

1,578,013

Unit

of

Development

No.

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

........

2,005,000

2,066,873

Westside

Haines

City

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

65,000

64,909

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

350,000

342,833

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

5/01/41

...............

1,000,000

894,490

Assessment

Area

,

Special

Assessment

,

2024

,

4.875 %

,

5/01/31

..............

395,000

407,406

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/44

...............

1,515,000

1,588,478

Assessment

Area

,

Special

Assessment

,

2024

,

%

,

5/01/54

.................

2,140,000

2,204,150

Westview

North

Community

Development

District

,

Special

Assessment

,

2022

,

5.75 %

,

6/15/42

..............................

1,000,000

1,072,316

Special

Assessment

,

2022

,

%

,

6/15/52

.................................

1,250,000

1,308,848

Westview

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2023

,

4.875 %

,

5/01/28

..............

260,000

263,211

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

1,465,000

1,529,906

Assessment

Area

,

Special

Assessment

,

2023

,

5.6 %

,

5/01/53

................

2,555,000

2,588,758

c

Assessment

Area

2025

Project

Area

,

Special

Assessment

,

144A,

2025

,

%

,

5/01/45

........................................................

2,455,000

2,605,808

c

Assessment

Area

2025

Project

Area

,

Special

Assessment

,

144A,

2025

,

6.2 %

,

5/01/55

........................................................

2,225,000

2,323,320

Assessment

Area

,

Special

Assessment

,

2023

,

4.75 %

,

5/01/28

...............

140,000

141,480

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Westview

South

Community

Development

District,

(continued)

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

$

1,240,000

$

1,279,681

Westwood

of

Pasco

Community

Development

District

,

Assessments

,

Special

Assessment

,

2023

,

5.4 %

,

5/01/43

....................

500,000

525,394

Assessments

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

..................

145,000

148,775

Whispering

Pines

Community

Development

District

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

.............................

500,000

529,965

Special

Assessment

,

2023

,

5.5 %

,

5/01/53

...............................

930,000

957,983

Willowbrook

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.625 %

,

5/01/44

..............

555,000

572,816

Assessment

Area

,

Special

Assessment

,

2024

,

5.9 %

,

5/01/55

................

725,000

732,862

c

Assessment

Area

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

5/01/56

.........

1,100,000

1,118,097

Willows

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

4.7 %

,

5/01/29

................

235,000

240,349

Assessment

Area

,

Special

Assessment

,

2022

,

5.625 %

,

5/01/42

..............

1,440,000

1,535,958

Assessment

Area

,

Special

Assessment

,

2022

,

5.75 %

,

5/01/52

...............

1,200,000

1,245,112

Wind

Meadows

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.4 %

,

5/01/26

................

60,000

59,883

Assessment

Area

,

Special

Assessment

,

2021

,

2.95 %

,

5/01/31

...............

250,000

241,417

Assessment

Area

,

Special

Assessment

,

2021

,

3.35 %

,

5/01/41

...............

940,000

852,590

Assessment

Area

,

Special

Assessment

,

2023

,

5.375 %

,

5/01/43

..............

920,000

965,906

Assessment

Area

,

Special

Assessment

,

2023

,

5.625 %

,

5/01/53

..............

980,000

1,005,514

Winding

Oaks

Community

Development

District

,

Special

Assessment

,

2024

,

5.4 %

,

5/01/44

...............................

310,000

318,886

Special

Assessment

,

2024

,

5.7 %

,

5/01/55

...............................

1,105,000

1,112,378

Windsor

Cay

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.45 %

,

5/01/44

...............

1,000,000

1,058,118

Assessment

Area

,

Special

Assessment

,

2024

,

5.75 %

,

5/01/54

...............

765,000

797,432

Windward

Community

Development

District

,

Special

Assessment

,

2020

,

3.65 %

,

5/01/30

.........................................................

130,000

130,275

Wiregrass

II

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2020

,

3.125 %

,

5/01/30

..............

645,000

633,006

Assessment

Area

,

Special

Assessment

,

2020

,

3.7 %

,

5/01/40

................

1,675,000

1,579,019

c

Woodland

Crossing

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

5/01/45

.........................

830,000

868,960

Special

Assessment

,

144A,

2025

,

6.125 %

,

5/01/56

.........................

1,760,000

1,813,857

Woodland

Ranch

Estates

Community

Development

District

,

Special

Assessment

,

2025

,

5.75 %

,

5/01/55

...................................................

715,000

722,524

Zephyr

Lakes

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

2.5 %

,

5/01/26

................

45,000

44,893

Assessment

Area

,

Special

Assessment

,

2021

,

%

,

5/01/31

.................

135,000

132,135

927,209,088

#### Georgia

#### 1.0%
c

Atlanta

Development

Authority

(The)

,

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

%

,

7/01/50

.............

1,000,000

1,048,102

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

%

,

7/01/55

.............

885,000

921,307

c

Development

Authority

of

Cobb

County

(The)

,

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

%

,

12/01/39

1,825,000

1,695,010

Presbyterian

Village

Austell,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

%

,

12/01/49

10,760,000

8,530,420

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,835,000

1,963,504

g

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

16,820,000

8,430,722

Forsyth

County

Hospital

Authority

,

Georgia

Baptist

Healthcare

System

Obligated

Group

,

Revenue

,

1998

,

ETM,

6.375 %

,

10/01/28

...........................

2,935,000

3,124,335

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

c

George

L

Smith

II

Congress

Center

Authority

,

Signia

Hotel

Management

LLC

,

Revenue

,

144A,

2021

B

,

%

,

1/01/54

...........................................

$

6,500,000

$

6,269,818

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2025

C

,

5.125 %

,

12/01/50

........

5,000,000

5,137,546

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5 %

,

9/15/27

......................................

4,000,000

4,152,698

Revenue

,

2007

A

,

5.5 %

,

9/15/28

......................................

5,000,000

5,311,166

46,584,628

#### Idaho

#### 0.3%
Idaho

Housing

&

Finance

Association

,

Revenue

,

2010

A

,

%

,

2/01/36

............

13,305,000

13,334,282

#### Illinois

#### 2.9%
Chicago

Board

of

Education

,

GO

,

2023

A

,

%

,

12/01/49

...........................................

5,000,000

5,182,761

GO

,

2025

A

,

5.75 %

,

12/01/50

.........................................

7,040,000

7,212,406

GO

,

2025

B

,

Refunding

,

%

,

12/01/43

..................................

3,000,000

3,248,489

GO

,

2025

B

,

Refunding

,

%

,

12/01/44

..................................

2,000,000

2,143,167

GO

,

2025

C

,

Refunding

,

%

,

12/01/43

..................................

5,000,000

5,414,149

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2025

E

,

BAM

Insured

,

%

,

1/01/60

.........................................................

3,000,000

3,044,778

City

of

Chicago

,

GO

,

2025

A

,

%

,

1/01/50

............................................

7,500,000

7,896,871

GO

,

2025

F

,

%

,

1/01/44

............................................

1,660,000

1,824,065

Illinois

Finance

Authority

,

c

DePaul

College

Prep

,

Revenue

,

144A,

2023

A

,

Refunding

,

5.625 %

,

8/01/53

......

2,055,000

2,118,603

c

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

A

,

Refunding

,

5.125 %

,

11/01/55

.......................................

13,560,000

11,436,920

c

McKinley

Foundation

at

University

of

Illinois

(The)

,

Revenue

,

144A,

2021

B

,

%

,

11/01/37

.......................................................

2,835,000

2,869,705

Plymouth

Place

Obligated

Group

,

Revenue

,

2022

A

,

6.75 %

,

5/15/58

...........

3,000,000

3,162,797

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

5/01/48

........................................................

10,000,000

9,185,131

Westminster

Village,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.5 %

,

5/01/53

........................................................

10,810,000

9,988,589

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

1996

,

ETM,

%

,

7/01/26

.....................................

1,075,000

1,091,070

g

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2010

,

Refunding

,

AG

Insured

,

4.39 %,

6/15/45

................................

18,100,000

7,897,266

State

of

Illinois

,

GO

,

2022

C

,

5.5 %

,

10/01/44

...............................

4,645,000

5,007,526

c

,g

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

62,345,000

41,899,799

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

5.38 %,

12/01/35

.......................................................

12,135,000

7,280,814

Village

of

Villa

Park

,

Garden

Station

Redevelopment

Area

,

Tax

Allocation

,

2021

,

4.5 %

,

12/31/38

........................................................

1,815,000

1,730,801

139,635,707

#### 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

2,584,192

c

City

of

Goshen

,

Green

Oaks

of

Goshen

LLC

,

Revenue

,

144A,

2021

A

,

%

,

8/01/41

..

5,345,000

4,826,692

c

City

of

Jeffersonville

,

Vivera

Senior

Living

of

Columbus

LLC

,

Revenue

,

144A,

2020

A

,

5.25 %

,

11/01/40

...................................................

4,500,000

3,955,958

c

City

of

Valparaiso

,

Green

Oaks

of

Valparaiso

LLC

,

Revenue

,

144A,

2021

,

5.375 %

,

12/01/41

........................................................

4,650,000

4,427,602

Indiana

Finance

Authority

,

SFP-PUFW

I

LLC

,

Revenue

,

2024

C

,

5.75 %

,

7/01/64

.......................

1,730,000

1,645,265

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Indiana
(continued)

Indiana

Finance

Authority,

(continued)

University

of

Evansville

,

Revenue

,

2022

B

,

%

,

9/01/32

.....................

$

3,515,000

$

3,487,701

Westminster

Village

Greenwood,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

5.75 %

,

5/15/60

........................................................

3,585,000

3,664,165

c

Indiana

Housing

&

Community

Development

Authority

,

Vita

of

Marion

LLC

,

Revenue

,

144A,

2021

A

,

5.25 %

,

4/01/41

........................................

4,750,000

4,351,616

28,943,191

#### Iowa

#### 0.3%
Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

%

,

5/15/48

....

2,090,000

2,009,745

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75 %

,

5/15/33

........................................................

1,000,000

1,160,838

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.25 %

,

5/15/38

........................................................

1,500,000

1,737,673

Northcrest

Obligated

Group

,

Revenue

,

2018

A

,

%

,

3/01/48

..................

7,500,000

7,269,708

Presbyterian

Homes

Mill

Pond

Apartment,

Inc.

,

Revenue

,

2025

,

5.875 %

,

10/01/65

.

2,000,000

2,046,461

14,224,425

#### Kansas

#### 0.0%

#### †
City

of

Manhattan

,

Lowry

Trails

Public

Improvement

District

Improvement

Area

No.

,

Revenue

,

2025

A

,

5.5 %

,

6/01/60

......................................

1,000,000

1,009,250

#### Kentucky

#### 0.4%
Kentucky

Public

Transportation

Infrastructure

Authority

,

Revenue,

First

Tier

,

2013

C

,

6.6 %

,

7/01/39

...............................

10,000,000

11,600,018

Revenue,

First

Tier

,

2013

C

,

6.75 %

,

7/01/43

..............................

5,000,000

5,702,841

17,302,859

#### Louisiana

#### 1.5%
Lakeshore

Villages

Master

Community

Development

District

,

Special

Assessment

,

2021

,

2.375 %

,

6/01/26

.............................

95,000

94,620

Special

Assessment

,

2021

,

2.875 %

,

6/01/31

.............................

695,000

653,538

Special

Assessment

,

2021

,

3.2 %

,

6/01/41

...............................

2,730,000

2,283,836

Special

Assessment

,

2021

,

%

,

6/01/51

.................................

2,035,000

1,650,034

Special

Assessment

,

2022

,

5.5 %

,

6/01/52

...............................

1,425,000

1,456,963

c

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

GOMESA

,

Revenue

,

144A,

2018

,

5.375 %

,

11/01/38

........................

1,225,000

1,280,140

Parish

of

Lafourche

,

Revenue

,

144A,

2019

,

3.95 %

,

11/01/43

.................

1,547,668

1,506,327

Parish

of

St.

Martin

,

Revenue

,

144A,

2019

,

4.4 %

,

11/01/44

...................

2,630,000

2,636,006

Parish

of

Vermilion

,

Revenue

,

144A,

2019

,

4.625 %

,

11/01/38

.................

1,270,000

1,303,180

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

..................................................

5,000,000

5,143,769

g

Patriot

Services

Group

Obligated

Group

,

Revenue,

Sub.

Lien

,

144A,

2024

B

,

Refunding

,

5.38 %,

12/01/35

........................................

12,800,000

7,679,804

Terrebonne

Parish

Consolidated

Government

,

Revenue

,

144A,

2018

,

5.5 %

,

11/01/39

895,000

935,981

Louisiana

Public

Facilities

Authority

,

c

Acadiana

Renaissance

Charter

Academy

,

Revenue

,

144A,

2025

,

%

,

6/15/59

....

2,435,000

2,466,347

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.5 %

,

9/01/59

......

6,500,000

6,681,754

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75 %

,

9/01/64

.....

7,425,000

7,733,397

c

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.375 %

,

1/01/40

5,000,000

4,090,752

c

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.5 %

,

1/01/50

.

4,500,000

3,462,223

c

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

%

,

1/01/57

...

10,000,000

7,914,809

Parish

of

Beauregard

,

OfficeMax,

Inc.

,

Revenue

,

2002

,

Refunding

,

6.8 %

,

2/01/27

...

13,990,000

14,024,204

72,997,684

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

#### 0.2%
County

of

Frederick

,

Urbana

Community

Development

Authority

,

Special

Tax,

Sub.

Lien

,

2020

B

,

Refunding

,

%

,

7/01/40

...................................

$

295,000

$

296,356

c

Town

of

La

Plata

,

Heritage

Green

Special

Taxing

District

,

Special

Tax

,

144A,

2023

A

,

6.5 %

,

2/15/53

....................................................

8,500,000

8,635,863

8,932,219

#### Massachusetts

#### 0.0%

#### †
c

Massachusetts

Development

Finance

Agency

,

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

%

,

7/01/54

..................

1,200,000

1,180,366

CHF

Merrimack,

Inc.

,

Revenue

,

144A,

2024

A

,

%

,

7/01/60

..................

1,100,000

1,068,216

2,248,582

#### 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

15,034

Grand

Rapids

Economic

Development

Corp.

,

Michigan

Christian

Home

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/01/50

........................

2,500,000

2,521,810

Kalamazoo

Economic

Development

Corp.

,

c

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/31

....................................................

700,000

732,050

c

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/51

....................................................

3,015,000

2,587,673

Heritage

Community

of

Kalamazoo

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/55

8,860,000

8,242,179

c

Michigan

Strategic

Fund

,

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/31

....................................................

570,000

596,097

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/41

....................................................

895,000

889,561

Friendship

Village

of

Kalamazoo

Obligated

Group

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

8/15/51

....................................................

1,380,000

1,184,408

g

Michigan

Tobacco

Settlement

Finance

Authority

,

Michigan

Finance

Authority

Tobacco

Settlement

,

Revenue,

Sub.

Lien

,

2007

B

,

8.15 %,

6/01/52

....................

26,990,000

3,452,342

20,221,154

#### Minnesota

#### 0.2%
City

of

Apple

Valley

,

PHS

Apple

Valley

Senior

Housing,

Inc.

,

Revenue

,

2025

A

,

5.375 %

,

9/01/45

.........................................................

475,000

490,477

City

of

Minneapolis

,

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.25 %

,

11/01/45

..............

2,900,000

2,831,996

Ecumen

Mill

City

Quarter

LLC

,

Revenue

,

2015

,

5.375 %

,

11/01/50

..............

1,000,000

943,393

City

of

Ramsey

,

PACT

Charter

School

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/32

...

5,535,000

5,636,443

c

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

6.25 %

,

8/01/37

....................................

590,000

608,705

10,511,014

#### Mississippi

#### 0.4%
c

Mississippi

Development

Bank

,

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

10/01/34

900,000

862,828

Magnolia

Regional

Health

Center

,

Revenue

,

144A,

2021

,

Refunding

,

%

,

10/01/36

850,000

791,069

c

,g

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

,

Refunding

,

2.34 %,

12/01/44

.................................................

14,500,000

9,744,921

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

B

,

Refunding

,

5.39 %,

12/01/35

.................................................

12,850,000

7,702,486

19,101,304

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Missouri

#### 0.3%
Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

A

,

Refunding

,

%

,

3/01/33

.......................................

$

3,250,000

$

3,255,364

City

of

Maryland

Heights

,

Westport

Plaza

Redevelopment

Area

,

Tax

Allocation

,

2020

,

4.125 %

,

11/01/38

..................................................

2,175,000

2,046,627

Kirkwood

Industrial

Development

Authority

,

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25 %

,

5/15/42

...................................

1,000,000

1,001,476

Ashfield

Active

Living

&

Wellness

Communities,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5.25 %

,

5/15/50

...................................

3,500,000

3,258,192

Stoddard

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2016

B

,

Refunding

,

%

,

3/01/37

.............................................

3,290,000

3,297,552

12,859,211

#### Nevada

#### 0.6%
City

of

Las

Vegas

,

Special

Improvement

District

No.

610

,

Special

Assessment

,

2018

,

%

,

6/01/48

....

6,910,000

6,921,485

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

%

,

6/01/33

....

175,000

170,961

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

%

,

6/01/34

....

175,000

170,078

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

%

,

6/01/35

....

175,000

169,371

Special

Improvement

District

No.

611

,

Special

Assessment

,

2020

,

%

,

6/01/40

....

420,000

398,393

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

3.5 %

,

6/01/35

........................................................

190,000

180,629

Special

Improvement

District

No.

612

Skye

Hills

,

Special

Assessment

,

2020

,

%

,

6/01/50

........................................................

910,000

810,528

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

%

,

12/01/30

...

1,380,000

1,381,215

Special

Improvement

District

No.

812

,

Special

Assessment

,

2015

,

%

,

12/01/35

...

870,000

870,613

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

%

,

6/01/39

....

410,000

403,522

Special

Improvement

District

No.

814

,

Special

Assessment

,

2019

,

%

,

6/01/44

....

670,000

617,518

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75 %

,

6/01/33

.

510,000

463,165

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

2.75 %

,

6/01/36

.

805,000

699,036

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

%

,

6/01/41

....

625,000

515,370

Special

Improvement

District

No.

816

,

Special

Assessment

,

2021

,

3.125 %

,

6/01/51

1,390,000

999,794

c

City

of

North

Las

Vegas

,

Special

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.75 %

,

6/01/47

........................................................

1,555,000

1,595,463

Special

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

%

,

6/01/52

1,750,000

1,802,770

Special

Improvement

District

No.

Apex

Moonwater

West

,

Special

Assessment

,

144A,

2025

,

6.75 %

,

6/01/55

........................................

4,850,000

4,965,981

c,g

City

of

Reno

,

Sales

Tax

,

Revenue,

Sub.

Lien

,

144A,

2018

C

,

Refunding

,

5.84 %,

7/01/58

.........................................................

11,000,000

1,754,872

County

of

Clark

,

Special

Improvement

District

No.

,

Special

Assessment

,

2001-2007

,

5.05 %

,

2/01/31

........................................................

980,000

987,278

Special

Improvement

District

No.

,

Special

Assessment

,

2015

,

%

,

8/01/35

....

1,855,000

1,857,189

Henderson

Local

Improvement

Districts

,

City

of

Henderson

Local

Improvement

District

No.

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

%

,

9/01/36

...............................

300,000

272,090

City

of

Henderson

Local

Improvement

District

No.

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

3.5 %

,

9/01/45

..............................

725,000

584,997

City

of

Henderson

Local

Improvement

District

No.

Black

Mountain

Ranch

,

Special

Assessment

,

2022

,

%

,

9/01/51

...............................

480,000

403,021

Local

Improvement

District

No.

,

Special

Assessment

,

2023

,

%

,

3/01/38

.....

765,000

804,291

Local

Improvement

District

No.

,

Special

Assessment

,

2023

,

5.25 %

,

3/01/48

..

980,000

993,927

Local

Improvement

District

No.

,

Special

Assessment

,

2023

,

5.25 %

,

3/01/53

..

295,000

296,512

c

,d

State

of

Nevada

Department

of

Business

&

Industry

,

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

5.875 %

,

12/15/27

..........

6,386,895

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### Nevada
(continued)

c,d

State

of

Nevada

Department

of

Business

&

Industry,

(continued)

Fulcrum

Sierra

Biofuels

LLC

,

Revenue

,

144A,

2017

,

6.25 %

,

12/15/37

...........

$

7,028,570

$

31,090,203

#### New

#### Hampshire

#### 0.5%
New

Hampshire

Business

Finance

Authority

,

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

3.75 %

,

8/15/30

...............

100,000

100,249

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.125 %

,

8/15/40

..............

2,545,000

2,416,318

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.25 %

,

8/15/46

...............

2,860,000

2,534,878

Caritas

Acquisitions

VII

LLC

,

Revenue

,

2020

A

,

4.5 %

,

8/15/55

................

5,940,000

5,037,150

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

%

,

8/01/65

.....

11,875,000

11,941,647

22,030,242

#### New

#### Jersey

#### 1.1%
New

Jersey

Economic

Development

Authority

,

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

%

,

7/01/47

..........

2,200,000

2,129,741

United

Airlines,

Inc.

,

Revenue

,

2003

,

5.5 %

,

6/01/33

........................

8,480,000

8,505,261

c

White

Horse

HMT

Urban

Renewal

LLC

,

Revenue

,

144A,

2020

,

%

,

1/01/40

......

2,921,853

2,076,360

g

New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2008

A

,

3.56 %,

12/15/38

................................................

46,750,000

29,882,801

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

6/01/46

.............................

7,000,000

7,050,983

Revenue,

Sub.

Lien

,

2018

B

,

Refunding

,

%

,

6/01/46

.......................

2,415,000

2,392,843

52,037,989

#### New

#### Mexico

#### 0.0%

#### †
Lower

Petroglyphs

Public

Improvement

District

,

Special

Tax

,

2018

,

Refunding

,

%

,

10/01/33

..............................

500,000

503,671

Special

Tax

,

2018

,

Refunding

,

%

,

10/01/38

..............................

450,000

453,397

Special

Tax

,

2018

,

Refunding

,

%

,

10/01/48

..............................

1,205,000

1,195,033

2,152,101

#### New

#### York

#### 3.3%
Metropolitan

Transportation

Authority

,

Revenue

,

2016

,

5.25 %

,

11/15/56

...................................

4,765,000

4,768,098

Revenue

,

2020

,

4.75 %

,

11/15/45

...................................

13,220,000

13,381,275

Revenue

,

2020

,

%

,

11/15/50

.....................................

10,000,000

10,202,043

Revenue

,

2020

,

5.25 %

,

11/15/55

...................................

25,000,000

25,672,187

New

York

Liberty

Development

Corp.

,

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25 %

,

10/01/35

.....................................

21,500,000

25,792,550

New

York

Transportation

Development

Corp.

,

American

Airlines,

Inc.

,

Revenue

,

2020

,

Refunding

,

5.375 %

,

8/01/36

...........

5,000,000

5,273,405

JFK

NTO

LLC

,

Revenue

,

2023

,

5.375 %

,

6/30/60

..........................

21,935,000

22,028,441

JFK

NTO

LLC

,

Revenue

,

2024

,

5.5 %

,

6/30/60

............................

5,995,000

6,128,417

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/59

..............................

9,990,000

10,662,520

Laguardia

Gateway

Partners

LLC

,

Revenue

,

2016

A

,

%

,

7/01/46

.............

5,000,000

5,001,985

c,g

Rockland

Tobacco

Asset

Securitization

Corp.

,

Revenue,

Sub.

Lien

,

144A,

2005

A

,

6.52 %,

8/15/45

...................................................

55,000,000

16,088,270

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

%

,

12/01/53

............

7,175,000

7,343,437

Suffolk

Regional

Off-Track

Betting

Corp.

,

Revenue

,

2024

,

5.75 %

,

12/01/44

........

5,000,000

5,165,209

157,507,837

#### North

#### Dakota

#### 0.1%
County

of

Burleigh

,

University

of

Mary

,

Revenue

,

2016

,

5.1 %

,

4/15/36

.........................

1,750,000

1,751,429

University

of

Mary

,

Revenue

,

2016

,

5.2 %

,

4/15/46

.........................

3,130,000

3,066,900

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### North

#### Dakota
(continued)

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

—

4,818,329

#### Ohio

#### 2.7%
City

of

Centerville

,

Graceworks

Lutheran

Services

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25 %

,

11/01/50

..........................................

5,000,000

4,793,512

c

Cleveland-Cuyahoga

County

Port

Authority

,

Flats

East

Bank

TIF

District

,

Tax

Allocation,

Senior

Lien

,

144A,

2021

A

,

Refunding

,

%

,

12/01/55

...................................................

1,050,000

818,337

Flats

East

Bank

TIF

District

,

Tax

Allocation,

Sub.

Lien

,

144A,

2021

B

,

Refunding

,

4.5 %

,

12/01/55

..................................................

1,500,000

1,221,856

County

of

Fairfield

,

Fairfield

Medical

Center

Obligated

Group

,

Revenue

,

2013

,

Refunding

,

%

,

6/15/43

.............................................

10,000,000

9,113,121

County

of

Franklin

,

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25 %

,

11/15/40

2,910,000

2,991,575

Wesley

Communities

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

5.25 %

,

11/15/55

8,800,000

8,286,777

County

of

Washington

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.625 %

,

12/01/42

................................................

10,000,000

10,818,832

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

6.75 %

,

12/01/52

.......................................................

17,000,000

17,659,267

Ohio

Higher

Educational

Facility

Commission

,

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/42

...........

1,360,000

1,383,936

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/45

...........

1,205,000

1,203,834

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

...........

2,570,000

2,456,697

Ohio

Housing

Finance

Agency

,

Revenue,

Sub.

Lien

,

2023

C

,

%

,

8/01/34

...............................

1,000,000

1,065,762

c

Middletown

Phase

Two

LP

,

Revenue,

Sub.

Lien

,

144A,

2023

C

,

%

,

9/01/39

......

1,400,000

1,543,557

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

,

5.75 %

,

2/15/35

.........................................................

35,000,000

40,159,413

Southeastern

Ohio

Port

Authority

,

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

%

,

12/01/35

.......................................................

1,000,000

1,000,024

Marietta

Area

Health

Care,

Inc.

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

%

,

12/01/43

.......................................................

1,000,000

942,663

c

State

of

Ohio

,

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

%

,

12/01/38

.......................................................

5,000,000

5,022,892

Aultman

Health

Foundation

Obligated

Group

,

Revenue

,

144A,

2018

,

Refunding

,

%

,

12/01/48

.......................................................

15,195,000

13,728,581

g

West

Central

Ohio

Port

Authority

,

DR

Horton-Indiana

LLC

,

Revenue

,

2025

,

1.426 %,

12/01/58

........................................................

5,825,000

4,019,802

128,230,438

#### Oklahoma

#### 0.2%
Tulsa

County

Industrial

Authority

,

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25 %

,

11/15/37

.......

1,000,000

1,018,797

Montereau

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25 %

,

11/15/45

.......

4,000,000

4,019,633

Tulsa

Municipal

Airport

Trust

Trustees

,

American

Airlines,

Inc.

,

Revenue

,

2025

,

Refunding

,

6.25 %

,

12/01/35

...........

1,735,000

2,041,281

American

Airlines,

Inc.

,

Revenue

,

2025

,

Refunding

,

6.25 %

,

12/01/40

...........

1,390,000

1,583,056

8,662,767

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

#### 0.3%
Clackamas

County

Hospital

Facility

Authority

,

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.125 %

,

11/15/40

.

$

500,000

$

507,254

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.25 %

,

11/15/50

..

1,250,000

1,251,096

Rose

Villa,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

5.375 %

,

11/15/55

.

1,500,000

1,501,511

Polk

County

Hospital

Facility

Authority

,

Dallas

Mennonite

Retirement

Community

Obligated

Group

,

Revenue

,

2020

A

,

5.125 %

,

7/01/55

.......................

3,500,000

3,274,748

Yamhill

County

Hospital

Authority

,

Friendsview

Manor

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

11/15/51

..

4,325,000

3,827,877

Friendsview

Manor

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/56

..

6,115,000

5,291,406

15,653,892

#### Pennsylvania

#### 2.8%
c

Allentown

Commercial

and

Industrial

Development

Authority

,

Executive

Education

Academy

Charter

School

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/59

........

1,800,000

1,670,670

c

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Center

City

Investment

Corp.

,

Revenue

,

144A,

2018

,

5.375 %

,

5/01/42

..........

5,000,000

5,070,542

Center

City

Investment

Corp.

,

Revenue,

Sub.

Lien

,

144A,

2022

,

5.25 %

,

5/01/42

...

5,765,000

6,001,899

Berks

County

Municipal

Authority

(The)

,

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

%

,

6/30/34

..............

2,083,000

2,171,626

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

%

,

6/30/34

..............

1,045,000

1,127,685

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

%

,

6/30/39

..............

13,996,000

13,397,696

g

Tower

Health

Obligated

Group

,

Revenue

,

2024

,

1.361 %,

6/30/44

...........

6,993,000

5,197,959

c

Chester

County

Industrial

Development

Authority

,

Borough

of

Phoenixville

Steelpointe

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.75 %

,

3/01/50

..............................

4,185,000

3,807,864

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

%

,

3/01/38

...........................................

225,000

227,611

Woodlands

at

Greystone

Neighborhood

Improvement

District

,

Special

Assessment

,

144A,

2018

,

5.125 %

,

3/01/48

.......................................

700,000

701,028

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2019

,

Refunding

,

%

,

5/01/48

......................................................

4,000,000

3,618,933

c

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

B

,

7.25 %

,

3/01/50

.................................................

4,495,000

4,157,427

Franklin

County

Industrial

Development

Authority

,

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/38

...

1,000,000

1,011,821

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/43

...

1,200,000

1,198,663

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/48

...

4,600,000

4,286,963

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/53

...

3,050,000

2,726,033

Menno-Haven,

Inc.

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/54

............

1,000,000

890,550

Lancaster

County

Hospital

Authority

,

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.125 %

,

7/01/37

...

1,105,000

1,111,668

Brethren

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5.25 %

,

7/01/41

....

2,705,000

2,713,835

Lehigh

County

Industrial

Development

Authority

,

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

%

,

5/01/31

............

580,000

578,220

Seven

Generations

Charter

School

,

Revenue

,

2021

A

,

%

,

5/01/51

............

2,385,000

1,877,136

Montgomery

County

Higher

Education

and

Health

Authority

,

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

5/01/57

.........

20,000,000

20,145,746

g

Pennsylvania

Turnpike

Commission

,

Revenue

,

,

5.623 %,

12/01/37

......................................

20,000,000

21,424,160

Revenue

,

,

5.728 %,

12/01/40

......................................

25,075,000

25,916,665

Philadelphia

Authority

for

Industrial

Development

,

Evangelical

Services

for

the

Aging

Obligated

Group

,

Revenue

,

A

,

Refunding

,

%

,

7/01/49

......................

3,000,000

2,779,833

133,812,233

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Rhode

#### Island

#### 0.0%

#### †
Rhode

Island

Health

and

Educational

Building

Corp.

,

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/55

..............................

$

1,425,000

$

1,433,541

#### South

#### Carolina

#### 0.9%
County

of

Dorchester

,

Summers

Corner

Improvement

District

,

Special

Assessment

,

2023

,

5.5 %

,

10/01/51

...............................................

2,110,000

2,096,267

c

County

of

Lancaster

,

Roselyn

Residential

Improvement

District

,

Special

Assessment

,

144A,

2025

,

%

,

6/01/45

........................................................

1,295,000

1,361,698

Roselyn

Residential

Improvement

District

,

Special

Assessment

,

144A,

2025

,

6.2 %

,

6/01/55

........................................................

1,000,000

1,035,271

c

Greenville

Housing

Authority

,

Victor

Verdae

Apartments

Project

,

Revenue

,

144A,

2023

B

,

8.375 %

,

5/01/47

................................................

10,600,000

10,521,913

South

Carolina

Jobs-Economic

Development

Authority

,

Beaufort

Memorial

Hospital

Obligated

Group

,

Revenue

,

2024

,

5.75 %

,

11/15/54

...

2,000,000

2,050,030

c

FAH

Pelham

LLC

,

Revenue

,

144A,

2023

B

,

II

,

7.5 %

,

8/01/47

.................

9,565,000

9,653,146

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2017

,

%

,

4/01/52

........................................................

1,750,000

1,652,462

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

4/01/48

............................................

3,500,000

3,386,139

South

Carolina

Episcopal

Home

at

Still

Hopes

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

4/01/53

.........................................

11,000,000

10,731,169

42,488,095

#### South

#### Dakota

#### 0.2%
City

of

Sioux

Falls

,

Dow

Rummel

Village

,

Revenue

,

2016

,

Refunding

,

%

,

11/01/46

...............

7,110,000

6,537,547

Dow

Rummel

Village

,

Revenue

,

2017

,

%

,

11/01/42

........................

2,000,000

1,962,562

8,500,109

#### Tennessee

#### 1.5%
c

Cleveland

Housing

Authority

,

Cleveland

Forward

Phase

One

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

6.25 %

,

4/01/41

........................................................

1,000,000

1,033,895

Cleveland

Forward

Phase

Two

LLC

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

6.25 %

,

4/01/41

........................................................

1,000,000

1,033,894

g

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.17 %,

7/01/27

........................................................

19,365,000

18,573,732

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.22 %,

7/01/28

........................................................

19,400,000

18,014,008

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.28 %,

7/01/29

........................................................

19,365,000

17,389,164

Ballad

Health

Obligated

Group

,

Revenue

,

2000

A

,

Refunding

,

NATL

Insured

,

3.35 %,

7/01/30

........................................................

19,370,000

16,787,338

72,832,031

#### Texas

#### 12.4%
c

Arlington

Higher

Education

Finance

Corp.

,

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2024

,

4.875 %

,

6/15/59

......

1,000,000

913,387

BASIS

Texas

Charter

Schools,

Inc.

,

Revenue

,

144A,

2025

,

Refunding

,

5.875 %

,

6/15/65

........................................................

7,600,000

7,745,405

Cedar

Bayou

Navigation

District

,

Special

Assessment

,

2020

,

%

,

9/15/51

.........

7,500,000

6,371,743

g

Central

Texas

Regional

Mobility

Authority

,

Revenue

,

2010

,

3.19 %,

1/01/35

.......................................

3,000,000

2,272,522

Revenue

,

2010

,

3.53 %,

1/01/37

.......................................

2,500,000

1,715,750

Revenue

,

2010

,

3.7 %,

1/01/38

........................................

2,405,000

1,564,358

Revenue

,

2010

,

3.85 %,

1/01/39

.......................................

2,545,000

1,567,147

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Anna

,

c

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.75 %

,

9/01/42

..............................

$

972,000

$

1,042,524

c

Hurricane

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/01/52

................................

1,907,000

1,948,520

c

Meadow

Vista

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/15/44

...............................

850,000

874,548

c,f

Sherley

Farms

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2026

,

5.7 %

,

9/15/56

...............................

2,000,000

2,007,751

c

Sherley

Tract

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/15/31

..............................

300,000

302,607

c

Sherley

Tract

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/41

................................

867,000

824,485

c

Sherley

Tract

Public

Improvement

District

No.

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5 %

,

9/15/31

...............................

100,000

101,190

c

Sherley

Tract

Public

Improvement

District

No.

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/51

................................

503,000

474,201

c

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/15/43

.............................

751,000

788,847

c

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Area

,

Special

Assessment

,

144A,

2023

,

5.875 %

,

9/15/53

.............................

1,075,000

1,112,682

Woods

at

Lindsey

Place

(The)

Public

Improvement

District

Improvement

Area

No.

2-3

,

Special

Assessment

,

2025

,

5.5 %

,

9/15/55

..........................

1,180,000

1,189,740

c

City

of

Aubrey

,

Aubrey

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2023

,

5.875 %

,

9/01/43

........................................................

1,075,000

1,110,010

Aubrey

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

........................................................

1,600,000

1,623,253

Duck

Point

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

12/31/45

.......................................................

1,100,000

1,112,960

Duck

Point

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

12/31/55

.......................................................

1,890,000

1,897,821

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/01/32

........................................

700,000

736,459

Jackson

Ridge

Public

Improvement

District

Phase

No.

3B

,

Special

Assessment

,

144A,

2022

,

%

,

9/01/45

...........................................

1,803,000

1,912,124

c

City

of

Boyd

,

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/15/53

................................

1,408,000

1,420,725

City

of

Celina

,

c

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/44

..........................

470,000

484,213

c

Special

Assessment

,

144A,

2024

,

5.75 %

,

9/01/54

.........................

1,300,000

1,325,247

c

Chalk

Hill

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/43

..................................................

767,000

790,029

c

Chalk

Hill

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

........................................................

1,764,000

1,775,594

c

Creeks

of

Legacy

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2020

,

4.25 %

,

9/01/40

........................................

230,000

223,610

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/30

..........................

350,000

357,856

c

Cross

Creek

Meadows

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

6.125 %

,

9/01/53

.......................

1,549,000

1,574,706

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.75 %

,

9/01/31

..................................................

155,000

156,663

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.25 %

,

9/01/41

..................................................

370,000

376,645

c

Edgewood

Creek

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

5.5 %

,

9/01/50

...................................................

500,000

500,625

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

City

of

Celina,

(continued)

c

Edgewood

Creek

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2021

,

4.25 %

,

9/01/41

........................................

$

500,000

$

482,714

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.75 %

,

9/01/27

........................................................

122,000

119,398

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.125 %

,

9/01/32

.................................................

231,000

220,067

c

Hillside

Village

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375 %

,

9/01/42

.................................................

866,000

707,320

c

Lakes

at

Mustang

Ranch

Public

Improvement

District

Phases

8-9

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

9/01/55

.............................

600,000

600,984

c

Mosaic

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/01/44

.................................................

1,495,000

1,532,743

c

Mosaic

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/54

...................................................

2,500,000

2,562,810

c

Mosaic

Public

Improvement

District

Phase

,

Special

Assessment

,

144A,

2023

,

4.375 %

,

9/01/30

.................................................

321,000

327,837

c

Mosaic

Public

Improvement

District

Phase

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/53

...................................................

1,851,000

1,886,448

North

Sky

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2023

,

4.375 %

,

9/01/30

............................................

328,000

332,941

North

Sky

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2023

,

5.375 %

,

9/01/43

............................................

812,000

840,257

North

Sky

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2023

,

5.625 %

,

9/01/52

............................................

1,005,000

1,016,589

c

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

4.875 %

,

9/01/30

.......................................

228,000

234,192

c

North

Sky

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.125 %

,

9/01/52

.......................................

999,000

1,016,350

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/26

..........

78,000

77,699

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

(The)

Initial

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

...........

473,000

464,572

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

9/01/26

..............................

66,000

65,683

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

9/01/31

..............................

150,000

143,652

c

Parks

at

Wilson

Creek

(The)

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/41

...............................

1,205,000

1,081,112

c

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.5 %

,

9/01/43

1,500,000

1,544,162

c

Pravin

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

6.75 %

,

9/01/53

2,000,000

2,018,879

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2022

,

3.25 %

,

9/01/27

........................................

227,000

223,628

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2022

,

3.625 %

,

9/01/32

.......................................

336,000

316,009

c

Sutton

Fields

East

Public

Improvement

District

Phase

No.

,

Special

Assessment

,

144A,

2022

,

4.125 %

,

9/01/51

.......................................

1,033,000

863,678

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

9/01/50

.......................

1,785,000

1,504,904

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

2.875 %

,

9/01/27

.......................

43,000

42,160

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.25 %

,

9/01/32

........................

250,000

238,975

c

Sutton

Fields

II

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.5 %

,

9/01/42

.........................

1,175,000

993,701

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.75 %

,

9/01/30

..............................

394,000

402,798

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Celina,

(continued)

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/42

...............................

$

1,169,000

$

1,231,164

c

Ten

Mile

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/52

..............................

1,494,000

1,529,062

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/30

...............................

231,000

235,937

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.25 %

,

9/01/42

..............................

801,000

830,949

c

Ten

Mile

Creek

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2023

,

6.5 %

,

9/01/52

...............................

1,300,000

1,316,455

c

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/01/40

........................................................

425,000

398,525

c

Wells

North

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/50

........................................................

498,000

406,030

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

9/01/30

........................................................

150,000

144,615

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/40

........................................................

350,000

327,847

c

Wells

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/50

........................................................

965,000

786,785

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

..........................

158,000

147,979

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/41

.......................

379,000

321,039

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/01/42

.........................

490,000

513,078

c

Wells

South

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.625 %

,

9/01/52

.......................

1,314,000

1,332,486

City

of

Corpus

Christi

,

Whitecap

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

2024

,

5.375 %

,

9/15/31

..................................

244,000

255,240

Whitecap

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

2024

,

6.125 %

,

9/15/44

..................................

1,150,000

1,174,342

Whitecap

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

2024

,

6.5 %

,

9/15/54

....................................

2,000,000

2,015,250

c

City

of

Crandall

,

Cartwright

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/31

................................

409,000

413,645

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.75 %

,

9/15/31

..............................

161,000

163,940

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/41

................................

1,144,000

1,146,160

Cartwright

Ranch

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25 %

,

9/15/51

..............................

750,000

719,821

River

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/32

...............................

528,000

558,668

River

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/52

.............................

5,000,000

5,192,787

River

Ridge

Public

Improvement

District

Single-family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/32

.......................

207,000

220,292

River

Ridge

Public

Improvement

District

Single-family

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.75 %

,

9/15/52

........................

1,750,000

1,838,726

c,g

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue

,

144A,

2022

B

,

7.42 %,

12/01/62

........................................................

173,330,000

12,476,051

c

City

of

Dayton

,

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Junior

Lien

,

144A,

2022

B

,

5.75 %

,

9/01/52

...................

1,402,000

1,410,551

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Dayton,

(continued)

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2022

A

,

4.875 %

,

9/01/32

..................

$

269,000

$

282,464

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2022

A

,

5.125 %

,

9/01/42

..................

764,000

791,004

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Junior

Lien

,

144A,

2024

B

,

6.25 %

,

9/01/54

...................

1,225,000

1,223,106

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.375 %

,

9/01/44

..................

608,000

634,747

Westpointe

Villages

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.75 %

,

9/01/54

...................

866,000

876,923

c

City

of

Decatur

,

Paloma

Trails

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.5 %

,

9/15/45

...............................

700,000

720,015

Paloma

Trails

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

9/15/55

..............................

1,400,000

1,418,929

Paloma

Trails

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

9/15/35

.............................

172,000

177,112

Paloma

Trails

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

6.375 %

,

9/15/55

.............................

865,000

866,806

Vista

Park

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.875 %

,

9/15/54

.............................

2,160,000

2,212,456

c

City

of

DeSoto

,

Danieldale

Homestead

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/15/50

.....................

1,430,000

1,449,945

c

City

of

Dorchester

,

Cottonwood

Public

improvement

District

Major

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

%

,

9/15/44

................................

1,000,000

1,004,835

Cottonwood

Public

improvement

District

Major

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

6.25 %

,

9/15/54

..............................

1,500,000

1,458,710

c

City

of

Dripping

Springs

,

Heritage

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.5 %

,

9/01/30

.........................................

269,000

274,080

Heritage

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/53

.........................................

1,219,000

1,230,009

Heritage

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/54

........................................

565,000

565,255

c

City

of

Elmendorf

,

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/31

.............................

398,000

373,482

Hickory

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/01/41

..............................

1,205,000

1,046,998

Ridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

9/01/55

.......................................

2,350,000

2,375,348

c

City

of

Fate

,

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

8/15/26

........................................

100,000

99,648

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

8/15/31

.......................................

711,000

681,153

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

8/15/41

........................................

1,871,000

1,724,381

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

8/15/44

.......................................

800,000

815,855

Monterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.75 %

,

8/15/54

........................................

1,350,000

1,366,061

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.375 %

,

8/15/30

.............................

125,000

121,235

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Fate,

(continued)

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.875 %

,

8/15/40

.............................

$

691,000

$

661,211

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

8/15/50

.............................

994,000

838,323

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.875 %

,

8/15/42

.............................

1,617,000

1,670,339

Williamsburg

East

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

8/15/52

................................

2,500,000

2,554,110

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.125 %

,

8/15/30

.......................................

436,000

433,420

Williamsburg

East

Public

Improvement

District

Major

Improvement

Area

,

Revenue

,

144A,

2020

,

4.625 %

,

8/15/40

.......................................

505,000

496,997

Williamsburg

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.25 %

,

8/15/42

..................................................

1,204,000

1,193,449

Williamsburg

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.375 %

,

8/15/52

.................................................

1,100,000

991,492

Williamsburg

Public

Improvement

District

No.

Phase

3B

,

Special

Assessment

,

144A,

2023

,

4.25 %

,

8/15/30

........................................

250,000

255,957

Williamsburg

Public

Improvement

District

No.

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.125 %

,

8/15/43

.......................................

1,000,000

1,034,338

Williamsburg

Public

Improvement

District

No.

Phase

3B

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

8/15/53

.......................................

1,287,000

1,303,761

c

City

of

Ferris

,

Woodstone

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.375 %

,

9/01/32

.............................

675,000

645,911

Woodstone

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/01/42

..............................

1,259,000

1,137,345

c

City

of

Fort

Worth

,

Public

Improvement

District

No.

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

%

,

9/01/27

................................................

575,000

574,713

Public

Improvement

District

No.

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

%

,

9/01/32

................................................

1,270,000

1,261,787

Public

Improvement

District

No.

Major

Improvement

,

Special

Assessment

,

144A,

2017

,

5.125 %

,

9/01/37

............................................

1,650,000

1,648,303

Public

Improvement

District

No.

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

%

,

9/01/27

...........................................

505,000

512,453

Public

Improvement

District

No.

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

%

,

9/01/32

...........................................

1,530,000

1,541,655

Public

Improvement

District

No.

Roadway

Improvement

,

Special

Assessment

,

144A,

2018

,

%

,

9/01/37

...........................................

1,975,000

1,980,725

c

City

of

Georgetown

,

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.875 %

,

9/15/32

.................................................

409,000

414,563

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.125 %

,

9/15/42

.................................................

1,060,000

1,051,502

Parks

at

Westhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.25 %

,

9/15/47

..................................................

716,000

661,789

c

City

of

Gunter

,

Bridges

Phase

2A

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

9/15/55

..........................................

1,676,000

1,698,660

c

City

of

Haslet

,

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

9/01/26

.......................................

87,000

86,618

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

9/01/31

........................................

150,000

139,791

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/01/41

.......................................

1,271,000

1,112,392

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

City

of

Horseshoe

Bay

,

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

%

,

10/01/30

.......................................................

$

490,000

$

466,077

Escondido

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25 %

,

10/01/33

.................................................

425,000

394,789

City

of

Houston

Airport

System

,

United

Airlines,

Inc.

,

Revenue

,

2024

B

,

5.5 %

,

7/15/39

4,750,000

5,207,270

c

City

of

Huntsville

,

Reserves

of

Huntsville

Public

Improvement

District

(The)

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/15/44

............................................

775,000

795,946

Reserves

of

Huntsville

Public

Improvement

District

(The)

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/15/54

............................................

742,000

745,310

c

City

of

Hutto

,

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/01/31

.............................

260,000

249,766

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/41

...............................

1,038,000

911,018

Cottonwood

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

9/01/55

.............................

584,000

583,184

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/31

........................................................

392,000

378,316

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.875 %

,

9/01/41

.................................................

1,000,000

937,861

Durango

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/56

........................................................

3,479,000

2,798,527

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

9/01/31

..............................

206,000

196,696

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/01/41

.............................

519,000

462,635

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/56

................................

1,146,000

904,453

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

9/01/43

..............................

859,000

885,997

Emory

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/01/58

.............................

2,000,000

2,030,597

c

City

of

Justin

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

9/01/55

.........................

1,000,000

1,040,916

Timberbrook

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

................................

475,000

452,940

Timberbrook

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/41

.............................

2,709,000

2,294,710

Timberbrook

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

9/01/45

.............................

460,000

484,061

Timberbrook

Public

Improvement

District

No.

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.5 %

,

9/01/31

.........................................

200,000

205,390

Timberbrook

Public

Improvement

District

No.

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/44

.........................................

580,000

606,411

Timberbrook

Public

Improvement

District

No.

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.75 %

,

9/01/53

........................................

755,000

773,935

Timberbrook

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

9/01/45

..............................

406,000

416,116

Timberbrook

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

%

,

9/01/55

................................

503,000

508,638

c

City

of

Kaufman

,

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/31

........................................................

230,000

213,465

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/15/41

........................................................

570,000

507,602

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

,

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.5 %

,

9/01/44

.........................................

$

1,380,000

$

1,119,050

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

9/01/30

.......................................

400,000

373,874

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/31

.......................................

530,000

516,656

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/01/41

........................................

1,428,000

1,319,410

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

9/01/43

........................................

2,250,000

2,365,663

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/47

.........................................

1,396,000

1,446,094

c

Creeks

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.375 %

,

9/01/50

.......................................

500,000

504,346

Kyle

Public

Improvement

District

,

Special

Assessment

,

2022

,

4.75 %

,

9/01/32

..

400,000

418,280

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.75 %

,

9/01/33

..............................

176,000

181,499

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/53

..............................

1,250,000

1,282,224

c

Limestone

Creek

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.75 %

,

9/01/53

..............................

1,113,000

1,132,751

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.875 %

,

9/01/32

.............................

500,000

502,189

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

4.125 %

,

9/01/41

.............................

1,185,000

1,154,694

c

Plum

Creek

North

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/01/54

.............................

805,000

815,262

c

Plum

Creek

North

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

4.625 %

,

9/01/41

.............................

1,092,000

1,095,136

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/43

..............................

1,229,000

1,263,886

c

Porter

Country

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

................................

3,000,000

3,023,668

c

Southwest

Kyle

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.75 %

,

9/01/48

..............................

700,000

737,015

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

289,110

c

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/01/43

.............................

563,000

584,888

c

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

%

,

9/01/54

................................

2,113,000

2,163,552

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

1,864,710

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

2,359,661

City

of

Lavon

,

c

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.5 %

,

9/15/27

.........................................

200,000

198,209

c

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

3.875 %

,

9/15/32

.......................................

1,000,000

992,743

c

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/42

...........................................

2,259,000

2,121,092

c

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

9/15/31

........................................

146,000

147,323

c

Elevon

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/15/52

.......................................

500,000

502,691

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

City

of

Lavon,

(continued)

c

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

4.375 %

,

9/15/31

.............................

$

200,000

$

202,550

c

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

5.125 %

,

9/15/44

.............................

615,000

632,808

c

Elevon

Public

Improvement

District

Improvement

Area

No.

2A-2B

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/15/54

...............................

800,000

807,745

Elevon

Public

Improvement

District

Improvement

Area

No.

3-5

,

Special

Assessment

,

2025

,

5.75 %

,

9/15/55

.............................................

1,600,000

1,612,215

c

Elevon

Public

Improvement

District

Zone

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/15/27

........................................

119,000

118,355

c

Elevon

Public

Improvement

District

Zone

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.125 %

,

9/15/32

.......................................

455,000

458,276

c

Elevon

Public

Improvement

District

Zone

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

4.375 %

,

9/15/42

.......................................

1,000,000

982,270

Elevon

Public

Improvement

District

Zone

Remainder

Area

,

Special

Assessment

,

2025

,

6.375 %

,

9/15/55

............................................

1,897,000

1,902,305

c

Lakepointe

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/52

........................................................

1,625,000

1,700,382

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25 %

,

9/01/32

...........................................

530,000

506,626

c

City

of

Lewisville

,

Lakeside

Crossing

Public

Improvement

District

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

............................................

1,625,000

1,697,552

f

City

of

Liberty

,

Liberty

Ranch

Public

Improvement

District

,

Special

Assessment

,

2026

,

5.5 %

,

9/01/46

500,000

502,377

Liberty

Ranch

Public

Improvement

District

,

Special

Assessment

,

2026

,

5.875 %

,

9/01/56

........................................................

1,600,000

1,610,503

c

City

of

Liberty

Hill

,

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

2.625 %

,

9/01/27

........................................................

164,000

160,673

Butler

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.375 %

,

9/01/42

........................................................

1,771,000

1,507,071

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.5 %

,

9/01/27

...............................

136,000

134,662

Butler

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

3.875 %

,

9/01/32

.............................

275,000

268,920

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.125 %

,

9/01/30

.................................................

250,000

240,327

Summerlyn

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/40

........................................................

845,000

795,788

c

City

of

Lowry

Crossing

,

Lowry

Trails

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.5 %

,

9/15/55

.........................

1,020,000

1,024,030

c

City

of

Manor

,

Manor

Heights

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.5 %

,

9/15/30

..............................................

161,000

163,546

Manor

Heights

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

9/15/43

.............................................

328,000

337,607

Manor

Heights

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/15/44

............................................

298,000

307,231

Manor

Heights

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/15/54

............................................

584,000

591,711

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/31

.............................

250,000

233,422

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/15/31

..............................

310,000

290,729

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/15/41

...............................

700,000

605,997

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Manor,

(continued)

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/15/41

.............................

$

830,000

$

772,563

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/51

................................

1,000,000

802,929

Manor

Heights

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.375 %

,

9/15/51

.............................

1,225,000

1,022,938

Newhaven

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/55

........................................................

825,000

852,490

c

City

of

Marble

Falls

,

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.875 %

,

9/01/31

.............................

350,000

343,657

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/01/41

.............................

1,000,000

937,880

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.375 %

,

9/01/51

.............................

1,470,000

1,296,916

Thunder

Rock

Public

Improvement

District

Improvement

Area

No.

2A

,

Special

Assessment

,

144A,

2024

,

6.625 %

,

9/01/54

.............................

1,200,000

1,176,417

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.625 %

,

9/01/31

.............................

150,000

149,116

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875 %

,

9/01/41

.............................

450,000

440,959

Thunder

Rock

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.125 %

,

9/01/51

.............................

620,000

566,549

Thunder

Rock

Public

Improvement

District

Remainder

Area

,

Special

Assessment

,

144A,

2024

,

7.375 %

,

9/01/44

.......................................

1,000,000

1,021,149

Thunder

Rock

Public

Improvement

District

Remainder

Area

,

Special

Assessment

,

144A,

2024

,

7.625 %

,

9/01/54

.......................................

1,750,000

1,757,934

c

City

of

Mclendon-Chisholm

,

Sonoma

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

9/15/26

.......................................

55,000

54,740

Sonoma

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.625 %

,

9/15/41

.......................................

620,000

552,129

Sonoma

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/51

...........................................

865,000

699,648

Sonoma

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.375 %

,

9/15/32

.......................................

250,000

267,565

City

of

Mesquite

,

Solterra

Public

Improvement

District

Improvement

Area

A-2-A-4

,

Special

Assessment

,

2025

,

5.75 %

,

9/01/55

.............................................

1,500,000

1,506,040

Solterra

Public

Improvement

District

Improvement

Area

,

Special

Assessment

,

2025

,

5.625 %

,

9/01/55

............................................

1,625,000

1,629,970

c

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

4.75 %

,

9/01/30

........................................

549,000

563,306

c

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/43

.........................................

1,500,000

1,576,398

c

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/01/53

........................................

4,965,000

5,105,342

c

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

9/01/43

.............................

750,000

781,367

c

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/01/53

.............................

1,210,000

1,234,940

c

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/01/53

.............................

1,017,000

1,037,962

c

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

9/01/31

..............................

231,000

234,315

c

Solterra

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/53

..............................

200,000

199,469

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Midlothian

,

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/15/31

........................................................

$

410,000

$

396,718

Redden

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/15/51

.................................................

1,635,000

1,360,542

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/15/31

.............................

220,000

216,407

Redden

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.5 %

,

9/15/41

...............................

420,000

412,615

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/32

...............................

309,000

317,474

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/42

................................

750,000

780,414

Westside

Preserve

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/52

.............................

1,410,000

1,437,959

c

City

of

Mustang

Ridge

,

Durango

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.125 %

,

9/01/43

.......................................

515,000

546,444

Durango

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.375 %

,

9/01/53

.......................................

498,000

517,514

c

City

of

New

Braunfels

,

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.25 %

,

9/01/31

..............................

320,000

316,631

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.5 %

,

9/01/41

...............................

882,000

854,840

Solms

Landing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.75 %

,

9/01/51

..............................

1,454,000

1,324,876

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

1,307,775

Oak

Point

720

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.7 %

,

9/15/31

..............................................

243,000

247,201

Oak

Point

720

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.35 %

,

9/15/44

.............................................

170,000

172,460

Oak

Point

720

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/15/54

............................................

160,000

160,453

Oak

Point

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

9/01/30

..................................................

300,000

288,606

Oak

Point

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/01/40

..................................................

1,170,000

1,080,451

Oak

Point

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/50

........................................................

1,060,000

874,295

Wildridge

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.75 %

,

9/01/31

..............................

160,000

149,104

Wildridge

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/01/41

.............................

628,000

514,914

City

of

Pilot

Point

,

c

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.25 %

,

9/15/35

..............................

500,000

532,857

c

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

9/15/45

.............................

927,000

976,060

c

Bryson

Ranch

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

6.375 %

,

9/15/55

.............................

1,790,000

1,855,904

c

Bryson

Ranch

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/35

................................

301,000

317,407

c

Bryson

Ranch

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

7.125 %

,

9/15/55

.............................

1,004,000

1,040,469

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Pilot

Point,

(continued)

c

Bryson

Ranch

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.25 %

,

9/15/35

..............................

$

250,000

$

266,088

c

Bryson

Ranch

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

9/15/45

.............................

650,000

684,400

c

Bryson

Ranch

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

6.375 %

,

9/15/55

.............................

1,390,000

1,441,177

c

Bryson

Ranch

Public

Improvement

District

Zone

B

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/35

................................

251,000

264,382

c

Bryson

Ranch

Public

Improvement

District

Zone

B

Remainder

Area

,

Special

Assessment

,

144A,

2025

,

7.125 %

,

9/15/55

.............................

1,070,000

1,108,867

c

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/15/32

..............................

200,000

209,776

c

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/42

...............................

800,000

826,627

c

Creekview

Public

Improvement

District

Zone

A

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.625 %

,

9/15/52

.............................

1,000,000

1,005,880

c

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

5.75 %

,

9/15/32

........................................

200,000

209,936

c

Creekview

Public

Improvement

District

Zone

A

Remainder

Area

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/15/52

.......................................

2,078,000

2,127,148

c

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/15/32

..............................

300,000

314,664

c

Creekview

Public

Improvement

District

Zone

B

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/42

...............................

750,000

774,963

f

Maverick

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

2026

,

6.75 %

,

9/15/46

...................................

1,207,000

1,220,208

f

Maverick

Farms

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

2026

,

%

,

9/15/56

.....................................

907,000

910,282

f

Maverick

Farms

Public

Improvement

District

Major

Improvement

Area

No.

,

Special

Assessment

,

2026

,

6.25 %

,

9/15/56

...................................

2,350,000

2,358,833

c

Mobberly

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.125 %

,

9/15/32

.......................................

500,000

517,201

c

Mobberly

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/15/48

.........................................

4,026,000

4,049,976

c

Mobberly

Public

Improvement

District

Improvement

Area

No.

1B

,

Special

Assessment

,

144A,

2023

,

5.625 %

,

9/15/48

.............................

926,000

936,122

c

Mobberly

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.625 %

,

9/15/32

.......................................

810,000

862,400

c

Mobberly

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/52

...........................................

4,001,000

4,068,645

c

Mobberly

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2022

,

6.5 %

,

9/15/52

.........................................

1,600,000

1,670,215

c

City

of

Plano

,

Collin

Creek

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

4.375 %

,

9/15/51

.................................................

7,342,000

6,087,551

Collin

Creek

West

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/15/51

....................................................

2,192,000

1,788,712

Haggard

Farm

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

7.5 %

,

9/15/53

...............................

1,000,000

1,054,005

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.25 %

,

9/15/43

..............................

1,250,000

1,339,984

Haggard

Farm

Public

Improvement

District

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2023

,

8.5 %

,

9/15/53

...............................

2,193,000

2,307,255

c

City

of

Princeton

,

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.375 %

,

9/01/30

.................................................

180,000

176,753

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Princeton,

(continued)

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.875 %

,

9/01/40

.................................................

$

650,000

$

622,244

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

9/01/50

.................................................

930,000

802,427

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/01/27

........................................................

86,000

86,080

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

%

,

9/01/32

........................................................

280,000

281,854

Arcadia

Farms

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

4.375 %

,

9/01/52

.................................................

1,117,000

988,824

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

........................................................

126,000

120,389

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/01/41

........................................................

325,000

275,297

Brookside

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/51

........................................................

431,000

355,487

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/01/32

........................................

380,000

399,665

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

9/01/43

........................................

1,155,000

1,183,973

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/53

.........................................

1,220,000

1,221,235

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

4.25 %

,

9/01/31

........................................

256,000

262,253

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

%

,

9/01/44

...........................................

713,000

722,069

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/54

........................................

491,000

489,438

Sicily

Public

Improvement

District

Major

improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/43

................................

1,000,000

1,052,498

Sicily

Public

Improvement

District

Major

improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/53

................................

2,000,000

2,049,276

Sicily

Public

Improvement

District

Major

improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

7.875 %

,

9/01/53

.............................

1,000,000

1,033,425

Southbridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/44

..............................

500,000

509,067

Southbridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/54

...............................

1,100,000

1,100,427

Southridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.25 %

,

9/01/43

..............................

1,355,000

1,453,917

Southridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.375 %

,

9/01/53

.............................

1,380,000

1,438,051

Whitewing

Trails

Public

Improvement

District

No.

Phase

,

Special

Assessment

,

144A,

2023

,

4.25 %

,

9/01/30

........................................

164,000

165,772

Whitewing

Trails

Public

Improvement

District

No.

Phase

,

Special

Assessment

,

144A,

2023

,

5.375 %

,

9/01/53

.......................................

2,041,000

2,051,823

Winchester

Crossing

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/01/54

............................................

225,000

223,162

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

9/01/30

........................................................

200,000

193,360

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/01/40

........................................................

470,000

443,630

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

%

,

9/01/50

........................................................

675,000

562,431

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

2.875 %

,

9/01/31

........................................................

110,000

102,973

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Princeton,

(continued)

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.25 %

,

9/01/41

........................................................

$

518,000

$

431,752

Winchester

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/51

........................................................

616,000

497,699

Winchester

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/01/32

..................................................

461,000

476,094

Winchester

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/01/52

..................................................

2,220,000

2,241,601

Windmore

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/54

...............................

565,000

568,316

c

City

of

Red

Oak

,

Red

Oak

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.625 %

,

9/15/26

.............................

130,000

129,386

Red

Oak

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/31

.............................

354,000

328,060

Red

Oak

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/15/41

.............................

500,000

423,078

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

166,282

Trails

at

Cottonwood

Creek

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.75 %

,

9/15/41

...............

820,000

757,828

c

City

of

Royse

City

,

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.625 %

,

9/15/30

.............................

225,000

220,810

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

9/15/40

.............................

590,000

569,117

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.375 %

,

9/15/50

.............................

715,000

627,914

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.875 %

,

9/15/42

.............................

589,000

619,151

Creekshaw

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/52

................................

1,267,000

1,298,831

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

4.375 %

,

9/15/30

.............................

210,000

210,695

Creekshaw

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.125 %

,

9/15/50

.............................

575,000

554,781

Creekside

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.375 %

,

9/15/30

.......................................

450,000

438,278

Creekside

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.875 %

,

9/15/40

.......................................

1,190,000

1,138,430

Creekside

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

4.125 %

,

9/15/50

.......................................

1,780,000

1,485,100

Liberty

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2023

,

6.375 %

,

9/15/53

.............................

1,182,000

1,218,323

Waterscape

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.875 %

,

9/15/54

............................................

1,000,000

1,016,370

Waterscape

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2019

,

4.75 %

,

9/15/49

..............................

1,495,000

1,416,923

c

City

of

Sachse

,

Sachse

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/52

........................................................

750,000

822,408

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

9/15/30

..............................

405,000

389,602

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/15/40

..............................

1,070,000

1,009,264

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

City

of

Sachse,

(continued)

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

%

,

9/15/50

................................

$

1,485,000

$

1,229,696

Sachse

Public

Improvement

District

No.

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

%

,

9/15/50

................................

200,000

210,407

Sachse

Public

Improvement

District

No.

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.375 %

,

9/15/40

.............................

1,600,000

1,670,284

Sachse

Public

Improvement

District

No.

Major

Improvement

Area

,

Special

Assessment

,

144A,

2020

,

5.625 %

,

9/15/50

.............................

2,235,000

2,284,224

City

of

San

Marcos

,

c

Trace

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

%

,

9/01/48

.

1,295,000

1,302,327

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

4.875 %

,

9/01/30

.

305,000

309,814

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.375 %

,

9/01/40

.

1,300,000

1,343,006

Whisper

Public

Improvement

District

,

Special

Assessment

,

2020

,

5.625 %

,

9/01/50

.

1,300,000

1,311,884

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/01/27

..................................................

100,000

99,561

c

Whisper

South

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

%

,

9/01/32

........................................................

425,000

421,922

c

City

of

Sinton

,

Somerset

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.375 %

,

9/01/27

.................................................

175,000

175,513

Somerset

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/01/32

..................................................

660,000

662,993

Somerset

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.125 %

,

9/01/42

.................................................

1,000,000

1,016,188

Somerset

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/01/51

..................................................

1,250,000

1,247,362

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

2,717,319

Arboretum

Estates

Public

Improvement

District

No.

Major

Improvement

Area

Project

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/55

....................

2,625,000

2,695,540

c

City

of

Tomball

,

Raburn

Reserve

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

5.75 %

,

9/15/52

.............................................

1,000,000

1,026,810

Raburn

Reserve

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2023

,

%

,

9/15/53

................................................

1,307,000

1,360,001

Raburn

Reserve

Public

Improvement

District

improvement

Area

No.

,

Special

Assessment

,

144A,

2020

,

3.375 %

,

9/15/30

.............................

185,000

180,781

c

City

of

Uhland

,

Anderson

Park

Public

Improvement

District

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/55

..............................................

950,000

946,630

Watermill

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

6.625 %

,

9/01/52

........................................................

3,000,000

3,124,891

c

City

of

Venus

,

Brahman

Ranch

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

6.25 %

,

9/15/42

..................................................

1,000,000

1,033,026

Brahman

Ranch

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

6.5 %

,

9/15/52

...................................................

1,009,000

1,025,241

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/15/31

.................................................

166,000

156,550

Patriot

Estates

Public

Improvement

District

,

Special

Assessment

,

144A,

2021

,

3.375 %

,

9/15/41

.................................................

994,000

841,080

c

City

of

Waxahachie

,

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.125 %

,

8/15/32

........................................................

302,000

317,612

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Waxahachie,

(continued)

North

Grove

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

8/15/52

........................................................

$

2,395,000

$

2,411,054

c

City

of

Wharton

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/55

.................

1,100,000

1,130,460

c

Club

Municipal

Management

District

No.

,

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

2.5 %

,

9/01/26

.......

56,000

55,720

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/31

........

267,000

250,940

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.1 %

,

9/01/44

.......

500,000

509,125

c

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue,

Second

Lien

,

144A,

2021

B

,

3.5 %

,

10/01/31

....................................

450,000

413,263

c

County

of

Bastrop

,

Double

Eagle

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.5 %

,

9/01/54

.....................

775,000

791,031

c

County

of

Denton

,

Green

Meadows

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

5.625 %

,

12/31/55

............................

2,260,000

2,326,233

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

5.875 %

,

12/31/45

............................

3,100,000

3,218,263

Green

Meadows

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2025

,

6.125 %

,

12/31/55

............................

4,550,000

4,714,812

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.25 %

,

12/31/44

..................

1,750,000

1,782,766

Tabor

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment,

Senior

Lien

,

144A,

2024

A

,

5.625 %

,

12/31/54

.................

3,100,000

3,127,488

c

County

of

Hays

,

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.25 %

,

9/15/30

........................................................

100,000

95,600

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2020

,

3.75 %

,

9/15/40

........................................................

800,000

760,422

La

Cima

Public

Improvement

District

,

Special

Assessment

,

144A,

2025

,

Refunding

,

5.625 %

,

9/15/45

.................................................

1,513,000

1,541,801

La

Cima

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.75 %

,

9/15/52

..............................

3,375,000

3,445,967

c

County

of

Medina

,

Haby

Farms

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.875 %

,

9/01/54

.............................

1,135,000

1,149,625

f

Viera

Public

Improvement

District

Improvement

Area

No.

Project

,

Special

Assessment

,

144A,

2026

,

5.75 %

,

9/01/56

..............................

1,000,000

1,003,026

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

4.875 %

,

9/01/31

.............................

640,000

641,379

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.25 %

,

9/01/41

..............................

780,000

785,783

Woodlands

Public

Improvement

District

Major

Improvement

Area

,

Special

Assessment

,

144A,

2021

,

5.5 %

,

9/01/50

...............................

1,160,000

1,144,134

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

9/01/26

.........................

100,000

99,989

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.125 %

,

9/01/31

.......................

400,000

397,608

Woodlands

Public

Improvement

District

Neighborhood

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

4.5 %

,

9/01/41

.........................

1,085,000

1,063,219

County

of

Montgomery

,

Crockett

Meadows

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2025

,

5.25 %

,

9/15/45

...................................

1,125,000

1,139,847

Crockett

Meadows

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2025

,

5.5 %

,

9/15/54

....................................

1,750,000

1,760,435

Meadow

Park

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

2025

,

5.375 %

,

9/15/54

..................................

814,000

816,118

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

c

East

Waller

County

Management

District

,

Sofi

Lakes

Sections

&

Assessments

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/35

........................................................

$

885,000

$

923,104

Sofi

Lakes

Sections

&

Assessments

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/45

........................................................

1,965,000

2,050,882

Sofi

Lakes

Sections

&

Assessments

,

Special

Assessment

,

144A,

2025

,

6.25 %

,

9/15/55

........................................................

2,295,000

2,365,530

FW

Texas

Street

Public

Facility

Corp.

,

Revenue

,

2025

,

%

,

5/01/38

..............

10,000,000

10,852,974

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

5.8 %

,

10/01/45

..........

10,000,000

10,588,543

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

1/01/48

...................

5,000,000

4,950,315

c

Joshua

Farms

Municipal

Management

District

No.

,

Special

Assessment

,

144A,

2023

,

4.375 %

,

9/01/30

.........................

320,000

325,156

Special

Assessment

,

144A,

2023

,

5.5 %

,

9/01/53

..........................

3,393,000

3,407,607

Karis

Municipal

Management

District

of

Tarrant

County

,

Improvement

Area

No.

,

Special

Assessment

,

2024

,

%

,

12/01/44

............

746,000

745,782

Improvement

Area

No.

,

Special

Assessment

,

2024

,

5.25 %

,

12/01/53

..........

828,000

805,335

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

Mission

Economic

Development

Corp.

,

Permian

Basin

Water

Resources

LLC

,

Revenue

,

144A,

2025

A

,

%

,

8/15/60

...................................

8,000,000

8,307,149

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

d

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

%

,

7/01/26

.............................

110,000

22,000

d

Cardinal

Bay,

Inc.

,

Revenue

,

D

,

%

,

7/01/51

.............................

5,110,000

1,022,000

CHF-Collegiate

Housing

College

Station

I

LLC

,

Revenue

,

2014

A

,

%

,

4/01/46

....

1,500,000

1,499,922

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

1/01/42

......

5,000,000

5,017,994

Longhorn

Village

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

1/01/47

......

4,595,000

4,597,970

Morningside

Ministries

Obligated

Group

,

Revenue

,

2020

A

,

%

,

1/01/55

.........

4,100,000

3,512,677

NCCD-College

Station

Properties

LLC

,

Revenue

,

A

,

%

,

7/01/47

..............

25,500,000

24,622,180

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/39

.......................................................

2,750,000

2,769,772

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

5.25 %

,

10/01/49

.......................................................

12,600,000

12,143,032

Presbyterian

Village

North

Obligated

Group

,

Revenue

,

2020

A

,

5.25 %

,

10/01/55

...

2,495,000

2,346,940

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/39

.......................................................

425,000

431,258

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/49

.......................................................

1,180,000

1,095,643

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Second

Tier,

Sub.

Lien

,

2019

B

,

5.5 %

,

12/01/54

.......................................

15,715,000

14,879,356

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue,

Sub.

Lien,

Third

Tier

,

2019

C

,

%

,

12/01/54

.........................................

5,465,000

5,258,372

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5 %

,

1/01/43

............

3,225,000

3,227,328

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2014

,

5.5 %

,

1/01/49

............

1,015,000

1,015,188

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/50

.....

865,000

833,635

Wesleyan

Homes

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/55

.....

3,220,000

3,043,285

North

Texas

Tollway

Authority

,

g

Special

Projects

System

,

Revenue

,

2011

B

,

Pre-Refunded

,

5.31 %,

9/01/37

......

7,500,000

4,133,526

Special

Projects

System

,

Revenue

,

2011

C

,

Pre-Refunded

,

%

,

9/01/43

.........

10,000,000

12,138,735

c

Northwood

Municipal

Utility

District

No.

,

GO

,

144A,

2020

,

Refunding

,

%

,

8/01/31

.

1,070,000

1,070,416

c

Pecan

Public

Facility

Corp.

,

Revenue,

Sub.

Lien

,

144A,

2022

B

,

%

,

12/01/52

......

5,075,000

4,012,624

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

d

Red

River

Health

Facilities

Development

Corp.

,

Eden

Home,

Inc.

Obligated

Group

,

Revenue

,

2012

,

7.25 %

,

12/15/42

......................................

$

11,000,000

$

6,270,000

South

Manvel

Development

Authority

,

City

of

Manvel

Tax

Increment

Reinvestment

Zone

No.

,

Tax

Allocation

,

2023

,

%

,

4/01/38

............................

500,000

519,609

c

Town

of

Flower

Mound

,

River

Walk

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

Refunding

,

2.625 %

,

9/01/26

........................................

200,000

199,122

River

Walk

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.25 %

,

9/01/31

.........................................

750,000

729,414

River

Walk

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.5 %

,

9/01/36

..........................................

800,000

752,885

River

Walk

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2021

,

Refunding

,

%

,

9/01/43

............................................

2,450,000

2,242,453

c

Town

of

Lakewood

Village

,

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/15/32

445,000

462,939

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/15/42

1,400,000

1,451,774

c

Town

of

Little

Elm

,

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.25 %

,

9/01/27

........................................................

71,000

70,228

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.5 %

,

9/01/32

........................................................

205,000

196,934

Spiritas

East

Public

Improvement

District

,

Special

Assessment

,

144A,

2022

,

3.75 %

,

9/01/42

........................................................

529,000

472,227

Valencia

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

6.125 %

,

9/01/32

.................................................

712,000

767,755

Valencia

Public

Improvement

District

No.

,

Special

Assessment

,

144A,

2022

,

6.875 %

,

9/01/52

.................................................

2,700,000

2,821,794

c

Town

of

Providence

Village

,

Foree

Ranch

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2024

,

5.25 %

,

9/01/54

................

297,000

294,325

c

Travis

County

Development

Authority

,

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/01/44

........................................................

843,000

871,683

Bella

Fortuna

Public

Improvement

District

,

Special

Assessment

,

144A,

2024

,

5.625 %

,

9/01/51

........................................................

750,000

766,343

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

4.75 %

,

9/01/32

...................

302,000

315,529

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.375 %

,

9/01/42

..................

868,000

913,787

County

of

Travis

Turner's

Crossing

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.5 %

,

9/01/52

....................

1,244,000

1,259,183

Viridian

Municipal

Management

District

,

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

2.875 %

,

12/01/30

.

258,000

244,110

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.125 %

,

12/01/35

.

415,000

370,347

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.375 %

,

12/01/40

.

486,000

423,965

Viridian

Public

Improvement

District

,

Special

Assessment

,

2020

,

3.5 %

,

12/01/47

..

835,000

622,940

598,971,974

#### Utah

#### 0.5%
c

MIDA

Cormont

Public

Infrastructure

District

,

GO

,

144A,

2025

,

6.25 %

,

6/01/55

...................................

2,225,000

2,345,937

g

GO

,

144A,

2025

,

0.868 %,

6/01/55

..................................

2,250,000

1,945,473

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

2,002,788

Military

Recreation

Facility

Project

Area

,

Tax

Allocation

,

144A,

2024-2

,

%

,

6/15/54

5,000,000

5,159,036

Military

Installation

Development

Authority

,

Military

Recreation

Facility

Project

Area

,

Revenue

,

2021

,

%

,

6/01/52

.......

3,000,000

2,512,868

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Utah
(continued)

Military

Installation

Development

Authority,

(continued)

Military

Recreation

Facility

Project

Area

,

Revenue

,

2021

,

%

,

6/01/52

.......

$

2,745,000

$

2,285,428

Point

Phase

Public

Infrastructure

District

No.

,

Revenue

,

2025

,

6.125 %

,

3/01/55

7,950,000

8,305,290

c

Utah

Charter

School

Finance

Authority

,

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

%

,

6/15/39

..

475,000

475,846

Mountain

West

Montessori

Academy,

Inc.

,

Revenue

,

144A,

2020

A

,

%

,

6/15/49

..

825,000

751,591

25,784,257

#### Virginia

#### 0.4%
Henrico

County

Economic

Development

Authority

,

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

6/01/44

........................................................

3,550,000

3,571,409

Virginia

United

Methodist

Homes,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

6/01/49

........................................................

4,065,000

3,960,509

c

Virginia

Small

Business

Financing

Authority

,

P3

VB

Holdings

LLC

,

Revenue,

Senior

Lien

,

144A,

2023

A

,

8.5 %

,

12/01/52

....................................

11,000,000

10,727,537

18,259,455

#### Washington

#### 1.4%
Jefferson

County

Public

Hospital

District

No.

,

Revenue

,

2023

A

,

Refunding

,

6.875 %

,

12/01/53

........................................................

10,000,000

10,451,747

e

Washington

Economic

Development

Finance

Authority

,

Propeller

Airports

Paine

Field

LLC

,

Revenue

,

A

,

Mandatory

Put

,

8.5 %

,

3/01/27

..........................

22,750,000

22,713,966

c

Washington

State

Housing

Finance

Commission

,

eliseo

Obligated

Group

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

1/01/51

........

15,070,000

10,578,730

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

2019

A

,

%

,

1/01/55

..............................................

4,700,000

4,300,940

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

%

,

1/01/46

.........................................

2,250,000

2,186,648

Presbyterian

Retirement

Communities

Northwest

Obligated

Group

,

Revenue

,

144A,

A

,

Refunding

,

%

,

1/01/51

.........................................

1,700,000

1,580,110

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

%

,

1/01/55

........................................................

9,020,000

8,088,419

Spokane

United

Methodist

Homes

Obligated

Group

,

Revenue

,

144A,

2020

A

,

%

,

1/01/51

........................................................

6,000,000

5,463,844

65,364,404

#### 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

948,781

Monongalia

County

Building

Commission

Development

District

No.

,

Tax

Allocation

,

144A,

2023

A

,

Refunding

,

%

,

6/01/53

................................

1,755,000

1,852,249

2,801,030

#### Wisconsin

#### 3.9%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

8,575,000

9,167,972

g

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

76,350,000

38,396,652

A&T

Real

Estate

Foundation

LLC

,

Revenue

,

2019

B

,

%

,

6/01/49

.............

2,675,000

2,607,023

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2017

A

,

%

,

7/01/53

..........

4,345,000

4,138,586

c

Coral

Academy

of

Science

Reno

,

Revenue

,

144A,

2022

A

,

%

,

6/01/62

.........

1,565,000

1,553,266

c

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

,

6.81 %

,

4/28/36

........

5,500,000

5,735,344

c

Eno

River

Academy

,

Revenue

,

144A,

2020

A

,

%

,

6/15/54

...................

1,380,000

1,291,048

c

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

%

,

7/01/41

1,000,000

831,521

c

Estancia

Valley

Classical

Academy

,

Revenue

,

144A,

2021

A

,

Refunding

,

4.25 %

,

7/01/51

........................................................

5,345,000

3,907,630

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

B

,

6.625 %

,

2/01/46

..............

$

11,095,000

$

9,363,220

c

Foundation

Academy

Charter

School

A

NJ

Nonprofit

Corp.

,

Revenue

,

144A,

2024

,

%

,

7/01/60

....................................................

1,000,000

913,038

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

9/01/49

..

6,600,000

6,472,332

c

Friends

Homes

Obligated

Group

,

Revenue

,

144A,

2019

,

Refunding

,

%

,

9/01/54

..

2,920,000

2,816,179

c

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

,

7.125 %

,

7/25/34

........................................................

5,670,000

5,966,018

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

%

,

6/01/36

....

300,000

286,628

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

%

,

6/01/51

....

1,000,000

782,337

c

High

Desert

Montessori

Charter

School

,

Revenue

,

144A,

2021

A

,

%

,

6/01/61

....

1,275,000

957,176

c

Hope

Housing

Foundation

Obligated

Group

,

Revenue,

Sub.

Lien

,

144A,

2022

C

,

4.6 %

,

12/01/37

..................................................

5,460,000

5,004,334

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2017

,

Refunding

,

%

,

3/01/52

............................................

4,100,000

3,657,591

c

Masonic

&

Eastern

Star

Home

of

NC,

Inc.

Obligated

Group

,

Revenue

,

144A,

2020

A

,

5.25 %

,

3/01/55

..................................................

12,975,000

11,913,899

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

%

,

10/15/41

..........

570,000

559,491

c

Ocean

Academy

Charter

School

,

Revenue

,

144A,

2021

,

%

,

10/15/51

..........

1,130,000

1,004,760

c,g

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

B

,

Refunding

,

5.39 %,

12/01/35

.......................................................

39,830,000

23,874,711

c,g

Pine

Forest

2022

Obligated

Group

,

Revenue,

Sub.

Lien

,

144A,

2022

,

2.279 %,

12/01/45

.......................................................

11,680,000

9,155,777

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

%

,

6/15/51

.............

2,250,000

2,007,367

c

Signature

Preparatory,

Inc.

,

Revenue

,

144A,

2021

A

,

%

,

6/15/56

.............

2,465,000

2,143,897

SR

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

5.75 %

,

12/31/65

......

8,000,000

8,375,186

SR

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

6.5 %

,

12/31/65

.......

5,000,000

5,564,873

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

6/15/65

..

2,250,000

2,088,217

c

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

,

5.35 %

,

7/01/40

.....

3,000,000

2,532,075

c

UHF

RISE

Student

Housing

LLC

,

Revenue

,

144A,

2021

B

,

5.25 %

,

7/01/61

.......

2,000,000

1,606,785

c

UMA

Education,

Inc.

,

Revenue

,

144A,

2019

A

,

Refunding

,

%

,

10/01/39

.........

2,000,000

2,060,033

Wisconsin

Health

&

Educational

Facilities

Authority

,

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

%

,

7/01/28

...................

90,000

89,465

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

6.5 %

,

7/01/33

..................

300,000

299,950

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

%

,

7/01/43

...................

1,000,000

944,581

Chiara

Communities,

Inc.

,

Revenue

,

2018

C

,

7.5 %

,

7/01/53

..................

6,620,000

6,092,347

HOPE

Christian

Schools

Obligated

Group

,

Revenue

,

2021

,

%

,

12/01/41

........

850,000

703,949

PHW

Menomonee

Falls,

Inc.

,

Revenue

,

2024

,

6.125 %

,

10/01/59

..............

1,000,000

1,044,987

185,910,245

#### U.S.

#### Territories

#### 6.4%

#### District

#### of

#### Columbia

#### 0.9%
District

of

Columbia

,

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2006

A

,

7.26 %,

6/15/46

.........................................................

175,000,000

42,165,935

#### Pacific

#### Islands

#### 0.1%
Northern

Mariana

Island

Ports

Authority

,

Revenue

,

1998

A

,

6.6 %

,

3/15/28

.........

4,350,000

4,426,969

#### Puerto

#### Rico

#### 5.4%
Children's

Trust

Fund

,

Revenue

,

2002

,

5.625 %

,

5/15/43

......................

2,500,000

2,538,342

Commonwealth

of

Puerto

Rico

,

h

GO

,

FRN

,

Zero

Cpn.,

11/01/43

........................................

GO

,

2022

,

5.75 %

,

7/01/31

........................................

666,031

740,112

GO

,

2022

,

%

,

7/01/35

..........................................

13,786,998

14,023,648

GO

,

2022

,

%

,

7/01/37

..........................................

27,512,915

27,569,765

GO

,

2022

,

%

,

7/01/41

..........................................

18,434,144

17,891,690

GO

,

2022

,

%

,

7/01/46

..........................................

49,278

44,490

g

GO

,

2022

,

4.18 %,

7/01/33

........................................

2,011,366

1,489,300

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

GDB

Debt

Recovery

Authority

of

Puerto

Rico

,

7.5 %

,

8/20/40

...................

$

19,729,608

$

19,404,904

HTA

CL

Trust

,

Revenue

,

L-2028

,

5.25 %

,

7/01/38

..........................

1,239,120

1,239,393

c

Puerto

Rico

Commonwealth

Aqueduct

&

Sewer

Authority

,

Revenue

,

144A,

2021

B

,

Refunding

,

%

,

7/01/42

..........................

2,500,000

2,428,231

Revenue,

Senior

Lien

,

144A,

2020

A

,

Refunding

,

%

,

7/01/47

................

16,750,000

16,787,559

d

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

,

%

,

1/01/21

...........................................

6,000,000

4,005,000

Revenue

,

,

%

,

7/01/21

...........................................

6,000,000

4,005,000

Revenue

,

2013

A

,

%

,

7/01/19

.......................................

5,500,000

3,671,250

Revenue

,

2013

A

,

7.25 %

,

7/01/30

.....................................

1,675,000

1,118,062

Revenue

,

2016

,

%

,

7/01/19

.....................................

5,500,000

3,671,250

Revenue

,

,

%

,

1/01/22

...........................................

1,989,500

1,327,991

Revenue

,

,

%

,

7/01/22

...........................................

1,989,499

1,327,991

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

A

,

6.625 %

,

1/01/27

....................................

1,381,057

1,380,742

Revenue

,

2000

A

,

6.625 %

,

1/01/28

....................................

10,533,091

10,552,406

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

45,065,000

44,232,582

g

Sales

Tax

,

Revenue

,

,

5.16 %,

7/01/46

................................

25,400,000

9,136,649

g

Sales

Tax

,

Revenue

,

,

5.41 %,

7/01/51

................................

206,837,000

54,420,345

Sales

Tax

,

Revenue

,

,

4.329 %

,

7/01/40

...............................

12,000,000

12,024,821

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

6,000,000

5,813,474

260,844,998

#### Total

#### U.S.

#### Territories

#### ....................................................................
307,437,902

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 4,469,630,573

####)
...................................

#### 4,474,798,818

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 4,710,089,822

####)
.............................

#### 4,707,087,841

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.2%

#### Municipal

#### Bonds

#### 1.2%

#### Colorado

#### 0.1%
i

Colorado

Health

Facilities

Authority

,

Children's

Hospital

Colorado

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

12/01/52

........................................................

3,000,000

3,000,000

#### Georgia

#### 0.3%
i

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

1.9 %

,

4/01/47

................

16,200,000

16,200,000

#### Minnesota

#### 0.2%
i

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

1.25 %

,

11/15/64

............................................

7,200,000

7,200,000

#### New

#### Jersey

#### 0.0%

#### †
i

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.3 %

,

7/01/43

.........................................................

1,000,000

1,000,000

#### New

#### York

#### 0.4%
i

City

of

New

York

,

GO

,

2014

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.95 %

,

3/01/44

.........................................................

21,090,000

21,090,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### New

#### York
(continued)

i

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

A

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

%

,

6/15/49

....

$

2,090,000

$

2,090,000

23,180,000

#### Oregon

#### 0.1%
i

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

8/01/34

.............

6,500,000

6,500,000

#### Pennsylvania

#### 0.1%
i

Philadelphia

Authority

for

Industrial

Development

,

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.85 %

,

7/01/54

.............................................

2,000,000

2,000,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 59,080,000

####)
......................................

#### 59,080,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 59,080,000

####)
................................

#### 59,080,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 4,769,169,822

####)
99.1 #### %
..................................

#### $4,766,167,841

#### Other

#### Assets,

#### less

#### Liabilities
0.9 #### %
.............................................

#### 42,118,250

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $4,808,286,091
†

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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$1,631,574,117,

representing

33.9%

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

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

g

The

rate

shown

represents

the

yield

at

period

end.

h

The

coupon

rate

shown

represents

the

rate

at

period

end.

i

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.25

$10.21

$9.96

$11.03

$11.28

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.30 0.28 0.27 0.25 0.24 Net

realized

and

unrealized

gains

(losses)

...........

(0.01)

0.04 0.25 (1.08)

(0.25)

Total

from

investment

operations

....................

0.29 0.32 0.52 (0.83)

(0.01)

Less

distributions

from:

Net

investment

income

..........................

(0.30)

(0.28)

(0.27)

(0.24)

(0.24)

Net

asset

value,

end

of

year

.......................

$10.24

$10.25

$10.21

$9.96

$11.03

Total

return

d

...................................

2.99%

3.23%

5.34%

(7.49)%

(0.17)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.95%

0.93%

0.90%

0.89%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.90%

0.90%

e

0.90%

e,f

0.89%

e

0.87%

e

Net

investment

income

...........................

3.02%

2.78%

2.75%

2.42%

2.07%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$53,346

$57,889

$62,108

$60,153

$69,773

Portfolio

turnover

rate

............................

13.78%

17.30%

8.52%

11.69%

16.61%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.25

$10.20

$9.95

$11.03

$11.28

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.32 0.30 0.29 0.26 0.25 Net

realized

and

unrealized

gains

(losses)

...........

(0.01)

0.05 0.25 (1.08)

(0.25)

Total

from

investment

operations

....................

0.31 0.35 0.54 (0.82)

—

Less

distributions

from:

Net

investment

income

..........................

(0.32)

(0.30)

(0.29)

(0.26)

(0.25)

Net

asset

value,

end

of

year

.......................

$10.24

$10.25

$10.20

$9.95

$11.03

Total

return

d

...................................

3.14%

3.49%

5.50%

(7.45)%

(0.02)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.80%

0.78%

0.75%

0.74%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.75%

0.75%

e

0.75%

e,f

0.74%

e

0.72%

e

Net

investment

income

...........................

3.17%

2.93%

2.90%

2.57%

2.22%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$119,008

$137,040

$158,862

$175,906

$234,499

Portfolio

turnover

rate

............................

13.78%

17.30%

8.52%

11.69%

16.61%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.42

$10.37

$10.12

$11.21

$11.46

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.26 0.24 0.23 0.20 0.19 Net

realized

and

unrealized

gains

(losses)

...........

(0.01)

0.05 0.25 (1.09)

(0.25)

Total

from

investment

operations

....................

0.25 0.29 0.48 (0.89)

(0.06)

Less

distributions

from:

Net

investment

income

..........................

(0.26)

(0.24)

(0.23)

(0.20)

(0.19)

Net

asset

value,

end

of

year

.......................

$10.41

$10.42

$10.37

$10.12

$11.21

Total

return

d

...................................

2.52%

2.86%

4.83%

(7.92)%

(0.57)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.34%

1.32%

1.29%

1.28%

1.26%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.29%

1.29%

e

1.29%

e,f

1.28%

e

1.26%

e

Net

investment

income

...........................

2.56%

2.33%

2.29%

1.97%

1.64%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$4,217

$7,186

$8,767

$12,724

$19,991

Portfolio

turnover

rate

............................

13.78%

17.30%

8.52%

11.69%

16.61%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.25

$10.20

$9.96

$11.03

$11.28

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.33 0.31 0.30 0.28 0.27 Net

realized

and

unrealized

gains

(losses)

...........

(0.01)

0.05 0.24 (1.08)

(0.25)

Total

from

investment

operations

....................

0.32 0.36 0.54 (0.80)

0.02 Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.31)

(0.30)

(0.27)

(0.27)

Net

asset

value,

end

of

year

.......................

$10.24

$10.25

$10.20

$9.96

$11.03

Total

return

....................................

3.28%

3.62%

5.54%

(7.22)%

0.12%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.66%

0.63%

0.62%

0.61%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.62%

0.62%

d

0.62%

d,e

0.60%

d

0.58%

d

Net

investment

income

...........................

3.30%

3.06%

3.04%

2.72%

2.36%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$6,524

$8,465

$7,967

$6,306

$8,031

Portfolio

turnover

rate

............................

13.78%

17.30%

8.52%

11.69%

16.61%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.25

$10.21

$9.96

$11.03

$11.28

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.33 0.31 0.30 0.27 0.26 Net

realized

and

unrealized

gains

(losses)

...........

(0.01)

0.04 0.25 (1.07)

(0.24)

Total

from

investment

operations

....................

0.32 0.35 0.55 (0.80)

0.02 Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.31)

(0.30)

(0.27)

(0.27)

Net

asset

value,

end

of

year

.......................

$10.24

$10.25

$10.21

$9.96

$11.03

Total

return

....................................

3.24%

3.49%

5.60%

(7.26)%

0.08%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.70%

0.68%

0.65%

0.65%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.65%

0.65%

d

0.65%

d,e

0.65%

d

0.62%

d

Net

investment

income

...........................

3.27%

3.04%

3.00%

2.67%

2.32%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$35,050

$36,560

$31,551

$36,351

$42,264

Portfolio

turnover

rate

............................

13.78%

17.30%

8.52%

11.69%

16.61%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 98.0%

#### Florida

#### 1.1%
a

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

.........................................................

$

500,000

$

355,200

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

2,300,000

1,970,197

2,325,397

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

185,000

197,956

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

505,000

253,122

451,078

#### Louisiana

#### 92.0%
Caddo

Parish

Parishwide

School

District

,

GO

,

2021

,

AG

Insured

,

%

,

3/01/36

......

505,000

503,615

City

of

Lafayette

,

Sales

&

Use

Tax

,

Revenue

,

2019

A

,

%

,

5/01/44

..............

2,350,000

2,457,778

City

of

Natchitoches

,

Utilities

,

Revenue

,

2023

,

AG

Insured

,

5.5 %

,

6/01/53

.........

750,000

810,079

City

of

New

Orleans

,

GO

,

2021

A

,

%

,

12/01/39

...........................................

6,000,000

6,412,940

Sewerage

Service

,

Revenue

,

2020

B

,

%

,

6/01/50

.........................

1,300,000

1,162,076

City

of

Shreveport

,

GO

,

2024

,

AG

Insured

,

%

,

3/01/54

....................................

4,950,000

5,092,754

Water

&

Sewer

,

Revenue

,

2016

B

,

%

,

12/01/41

..........................

3,850,000

3,881,178

Water

&

Sewer

,

Revenue

,

2020

B

,

Refunding

,

%

,

12/01/50

..................

5,070,000

3,670,670

Water

&

Sewer

,

Revenue

,

2025

,

Refunding

,

AG

Insured

,

%

,

12/01/40

..........

1,000,000

1,130,019

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

%

,

2/01/45

3,000,000

3,003,366

East

Ouachita

Parish

School

District

,

GO

,

2025

,

5.25 %

,

3/01/45

................

1,500,000

1,627,876

Greater

New

Orleans

Expressway

Commission

,

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

AG

Insured

,

%

,

11/01/46

...........................................

1,050,000

1,109,968

Greater

Ouachita

Water

Co.

,

Revenue

,

2024

,

BAM

Insured

,

4.5 %

,

9/01/53

........

1,000,000

960,121

Jefferson

Parish

Consolidated

Waterworks

District

No.

,

Revenue

,

2022

,

Refunding

,

BAM

Insured

,

%

,

2/01/40

...........................................

5,000,000

5,134,154

Jefferson

Sales

Tax

District

,

Revenue

,

2017

B

,

AG

Insured

,

%

,

12/01/42

.........

2,250,000

2,300,686

Juban

Crossing

Economic

Development

District

,

Revenue

,

2024

C

,

Refunding

,

%

,

9/15/54

.........................................................

1,500,000

1,510,868

Lafayette

Parish

School

Board

,

Sale

Tax

,

Revenue

,

2025

,

5.75 %

,

4/01/55

...............................

1,500,000

1,651,575

Sale

Tax

,

Revenue

,

2025

A

,

%

,

4/01/50

................................

1,500,000

1,574,093

Sales

Tax

,

Revenue

,

2023

,

%

,

4/01/53

.................................

2,500,000

2,312,051

Livingston

Parish

School

District

No.

,

GO

,

2021

,

BAM

Insured

,

%

,

5/01/38

......

1,050,000

1,078,447

Louisiana

Correctional

Facilities

Corp.

,

State

of

Louisiana

,

Revenue

,

2021

,

%

,

10/01/39

........................................................

1,490,000

1,510,569

Louisiana

Housing

Corp.

,

Revenue

,

2021

B

,

GNMA

Insured

,

2.05 %

,

6/01/36

.........................

615,000

530,730

Revenue

,

2021

B

,

GNMA

Insured

,

2.2 %

,

6/01/41

..........................

1,965,000

1,544,772

Revenue

,

2024

A

,

GNMA

Insured

,

4.4 %

,

12/01/44

.........................

990,000

997,636

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

Calcasieu

Parish

School

Board

,

Revenue

,

2024

,

Refunding

,

BAM

Insured

,

%

,

12/01/39

.......................................................

500,000

557,329

a

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

%

,

11/01/46

...................

1,800,000

1,673,799

City

of

Pineville

,

Revenue

,

2024

,

AG

Insured

,

%

,

9/01/39

...................

2,505,000

2,825,083

Entergy

Louisiana

LLC

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/30

.............

1,500,000

1,429,839

Entergy

Louisiana

LLC

,

Revenue

,

2021

B

,

Refunding

,

2.5 %

,

4/01/36

...........

3,000,000

2,691,503

a

Parish

of

Assumption

,

Revenue

,

144A,

2021

,

3.875 %

,

11/01/45

...............

735,000

680,410

a

Parish

of

St.

Bernard

,

Revenue

,

144A,

2021

,

%

,

11/01/45

...................

910,000

857,221

a

Parish

of

St.

Charles

,

Revenue

,

144A,

2022

,

4.5 %

,

11/01/47

.................

1,760,000

1,732,709

a

Parish

of

St.

Tammany

LA

GOMESA

,

Revenue

,

144A,

2020

,

3.875 %

,

11/01/45

....

2,450,000

2,268,032

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

..................................................

$

1,250,000

$

1,285,942

a,b

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.14 %,

12/01/44

.................................................

6,500,000

4,368,413

University

of

Louisiana

at

Lafayette

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

10/01/39

.......................................................

1,000,000

1,019,699

University

of

Louisiana

at

Lafayette

,

Revenue

,

2018

,

AG

Insured

,

%

,

10/01/48

...

3,500,000

3,527,013

University

of

Louisiana

System

,

Revenue

,

2019

,

Refunding

,

AG

Insured

,

%

,

8/01/34

1,000,000

1,025,650

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/30

....................................................

1,020,000

1,063,521

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/31

....................................................

1,065,000

1,115,460

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/32

....................................................

1,100,000

1,143,894

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/33

....................................................

1,155,000

1,192,187

University

of

Louisiana

System

Board

of

Supervisors

,

Revenue

,

2023

A

,

AG

Insured

,

%

,

10/01/43

...................................................

600,000

646,211

Woman's

Hospital

Foundation

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/41

......

5,230,000

5,341,461

Louisiana

Offshore

Terminal

Authority

,

Loop

LLC

,

Revenue

,

2007

A

,

Refunding

,

4.15 %

,

9/01/27

.........................................................

1,500,000

1,528,396

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75 %

,

9/01/64

.....

5,000,000

5,207,674

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/48

...

5,000,000

5,089,259

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group

,

Revenue

,

2015

A

,

%

,

7/01/35

..............................................

4,965,000

4,970,143

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2015

,

%

,

6/01/45

........................................................

7,800,000

7,947,946

Louisiana

Children's

Medical

Center

Obligated

Group

,

Revenue

,

2020

A

,

%

,

6/01/50

5,000,000

4,340,027

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2017

,

%

,

7/01/52

................................................

2,310,000

2,312,213

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/37

.......

2,020,000

1,997,614

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/39

.......

3,460,000

3,366,707

Loyola

University

New

Orleans

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/41

.......

2,850,000

2,702,689

Loyola

University

New

Orleans

,

Revenue

,

2023

A

,

%

,

10/01/38

..............

500,000

526,407

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/34

........................................................

30,000

30,170

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

5/15/47

........................................................

20,000

20,113

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/42

5,695,000

5,766,207

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/46

2,000,000

2,012,327

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

5/15/55

........................................................

3,000,000

3,144,553

a

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.5 %

,

1/01/50

.

2,000,000

1,538,766

c

Roman

Catholic

Church

of

the

Archdiocese

of

New

Orleans

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/37

............................................

3,750,000

1,556,250

South

Quad

L3C

,

Revenue

,

2025

,

AG

Insured

,

5.25 %

,

7/01/55

................

2,250,000

2,362,851

Tulane

University

,

Revenue

,

2016

A

,

Refunding

,

%

,

12/15/41

................

3,000,000

3,038,335

Tulane

University

,

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

12/15/50

.............

60,000

61,786

Tulane

University

,

Revenue

,

2024

A

,

%

,

4/15/38

..........................

1,000,000

1,140,066

Louisiana

Stadium

&

Exposition

District

,

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

5.25 %

,

7/01/53

...................................................

1,750,000

1,830,386

Louisiana

State

University

&

Agricultural

&

Mechanical

College

,

Auxiliary

,

Revenue

,

2016

A

,

Pre-Refunded

,

%

,

7/01/40

....................................

4,500,000

4,541,031

Natchitoches

Parish

School

District

No.

,

GO

,

2018

,

AG

Insured

,

%

,

3/01/38

.....

1,440,000

1,525,076

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

$

2,651,721

Revenue

,

2024

,

%

,

1/01/54

......................................

1,000,000

1,030,975

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

A

,

%

,

1/01/48

.

5,000,000

5,024,866

Parish

of

Terrebonne

,

Sales

&

Use

Tax

,

Revenue

,

2020

A

,

%

,

3/01/41

...........

2,660,000

2,696,801

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2020

D

,

%

,

4/01/50

........................................

2,000,000

2,042,139

Revenue

,

2025

A

,

5.25 %

,

4/01/55

.....................................

3,000,000

3,118,854

Rapides

Parish

Consolidated

School

District

No.

,

GO

,

2022

,

AG

Insured

,

%

,

3/01/42

.........................................................

1,100,000

1,172,511

Rapides

Parish

School

District

No.

Rigolette

,

GO

,

2023

,

AG

Insured

,

%

,

3/01/41

.

1,000,000

1,020,487

St.

John

the

Baptist

,

Parish

School

District

No.

,

GO

,

2023

,

5.25 %

,

3/01/43

.......

3,300,000

3,610,330

St.

Tammany

Parish

Hospital

Service

District

No.

,

Revenue

,

2018

A

,

Refunding

,

%

,

7/01/48

.........................................................

3,000,000

3,027,304

State

of

Louisiana

,

GO

,

2016

A

,

%

,

9/01/35

............................................

2,575,000

2,603,903

Gasoline

&

Fuels

Tax

,

Revenue

,

2025

B

,

Refunding

,

%

,

5/01/35

..............

1,500,000

1,795,240

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2024

A

,

Refunding

,

%

,

5/01/44

...

6,000,000

6,012,422

Tangipahoa

Parish

Hospital

Service

District

No.

,

Revenue

,

2021

,

Refunding

,

%

,

2/01/35

.................................

2,250,000

2,324,370

Revenue

,

2021

,

Refunding

,

%

,

2/01/38

.................................

2,000,000

2,034,991

Terrebonne

Parish

Hospital

Service

District

No.

,

Revenue

,

2026

,

Refunding

,

5.5 %

,

4/01/51

.........................................................

750,000

809,397

West

Feliciana

Parish

Parishwide

Consolidated

School

District

No.

,

GO

,

2020

,

%

,

3/01/50

.........................................................

3,000,000

2,707,358

200,654,058

#### Texas

#### 0.6%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

.....................................................

450,000

431,300

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

1,250,000

963,154

1,394,454

#### 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

624,133

#### Wisconsin

#### 1.5%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

855,000

914,124

a

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

800,000

671,935

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

2,290,000

1,151,648

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

500,000

504,855

3,242,562

#### U.S.

#### Territories

#### 2.3%

#### Puerto

#### Rico

#### 2.3%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

500,000

513,142

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

................................

3,500,000

3,412,930

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

1,196,000

1,173,908

5,099,980

#### Total

#### U.S.

#### Territories

#### ....................................................................
5,099,980

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 220,282,296

####)
.....................................

#### 213,791,662
a

#### a
a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments

#### 0.1%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 0.1%

#### Louisiana

#### 0.1%
d

State

of

Louisiana

,

Gasoline

&

Fuels

Tax

,

Revenue,

Second

Lien

,

2023

,

Refunding

,

LOC

Toronto

Dominion

Bank

(The)

,

Daily

VRDN

and

Put

,

1.9 %

,

5/01/43

$

300,000

$

300,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 300,000

####)
.........................................

#### 300,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 300,000

####)
..................................

#### 300,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 220,582,296

####)
98.1 #### %
...................................

#### $214,091,662

#### Other

#### Assets,

#### less

#### Liabilities
1.9 #### %
.............................................

#### 4,053,192

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $218,144,854
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$19,494,766,

representing

8.9%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

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

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.92

$9.91

$9.75

$10.71

$10.97

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.33 0.31 0.31 0.26 0.23 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.01 0.16 (0.96)

(0.26)

Total

from

investment

operations

....................

0.30 0.32 0.47 (0.70)

(0.03)

Less

distributions

from:

Net

investment

income

..........................

(0.32)

(0.31)

(0.31)

(0.26)

(0.23)

Net

asset

value,

end

of

year

.......................

$9.90

$9.92

$9.91

$9.75

$10.71

Total

return

d

...................................

3.17%

3.30%

4.89%

(6.56)%

(0.30)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.92%

0.90%

0.90%

0.89%

0.87%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.90%

0.90%

e,f

0.90%

e

0.89%

e

0.87%

e

Net

investment

income

...........................

3.41%

3.15%

3.17%

2.62%

2.10%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$88,412

$96,495

$87,309

$80,313

$90,950

Portfolio

turnover

rate

............................

20.14%

8.30%

12.33%

37.44%

15.00%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.92

$9.91

$9.75

$10.71

$10.97

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.34 0.33 0.32 0.27 0.25 Net

realized

and

unrealized

gains

(losses)

...........

(0.02)

0.01 0.16 (0.96)

(0.26)

Total

from

investment

operations

....................

0.32 0.34 0.48 (0.69)

(0.01)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.33)

(0.32)

(0.27)

(0.25)

Net

asset

value,

end

of

year

.......................

$9.90

$9.92

$9.91

$9.75

$10.71

Total

return

d

...................................

3.32%

3.46%

5.05%

(6.42)%

(0.15)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.77%

0.75%

0.75%

0.74%

0.72%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.75%

0.75%

e,f

0.75%

e

0.74%

e

0.72%

e

Net

investment

income

...........................

3.56%

3.30%

3.30%

2.76%

2.25%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$114,971

$135,301

$147,337

$162,447

$214,264

Portfolio

turnover

rate

............................

20.14%

8.30%

12.33%

37.44%

15.00%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.13

$10.12

$9.95

$10.94

$11.20

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.29 0.27 0.27 0.22 0.19 Net

realized

and

unrealized

gains

(losses)

...........

(0.04)

0.01 0.17 (0.99)

(0.26)

Total

from

investment

operations

....................

0.25 0.28 0.44 (0.77)

(0.07)

Less

distributions

from:

Net

investment

income

..........................

(0.28)

(0.27)

(0.27)

(0.22)

(0.19)

Net

asset

value,

end

of

year

.......................

$10.10

$10.13

$10.12

$9.95

$10.94

Total

return

d

...................................

2.58%

2.81%

4.47%

(7.08)%

(0.70)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.31%

1.29%

1.29%

1.28%

1.26%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.29%

1.29%

e,f

1.29%

e

1.28%

e

1.26%

e

Net

investment

income

...........................

2.93%

2.68%

2.67%

2.15%

1.65%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$7,882

$9,278

$13,708

$17,531

$24,227

Portfolio

turnover

rate

............................

20.14%

8.30%

12.33%

37.44%

15.00%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.94

$9.93

$9.77

$10.73

$10.99

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.36 0.34 0.34 0.29 0.26 Net

realized

and

unrealized

gains

(losses)

...........

(0.03)

0.01 0.16 (0.96)

(0.25)

Total

from

investment

operations

....................

0.33 0.35 0.50 (0.67)

0.01 Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.34)

(0.34)

(0.29)

(0.27)

Net

asset

value,

end

of

year

.......................

$9.92

$9.94

$9.93

$9.77

$10.73

Total

return

....................................

3.47%

3.60%

5.19%

(6.27)%

(—)%

d

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.60%

0.61%

e,f

0.60%

f

0.60%

f

0.57%

e,f

Net

investment

income

...........................

3.70%

3.45%

3.46%

2.91%

2.39%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$27,537

$16,411

$10,818

$11,709

$13,771

Portfolio

turnover

rate

............................

20.14%

8.30%

12.33%

37.44%

15.00%

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

Rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$9.93

$9.92

$9.76

$10.73

$10.98

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.35 0.34 0.33 0.28 0.26 Net

realized

and

unrealized

gains

(losses)

...........

(0.02)

0.01 0.16 (0.97)

(0.25)

Total

from

investment

operations

....................

0.33 0.35 0.49 (0.69)

0.01 Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.34)

(0.33)

(0.28)

(0.26)

Net

asset

value,

end

of

year

.......................

$9.91

$9.93

$9.92

$9.76

$10.73

Total

return

....................................

3.42%

3.56%

5.14%

(6.41)%

0.04%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.67%

0.65%

0.65%

0.64%

0.62%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.65%

0.65%

d

0.65%

d

0.64%

d

0.62%

d

Net

investment

income

...........................

3.65%

3.40%

3.40%

2.87%

2.35%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$78,681

$77,427

$48,094

$45,667

$55,284

Portfolio

turnover

rate

............................

20.14%

8.30%

12.33%

37.44%

15.00%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 95.8%

#### Florida

#### 0.7%
a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

$

2,650,000

$

2,270,010

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

205,000

219,356

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

945,000

473,664

693,020

#### Maryland

#### 85.4%
City

of

Baltimore

,

Harbor

Point

Special

Taxing

District

,

Revenue

,

2016

,

Refunding

,

5.125 %

,

6/01/43

...................................................

3,000,000

3,004,797

City

of

Gaithersburg

,

Asbury

Maryland

Obligated

Group

,

Revenue

,

2022

,

4.5 %

,

1/01/42

1,500,000

1,511,688

c

County

of

Anne

Arundel

,

Glenview

Housing

LP

,

Revenue

,

2009

,

Mandatory

Put

,

%

,

1/01/27

.........................................................

1,710,000

1,713,197

County

of

Frederick

,

GO

,

2025

A

,

%

,

4/01/43

............................................

5,000,000

5,149,827

a

Urbana

Community

Development

Authority

,

Special

Tax,

Sub.

Lien

,

144A,

2020

C

,

%

,

7/01/50

....................................................

3,860,000

3,477,008

County

of

Harford

,

GO

,

2025

,

%

,

10/01/41

.............................................

1,610,000

1,679,670

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

7/01/31

........................................................

150,000

157,351

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

7/01/36

........................................................

750,000

769,668

Beechtree

Estates

Development

District

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

7/01/40

........................................................

675,000

683,031

County

of

Howard

,

Annapolis

Junction

Town

Center

Development

District

,

Tax

Allocation

,

2024

,

Refunding

,

%

,

2/15/44

................................

665,000

704,613

Howard

County

Housing

Commission

,

Revenue

,

2013

,

%

,

10/01/28

........................................

9,980,000

9,998,397

Revenue

,

2016

,

%

,

6/01/46

.........................................

2,000,000

1,934,816

Revenue

,

2017

,

%

,

12/01/46

........................................

5,000,000

5,055,178

Maryland

Community

Development

Administration

,

Housing

,

Revenue

,

2019

D

,

%

,

7/01/39

................................

1,500,000

1,420,214

Housing

,

Revenue

,

2019

D

,

3.2 %

,

7/01/44

...............................

1,000,000

881,787

Maryland

Community

Development

Administration

Local

Government

Infrastructure

,

Revenue

,

2017

,

%

,

6/01/47

......................................

2,300,000

2,196,417

Revenue

,

2018

,

%

,

6/01/48

......................................

1,310,000

1,333,398

Revenue,

Senior

Lien

,

2019

,

%

,

6/01/49

.............................

3,000,000

2,814,269

Maryland

Department

of

Housing

&

Community

Development

,

Revenue

,

2025

C

,

5.1 %

,

7/01/50

.........................................................

3,300,000

3,397,845

Maryland

Economic

Development

Corp.

,

Annapolis

Parking

System

,

Revenue,

Senior

Lien

,

2022

A

,

5.25 %

,

12/31/47

......

5,000,000

5,177,503

City

of

Baltimore

,

Revenue

,

2024

,

%

,

7/01/49

............................

5,120,000

5,173,221

Frostburg

State

University

Project

,

Revenue,

Senior

Lien

,

2013

,

Refunding

,

%

,

10/01/33

.......................................................

5,000,000

5,002,951

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

%

,

7/01/40

.

1,000,000

977,622

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

%

,

7/01/50

.

1,250,000

1,240,236

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2022

A

,

%

,

7/01/58

4,620,000

4,900,986

Ports

America

Chesapeake

LLC

,

Revenue

,

2019

A

,

%

,

6/01/49

..............

3,500,000

3,528,005

PRG-Towson

Place

Properties

LLC

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

%

,

6/01/38

........................................................

1,000,000

1,080,531

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25 %

,

6/30/47

...........

5,000,000

5,075,986

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25 %

,

6/30/55

...........

5,000,000

5,010,761

University

of

Maryland

College

Park

,

Revenue

,

2016

,

Refunding

,

AG

Insured

,

%

,

6/01/43

........................................................

3,305,000

3,314,163

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

of

Maryland

Leonardtown

Project

,

Revenue

,

2024

,

AG

Insured

,

%

,

7/01/54

........................................................

$

7,000,000

$

7,142,257

University

Park

Phase

I

&

II

at

Salisbury

University

,

Revenue

,

2013

,

Refunding

,

%

,

6/01/34

........................................................

2,040,000

2,041,372

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2016

A

,

5.5 %

,

1/01/46

.........

9,750,000

9,837,337

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/38

...

865,000

870,689

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2021

B

,

BAM

Insured

,

%

,

1/01/51

2,000,000

1,848,407

Charlestown

Community,

Inc.

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/45

........

4,170,000

4,179,746

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/50

..

1,715,000

1,502,299

Frederick

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25 %

,

7/01/53

3,500,000

3,595,775

Greater

Baltimore

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/37

1,750,000

1,772,284

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2001

,

AMBAC

Insured

,

%

,

7/01/27

..............................................

345,000

347,720

Johns

Hopkins

Medical

Institutions

Parking

System

,

Revenue

,

2004

,

AMBAC

Insured

,

%

,

7/01/34

..............................................

5,000,000

5,039,943

LifeBridge

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/47

.....

4,000,000

4,008,473

LifeBridge

Health

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

7/01/54

............

1,000,000

1,055,401

Loyola

University

Maryland,

Inc.

,

Revenue

,

2019

A

,

Refunding

,

%

,

10/01/49

.....

2,000,000

2,022,329

Loyola

University

Maryland,

Inc.

,

Revenue

,

2025

,

Refunding

,

%

,

10/01/54

......

5,000,000

5,104,125

Maryland

Institute

College

of

Art

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/42

.......

5,325,000

4,780,925

Maryland

Institute

College

of

Art

,

Revenue

,

2024

,

Refunding

,

5.5 %

,

6/01/47

......

1,250,000

1,262,605

MedStar

Health

Obligated

Group

,

Revenue

,

1997

,

AMBAC

Insured

,

ETM,

%

,

7/01/27

........................................................

3,115,000

3,171,742

MedStar

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

5/15/45

..............

5,000,000

5,047,966

MedStar

Health

Obligated

Group

,

Revenue

,

2026

A

,

Refunding

,

5.25 %

,

8/15/51

...

2,000,000

2,116,946

Meritus

Medical

Center

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

7/01/50

6,000,000

6,284,636

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/28

..........

630,000

655,535

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/30

..........

1,225,000

1,312,971

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/32

..........

800,000

863,289

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/34

..........

350,000

356,337

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/36

..........

1,125,000

1,136,459

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/40

..........

1,850,000

1,804,788

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/46

..........

1,000,000

915,060

Stevenson

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/01/55

..........

3,250,000

2,794,052

TidalHealth

Obligated

Group

,

Revenue

,

2025

C

,

Refunding

,

AG

Insured

,

5.5 %

,

7/01/55

........................................................

5,000,000

5,388,106

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/39

............................................

10,000,000

10,208,941

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2017

D

,

%

,

7/01/48

........................................................

5,000,000

4,581,153

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

7/01/52

.........................................

3,000,000

3,161,849

Maryland

Industrial

Development

Financing

Authority

,

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

%

,

9/01/43

..............

1,100,000

1,103,091

McDonogh

School,

Inc.

,

Revenue

,

2019

,

Refunding

,

%

,

9/01/48

..............

610,000

568,253

Maryland

Stadium

Authority

,

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2016

,

Pre-

Refunded

,

%

,

5/01/46

............................................

4,085,000

4,104,171

Baltimore

City

Public

School

Construction

Financing

Fund

,

Revenue

,

2020

A

,

AG

Insured

,

%

,

5/01/50

..............................................

11,225,000

12,227,922

State

of

Maryland

Built

to

Learn

,

Revenue

,

2021

,

%

,

6/01/35

................

1,590,000

1,681,311

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

%

,

6/01/49

................

2,445,000

2,286,882

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

%

,

6/01/54

................

3,525,000

3,673,481

Montgomery

County

Housing

Opportunities

Commission

,

Revenue

,

2023

C

,

5.125 %

,

1/01/53

.........................................................

915,000

960,358

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Maryland
(continued)

State

of

Maryland

,

GO

,

2022

A

,

%

,

6/01/37

...............................

$

8,000,000

$

9,034,102

State

of

Maryland

Department

of

Transportation

,

Maryland

Aviation

Administration

,

Revenue

,

2021

B

,

%

,

8/01/51

..............

3,500,000

3,124,265

Maryland

Aviation

Administration

,

Revenue

,

2024

A

,

AG

Insured

,

%

,

8/01/39

.....

2,150,000

2,386,825

Maryland

Aviation

Administration

,

Revenue

,

2024

A

,

AG

Insured

,

5.25 %

,

8/01/54

..

5,050,000

5,289,289

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/34

...............

3,420,000

3,314,128

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/36

...............

2,700,000

2,552,276

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/37

...............

3,095,000

2,878,616

University

System

of

Maryland

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/51

........

5,260,000

5,018,291

Washington

Suburban

Sanitary

Commission

,

Revenue

,

2023

,

%

,

6/01/49

.........................................

9,500,000

9,359,626

Revenue

,

2025

,

%

,

6/01/49

.........................................

5,000,000

4,926,119

Revenue,

Second

Series

,

2016

,

%

,

6/01/43

.............................

2,000,000

2,001,585

271,067,244

#### New

#### Jersey

#### 0.8%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

BB

,

%

,

6/15/39

...................................................

2,500,000

2,566,083

#### Texas

#### 0.5%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

.....................................................

550,000

527,144

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

1,300,000

1,001,680

1,528,824

#### 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

624,133

#### Wisconsin

#### 1.4%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

965,000

1,031,731

a

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

800,000

671,935

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

4,295,000

2,159,969

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

500,000

504,854

4,368,489

#### U.S.

#### Territories

#### 6.6%

#### District

#### of

#### Columbia

#### 4.3%
Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

%

,

7/15/45

...............................

2,500,000

2,601,582

Dedicated

,

Revenue

,

2021

A

,

%

,

7/15/46

...............................

3,000,000

3,127,638

Dedicated

,

Revenue

,

2023

A

,

4.125 %

,

7/15/47

............................

2,500,000

2,416,989

Dedicated

,

Revenue,

Second

Lien

,

2023

A

,

%

,

7/15/48

.....................

1,100,000

1,146,541

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

%

,

7/15/49

.....................

1,250,000

1,308,315

Dedicated

,

Revenue,

Second

Lien

,

2025

A

,

%

,

7/15/60

.....................

3,000,000

3,106,407

13,707,472

#### Puerto

#### Rico

#### 2.3%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

2,000,000

2,052,570

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

................................

3,600,000

3,510,442

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

$

1,864,904

7,427,916

#### Total

#### U.S.

#### Territories

#### ....................................................................
21,135,388

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 305,808,728

####)
.....................................

#### 304,253,191
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 2.6%

#### Municipal

#### Bonds

#### 2.6%

#### Maryland

#### 2.6%
d

County

of

Montgomery

,

GO

,

2017

E

,

SPA

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.6 %

,

11/01/37

........................................................

5,000,000

5,000,000

d

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

University

of

Maryland

Medical

System

Obligated

Group

,

Revenue

,

2025

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

1.95 %

,

7/01/55

.............................................

3,300,000

3,300,000

8,300,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 8,300,000

####)
.......................................

#### 8,300,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 8,300,000

####)
.................................

#### 8,300,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 314,108,728

####)
98.4 #### %
...................................

#### $312,553,191

#### Other

#### Assets,

#### less

#### Liabilities
1.6 #### %
.............................................

#### 4,930,057

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $317,483,248
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$8,549,620,

representing

2.7%

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

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.59

$10.64

$10.41

$11.48

$11.84

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.31 0.29 0.27 0.23 0.22 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.05)

0.23 (1.07)

(0.36)

Total

from

investment

operations

....................

0.37 0.24 0.50 (0.84)

(0.14)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.29)

(0.27)

(0.23)

(0.22)

Net

asset

value,

end

of

year

.......................

$10.65

$10.59

$10.64

$10.41

$11.48

Total

return

d

...................................

3.61%

2.32%

4.88%

(7.32)%

(1.24)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.94%

0.93%

0.89%

0.89%

0.88%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.90%

0.90%

e

0.89%

e

0.89%

e

0.88%

e

Net

investment

income

...........................

3.02%

2.75%

2.60%

2.20%

1.83%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$44,624

$44,060

$49,501

$54,360

$64,555

Portfolio

turnover

rate

............................

21.12%

25.42%

10.76%

11.16%

21.84%

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.

e

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.58

$10.63

$10.41

$11.47

$11.83

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.33 0.31 0.29 0.25 0.24 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.05)

0.22 (1.06)

(0.36)

Total

from

investment

operations

....................

0.39 0.26 0.51 (0.81)

(0.12)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.31)

(0.29)

(0.25)

(0.24)

Net

asset

value,

end

of

year

.......................

$10.64

$10.58

$10.63

$10.41

$11.47

Total

return

d

...................................

3.77%

2.47%

4.94%

(7.10)%

(1.09)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.78%

0.78%

0.74%

0.74%

0.73%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.75%

0.75%

e

0.74%

e

0.74%

e

0.73%

e

Net

investment

income

...........................

3.17%

2.90%

2.74%

2.35%

2.00%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$113,896

$128,711

$146,609

$166,958

$218,895

Portfolio

turnover

rate

............................

21.12%

25.42%

10.76%

11.16%

21.84%

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.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.71

$10.76

$10.53

$11.62

$11.98

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.27 0.25 0.23 0.19 0.17 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.05)

0.23 (1.09)

(0.36)

Total

from

investment

operations

....................

0.33 0.20 0.46 (0.90)

(0.19)

Less

distributions

from:

Net

investment

income

..........................

(0.27)

(0.25)

(0.23)

(0.19)

(0.17)

Net

asset

value,

end

of

year

.......................

$10.77

$10.71

$10.76

$10.53

$11.62

Total

return

d

...................................

3.15%

1.87%

4.41%

(7.78)%

(1.54)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

1.32%

1.32%

1.28%

1.28%

1.27%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

1.29%

1.29%

e

1.28%

e

1.28%

e

1.27%

e

Net

investment

income

...........................

2.57%

2.31%

2.14%

1.76%

1.44%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$3,594

$5,392

$7,725

$11,612

$17,988

Portfolio

turnover

rate

............................

21.12%

25.42%

10.76%

11.16%

21.84%

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.

e

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.59

$10.64

$10.42

$11.48

$11.84

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.34 0.32 0.30 0.26 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.05)

0.22 (1.06)

(0.35)

Total

from

investment

operations

....................

0.40 0.27 0.52 (0.80)

(0.10)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.32)

(0.30)

(0.26)

(0.26)

Net

asset

value,

end

of

year

.......................

$10.65

$10.59

$10.64

$10.42

$11.48

Total

return

....................................

3.92%

2.60%

5.09%

(6.96)%

(0.86)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.60%

0.63%

0.59%

0.61%

0.59%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.60%

0.62%

d

0.59%

d

0.60%

d

0.58%

d

Net

investment

income

...........................

3.33%

3.02%

2.87%

2.49%

2.13%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$31,199

$14,056

$18,635

$23,528

$20,888

Portfolio

turnover

rate

............................

21.12%

25.42%

10.76%

11.16%

21.84%

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

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.58

$10.63

$10.41

$11.47

$11.83

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.34 0.32 0.30 0.26 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.05)

0.22 (1.06)

(0.36)

Total

from

investment

operations

....................

0.40 0.27 0.52 (0.80)

(0.11)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.32)

(0.30)

(0.26)

(0.25)

Net

asset

value,

end

of

year

.......................

$10.64

$10.58

$10.63

$10.41

$11.47

Total

return

....................................

3.87%

2.57%

5.05%

(7.01)%

(0.99)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.69%

0.68%

0.64%

0.64%

0.63%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.65%

0.65%

d

0.64%

d

0.64%

d

0.63%

d

Net

investment

income

...........................

3.27%

3.00%

2.84%

2.45%

2.10%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$146,137

$134,572

$84,294

$107,830

$109,947

Portfolio

turnover

rate

............................

21.12%

25.42%

10.76%

11.16%

21.84%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

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

$

952,499

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 900,000

####)
........................................

#### 952,499

#### Municipal

#### Bonds

#### 94.0%

#### California

#### 0.3%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

1,200,000

1,011,154

#### Florida

#### 0.9%
b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

.........................................................

750,000

532,800

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

2,800,000

2,398,501

2,931,301

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

125,000

133,754

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

1,115,000

558,873

692,627

#### Massachusetts

#### 88.4%
City

of

Worcester

,

GO

,

2020

A

,

%

,

2/01/42

................................

1,685,000

1,500,646

Commonwealth

of

Massachusetts

,

GO

,

2017

F

,

%

,

11/01/46

...........................................

5,000,000

5,110,066

GO

,

2022

E

,

%

,

11/01/49

...........................................

3,000,000

3,148,953

GO

,

2024

A

,

%

,

1/01/49

............................................

10,000,000

10,570,408

GO

,

2025

C

,

%

,

6/01/53

............................................

3,500,000

3,690,111

GO

,

A

,

5.25 %

,

4/01/42

..............................................

5,000,000

5,117,526

Revenue

,

2005

,

Refunding

,

AG,

NATL

Insured

,

5.5 %

,

1/01/34

................

11,900,000

14,138,771

Transportation

Fund

,

Revenue

,

2016

B

,

%

,

6/01/45

.......................

5,000,000

5,000,036

Transportation

Fund

,

Revenue

,

2017

A

,

Refunding

,

%

,

6/01/43

...............

4,805,000

4,963,049

Transportation

Fund

,

Revenue

,

2018

A

,

%

,

6/01/48

.......................

15,000,000

15,313,151

Transportation

Fund

,

Revenue

,

2023

A

,

%

,

6/01/53

.......................

5,000,000

5,221,452

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2025

B

,

5.25 %

,

7/01/55

.............................

5,000,000

5,374,267

Sales

Tax

,

Revenue

,

,

Refunding

,

5.25 %

,

7/01/30

.......................

4,000,000

4,543,384

Sales

Tax

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

%

,

7/01/48

.............

3,395,000

3,619,400

Massachusetts

Development

Finance

Agency

,

Bentley

University

,

Revenue

,

2025

,

%

,

7/01/55

...........................

2,375,000

2,447,638

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2018

,

%

,

7/01/30

......

3,270,000

3,462,099

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

2023

M

,

%

,

7/01/34

.......

3,375,000

3,911,320

Beth

Israel

Lahey

Health

Obligated

Group

,

Revenue

,

N

,

Refunding

,

5.25 %

,

7/01/45

8,830,000

9,633,925

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2023

G

,

Refunding

,

5.25 %

,

7/01/48

........................................................

4,315,000

4,399,783

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2023

G

,

Refunding

,

5.25 %

,

7/01/52

........................................................

1,270,000

1,268,213

Brandeis

University

,

Revenue

,

2019

,

Refunding

,

%

,

10/01/39

.............

2,660,000

2,810,754

Broad

Institute,

Inc.

(The)

,

Revenue

,

2017

,

Refunding

,

%

,

4/01/41

............

5,000,000

5,013,886

Dana-Farber

Cancer

Institute

Obligated

Group

,

Revenue

,

2016

N

,

%

,

12/01/46

..

6,890,000

6,928,508

Emerson

College

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

1/01/45

................

1,200,000

1,237,800

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

C

,

%

,

11/01/46

.......................................................

1,250,000

1,175,779

Lasell

Village,

Inc.

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

7/01/50

...............

1,250,000

1,278,831

Lasell

Village,

Inc.

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

7/01/55

...............

1,500,000

1,525,071

Lifespan

Corp.

Obligated

Group

,

Revenue

,

2025

A

,

5.5 %

,

8/15/50

.............

6,000,000

6,327,359

Loomis

Obligated

Group

,

Revenue

,

2021

,

%

,

1/01/41

......................

435,000

435,373

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Massachusetts
(continued)

Massachusetts

Development

Finance

Agency,

(continued)

Loomis

Obligated

Group

,

Revenue

,

2021

,

%

,

1/01/51

......................

$

300,000

$

263,213

b

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

%

,

1/01/41

........

485,000

485,416

b

Loomis

Obligated

Group

,

Revenue

,

144A,

2022

,

Refunding

,

%

,

1/01/51

........

520,000

456,236

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/41

.......

4,000,000

4,001,418

Mass

General

Brigham,

Inc.

,

Revenue

,

2024

D

,

Refunding

,

%

,

7/01/54

.........

1,500,000

1,554,010

Mass

General

Brigham,

Inc.

,

Revenue

,

2026

F

,

%

,

7/01/46

..................

1,000,000

1,079,580

Merrimack

College

,

Revenue

,

2021

B

,

%

,

7/01/50

........................

3,650,000

3,011,473

Merrimack

College

,

Revenue

,

2022

,

%

,

7/01/52

..........................

1,000,000

972,903

b

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

%

,

11/15/38

.......................................................

3,000,000

3,092,944

b

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

144A,

2018

,

5.125 %

,

11/15/46

.......................................................

5,000,000

5,078,136

Northeastern

University

,

Revenue

,

2022

,

Refunding

,

%

,

10/01/44

.............

2,375,000

2,564,282

President

&

Trustees

of

Williams

College

,

Revenue

,

2017

S

,

%

,

7/01/46

........

3,000,000

2,943,629

President

and

Fellows

of

Harvard

College

,

Revenue

,

2024

B

,

%

,

2/15/34

.......

3,000,000

3,582,776

d,e

President

and

Fellows

of

Harvard

College

,

Revenue

,

2025

,

Mandatory

Put

,

%

,

11/15/35

.......................................................

3,000,000

3,640,271

PRG

Medford

Properties,

Inc.

,

Revenue

,

2025

,

5.25 %

,

6/01/55

...............

1,000,000

1,047,807

Provident

Commonwealth

Education

Resources,

Inc.

,

Revenue

,

2016

,

%

,

10/01/41

1,000,000

1,002,587

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/39

.

750,000

758,087

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/41

.

500,000

499,219

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/48

.

1,750,000

1,556,892

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

9/01/50

.

250,000

272,800

Seven

Hills

Foundation

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

%

,

9/01/55

.

500,000

542,376

Simmons

University

,

Revenue

,

2023

N

,

Refunding

,

%

,

10/01/43

..............

1,750,000

1,578,902

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

%

,

7/01/46

........................................................

3,000,000

2,622,558

Southcoast

Health

System

Obligated

Group

,

Revenue

,

2021

G

,

Refunding

,

%

,

7/01/50

........................................................

4,040,000

4,051,779

Springfield

College

,

Revenue

,

2021

B

,

Refunding

,

%

,

6/01/50

................

1,195,000

945,015

Suffolk

University

,

Revenue

,

2021

,

%

,

7/01/46

...........................

2,000,000

1,762,376

Suffolk

University

,

Revenue

,

2021

,

AG

Insured

,

%

,

7/01/51

..................

5,000,000

4,443,757

d,e

Trustees

of

Amherst

College

,

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

11/01/35

....

1,250,000

1,512,320

Trustees

of

Boston

College

,

Revenue

,

2017

T

,

Refunding

,

%

,

7/01/42

..........

3,750,000

3,823,228

Trustees

of

Boston

College

,

Revenue

,

2025

W

,

Refunding

,

%

,

7/01/55

.........

3,000,000

3,141,451

Trustees

of

Boston

University

,

Revenue

,

2025

,

Refunding

,

%

,

10/01/48

.....

5,000,000

5,327,912

Trustees

of

Boston

University

,

Revenue

,

,

%

,

10/01/46

.................

5,000,000

4,929,635

UMass

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

7/01/50

..................................................

6,500,000

6,714,681

Wellesley

College

,

Revenue

,

2018

L

,

Refunding

,

%

,

7/01/44

.................

4,000,000

4,005,704

WGBH

Educational

Foundation

,

Revenue

,

2002

A

,

AMBAC

Insured

,

5.75 %

,

1/01/42

5,100,000

6,151,449

Wheaton

College

,

Revenue

,

2021

I

,

%

,

1/01/53

..........................

3,000,000

2,858,662

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

%

,

6/01/35

..

1,200,000

1,261,769

Woods

Hole

Oceanographic

Institution

,

Revenue

,

2018

,

Refunding

,

%

,

6/01/36

..

1,000,000

1,049,041

Worcester

Polytechnic

Institute

,

Revenue

,

2017

,

Refunding

,

%

,

9/01/42

........

1,090,000

1,109,634

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2021

C

,

%

,

7/01/51

........................................

3,000,000

2,062,129

Revenue

,

2025

B

,

5.5 %

,

7/01/55

......................................

1,500,000

1,560,479

Revenue,

Sub.

Lien

,

2017

B

,

Refunding

,

4.25 %

,

7/01/46

....................

2,295,000

2,106,508

Revenue,

Sub.

Lien

,

2023

C

,

%

,

7/01/53

...............................

4,375,000

4,322,257

Massachusetts

Health

&

Educational

Facilities

Authority

,

Trustees

of

Boston

College

,

Revenue

,

,

5.5 %

,

6/01/35

.........................................

8,600,000

10,341,601

Massachusetts

Housing

Finance

Agency

,

Revenue

,

2012

F

,

3.15 %

,

12/01/32

.....................................

105,000

105,016

Revenue

,

2012

F

,

3.45 %

,

12/01/37

.....................................

45,000

44,968

Revenue

,

2024

,

4.95 %

,

12/01/64

...................................

1,000,000

1,008,377

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

,

,

GNMA

Insured

,

2.55 %

,

12/01/34

...........................

$

1,000,000

$

925,900

Revenue

,

,

GNMA

Insured

,

2.8 %

,

12/01/39

............................

2,860,000

2,565,015

Revenue

,

A

,

3.5 %

,

12/01/31

..........................................

5,805,000

5,806,679

Massachusetts

Port

Authority

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/39

...............................

610,000

640,250

Revenue

,

2019

C

,

%

,

7/01/33

........................................

4,430,000

4,738,072

Revenue

,

2019

C

,

%

,

7/01/44

........................................

1,205,000

1,241,045

Revenue

,

2021

B

,

Refunding

,

%

,

7/01/39

...............................

1,175,000

1,265,856

Bosfuel

Corp.

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/35

....................

835,000

887,412

Bosfuel

Corp.

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/36

....................

800,000

847,101

Massachusetts

School

Building

Authority

,

Revenue

,

2025

B

,

Refunding

,

%

,

2/15/38

.

500,000

591,673

Massachusetts

Transportation

Trust

Fund

,

Metropolitan

Highway

System

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/37

.....................................

1,015,000

1,085,154

Massachusetts

Water

Resources

Authority

,

Revenue

,

2016

C

,

Pre-Refunded

,

%

,

8/01/40

............................

5,000,000

5,062,065

Revenue

,

2018

B

,

%

,

8/01/43

........................................

2,525,000

2,637,500

Revenue

,

2024

B

,

%

,

8/01/49

........................................

4,000,000

4,248,348

Revenue

,

B

,

Refunding

,

AG

Insured

,

5.25 %

,

8/01/28

.......................

5,490,000

5,917,013

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien

,

2017-1

,

5.25 %

,

11/01/42

........................................................

5,000,000

5,144,773

300,018,678

#### New

#### Jersey

#### 0.3%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/32

..........................................

1,000,000

1,070,395

#### South

#### Carolina

#### 0.3%
b

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

1,000,000

922,397

#### Texas

#### 0.3%
b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

1,400,000

1,078,732

#### 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

713,295

#### Wisconsin

#### 1.7%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

580,000

620,108

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

800,000

671,935

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

5,060,000

2,544,690

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

1,200,000

806,476

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,000,000

1,009,709

5,652,918

#### 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

661,363

#### 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

479,189

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/39

..

200,000

194,332

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

$

3,592,395

4,265,916

#### Total

#### U.S.

#### Territories

#### ....................................................................
4,927,279

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 318,956,697

####)
.....................................

#### 319,018,776

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 319,856,697

####)
...............................

#### 319,971,275

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 3.3%

#### Municipal

#### Bonds

#### 3.3%

#### Massachusetts

#### 3.3%
f

Massachusetts

Development

Finance

Agency

,

Children's

Hospital

Corp.

Obligated

Group

(The)

,

Revenue

,

2024

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

3/01/48

.................................................

4,000,000

4,000,000

f

Massachusetts

Health

&

Educational

Facilities

Authority

,

Massachusetts

Institute

of

Technology

,

Revenue

,

2001

,

Daily

VRDN

and

Put

,

1.45 %

,

7/01/31

..........

7,300,000

7,300,000

11,300,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 11,300,000

####)
......................................

#### 11,300,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 11,300,000

####)
................................

#### 11,300,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 331,156,697

####)
97.6 #### %
...................................

#### $331,271,275

#### Other

#### Assets,

#### less

#### Liabilities
2.4 #### %
.............................................

#### 8,179,376

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $339,450,651
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$17,246,577,

representing

5.1%

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

The

maturity

date

shown

represents

the

mandatory

put

date.

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

#### Michigan

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.52

$10.53

$10.30

$11.43

$11.84

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.34 0.31 0.31 0.29 0.26 Net

realized

and

unrealized

gains

(losses)

...........

0.05 (0.01)

0.23 (1.14)

(0.41)

Total

from

investment

operations

....................

0.39 0.30 0.54 (0.85)

(0.15)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.31)

(0.31)

(0.28)

(0.26)

Net

asset

value,

end

of

year

.......................

$10.58

$10.52

$10.53

$10.30

$11.43

Total

return

d

...................................

3.80%

2.94%

5.35%

(7.43)%

(1.35)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.84%

e

0.83%

f

0.83%

f

0.83%

f

0.83%

f

Net

investment

income

...........................

3.25%

2.99%

3.05%

2.71%

2.16%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$121,156

$128,058

$125,673

$120,384

$134,390

Portfolio

turnover

rate

............................

14.13%

12.42%

8.99%

27.70%

22.05%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.51

$10.52

$10.29

$11.42

$11.82

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.35 0.33 0.33 0.30 0.28 Net

realized

and

unrealized

gains

(losses)

...........

0.05 (0.01)

0.23 (1.13)

(0.40)

Total

from

investment

operations

....................

0.40 0.32 0.56 (0.83)

(0.12)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.33)

(0.33)

(0.30)

(0.28)

Net

asset

value,

end

of

year

.......................

$10.57

$10.51

$10.52

$10.29

$11.42

Total

return

d

...................................

3.96%

3.10%

5.52%

(7.29)%

(1.12)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.70%

e

0.68%

f

0.68%

f

0.68%

f

0.68%

f

Net

investment

income

...........................

3.40%

3.14%

3.19%

2.85%

2.32%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$380,464

$420,060

$461,520

$497,643

$628,769

Portfolio

turnover

rate

............................

14.13%

12.42%

8.99%

27.70%

22.05%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.68

$10.69

$10.46

$11.61

$12.02

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.29 0.27 0.27 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

...........

0.05 (0.01)

0.23 (1.15)

(0.41)

Total

from

investment

operations

....................

0.34 0.26 0.50 (0.91)

(0.20)

Less

distributions

from:

Net

investment

income

..........................

(0.28)

(0.27)

(0.27)

(0.24)

(0.21)

Net

asset

value,

end

of

year

.......................

$10.74

$10.68

$10.69

$10.46

$11.61

Total

return

d

...................................

3.33%

2.48%

4.85%

(7.86)%

(1.73)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

1.24%

e

1.22%

f

1.22%

f

1.22%

f

1.22%

f

Net

investment

income

...........................

2.79%

2.54%

2.56%

2.25%

1.73%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$12,718

$15,568

$21,272

$30,730

$43,148

Portfolio

turnover

rate

............................

14.13%

12.42%

8.99%

27.70%

22.05%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.55

$10.56

$10.33

$11.46

$11.87

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.37 0.34 0.34 0.32 0.29 Net

realized

and

unrealized

gains

(losses)

...........

0.05 (0.01)

0.23 (1.14)

(0.41)

Total

from

investment

operations

....................

0.42 0.33 0.57 (0.82)

(0.12)

Less

distributions

from:

Net

investment

income

..........................

(0.36)

(0.34)

(0.34)

(0.31)

(0.29)

Net

asset

value,

end

of

year

.......................

$10.61

$10.55

$10.56

$10.33

$11.46

Total

return

....................................

4.09%

3.22%

5.64%

(7.14)%

(1.06)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.55%

0.55%

0.55%

0.55%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.55%

d

0.55%

e

0.55%

e

0.54%

e

0.54%

e

Net

investment

income

...........................

3.55%

3.26%

3.33%

2.99%

2.44%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$22,918

$11,617

$14,947

$9,690

$11,255

Portfolio

turnover

rate

............................

14.13%

12.42%

8.99%

27.70%

22.05%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.54

$10.55

$10.32

$11.46

$11.86

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.36 0.34 0.34 0.31 0.29 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.01)

0.23 (1.14)

(0.40)

Total

from

investment

operations

....................

0.42 0.33 0.57 (0.83)

(0.11)

Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.34)

(0.34)

(0.31)

(0.29)

Net

asset

value,

end

of

year

.......................

$10.61

$10.54

$10.55

$10.32

$11.46

Total

return

....................................

4.15%

3.20%

5.61%

(7.26)%

(1.01)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.59%

d

0.58%

e

0.58%

e

0.58%

e

0.58%

e

Net

investment

income

...........................

3.50%

3.24%

3.27%

2.95%

2.41%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$126,997

$114,791

$67,780

$80,068

$107,625

Portfolio

turnover

rate

............................

14.13%

12.42%

8.99%

27.70%

22.05%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

$

1,904,997

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,800,000

####)
.......................................

#### 1,904,997

#### Municipal

#### Bonds

#### 97.3%

#### California

#### 0.3%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

2,650,000

2,232,965

#### 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

4,840,973

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

900,000

639,360

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

5,920,000

5,071,117

10,551,450

#### Georgia

#### 0.4%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

280,000

299,608

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

4,415,000

2,212,939

2,512,547

#### Illinois

#### 0.3%
State

of

Illinois

,

GO

,

2024

C

,

%

,

10/01/39

................................

1,860,000

1,871,673

#### Michigan

#### 86.7%
Allegan

Public

School

District

,

GO

,

2025

III

,

%

,

5/01/50

......................

5,310,000

5,578,236

Alma

Public

Schools

,

GO

,

2025

I

,

5.25 %

,

5/01/55

...........................

2,000,000

2,122,578

Bangor

Township

School

District

,

GO

,

2023

,

%

,

5/01/53

......................

2,000,000

2,092,676

Battle

Creek

School

District

,

GO

,

2022

,

%

,

5/01/45

.........................

3,000,000

3,001,622

Belding

Area

Schools

,

GO

,

2022

,

4.25 %

,

5/01/52

...........................

7,330,000

7,113,645

Byron

Center

Public

Schools

,

GO

,

2017

I

,

%

,

5/01/34

.............................................

1,000,000

1,028,473

GO

,

2017

I

,

%

,

5/01/35

.............................................

1,920,000

1,972,584

GO

,

2017

I

,

%

,

5/01/36

.............................................

650,000

667,048

GO

,

2017

I

,

%

,

5/01/37

.............................................

1,480,000

1,515,888

GO

,

2017

I

,

%

,

5/01/38

.............................................

1,330,000

1,361,650

GO

,

2017

I

,

%

,

5/01/47

.............................................

6,730,000

6,797,011

Caledonia

Community

Schools

,

GO

,

2023

I

,

%

,

5/01/53

.............................................

2,000,000

2,077,645

GO

,

2025

II

,

%

,

5/01/50

............................................

1,605,000

1,686,077

GO

,

2025

II

,

%

,

5/01/53

............................................

1,000,000

1,044,666

GO

,

2025

II

,

%

,

5/01/55

............................................

1,215,000

1,266,793

Central

Michigan

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/46

...........

1,325,000

1,059,230

Charter

Township

of

Bloomfield

,

GO

,

2016

,

Refunding

,

%

,

5/01/32

..............

1,000,000

1,004,242

Charter

Township

of

White

Lake

,

GO

,

2025

,

%

,

3/01/45

.............................................

700,000

759,781

GO

,

2025

,

4.5 %

,

3/01/49

............................................

2,850,000

2,850,175

GO

,

2025

,

4.625 %

,

3/01/54

..........................................

2,750,000

2,766,119

City

of

Albion

,

Water

Supply

System

,

Revenue

,

2025

,

BAM

Insured

,

%

,

4/01/55

....

1,750,000

1,831,929

City

of

Battle

Creek

,

Water

&

Wastewater

System

,

Revenue

,

2016

A

,

%

,

6/01/36

...

1,300,000

1,304,860

City

of

Detroit

,

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Second

Lien

,

2003

B

,

NATL

Insured

,

%

,

7/01/34

.........................................

25,000

25,057

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Senior

Lien

,

A

,

AG

Insured

,

%

,

7/01/34

..............................................

30,000

30,041

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Grand

Rapids

,

GO

,

2024

,

%

,

10/01/44

.............................................

$

1,645,000

$

1,798,772

GO

,

2024

,

%

,

10/01/49

.............................................

1,150,000

1,216,803

GO

,

2024

,

%

,

10/01/54

.............................................

1,700,000

1,773,073

GO

,

2025

,

%

,

4/01/55

.............................................

3,000,000

3,129,285

Sanitary

Sewer

System

,

Revenue

,

2018

,

%

,

1/01/37

.......................

1,040,000

1,080,964

Sanitary

Sewer

System

,

Revenue

,

2018

,

%

,

1/01/43

.......................

1,000,000

1,025,495

Sanitary

Sewer

System

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/45

..............

2,000,000

2,088,034

Water

Supply

System

,

Revenue

,

2018

,

Refunding

,

%

,

1/01/43

...............

1,500,000

1,538,243

Water

Supply

System

,

Revenue

,

2020

,

%

,

1/01/40

........................

2,400,000

2,558,409

Water

Supply

System

,

Revenue

,

2020

,

%

,

1/01/50

........................

3,000,000

3,095,896

City

of

Lansing

,

GO

,

2023

,

AG

Insured

,

4.25 %

,

6/01/53

..................................

2,225,000

2,154,174

GO

,

2023

B

,

Refunding

,

AG

Insured

,

%

,

6/01/48

..........................

9,980,000

10,469,096

Comstock

Park

Public

Schools

,

GO

,

2025

II

,

%

,

11/01/53

....................

5,395,000

5,631,837

Comstock

Public

Schools

,

GO

,

2022

I

,

%

,

5/01/52

..........................

3,000,000

2,791,708

County

of

Genesee

,

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

%

,

11/01/37

.........

835,000

970,057

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

%

,

11/01/38

.........

700,000

805,737

Water

Supply

System

,

GO

,

2024

,

Refunding

,

AG

Insured

,

%

,

11/01/39

.........

1,150,000

1,313,201

County

of

Kent

,

GO

,

2016

,

%

,

6/01/32

.............................................

1,305,000

1,313,628

GO

,

2016

,

%

,

6/01/33

.............................................

1,275,000

1,282,983

County

of

Muskegon

,

GO

,

2015

,

Refunding

,

%

,

11/01/33

.....................

1,360,000

1,361,547

Crestwood

School

District

,

GO

,

2025

I

,

%

,

5/01/55

.........................

3,000,000

3,118,712

Detroit

City

School

District

,

GO

,

2001

A

,

AG

Insured

,

%

,

5/01/29

...............

6,590,000

7,043,727

DeWitt

Public

Schools

,

GO

,

2017

,

%

,

5/01/30

.............................................

500,000

516,197

GO

,

2017

,

%

,

5/01/34

.............................................

1,000,000

1,027,193

GO

,

2017

,

%

,

5/01/35

.............................................

1,000,000

1,026,690

GO

,

2017

,

%

,

5/01/36

.............................................

1,000,000

1,025,531

Dexter

Community

Schools

,

GO

,

2025

,

4.5 %

,

5/01/55

........................

3,000,000

2,971,617

Downriver

Utility

Wastewater

Authority

,

Revenue

,

2018

,

Refunding

,

AG

Insured

,

%

,

4/01/34

.......................

510,000

537,477

Revenue

,

2018

,

Refunding

,

AG

Insured

,

%

,

4/01/36

.......................

1,600,000

1,681,493

Revenue

,

2018

,

Refunding

,

AG

Insured

,

%

,

4/01/38

.......................

1,500,000

1,570,103

Revenue

,

2018

,

Refunding

,

AG

Insured

,

%

,

4/01/43

.......................

3,000,000

3,085,460

East

Grand

Rapids

Public

School

District

,

GO

,

2024

I

,

%

,

5/01/53

..............

700,000

732,307

East

Lansing

School

District

,

GO

,

2017

I

,

%

,

5/01/35

.............................................

1,500,000

1,537,772

GO

,

2017

I

,

%

,

5/01/37

.............................................

1,100,000

1,124,638

GO

,

2017

I

,

%

,

5/01/42

.............................................

2,500,000

2,541,808

Eastern

Michigan

University

,

Revenue

,

2025

,

Refunding

,

BAM

Insured

,

5.25 %

,

3/01/50

2,000,000

2,118,692

Farmington

Public

School

District

,

GO

,

2018

,

BAM

Insured

,

4.5 %

,

5/01/38

.........

7,225,000

7,415,359

Ferris

State

University

,

Revenue

,

2025

A

,

Refunding

,

AG

Insured

,

%

,

10/01/49

....

1,800,000

1,906,492

Fitzgerald

Public

School

District

,

GO

,

2026

,

%

,

5/01/50

......................

1,000,000

1,058,303

Flat

Rock

Community

School

District

,

GO

,

2022

I

,

4.5 %

,

5/01/52

................

2,100,000

2,107,564

Four

Lakes

Special

Assessment

District

,

Special

Assessment

,

2025

,

AG

Insured

,

%

,

6/01/55

.........................................................

1,500,000

1,545,708

Gerald

R

Ford

International

Airport

Authority

,

Revenue

,

2021

,

%

,

1/01/46

.........

2,000,000

2,068,100

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/44

...........

1,110,000

1,134,065

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

B

,

%

,

7/01/39

...........

1,625,000

1,684,148

Munson

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/51

....

10,000,000

7,263,410

Grand

Valley

State

University

,

Revenue

,

2018

,

%

,

12/01/38

........................................

900,000

940,134

Revenue

,

2018

,

%

,

12/01/43

........................................

1,800,000

1,855,679

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

Great

Lakes

Water

Authority

,

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5 %

,

7/01/52

.......

$

1,500,000

$

1,592,749

Water

Supply

System

,

Revenue,

Second

Lien

,

2022

B

,

5.5 %

,

7/01/52

..........

5,000,000

5,309,163

Water

Supply

System

,

Revenue,

Senior

Lien

,

2025

C

,

Refunding

,

5.25 %

,

7/01/55

.

1,000,000

1,059,894

Grosse

Ile

Township

School

District

,

GO

,

2025

II

,

Refunding

,

%

,

5/01/52

.........

2,000,000

2,091,209

Gull

Lake

Community

School

District

,

GO

,

2018

I

,

%

,

5/01/45

.............................................

4,000,000

4,089,721

GO

,

2018

I

,

%

,

5/01/48

.............................................

1,000,000

1,017,283

Hemlock

Public

School

District

,

GO

,

2024

III

,

%

,

5/01/53

.....................

1,100,000

1,151,539

Holly

Area

School

District

,

GO

,

2025

II

,

%

,

5/01/48

............................................

625,000

660,906

GO

,

2025

II

,

%

,

5/01/52

............................................

1,000,000

1,045,605

Howell

Public

Schools

,

GO

,

2025

II

,

%

,

5/01/45

............................

500,000

540,928

Hudsonville

Public

Schools

,

GO

,

2017

,

Refunding

,

%

,

5/01/41

.................

2,500,000

2,552,454

Ingham

County

Building

Authority

,

Community

Mental

Health

Authority

of

Clinton

Eaton

&

Ingham

Counties

,

GO

,

2024

,

BAM

Insured

,

%

,

8/01/49

...................

2,540,000

2,660,875

Jenison

Public

Schools

,

GO

,

2024

I

,

%

,

5/01/49

...........................

550,000

578,671

Kent

Hospital

Finance

Authority

,

Mary

Free

Bed

Rehabilitation

Hospital

Obligated

Group

,

Revenue

,

2021

A

,

%

,

4/01/51

..................................

6,010,000

4,391,074

Kentwood

Economic

Development

Corp.

,

Holland

Home

Obligated

Group

,

Revenue

,

2021

,

%

,

11/15/45

................

1,655,000

1,463,990

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

11/15/31

.......

1,725,000

1,775,268

Holland

Home

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

11/15/43

.......

8,820,000

8,161,352

Kentwood

Public

Schools

,

GO

,

2016

,

%

,

5/01/44

...........................

2,920,000

2,933,119

L'Anse

Creuse

Public

Schools

,

GO

,

2025

I

,

%

,

5/01/49

......................

2,250,000

2,370,068

Lansing

Board

of

Water

&

Light

,

Revenue

,

2024

A

,

Refunding

,

%

,

7/01/54

........

9,500,000

9,853,487

Lansing

School

District

,

GO

,

2016

I

,

Refunding

,

%

,

5/01/39

....................................

2,125,000

2,134,548

GO

,

2016

I

,

Refunding

,

%

,

5/01/40

....................................

2,200,000

2,209,884

Lowell

Area

Schools

,

GO

,

2024

I

,

4.125 %

,

5/01/54

..........................

2,155,000

2,047,904

Ludington

Area

School

District

,

GO

,

2022

II

,

BAM

Insured

,

%

,

5/01/51

...........

7,820,000

7,340,385

Macomb

Interceptor

Drain

Drainage

District

,

Special

Assessment

,

2017

A

,

Refunding

,

%

,

5/01/42

......................................................

4,000,000

4,073,316

Mattawan

Consolidated

School

District

,

GO

,

2024

I

,

%

,

5/01/54

................

1,700,000

1,775,482

Melvindale

Northern

Allen

Park

Public

Schools

,

GO

,

2022

,

AG

Insured

,

4.375 %

,

5/01/47

.................................

1,500,000

1,521,658

GO

,

2024

,

AG

Insured

,

%

,

5/01/45

....................................

1,300,000

1,407,339

Michigan

Finance

Authority

,

Albion

College

,

Revenue

,

2022

,

Refunding

,

%

,

12/01/36

....................

1,925,000

1,385,081

Albion

College

,

Revenue

,

2022

,

Refunding

,

%

,

12/01/46

....................

4,800,000

2,924,165

Albion

College

,

Revenue

,

2022

,

Refunding

,

%

,

12/01/51

....................

3,050,000

1,750,494

Bronson

Health

Care

Group

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/15/54

........................................................

11,000,000

11,058,927

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/50

......

895,000

638,981

Calvin

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/50

......

1,600,000

1,359,599

City

of

Inkster

,

Revenue

,

2024

B

,

%

,

11/01/42

...........................

1,420,000

1,554,786

City

of

Inkster

,

Revenue

,

2024

B

,

%

,

11/01/45

...........................

1,660,000

1,765,652

City

of

Inkster

,

Revenue

,

2024

B

,

%

,

11/01/49

...........................

2,635,000

2,751,469

City

of

Inkster

,

Revenue

,

2024

B

,

%

,

11/01/54

...........................

3,820,000

3,962,802

Clean

Water

Revolving

Fund

,

Revenue

,

2016

B

,

Refunding

,

%

,

10/01/30

.......

2,750,000

2,774,478

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

%

,

10/01/38

.......

8,055,000

8,492,721

Corewell

Health

Obligated

Group

,

Revenue

,

2016

A

,

%

,

11/01/44

.............

12,000,000

12,008,204

County

of

Wayne

,

GO,

Second

Lien

,

2020

,

Refunding

,

BAM

Insured

,

%

,

11/01/55

4,000,000

3,674,173

Detroit

Public

Lighting

Authority

Utility

Users

Tax

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

7/01/44

..............................................

500,000

542,635

Henry

Ford

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/41

.......................................................

7,000,000

7,072,300

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Kalamazoo

College

,

Revenue

,

2018

,

Refunding

,

%

,

12/01/47

................

$

2,610,000

$

2,370,244

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/35

.................

400,000

381,148

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/36

.................

565,000

531,202

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/37

.................

640,000

596,400

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/38

.................

675,000

618,795

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/39

.................

645,000

585,733

Kettering

University

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/45

.................

2,780,000

2,261,729

Lawrence

Technological

University

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

2/01/42

........................................................

745,000

666,132

Michigan

Finance

Authority

Clean

Water

Revolving

Fund

,

Revenue

,

2018

B

,

Refunding

,

%

,

10/01/39

...........................................

6,000,000

6,317,201

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5 %

,

2/28/49

............

1,500,000

1,589,472

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

4.375 %

,

2/28/54

..........

1,895,000

1,795,421

Provident

Group

-

HFH

Energy

LLC

,

Revenue

,

2024

,

5.5 %

,

2/28/57

............

1,750,000

1,823,352

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

,

Refunding

,

%

,

6/01/40

....

1,000,000

1,041,093

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/49

...

4,170,000

3,647,139

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2016

MI

,

Pre-Refunded

,

%

,

12/01/45

.......................................................

290,000

291,899

Trinity

Health

Credit

Group

,

Revenue

,

2016

MI

,

Pre-Refunded

,

%

,

12/01/45

.....

110,000

110,720

Trinity

Health

Credit

Group

,

Revenue

,

2016

MI

,

Refunding

,

%

,

12/01/45

........

2,100,000

2,105,965

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.5 %

,

11/01/48

.......................................................

2,000,000

2,040,384

University

of

Detroit

Mercy

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.625 %

,

11/01/52

.......................................................

2,280,000

2,321,769

Michigan

State

Building

Authority

,

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

%

,

4/15/41

.................

12,000,000

12,138,138

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

%

,

10/15/46

................

9,910,000

9,972,974

State

of

Michigan

,

Revenue

,

2016

I

,

Refunding

,

%

,

10/15/51

................

1,000,000

1,004,498

State

of

Michigan

,

Revenue

,

2019

I

,

Refunding

,

%

,

4/15/54

.................

2,000,000

1,860,800

State

of

Michigan

,

Revenue

,

2022

I

,

%

,

10/15/52

.........................

4,250,000

3,940,215

Michigan

State

Hospital

Finance

Authority

,

Ascension

Health

Credit

Group

,

Revenue

,

1999

,

Pre-Refunded

,

%

,

11/15/33

.

5,370,000

5,578,177

Ascension

Health

Credit

Group

,

Revenue

,

2010

,

Pre-Refunded

,

%

,

11/15/47

.

10,000,000

10,193,420

Ascension

Health

Credit

Group

,

Revenue

,

2010

,

Pre-Refunded

,

%

,

11/15/46

.

2,550,000

2,599,322

Corewell

Health

Obligated

Group

,

Revenue

,

2025

A

,

%

,

8/15/46

..............

1,000,000

1,059,798

Michigan

State

Housing

Development

Authority

,

Revenue

,

2019

B

,

3.1 %

,

12/01/44

.....................................

10,500,000

9,232,585

Revenue

,

2020

A

,

2.8 %

,

12/01/45

.....................................

4,350,000

3,496,612

Revenue

,

2020

A

,

2.85 %

,

6/01/50

.....................................

4,150,000

3,157,911

Revenue

,

2021

A

,

2.7 %

,

10/01/56

.....................................

4,000,000

2,594,442

Revenue

,

2021

A

,

2.73 %

,

10/01/59

....................................

5,000,000

3,174,979

Revenue

,

2022

A

,

4.1 %

,

6/01/43

......................................

5,000,000

5,053,671

Revenue

,

2025

A

,

%

,

12/01/55

.......................................

5,000,000

5,074,179

Revenue

,

2025

C

,

5.1 %

,

6/01/56

......................................

3,000,000

3,047,632

Michigan

State

University

,

Revenue

,

2025

A

,

Refunding

,

%

,

2/15/55

............

5,000,000

5,266,148

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

%

,

6/30/33

....

2,200,000

2,296,611

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

%

,

6/30/48

....

7,000,000

7,005,680

Michigan

Technological

University

,

Revenue

,

2015

A

,

%

,

10/01/45

.......................................

2,400,000

2,401,869

Revenue

,

2023

A

,

AG

Insured

,

%

,

10/01/47

.............................

3,515,000

3,636,928

Revenue

,

2023

A

,

AG

Insured

,

5.25 %

,

10/01/52

...........................

1,000,000

1,039,780

Revenue

,

2023

C

,

AG

Insured

,

5.25 %

,

10/01/53

...........................

2,000,000

2,105,934

Monroe

Public

Schools

,

GO

,

2020

I

,

%

,

5/01/45

............................

2,465,000

2,570,609

Oakland

University

,

Revenue

,

2016

,

%

,

3/01/41

.........................................

5,000,000

5,001,444

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

Oakland

University,

(continued)

Revenue

,

2019

,

%

,

3/01/50

.........................................

$

2,230,000

$

2,269,941

Okemos

Public

Schools

,

GO

,

2024

II

,

%

,

5/01/54

...........................

2,335,000

2,427,282

Plainwell

Community

Schools

,

GO

,

2022

II

,

%

,

5/01/52

......................

7,000,000

6,607,041

Portage

Public

Schools

,

GO

,

2025

,

BAM

Insured

,

4.25 %

,

11/01/47

..............

2,000,000

1,974,788

Rochester

Community

School

District

,

GO

,

2016

I

,

%

,

5/01/36

.................

2,800,000

2,812,580

Saginaw

Valley

State

University

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/31

...............................

2,170,000

2,188,142

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/33

...............................

1,240,000

1,250,115

Saline

Area

Schools

,

GO

,

2016

,

%

,

5/01/36

...............................

2,950,000

2,957,066

South

Redford

School

District

,

GO

,

2024

,

%

,

5/01/48

.............................................

500,000

528,304

GO

,

2024

,

%

,

5/01/51

.............................................

300,000

314,236

Southfield

Public

Schools

,

GO

,

2025

,

5.25 %

,

5/01/50

...........................................

3,235,000

3,459,062

GO

,

2025

,

5.25 %

,

5/01/55

...........................................

7,250,000

7,694,345

Sparta

Area

Schools

,

GO

,

2019

II

,

%

,

5/01/48

.............................

5,750,000

5,856,538

Spring

Lake

Public

Schools

,

GO

,

2025

II

,

%

,

5/01/45

........................

750,000

811,393

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2023

,

5.25 %

,

11/15/49

................

2,000,000

2,141,948

Swartz

Creek

Community

Schools

,

GO

,

2025

I

,

%

,

5/01/49

...................

3,000,000

3,162,417

Trenton

Public

Schools

School

District

,

GO

,

2018

,

%

,

5/01/42

.............................................

4,920,000

5,093,236

GO

,

2018

,

%

,

5/01/45

.............................................

11,480,000

11,739,895

Universal

Academy

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/26

................................

105,000

103,844

Revenue

,

2021

,

Refunding

,

%

,

12/01/31

................................

1,035,000

1,050,627

Revenue

,

2021

,

Refunding

,

%

,

12/01/40

................................

1,100,000

1,054,407

University

of

Michigan

,

Revenue

,

2015

,

Pre-Refunded

,

%

,

4/01/46

..............................

2,000,000

2,004,485

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

4/01/37

............................

2,700,000

2,781,964

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

4/01/42

............................

5,635,000

5,806,061

Revenue

,

2017

A

,

Pre-Refunded

,

%

,

4/01/47

............................

5,000,000

5,151,784

Walled

Lake

Consolidated

School

District

,

GO

,

2024

,

%

,

5/01/54

...............

1,800,000

1,881,181

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2018

A

,

%

,

12/01/43

......

7,750,000

8,047,497

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

%

,

12/01/40

......

3,330,000

3,622,811

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

A

,

%

,

12/01/46

......

3,670,000

3,833,222

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2021

B

,

%

,

12/01/39

......

1,675,000

1,801,225

Wayne

State

University

,

Revenue

,

2018

A

,

%

,

11/15/43

.......................................

4,500,000

4,668,655

Revenue

,

2018

A

,

%

,

11/15/48

.......................................

10,000,000

9,343,727

Wayne-Westland

Community

Schools

,

GO

,

2022

,

%

,

11/01/44

.................

2,830,000

2,311,140

Western

Michigan

University

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/15/44

.........

2,315,000

2,403,850

Western

School

District

,

GO

,

2022

,

5.25 %

,

5/01/52

..........................

2,000,000

2,103,840

Williamston

Community

Schools

School

District

,

GO

,

2024

,

%

,

5/01/54

..........

2,000,000

2,105,660

Woodhaven-Brownstown

School

District

,

GO

,

2025

III

,

%

,

11/01/51

...........................................

525,000

547,451

GO

,

2025

III

,

%

,

5/01/55

............................................

5,500,000

5,738,493

Zeeland

Public

Schools

,

GO

,

2025

III

,

Refunding

,

AG

Insured

,

%

,

5/01/45

........

310,000

332,274

576,104,366

#### New

#### Jersey

#### 0.1%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

%

,

6/15/50

......................

500,000

465,872

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

......................

600,000

458,768

924,640

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

#### 1.3%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/48

..........

$

9,300,000

$

8,357,563

#### 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

922,397

#### Texas

#### 0.5%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/39

325,000

281,597

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/40

300,000

254,812

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

3,500,000

2,696,831

3,233,240

#### 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

1,604,913

#### Wisconsin

#### 3.2%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,305,000

1,395,242

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,800,000

1,511,854

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

20,050,000

10,083,207

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

12,000,000

8,064,762

21,055,065

#### U.S.

#### Territories

#### 2.6%

#### Guam

#### 0.7%
Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

........................................

1,750,000

1,786,157

Guam

Waterworks

Authority

Water

And

Wastewater

System

,

Revenue

,

2024

A

,

Refunding

,

%

,

1/01/46

............................................

1,770,000

1,833,397

Water

and

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/45

..............

1,000,000

1,084,417

4,703,971

#### Puerto

#### Rico

#### 1.9%
Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

12,900,000

12,661,718

#### Total

#### U.S.

#### Territories

#### ....................................................................
17,365,689

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 664,233,109

####)
.....................................

#### 646,736,508

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 666,033,109

####)
...............................

#### 648,641,505

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.1%

#### Municipal

#### Bonds

#### 1.1%

#### Michigan

#### 1.1%
d

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

1.95 %

,

7/01/41

...................................................

300,000

300,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

d

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

6/01/34

$

6,700,000

$

6,700,000

7,000,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 7,000,000

####)
.......................................

#### 7,000,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 7,000,000

####)
.................................

#### 7,000,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 673,033,109

####)
98.7 #### %
...................................

#### $655,641,505

#### Other

#### Assets,

#### less

#### Liabilities
1.3 #### %
.............................................

#### 8,610,460

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $664,251,965
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$20,511,234,

representing

3.1%

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

#### Minnesota

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.27

$11.24

$11.03

$12.20

$12.62

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.34 0.34 0.32 0.28 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.17 0.02 0.20 (1.18)

(0.42)

Total

from

investment

operations

....................

0.51 0.36 0.52 (0.90)

(0.19)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.33)

(0.31)

(0.27)

(0.23)

Net

asset

value,

end

of

year

.......................

$11.44

$11.27

$11.24

$11.03

$12.20

Total

return

d

...................................

4.67%

3.29%

4.81%

(7.35)%

(1.59)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

e

....................................

0.85%

f

0.83%

0.84%

0.84%

0.83%

Net

investment

income

...........................

3.11%

3.00%

2.88%

2.48%

1.79%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$177,539

$179,854

$174,047

$173,008

$193,021

Portfolio

turnover

rate

............................

5.26%

4.25%

20.83%

19.82%

19.81%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.27

$11.24

$11.02

$12.19

$12.61

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.36 0.35 0.33 0.29 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.16 0.03 0.22 (1.17)

(0.42)

Total

from

investment

operations

....................

0.52 0.38 0.55 (0.88)

(0.17)

Less

distributions

from:

Net

investment

income

..........................

(0.36)

(0.35)

(0.33)

(0.29)

(0.25)

Net

asset

value,

end

of

year

.......................

$11.43

$11.27

$11.24

$11.02

$12.19

Total

return

d

...................................

4.74%

3.45%

5.06%

(7.21)%

(1.44)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

e

....................................

0.70%

f

0.68%

0.69%

0.69%

0.69%

Net

investment

income

...........................

3.27%

3.15%

3.03%

2.62%

1.94%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$240,873

$290,503

$328,953

$376,659

$506,601

Portfolio

turnover

rate

............................

5.26%

4.25%

20.83%

19.82%

19.81%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.40

$11.37

$11.15

$12.33

$12.76

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.30 0.29 0.27 0.23 0.17 Net

realized

and

unrealized

gains

(losses)

...........

0.17 0.03 0.21 (1.18)

(0.43)

Total

from

investment

operations

....................

0.47 0.32 0.48 (0.95)

(0.26)

Less

distributions

from:

Net

investment

income

..........................

(0.30)

(0.29)

(0.26)

(0.23)

(0.17)

Net

asset

value,

end

of

year

.......................

$11.57

$11.40

$11.37

$11.15

$12.33

Total

return

d

...................................

4.11%

2.84%

4.42%

(7.73)%

(2.05)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

e

....................................

1.25%

f

1.23%

1.23%

1.23%

1.23%

Net

investment

income

...........................

2.68%

2.55%

2.43%

2.03%

1.36%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$21,348

$26,961

$38,418

$52,613

$81,058

Portfolio

turnover

rate

............................

5.26%

4.25%

20.83%

19.82%

19.81%

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.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.29

$11.26

$11.04

$12.21

$12.64

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.38 0.37 0.35 0.31 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.15 0.03 0.21 (1.17)

(0.43)

Total

from

investment

operations

....................

0.53 0.40 0.56 (0.86)

(0.16)

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.37)

(0.34)

(0.31)

(0.27)

Net

asset

value,

end

of

year

.......................

$11.45

$11.29

$11.26

$11.04

$12.21

Total

return

....................................

4.89%

3.59%

5.20%

(7.06)%

(1.28)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.54%

0.54%

0.54%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

d

......

0.55%

0.54%

0.54%

0.53%

0.53%

Net

investment

income

...........................

3.41%

3.29%

3.18%

2.77%

2.10%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$21,019

$23,165

$18,009

$11,973

$16,571

Portfolio

turnover

rate

............................

5.26%

4.25%

20.83%

19.82%

19.81%

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

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.28

$11.25

$11.04

$12.21

$12.63

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.37 0.36 0.34 0.31 0.26 Net

realized

and

unrealized

gains

(losses)

...........

0.17 0.03 0.21 (1.18)

(0.42)

Total

from

investment

operations

....................

0.54 0.39 0.55 (0.87)

(0.16)

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.36)

(0.34)

(0.30)

(0.26)

Net

asset

value,

end

of

year

.......................

$11.45

$11.28

$11.25

$11.04

$12.21

Total

return

....................................

4.93%

3.55%

5.07%

(7.11)%

(1.34)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

0.60%

e

0.58%

0.59%

0.59%

0.58%

Net

investment

income

...........................

3.36%

3.24%

3.12%

2.71%

2.04%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$159,406

$139,196

$148,704

$197,029

$266,255

Portfolio

turnover

rate

............................

5.26%

4.25%

20.83%

19.82%

19.81%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 98.9%

#### Florida

#### 1.2%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

$

6,192,000

$

5,703,064

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

2,100,000

1,491,839

7,194,903

#### Minnesota

#### 96.1%
Alexandria

Independent

School

District

No.

,

GO

,

2017

A

,

Refunding

,

%

,

2/01/37

29,905,000

29,888,481

Anoka-Hennepin

Independent

School

District

No.

,

GO

,

2018

A

,

3.25 %

,

2/01/37

..........................................

5,355,000

5,351,713

GO

,

2018

A

,

%

,

2/01/39

............................................

8,905,000

8,989,152

GO

,

2018

A

,

3.375 %

,

2/01/43

.........................................

4,020,000

3,753,826

b

Becker

Independent

School

District

No.

726

,

GO

,

2022

A

,

4.17 %,

2/01/41

.........

1,000,000

543,241

Belle

Plaine

Independent

School

District

No.

716

,

GO

,

2025

A

,

%

,

2/01/48

............................................

525,000

554,111

GO

,

2025

A

,

%

,

2/01/50

............................................

500,000

524,618

GO

,

2025

A

,

%

,

2/01/52

............................................

500,000

522,631

Big

Lake

Economic

Development

Authority

,

City

of

Big

Lake

,

Revenue

,

2026

A

,

%

,

2/01/52

.........................................................

2,500,000

2,561,823

Brainerd

Independent

School

District

No.

,

GO

,

2018

A

,

%

,

2/01/43

..........

1,900,000

1,906,391

Breckenridge

Independent

School

District

No.

846

,

GO

,

2026

A

,

Refunding

,

%

,

2/01/42

...................................

1,390,000

1,415,156

GO

,

2026

A

,

Refunding

,

4.25 %

,

2/01/50

.................................

1,000,000

991,995

City

of

Center

City

,

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2019

,

Refunding

,

%

,

11/01/41

......

1,000,000

1,002,673

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2025

,

Refunding

,

%

,

11/01/44

......

1,160,000

1,223,623

Hazelden

Betty

Ford

Foundation

,

Revenue

,

2025

,

Refunding

,

%

,

11/01/47

......

1,000,000

1,033,054

City

of

Cold

Spring

,

GO

,

2024

A

,

BAM

Insured

,

%

,

2/01/54

...................

1,050,000

972,670

City

of

Coon

Rapids

,

Mississippi

View

Housing

Partners

LP

,

Revenue

,

2023

,

FNMA

Insured

,

5.6 %

,

12/01/39

.............................................

3,713,082

4,301,049

City

of

Corcoran

,

GO

,

2023

A

,

BAM

Insured

,

%

,

2/01/53

.....................

3,605,000

3,454,816

City

of

Fridley

,

GO

,

2022

A

,

%

,

2/01/36

............................................

350,000

365,735

GO

,

2022

A

,

%

,

2/01/37

............................................

735,000

764,456

GO

,

2022

A

,

%

,

2/01/38

............................................

800,000

830,881

Fridley

Leased

Housing

Associates

I

LLLP

,

Revenue

,

2018

,

FNMA

Insured

,

3.75 %

,

11/01/34

.......................................................

9,087,095

9,394,418

a

Roers

Fridley

Apartments

Owner

II

LLC

,

Revenue

,

144A,

2023

A

,

5.75 %

,

6/01/41

..

16,000,000

17,005,824

City

of

Minneapolis

,

GO

,

2018

,

%

,

12/01/46

.............................................

3,500,000

3,500,447

GO

,

2019

,

%

,

12/01/40

.............................................

2,000,000

1,880,322

14th

and

Central

LLLP

,

Revenue

,

2020

,

FNMA

Insured

,

2.35 %

,

2/01/38

.........

7,211,075

6,049,614

Allina

Health

Obligated

Group

,

Revenue

,

2021

,

%

,

11/15/40

.................

6,750,000

6,791,134

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

11/15/44

.......................................................

11,325,000

11,329,002

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/49

.......................................................

4,535,000

4,516,664

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

AG

Insured

,

%

,

11/15/49

...................................................

6,000,000

6,071,717

c

City

of

Mounds

View

,

OAHS

Sibley

TC

LLLP

,

Revenue

,

2024

,

Mandatory

Put

,

3.375 %

,

3/01/28

.........................................................

4,500,000

4,535,076

City

of

Rochester

,

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

%

,

12/01/42

...................

1,395,000

1,414,966

Electric

Utility

,

Revenue

,

2017

A

,

Refunding

,

%

,

12/01/47

...................

3,815,000

3,847,861

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/33

....................

9,425,000

11,106,897

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/34

....................

5,235,000

6,235,310

Mayo

Clinic

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/36

....................

8,400,000

10,115,341

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Rochester,

(continued)

Mayo

Clinic

,

Revenue

,

2018

,

%

,

11/15/48

...............................

$

4,000,000

$

3,906,543

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

3.25 %

,

11/15/41

...................

4,000,000

3,771,109

Mayo

Clinic

,

Revenue

,

2022

,

Refunding

,

%

,

11/15/57

......................

1,000,000

1,036,759

Mayo

Clinic

,

Revenue

,

2025

A

,

4.25 %

,

11/15/50

...........................

3,000,000

2,989,230

Mayo

Clinic

,

Revenue

,

2025

A

,

4.375 %

,

11/15/53

..........................

1,750,000

1,750,039

City

of

St.

Cloud

,

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/01/37

........................................................

7,310,000

7,311,349

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

5/01/48

........................................................

10,000,000

10,197,370

CentraCare

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

5/01/54

........................................................

1,000,000

1,032,030

City

of

St.

Paul

,

Water

,

Revenue

,

2023

A

,

%

,

12/01/46

.......................

13,340,000

13,258,649

City

of

Virginia

,

GO

,

2024

A

,

4.375 %

,

2/01/34

.........................................

1,000,000

1,042,750

GO

,

2024

A

,

4.5 %

,

2/01/37

...........................................

1,605,000

1,660,145

GO

,

2024

A

,

%

,

2/01/41

............................................

825,000

871,420

GO

,

2025

A

,

5.625 %

,

2/01/44

.........................................

1,035,000

1,071,276

GO

,

2025

A

,

5.75 %

,

2/01/47

..........................................

1,225,000

1,251,839

City

of

Wadena

,

Astera

Health

,

Revenue

,

2024

A

,

%

,

12/01/45

.................

1,900,000

1,993,133

County

of

Norman

,

GO

,

2022

A

,

3.25 %

,

2/01/52

............................

3,115,000

2,422,760

County

of

Rice

,

GO

,

2022

A

,

%

,

2/01/48

.................................

5,200,000

5,116,357

Dakota

County

Community

Development

Agency

,

Revenue

,

2011

A

,

GNMA

Insured

,

4.875 %

,

12/01/33

.......................

330,000

330,129

Roers

Burnsville

Affordable

Apartments

Owner

LLC

,

Revenue

,

2024

,

FNMA

Insured

,

4.2 %

,

5/01/43

...................................................

1,000,000

1,009,315

Dawson-Boyd

Independent

School

District

No.

,

GO

,

2019

A

,

3.125 %

,

2/01/40

...

2,965,000

2,854,896

Duluth

Economic

Development

Authority

,

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

2/15/53

.....

15,830,000

15,910,999

Essentia

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

2/15/53

...

13,105,000

13,220,319

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/38

........................................................

150,000

155,048

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/39

........................................................

155,000

159,232

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/44

........................................................

850,000

740,357

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/30

........................................................

425,000

470,653

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/32

........................................................

500,000

571,152

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/33

........................................................

600,000

684,839

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/34

........................................................

520,000

555,009

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/35

........................................................

425,000

450,887

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/36

........................................................

400,000

421,867

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/37

........................................................

375,000

392,928

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/38

........................................................

400,000

415,668

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/39

........................................................

250,000

259,032

St.

Luke's

Hospital

of

Duluth

Obligated

Group

,

Revenue

,

2022

B

,

5.25 %

,

6/15/52

..

8,000,000

8,301,239

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Minnesota
(continued)

b

Duluth

Independent

School

District

No.

709

,

GO

,

2021

C

,

3.12 %,

2/01/30

.........................................

$

1,275,000

$

1,130,178

GO

,

2021

C

,

3.2 %,

2/01/31

..........................................

1,325,000

1,134,713

GO

,

2021

C

,

3.28 %,

2/01/32

.........................................

1,080,000

892,127

GO

,

2021

C

,

3.39 %,

2/01/33

.........................................

1,075,000

853,380

Forest

Lake

Independent

School

District

No.

831

,

GO

,

2023

A

,

%

,

2/01/37

........

2,000,000

2,101,579

Gibbon

Independent

School

District

No.

2365

,

GO

,

2023

A

,

%

,

2/01/48

............................................

1,850,000

1,928,338

GO

,

2023

A

,

4.125 %

,

2/01/52

.........................................

2,250,000

2,238,220

b

Hastings

Independent

School

District

No.

,

GO

,

2018

A

,

3.87 %,

2/01/38

..........................................

4,685,000

2,979,876

GO

,

2018

A

,

3.91 %,

2/01/39

..........................................

4,685,000

2,854,653

GO

,

2018

A

,

3.94 %,

2/01/40

..........................................

4,685,000

2,734,138

Hennepin

County

Regional

Railroad

Authority

,

County

of

Hennepin

,

GO

,

2019

A

,

%

,

12/01/37

...........................

1,000,000

1,060,483

County

of

Hennepin

,

GO

,

2019

A

,

%

,

12/01/38

...........................

3,965,000

4,194,250

Hopkins

Independent

School

District

No.

,

GO

,

2019

A

,

%

,

2/01/34

..........

2,450,000

2,451,814

Jordan

Independent

School

District

No.

717

,

GO

,

2023

A

,

%

,

2/01/42

...........

1,300,000

1,324,900

Mankato

Independent

School

District

No.

,

COP

,

2022

A

,

%

,

2/01/42

..........

2,730,000

2,428,094

Metropolitan

Council

,

GO

,

2020

B

,

2.125 %

,

3/01/36

.........................................

3,500,000

3,123,011

GO

,

2020

B

,

2.125 %

,

3/01/38

.........................................

4,000,000

3,408,834

GO

,

2022

C

,

%

,

3/01/40

............................................

3,275,000

3,409,455

GO

,

2022

C

,

%

,

3/01/41

............................................

3,410,000

3,528,574

Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2022

A

,

Refunding

,

4.25 %

,

1/01/52

.............................

2,990,000

2,889,928

Revenue,

Senior

Lien

,

2016

C

,

%

,

1/01/35

..............................

4,025,000

4,104,728

Revenue,

Senior

Lien

,

2016

C

,

%

,

1/01/41

..............................

20,730,000

21,026,775

Revenue,

Senior

Lien

,

2016

C

,

%

,

1/01/46

..............................

14,475,000

14,588,734

Minnesota

Agricultural

&

Economic

Development

Board

,

HealthPartners

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

1/01/54

.................................

6,000,000

6,244,499

Minnesota

Health

&

Education

Facilities

Authority

,

Macalester

College

,

Revenue

,

2017

,

Refunding

,

%

,

3/01/33

.................

1,510,000

1,506,745

Macalester

College

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/36

.................

125,000

131,221

Macalester

College

,

Revenue

,

2026

,

Refunding

,

5.25 %

,

3/01/56

...............

1,000,000

1,063,120

St.

Catherine

University

,

Revenue

,

2018

A

,

Refunding

,

%

,

10/01/45

...........

2,075,000

2,073,101

St.

Catherine

University

,

Revenue

,

2023

,

%

,

10/01/43

.....................

600,000

607,157

St.

Catherine

University

,

Revenue

,

2023

,

5.125 %

,

10/01/48

..................

750,000

742,913

St.

Catherine

University

,

Revenue

,

2023

,

%

,

10/01/52

.....................

3,000,000

2,860,260

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/32

...............

255,000

267,194

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/33

...............

240,000

250,689

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/34

...............

355,000

369,447

St.

John's

University

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/38

...............

250,000

237,147

St.

Olaf

College

,

Revenue

,

2021

,

%

,

10/01/41

...........................

1,000,000

911,518

University

of

St.

Thomas

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/36

..........

750,000

760,657

University

of

St.

Thomas

,

Revenue

,

2022

A

,

%

,

10/01/52

...................

10,000,000

10,179,373

Minnesota

Higher

Education

Facilities

Authority

,

University

of

St.

Thomas

,

Revenue

,

2024

A

,

%

,

10/01/49

...............................................

4,000,000

4,126,302

Minnesota

Housing

Finance

Agency

,

Revenue

,

2020

E

,

GNMA

Insured

,

2.5 %

,

7/01/40

..........................

1,840,000

1,530,391

Revenue

,

2021

B

,

GNMA

Insured

,

2.1 %

,

7/01/36

..........................

950,000

818,571

Revenue

,

2021

H

,

GNMA

Insured

,

2.55 %

,

1/01/46

.........................

3,950,000

3,001,175

Revenue

,

2022

A

,

GNMA

Insured

,

2.75 %

,

7/01/42

.........................

2,660,000

2,254,086

Revenue

,

2023

D

,

GNMA

Insured

,

4.5 %

,

7/01/43

..........................

930,000

943,187

Revenue

,

2023

D

,

GNMA

Insured

,

4.6 %

,

7/01/45

..........................

930,000

943,724

d

Revenue

,

2026

A

,

GNMA

Insured

,

4.6 %

,

1/01/47

..........................

2,000,000

2,027,076

State

of

Minnesota

,

Revenue

,

2009

,

%

,

8/01/29

..........................

1,365,000

1,366,343

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

,

2011

,

%

,

8/01/31

..........................

$

2,225,000

$

2,230,019

State

of

Minnesota

,

Revenue

,

2020

D

,

%

,

8/01/42

........................

1,815,000

1,844,668

c

Minnesota

Municipal

Gas

Agency

,

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/27

..

11,550,000

11,810,278

Minnesota

Office

of

Higher

Education

,

Revenue,

Senior

Lien

,

2023

,

Refunding

,

%

,

11/01/42

........................................................

2,250,000

2,230,462

b

Minnetonka

Independent

School

District

No.

,

GO

,

2026

A

,

4.81 %,

2/01/52

..........................................

4,750,000

1,405,918

GO

,

2026

A

,

4.82 %,

2/01/53

..........................................

6,310,000

1,774,936

Moorhead

Independent

School

District

No.

,

GO

,

2020

A

,

2.5 %

,

2/01/37

.......

3,795,000

3,451,895

Nashwauk

Keewatin

Independent

School

District

No.

,

GO

,

2022

A

,

Refunding

,

%

,

2/01/48

.........................................................

4,000,000

3,981,450

b

Nicollet

Independent

School

District

No.

507

,

GO

,

2026

A

,

4.91 %,

2/01/45

..........................................

250,000

100,902

GO

,

2026

A

,

5.16 %,

2/01/47

..........................................

175,000

61,051

North

St.

Paul-Maplewood-Oakdale

Independent

School

District

No.

622

,

GO

,

2019

A

,

%

,

2/01/42

............................................

4,975,000

4,456,737

GO

,

2019

A

,

%

,

2/01/46

............................................

22,965,000

18,751,021

Osseo

Independent

School

District

No.

,

GO

,

2024

A

,

%

,

2/01/43

............

4,920,000

5,015,886

b

Prior

Lake-Savage

Independent

School

District

No.

719

,

GO

,

2018

B

,

2.81 %,

2/01/27

.........................................

3,545,000

3,454,969

GO

,

2018

B

,

2.83 %,

2/01/28

.........................................

10,055,000

9,528,935

GO

,

2018

B

,

2.87 %,

2/01/30

.........................................

9,010,000

8,063,966

GO

,

2018

B

,

2.96 %,

2/01/31

.........................................

5,310,000

4,598,318

Red

Rock

Central

Independent

School

District

No.

2884

,

GO

,

2022

A

,

2.375 %

,

2/01/47

3,000,000

2,057,967

Redwood

Area

Schools

Independent

School

District

No.

2897

,

GO

,

2024

A

,

%

,

2/01/44

.........................................................

2,000,000

2,037,649

Robbinsdale

Independent

School

District

No.

,

GO

,

2024

A

,

%

,

2/01/43

............................................

500,000

513,686

GO

,

2024

A

,

%

,

2/01/44

............................................

450,000

459,022

GO

,

2024

A

,

%

,

2/01/45

............................................

415,000

419,833

Rosemount-Apple

Valley-Eagan

Independent

School

District

No.

,

GO

,

2023

A

,

%

,

2/01/44

.........................................................

2,000,000

2,013,717

Roseville

Independent

School

District

No.

623

,

GO

,

2018

A

,

%

,

2/01/35

............................................

4,900,000

4,961,269

GO

,

2018

A

,

%

,

2/01/37

............................................

5,000,000

5,048,566

b

Sartell-St.

Stephen

Independent

School

District

No.

748

,

GO

,

2016

B

,

3.96 %,

2/01/36

.........................................

3,000,000

2,041,214

GO

,

2016

B

,

4.08 %,

2/01/37

.........................................

2,820,000

1,821,230

GO

,

2016

B

,

4.2 %,

2/01/38

..........................................

5,220,000

3,197,060

GO

,

2016

B

,

4.29 %,

2/01/39

.........................................

3,020,000

1,753,846

Sauk

Centre

Public

Utilities

Commission

,

Electric

,

Revenue

,

2024

A

,

AG

Insured

,

4.25 %

,

12/01/44

....................

395,000

400,337

Electric

,

Revenue

,

2024

A

,

AG

Insured

,

4.5 %

,

12/01/53

.....................

335,000

333,187

a

Scott

County

Community

Development

Agency

,

Spero

BP

Senior

LLC

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

5.25 %

,

8/01/37

...............................

8,000,000

8,246,716

d

South

Washington

County

Independent

School

District

No.

833/MN

,

GO

,

2026

A

,

Refunding

,

%

,

2/01/44

...................................

2,000,000

1,992,683

GO

,

2026

A

,

Refunding

,

%

,

2/01/46

...................................

2,000,000

1,966,842

Southern

Minnesota

Municipal

Power

Agency

,

b

Revenue

,

1994

A

,

NATL

Insured

,

3.03 %,

1/01/27

..........................

6,600,000

6,436,221

Revenue

,

2017

A

,

%

,

1/01/47

........................................

1,315,000

1,339,054

Revenue

,

2025

A

,

Refunding

,

%

,

1/01/45

...............................

400,000

438,908

Revenue

,

2025

A

,

Refunding

,

%

,

1/01/46

...............................

500,000

541,587

St.

Francis

Independent

School

District

No.

,

GO

,

2018

A

,

3.5 %

,

2/01/41

........

3,350,000

3,294,254

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Minnesota
(continued)

St.

Paul

Port

Authority

,

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2021-1

,

Refunding

,

%

,

10/01/34

$

300,000

$

299,521

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-3

,

4.75 %

,

10/01/43

.....

1,000,000

1,037,952

District

Energy

St.

Paul

Obligated

Group

,

Revenue

,

2023-4

,

5.25 %

,

10/01/42

.....

1,000,000

1,058,152

State

of

Minnesota

,

GO

,

2023

B

,

%

,

8/01/43

............................................

4,745,000

4,807,602

Department

of

Iron

Range

Resources

&

Rehabilitation

,

Revenue

,

2025

A

,

%

,

10/01/45

.......................................................

1,000,000

1,075,027

Stearns

County

Housing

&

Redevelopment

Authority

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/61

......................................................

1,105,000

767,871

University

of

Minnesota

,

Revenue

,

2017

A

,

%

,

9/01/40

........................................

1,240,000

1,272,502

Revenue

,

2017

A

,

%

,

9/01/41

........................................

3,000,000

3,077,078

Revenue

,

2019

A

,

%

,

4/01/39

........................................

3,055,000

3,233,608

Revenue

,

2019

A

,

%

,

4/01/40

........................................

2,110,000

2,228,038

Revenue

,

2019

A

,

%

,

4/01/41

........................................

6,045,000

6,366,069

Revenue

,

2019

A

,

%

,

4/01/44

........................................

2,000,000

2,084,255

Revenue

,

2020

A

,

%

,

11/01/39

.......................................

2,000,000

2,160,355

Revenue

,

2020

A

,

%

,

11/01/42

.......................................

1,230,000

1,309,884

Virginia

Housing

&

Redevelopment

Authority

,

County

of

St.

Louis

,

Revenue

,

2025

A

,

%

,

4/01/50

........................

670,000

688,400

County

of

St.

Louis

,

Revenue

,

2025

A

,

%

,

4/01/55

........................

885,000

897,986

County

of

St.

Louis

,

Revenue

,

2025

A

,

%

,

4/01/60

........................

1,130,000

1,133,184

Waconia

Independent

School

District

No.

,

GO

,

2025

A

,

Refunding

,

%

,

2/01/41

.

1,270,000

1,321,643

b

Watertown-Mayer

Independent

School

District

No.

,

GO

,

2020

A

,

3.72 %,

2/01/33

..........................................

470,000

364,834

GO

,

2020

A

,

3.83 %,

2/01/34

..........................................

2,470,000

1,833,875

GO

,

2020

A

,

4.19 %,

2/01/37

..........................................

2,470,000

1,576,535

West

St.

Paul-Mendota

Heights-Eagan

Independent

School

District

No.

,

GO

,

2018

A

,

%

,

2/01/34

....................................................

2,655,000

2,692,011

Western

Minnesota

Municipal

Power

Agency

,

Revenue

,

2018

A

,

%

,

1/01/49

.......

5,000,000

5,077,399

Zumbro

Education

District

,

COP

,

2021

A

,

%

,

2/01/32

...........................................

200,000

202,329

COP

,

2021

A

,

%

,

2/01/33

...........................................

150,000

151,214

COP

,

2021

A

,

%

,

2/01/34

...........................................

125,000

125,615

COP

,

2021

A

,

2.125 %

,

2/01/35

........................................

325,000

272,735

COP

,

2021

A

,

%

,

2/01/38

...........................................

390,000

380,317

COP

,

2021

A

,

%

,

2/01/41

...........................................

635,000

582,989

596,090,932

#### South

#### Carolina

#### 0.5%
a

South

Carolina

State

Housing

Finance

&

Development

Authority

,

Garden

Oaks

LP

,

Revenue

,

144A,

2021

A

,

4.2 %

,

12/01/39

................................

3,500,000

3,228,390

#### Texas

#### 0.5%
a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

4,000,000

3,082,092

#### 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

1,872,398

#### Wisconsin

#### 0.3%
a

Public

Finance

Authority

,

Revenue

,

144A,

2022

,

,

%

,

12/28/44

..............

2,100,000

1,763,829

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 621,484,589

####)
.....................................

#### 613,232,544
a

#### a
a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

s

#### Short

#### Term

#### Investments

#### 1.5%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 1.5%

#### Minnesota

#### 1.5%
e

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.05 %

,

11/15/48

.....

$

400,000

$

400,000

e

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

1.25 %

,

11/15/64

............................................

8,600,000

8,600,000

9,000,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 9,000,000

####)
.......................................

#### 9,000,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 9,000,000

####)
.................................

#### 9,000,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 630,484,589

####)
100.4 #### %
..................................

#### $622,232,544

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.4 ####)

#### %
...........................................

#### (2,048,109)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $620,184,435
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$36,691,088,

representing

5.9%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

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

#### Missouri

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.49

$10.47

$10.27

$11.48

$11.85

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.36 0.35 0.34 0.31 0.28 Net

realized

and

unrealized

gains

(losses)

...........

0.02 0.02 0.20 (1.22)

(0.37)

Total

from

investment

operations

....................

0.38 0.37 0.54 (0.91)

(0.09)

Less

distributions

from:

Net

investment

income

..........................

(0.35)

(0.35)

(0.34)

(0.30)

(0.28)

Net

asset

value,

end

of

year

.......................

$10.52

$10.49

$10.47

$10.27

$11.48

Total

return

d

...................................

3.82%

3.55%

5.34%

(7.92)%

(0.84)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.84%

e

0.82%

f

0.83%

f

0.82%

f

0.81%

f

Net

investment

income

...........................

3.53%

3.31%

3.30%

2.90%

2.33%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$196,841

$186,969

$180,411

$166,355

$208,059

Portfolio

turnover

rate

............................

12.36%

7.70%

15.60%

26.78%

21.64%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.49

$10.46

$10.27

$11.48

$11.84

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.38 0.36 0.35 0.32 0.30 Net

realized

and

unrealized

gains

(losses)

...........

0.02 0.03 0.19 (1.21)

(0.36)

Total

from

investment

operations

....................

0.40 0.39 0.54 (0.89)

(0.06)

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.36)

(0.35)

(0.32)

(0.30)

Net

asset

value,

end

of

year

.......................

$10.52

$10.49

$10.46

$10.27

$11.48

Total

return

d

...................................

3.98%

3.81%

5.40%

(7.78)%

(0.60)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.69%

e

0.67%

f

0.68%

f

0.67%

f

0.66%

f

Net

investment

income

...........................

3.68%

3.46%

3.44%

3.05%

2.49%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$305,135

$353,894

$399,059

$439,718

$588,698

Portfolio

turnover

rate

............................

12.36%

7.70%

15.60%

26.78%

21.64%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.60

$10.57

$10.37

$11.60

$11.97

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.32 0.30 0.29 0.26 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.01 0.03 0.20 (1.23)

(0.37)

Total

from

investment

operations

....................

0.33 0.33 0.49 (0.97)

(0.14)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.30)

(0.29)

(0.26)

(0.23)

Net

asset

value,

end

of

year

.......................

$10.62

$10.60

$10.57

$10.37

$11.60

Total

return

d

...................................

3.27%

3.19%

4.87%

(8.38)%

(1.23)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

1.23%

e

1.22%

f

1.23%

f

1.22%

f

1.20%

f

Net

investment

income

...........................

3.09%

2.86%

2.83%

2.45%

1.91%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$10,555

$15,414

$23,851

$33,334

$52,654

Portfolio

turnover

rate

............................

12.36%

7.70%

15.60%

26.78%

21.64%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.50

$10.47

$10.28

$11.49

$11.85

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.39 0.38 0.37 0.34 0.31 Net

realized

and

unrealized

gains

(losses)

...........

0.02 0.02 0.19 (1.22)

(0.36)

Total

from

investment

operations

....................

0.41 0.40 0.56 (0.88)

(0.05)

Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.37)

(0.37)

(0.33)

(0.31)

Net

asset

value,

end

of

year

.......................

$10.53

$10.50

$10.47

$10.28

$11.49

Total

return

....................................

4.11%

3.94%

5.53%

(7.65)%

(0.47)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.55%

0.55%

0.54%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.55%

0.55%

d

0.55%

d,e

0.54%

d,e

0.52%

d

Net

investment

income

...........................

3.82%

3.59%

3.57%

3.17%

2.61%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$39,614

$31,167

$22,474

$20,620

$33,747

Portfolio

turnover

rate

............................

12.36%

7.70%

15.60%

26.78%

21.64%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.50

$10.47

$10.27

$11.49

$11.85

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.39 0.37 0.36 0.33 0.31 Net

realized

and

unrealized

gains

(losses)

...........

0.01 0.03 0.20 (1.22)

(0.36)

Total

from

investment

operations

....................

0.40 0.40 0.56 (0.89)

(0.05)

Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.37)

(0.36)

(0.33)

(0.31)

Net

asset

value,

end

of

year

.......................

$10.52

$10.50

$10.47

$10.27

$11.49

Total

return

....................................

3.98%

3.91%

5.61%

(7.77)%

(0.50)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.59%

d

0.57%

e

0.58%

e

0.57%

e

0.56%

e

Net

investment

income

...........................

3.78%

3.56%

3.54%

3.15%

2.59%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$81,483

$79,685

$67,832

$70,684

$86,643

Portfolio

turnover

rate

............................

12.36%

7.70%

15.60%

26.78%

21.64%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 97.9%

#### 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

$

5,106,232

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

850,000

603,839

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

6,200,000

5,310,967

11,021,038

#### Georgia

#### 0.3%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

540,000

577,816

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

2,355,000

1,180,401

1,758,217

#### Missouri

#### 89.8%
Affton

School

District

No.

,

GO

,

2017

A

,

%

,

3/01/36

............................................

300,000

306,708

GO

,

2017

A

,

Pre-Refunded

,

%

,

3/01/36

................................

1,620,000

1,663,823

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/44

......................................

4,500,000

4,511,624

Cape

Girardeau

County

Industrial

Development

Authority

,

Mercy

Health

,

Revenue

,

2021

,

%

,

3/01/41

..............................

3,010,000

3,044,646

Mercy

Health

,

Revenue

,

2021

,

%

,

3/01/46

..............................

3,000,000

2,420,116

Mercy

Health

,

Revenue

,

2021

,

%

,

3/01/46

..............................

3,500,000

3,349,882

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1998

,

5.3 %

,

5/15/28

..................

6,875,000

6,892,863

St.

Francis

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/39

..........

7,110,000

7,135,528

City

of

Harrisonville

,

COP

,

2023

A

,

Refunding

,

4.375 %

,

3/01/43

...............................

1,000,000

1,010,744

COP

,

2023

A

,

Refunding

,

4.5 %

,

3/01/48

.................................

2,000,000

2,004,672

COP

,

2023

A

,

Refunding

,

4.625 %

,

3/01/53

...............................

2,000,000

2,001,634

City

of

Kansas

City

,

GO

,

2024

A

,

%

,

2/01/44

............................................

1,700,000

1,715,055

Sanitary

Sewer

System

,

Revenue

,

2023

A

,

%

,

1/01/48

.....................

5,000,000

4,796,674

Sanitary

Sewer

System

,

Revenue

,

2024

A

,

%

,

1/01/49

.....................

3,500,000

3,316,206

Sanitary

Sewer

System

,

Revenue,

Sub.

Lien

,

2018

A

,

%

,

1/01/35

.............

1,500,000

1,533,377

Water

,

Revenue

,

2023

A

,

%

,

12/01/47

.................................

2,120,000

2,049,773

City

of

Kirkwood

,

COP

,

2024

A

,

4.25 %

,

4/01/50

.........................................

535,000

521,744

COP

,

2024

A

,

4.25 %

,

4/01/54

.........................................

1,700,000

1,646,775

City

of

Marshfield

,

Waterworks

&

Sewer

System

,

Revenue

,

2020

B

,

AG

Insured

,

%

,

2/01/47

.........................................................

1,775,000

1,804,462

City

of

Republic

,

Revenue

,

2022

,

%

,

5/01/47

.........................................

5,000,000

4,019,289

Revenue

,

2023

,

4.5 %

,

5/01/41

........................................

1,000,000

1,027,314

Revenue

,

2023

,

4.5 %

,

5/01/44

........................................

1,000,000

1,009,105

City

of

Springfield

,

Revenue

,

2023

,

4.375 %

,

11/01/42

.....................................

500,000

521,362

Public

Utility

,

COP

,

2025

,

%

,

11/01/47

..................................

20,000,000

19,104,506

City

of

St.

Charles

,

COP

,

2020

B

,

Refunding

,

%

,

2/01/39

.....................

1,000,000

948,515

City

of

St.

Louis

,

Airport

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5 %

,

7/01/29

..............

13,070,000

14,430,766

Airport

,

Revenue

,

2017

D

,

Refunding

,

AG

Insured

,

%

,

7/01/35

...............

1,000,000

1,024,747

Airport

,

Revenue

,

2017

D

,

Refunding

,

AG

Insured

,

%

,

7/01/36

...............

2,125,000

2,174,245

Airport

,

Revenue

,

2019

C

,

Refunding

,

%

,

7/01/27

.........................

1,705,000

1,763,333

Airport

,

Revenue

,

2024

A

,

AG

Insured

,

5.25 %

,

7/01/49

......................

7,730,000

8,256,540

Airport

,

Revenue

,

2024

A

,

AG

Insured

,

5.25 %

,

7/01/54

......................

2,000,000

2,115,248

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Missouri
(continued)

City

of

University

City

,

COP

,

2024

,

%

,

4/01/49

.............................

$

1,205,000

$

1,260,076

Clay

County

Reorganized

School

District

No.

,

GO

,

2017

,

%

,

3/01/36

.............................................

1,540,000

1,537,094

GO

,

2017

,

3.125 %

,

3/01/37

..........................................

1,855,000

1,854,675

Community

College

District

of

Central

Southwest

Missouri

,

COP

,

2021

,

%

,

3/01/40

.............................................

575,000

538,486

COP

,

2021

,

%

,

3/01/41

.............................................

400,000

368,804

County

of

Jackson

,

Revenue

,

2023

A

,

4.25 %

,

12/01/53

....................................

2,660,000

2,573,868

Revenue

,

2023

A

,

5.25 %

,

12/01/58

....................................

2,500,000

2,626,243

County

of

Phelps

,

Phelps

County

Regional

Medical

Center

,

Revenue

,

2025

,

5.375 %

,

12/01/50

......

2,500,000

2,562,574

Phelps

County

Regional

Medical

Center

,

Revenue

,

2025

,

%

,

12/01/55

.........

2,500,000

2,679,195

Ferguson

Reorganized

School

District

No.

,

GO

,

2018

,

%

,

5/01/32

.............................................

1,000,000

1,014,159

GO

,

2018

,

%

,

5/01/38

.............................................

2,250,000

2,300,942

Hannibal

Board

of

Public

Works

,

COP

,

2022

,

3.625 %

,

4/01/44

.........................................

1,000,000

926,564

COP

,

2022

,

3.75 %

,

4/01/47

..........................................

1,000,000

895,105

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

%

,

8/01/40

......

1,650,000

1,650,606

Bethesda

Health

Group,

Inc.

Obligated

Group

,

Revenue

,

2015

,

%

,

8/01/45

......

1,300,000

1,299,926

BJC

Healthcare

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/34

......

4,030,000

4,050,060

BJC

Healthcare

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/43

....

2,000,000

2,063,317

BJC

Healthcare

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/51

.....

13,000,000

9,890,101

BJC

Healthcare

Obligated

Group

,

Revenue

,

2025

A

,

4.25 %

,

4/01/55

...........

5,000,000

4,691,483

CoxHealth

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/15/44

.................

5,000,000

4,781,005

Kansas

City

University

,

Revenue

,

2017

A

,

%

,

6/01/42

......................

2,800,000

2,848,385

Kansas

City

University

,

Revenue

,

2017

A

,

%

,

6/01/47

......................

4,875,000

4,918,828

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

2/15/40

........................................................

2,060,000

1,733,703

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

2/15/41

........................................................

2,120,000

1,741,409

Lake

Regional

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

2/15/46

........................................................

5,590,000

4,059,180

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

A

,

%

,

2/01/46

.......

4,000,000

4,000,207

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

2/01/46

........................................................

11,575,000

11,575,598

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

%

,

2/01/34

.......

2,000,000

2,042,404

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

A

,

%

,

2/01/42

.......

1,750,000

1,785,853

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

%

,

2/01/33

........................................................

1,730,000

1,760,134

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

%

,

2/01/30

........

2,035,000

2,095,903

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2021

,

%

,

2/01/42

........

4,900,000

4,672,472

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

2/01/44

........................................................

1,050,000

1,102,106

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

2/01/54

........................................................

1,750,000

1,762,996

Maryville

University

of

St.

Louis

,

Revenue

,

2015

,

%

,

6/15/44

.................

5,000,000

5,000,028

Maryville

University

of

St.

Louis

,

Revenue

,

2019

A

,

%

,

6/15/45

...............

4,000,000

4,001,031

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.125 %

,

6/15/38

...

2,300,000

2,049,327

Maryville

University

of

St.

Louis

,

Revenue

,

2022

A

,

Refunding

,

3.375 %

,

6/15/45

...

1,000,000

785,903

Maryville

University

of

St.

Louis

,

Revenue

,

2025

A

,

5.25 %

,

6/15/35

.............

2,610,000

2,936,429

Maryville

University

of

St.

Louis

,

Revenue

,

2025

A

,

%

,

6/15/40

...............

1,935,000

2,043,086

Maryville

University

of

St.

Louis

,

Revenue

,

2025

A

,

5.5 %

,

6/15/47

..............

3,000,000

3,070,732

Mercy

Health

,

Revenue

,

2012

,

%

,

11/15/42

.............................

8,000,000

7,803,127

Mercy

Health

,

Revenue

,

2017

C

,

Refunding

,

%

,

11/15/42

...................

9,720,000

9,937,355

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

,

%

,

11/15/47

...................

$

10,000,000

$

8,984,372

Mercy

Health

,

Revenue

,

2020

,

%

,

6/01/53

..............................

2,000,000

1,757,405

Mercy

Health

,

Revenue

,

2023

,

%

,

12/01/52

.............................

18,000,000

18,690,908

Mosaic

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

2/15/54

4,000,000

3,490,965

SSM

Health

Care

Obligated

Group

,

Revenue

,

2018

A

,

%

,

6/01/48

............

13,500,000

13,677,139

SSM

Health

Care

Obligated

Group

,

Revenue

,

2022

A

,

%

,

6/01/52

............

5,000,000

5,265,540

St.

Louis

University

,

Revenue

,

2017

A

,

%

,

10/01/42

.......................

9,200,000

9,337,084

St.

Louis

University

,

Revenue

,

2017

A

,

%

,

10/01/47

.......................

11,490,000

11,593,751

Howard

Bend

Levee

District

,

Special

Tax

,

2021

,

2.75 %

,

3/01/31

.....................................

400,000

370,948

Special

Tax

,

2021

,

%

,

3/01/36

.......................................

500,000

429,844

Special

Tax

,

2021

,

3.125 %

,

3/01/41

....................................

1,000,000

806,979

Special

Tax

,

2022

,

3.375 %

,

3/01/32

....................................

75,000

70,902

Special

Tax

,

2022

,

3.5 %

,

3/01/37

......................................

175,000

155,503

Special

Tax

,

2022

,

3.625 %

,

3/01/42

....................................

200,000

165,269

Jefferson

County

School

District

No.

R-VI

,

Festus

,

COP

,

2021

B

,

%

,

4/01/42

.....................................

500,000

448,795

Festus

,

COP

,

2021

B

,

%

,

4/01/44

.....................................

1,500,000

1,272,248

Festus

,

COP

,

2021

B

,

2.375 %

,

4/01/46

..................................

2,000,000

1,352,940

Joplin

Industrial

Development

Authority

,

Freeman

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

2/15/43

510,000

494,928

Freeman

Health

System

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

2/15/44

380,000

363,281

Kansas

City

Industrial

Development

Authority

,

Revenue

,

2011

A

,

Refunding

,

5.5 %

,

9/01/29

..............................

5,000,000

5,021,063

Revenue

,

2011

A

,

Refunding

,

5.5 %

,

9/01/30

..............................

12,000,000

12,050,550

Revenue

,

2011

A

,

Refunding

,

%

,

9/01/32

...............................

3,000,000

3,011,471

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

%

,

3/01/46

...................

30,680,000

31,121,316

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AG

Insured

,

%

,

3/01/49

.........

8,000,000

8,075,518

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

%

,

3/01/54

...................

5,090,000

5,108,964

Lebanon

Reorganized

School

District

No.

,

GO

,

2024

,

%

,

3/01/44

...........

4,000,000

4,051,670

Maplewood-Richmond

Heights

School

District

,

GO

,

2025

,

%

,

3/01/45

...........

1,390,000

1,480,561

Metropolitan

St.

Louis

Sewer

District

,

Revenue

,

2016

C

,

Refunding

,

%

,

5/01/46

...............................

24,700,000

24,794,507

Revenue

,

2017

A

,

Refunding

,

%

,

5/01/47

...............................

10,000,000

10,115,475

Missouri

Development

Finance

Board

,

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/30

...............

930,000

978,926

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/46

...............

2,640,000

1,874,553

City

of

Independence

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/51

...............

9,445,000

7,698,254

City

of

Independence

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

12/01/54

............

1,225,000

1,270,691

Procter

&

Gamble

Co.

(The)

,

Revenue

,

1999

,

5.2 %

,

3/15/29

..................

3,000,000

3,205,963

Zoological

Subdistrict

of

the

Metropolitan

Zoo

Park

&

Museum

District

of

St.

Louis

,

Revenue

,

2022

,

5.25 %

,

5/01/55

.....................................

2,500,000

2,614,800

Missouri

Housing

Development

Commission

,

Revenue

,

2018

B

,

GNMA

Insured

,

%

,

11/01/38

...........................

785,000

792,532

Revenue

,

2020

C

,

GNMA

Insured

,

2.4 %

,

11/01/45

.........................

2,010,000

1,513,495

Revenue

,

2020

D

,

GNMA

Insured

,

2.55 %

,

11/01/50

........................

2,715,000

1,941,681

Revenue

,

2021

B

,

GNMA

Insured

,

2.3 %

,

11/01/51

.........................

7,220,000

4,821,849

Revenue

,

2022

A

,

GNMA

Insured

,

3.125 %

,

11/01/42

.......................

3,425,000

3,150,034

Revenue

,

2022

C

,

GNMA

Insured

,

4.3 %

,

11/01/47

.........................

1,900,000

1,890,152

Revenue

,

2022

C

,

GNMA

Insured

,

4.35 %

,

11/01/52

........................

2,370,000

2,283,722

Revenue

,

2024

G

,

GNMA

Insured

,

4.5 %

,

11/01/54

.........................

3,725,000

3,650,028

c

Revenue

,

2026

A

,

GNMA

Insured

,

4.7 %

,

11/01/56

.........................

2,900,000

2,911,413

Missouri

Joint

Municipal

Electric

Utility

Commission

,

MoPEP

Pool

Fund

,

Revenue

,

2018

,

%

,

12/01/43

................................................

2,000,000

2,029,063

Move

Rolla

Transportation

Development

District

,

Revenue

,

2017

,

4.75 %

,

6/01/47

...

5,050,000

4,953,040

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

..................

$

950,000

$

957,662

Sales

Tax

,

Revenue

,

2023

B

,

Refunding

,

%

,

12/01/37

......................

2,600,000

2,622,344

Republic

School

District

No.

,

GO

,

2023

,

%

,

3/01/43

......................

1,470,000

1,493,193

Riverside-Quindaro

Bend

Levee

District

of

Platte

County

,

Special

Assessment

,

2017

,

Refunding

,

%

,

3/01/29

.............................................

2,585,000

2,605,044

Springfield

School

District

No.

,

GO

,

2023

,

%

,

3/01/43

...................

2,000,000

2,038,329

St.

Charles

County

Public

Water

Supply

District

No.

,

COP

,

2022

,

%

,

12/01/44

............................................

5,000,000

5,005,803

COP

,

2024

,

5.25 %

,

12/01/46

.........................................

5,000,000

5,411,368

St.

Charles

County

School

District

No.

R-IV

Wentzville

,

GO

,

2018

,

Refunding

,

%

,

3/01/38

.........................................................

15,400,000

15,673,211

St.

Louis

County

Industrial

Development

Authority

,

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2013

A

,

5.875 %

,

9/01/43

..

7,000,000

7,007,764

Friendship

Village

St.

Louis

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

9/01/48

........................................................

7,095,000

7,096,201

St.

Louis

Land

Clearance

for

Redevelopment

Authority

,

Revenue

,

2021

,

2.25 %

,

7/15/41

.......................................

3,845,000

3,082,018

Revenue

,

2021

A

,

Refunding

,

2.125 %

,

4/01/39

............................

5,635,000

4,623,445

City

of

St.

Louis

,

Revenue

,

2022

C

,

%

,

6/01/36

...........................

2,025,000

2,107,819

City

of

St.

Louis

,

Revenue

,

2022

C

,

%

,

6/01/41

...........................

2,000,000

2,033,983

City

of

St.

Louis

,

Revenue

,

2022

C

,

5.125 %

,

6/01/46

.......................

2,600,000

2,601,094

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AG

Insured

,

%

,

10/01/45

..................

5,685,000

5,870,830

City

of

St.

Louis

,

Revenue

,

2020

,

AG

Insured

,

%

,

10/01/49

..................

2,175,000

2,225,206

St.

Louis

Municipal

Library

District

,

COP

,

2020

,

Refunding

,

BAM

Insured

,

%

,

3/15/48

2,800,000

2,689,831

St.

Louis

School

District

,

GO

,

2023

,

AG

Insured

,

%

,

4/01/43

..................

7,000,000

7,142,369

Strafford

Reorganized

School

District

No.

R-VI

,

GO

,

2023

,

%

,

3/01/43

...........

4,000,000

4,032,773

Waynesville

R-VI

School

District

,

COP

,

2025

,

4.625 %

,

4/15/50

.................

10,000,000

10,057,396

568,929,530

#### 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

1,481,758

#### Texas

#### 0.8%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

.....................................................

2,000,000

1,916,889

Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

2.5 %

,

9/01/41

...............................

525,000

399,674

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

3,200,000

2,465,674

4,782,237

#### Washington

#### 0.3%
a

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

1,900,000

1,694,074

#### Wisconsin

#### 2.5%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

2,530,000

2,704,953

a

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,900,000

1,595,846

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

10,690,000

5,376,034

a

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5 %

,

8/01/53

................

1,500,000

1,378,815

a,b

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

4,825,000

3,242,706

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,500,000

1,514,564

15,812,918

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

#### 2.3%

#### Guam

#### 0.9%
Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

.........

$

5,790,000

$

5,909,628

#### Puerto

#### Rico

#### 1.4%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

1,750,000

1,795,999

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

................................

1,404,000

1,369,072

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

6,000,000

5,889,171

9,054,242

#### Total

#### U.S.

#### Territories

#### ....................................................................
14,963,870

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 631,993,215

####)
.....................................

#### 620,443,642
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 1.2%

#### Municipal

#### Bonds

#### 1.2%

#### Missouri

#### 1.2%
d

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

1.9 %

,

6/01/44

.........

7,450,000

7,450,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 7,450,000

####)
.......................................

#### 7,450,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 7,450,000

####)
.................................

#### 7,450,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 639,443,215

####)
99.1 #### %
...................................

#### $627,893,642

#### Other

#### Assets,

#### less

#### Liabilities
0.9 #### %
.............................................

#### 5,734,735

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $633,628,377
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$19,288,243,

representing

3.0%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.37

$10.36

$10.11

$11.18

$11.46

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.31 0.31 0.30 0.28 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.10 0.01 0.25 (1.08)

(0.28)

Total

from

investment

operations

....................

0.41 0.32 0.55 (0.80)

(0.01)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.31)

(0.30)

(0.27)

(0.27)

Net

asset

value,

end

of

year

.......................

$10.47

$10.37

$10.36

$10.11

$11.18

Total

return

d

...................................

4.10%

3.10%

5.55%

(7.13)%

(0.18)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.85%

e

0.83%

f

0.83%

f

0.83%

f

0.82%

f

Net

investment

income

...........................

3.10%

2.95%

2.97%

2.68%

2.30%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$252,147

$139,583

$131,477

$120,101

$141,419

Portfolio

turnover

rate

............................

18.26%

13.53%

10.78%

12.46%

7.69%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.36

$10.35

$10.10

$11.16

$11.45

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.33 0.32 0.32 0.29 0.28 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.01 0.25 (1.06)

(0.29)

Total

from

investment

operations

....................

0.42 0.33 0.57 (0.77)

(0.01)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.32)

(0.32)

(0.29)

(0.28)

Net

asset

value,

end

of

year

.......................

$10.45

$10.36

$10.35

$10.10

$11.16

Total

return

d

...................................

4.16%

3.26%

5.71%

(6.91)%

(0.11)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.70%

e

0.68%

f

0.68%

f

0.68%

f

0.67%

f

Net

investment

income

...........................

3.25%

3.10%

3.12%

2.83%

2.45%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$271,483

$304,010

$340,681

$372,268

$464,256

Portfolio

turnover

rate

............................

18.26%

13.53%

10.78%

12.46%

7.69%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.50

$10.49

$10.23

$11.31

$11.60

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.27 0.26 0.26 0.23 0.22 Net

realized

and

unrealized

gains

(losses)

...........

0.10 0.01 0.26 (1.08)

(0.29)

Total

from

investment

operations

....................

0.37 0.27 0.52 (0.85)

(0.07)

Less

distributions

from:

Net

investment

income

..........................

(0.27)

(0.26)

(0.26)

(0.23)

(0.22)

Net

asset

value,

end

of

year

.......................

$10.60

$10.50

$10.49

$10.23

$11.31

Total

return

d

...................................

3.63%

2.64%

5.15%

(7.51)%

(0.66)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

1.24%

e

1.22%

f

1.23%

f

1.23%

f

1.22%

f

Net

investment

income

...........................

2.65%

2.51%

2.52%

2.23%

1.87%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$13,675

$19,978

$30,725

$40,433

$58,632

Portfolio

turnover

rate

............................

18.26%

13.53%

10.78%

12.46%

7.69%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.37

$10.36

$10.11

$11.17

$11.46

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.35 0.34 0.33 0.31 0.30 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.01 0.25 (1.07)

(0.29)

Total

from

investment

operations

....................

0.44 0.35 0.58 (0.76)

0.01 Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.34)

(0.33)

(0.30)

(0.30)

Net

asset

value,

end

of

year

.......................

$10.47

$10.37

$10.36

$10.11

$11.17

Total

return

....................................

4.42%

3.40%

5.86%

(6.77)%

0.03%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.53%

0.54%

d

0.54%

d

0.54%

d

0.53%

d

Net

investment

income

...........................

3.41%

3.24%

3.27%

2.98%

2.59%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$52,585

$51,712

$41,529

$37,543

$35,920

Portfolio

turnover

rate

............................

18.26%

13.53%

10.78%

12.46%

7.69%

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

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.37

$10.36

$10.11

$11.17

$11.46

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.34 0.33 0.33 0.30 0.30 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.01 0.25 (1.06)

(0.29)

Total

from

investment

operations

....................

0.43 0.34 0.58 (0.76)

0.01 Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.33)

(0.33)

(0.30)

(0.30)

Net

asset

value,

end

of

year

.......................

$10.46

$10.37

$10.36

$10.11

$11.17

Total

return

....................................

4.26%

3.36%

5.81%

(6.81)%

(0.01)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.60%

d

0.58%

e

0.58%

e

0.59%

e

0.57%

e

Net

investment

income

...........................

3.34%

3.20%

3.22%

2.97%

2.55%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$247,158

$245,037

$195,406

$191,534

$103,449

Portfolio

turnover

rate

............................

18.26%

13.53%

10.78%

12.46%

7.69%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.2%

#### Software

#### 0.2%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

1,600,000

$

1,693,331

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,600,000

####)
.......................................

#### 1,693,331

#### Municipal

#### Bonds

#### 95.7%

#### California

#### 0.1%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

1,300,000

1,095,417

#### Delaware

#### 1.9%
Delaware

River

&

Bay

Authority

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/44

.................................

12,500,000

12,539,556

Revenue

,

2021

,

%

,

1/01/46

.........................................

1,750,000

1,709,152

Revenue

,

2024

A

,

%

,

1/01/49

........................................

1,335,000

1,424,640

15,673,348

#### 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

4,177,826

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

850,000

603,840

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

5,350,000

4,582,850

9,364,516

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

430,000

460,113

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

2,525,000

1,265,611

1,725,724

#### New

#### Jersey

#### 77.6%
Atlantic

County

Improvement

Authority

(The)

,

Stockton

University

,

Revenue

,

2021

A

,

AG

Insured

,

%

,

7/01/47

............................................

1,500,000

1,422,794

Camden

County

Improvement

Authority

(The)

,

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

%

,

7/15/32

.....................

250,000

266,913

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

%

,

7/15/42

.....................

1,770,000

1,806,761

b

Camden

Prep,

Inc.

,

Revenue

,

144A,

2022

,

%

,

7/15/52

.....................

3,000,000

2,948,302

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

%

,

6/15/47

..........

1,700,000

1,781,297

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

%

,

6/15/52

..........

2,100,000

2,182,846

Casino

Reinvestment

Development

Authority,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

11/01/44

.....................

1,350,000

1,325,624

Revenue

,

2024

B

,

AG

Insured

,

%

,

11/01/42

.............................

1,200,000

1,303,708

Revenue

,

2024

B

,

AG

Insured

,

%

,

11/01/43

.............................

825,000

886,865

Revenue

,

2024

B

,

AG

Insured

,

%

,

11/01/44

.............................

950,000

1,011,806

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

%

,

11/15/42

...........

1,000,000

1,099,855

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

5.375 %

,

11/15/52

........

1,500,000

1,613,896

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

%

,

11/15/62

...........

1,000,000

1,109,650

County

of

Monmouth

,

GO

,

2025

ABCE

,

%

,

3/01/37

........................................

6,780,000

8,073,856

GO

,

2025

ABCE

,

%

,

3/01/38

........................................

3,580,000

4,216,075

Cumberland

County

Improvement

Authority

(The)

,

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/36

............

955,000

993,008

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/37

............

1,000,000

1,037,334

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/38

............

1,020,000

1,056,140

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/39

............

1,070,000

1,105,846

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

Cumberland

County

Improvement

Authority

(The),

(continued)

County

of

Cumberland

,

Revenue

,

2019

,

BAM

Insured

,

%

,

1/15/44

............

$

5,725,000

$

5,866,220

Essex

County

Improvement

Authority

,

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

%

,

6/15/38

........................................................

1,645,000

1,662,583

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

%

,

6/15/51

........................................................

2,700,000

2,371,011

Friends

of

TEAM

Academy

Charter

School

Obligated

Group

,

Revenue

,

2021

,

%

,

6/15/56

........................................................

4,925,000

4,228,561

b

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

%

,

7/15/40

............................................

375,000

392,797

b

North

Star

Academy

Charter

School

of

Newark,

Inc.

,

Revenue

,

144A,

2024

A

,

Refunding

,

%

,

7/15/54

............................................

500,000

497,354

Gloucester

County

Improvement

Authority

(The)

,

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/37

...........................

750,000

779,694

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/38

...........................

700,000

725,203

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/39

...........................

600,000

619,619

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/44

...........................

4,925,000

5,144,029

Rowan

University

,

Revenue

,

2019

,

%

,

7/01/48

...........................

5,250,000

5,167,806

Rowan

University

,

Revenue

,

2024

,

BAM

Insured

,

%

,

7/01/54

................

5,000,000

5,186,492

Rowan

University

,

Revenue

,

2025

,

Refunding

,

%

,

7/01/43

..................

1,200,000

1,333,273

Rowan

University

,

Revenue

,

2025

,

Refunding

,

%

,

7/01/44

..................

1,400,000

1,536,606

Hudson

County

Improvement

Authority

,

Revenue

,

2019

,

Refunding

,

%

,

1/01/40

.................................

1,000,000

1,018,073

County

of

Hudson

,

Revenue

,

2016

,

5.25 %

,

5/01/51

........................

6,000,000

6,008,880

Jersey

City

Municipal

Utilities

Authority

,

Sewer

Fund

,

Revenue

,

2025

E

,

BAM

Insured

,

5.75 %

,

10/15/55

...............

1,350,000

1,510,922

Water

Fund

,

Revenue

,

2024

C

,

AG

Insured

,

5.25 %

,

10/15/54

.................

1,500,000

1,596,841

Middlesex

County

Improvement

Authority

,

Rutgers

The

State

University

of

New

Jersey

,

Revenue

,

2023

A

,

%

,

8/15/53

........................................

1,050,000

1,103,726

Monmouth

County

Improvement

Authority

(The)

,

Little

Silver

School

District

,

Revenue

,

2022

C

,

%

,

8/15/39

...............................................

1,045,000

1,178,405

New

Brunswick

Parking

Authority

,

Revenue

,

2016

A

,

Refunding

,

BAM

Insured

,

%

,

9/01/39

.........................................................

5,000,000

5,049,454

New

Jersey

Economic

Development

Authority

,

Advanced

Schools,

Inc.

,

Revenue

,

2025

,

%

,

11/01/35

......................

500,000

547,894

Advanced

Schools,

Inc.

,

Revenue

,

2025

,

%

,

11/01/45

......................

675,000

692,760

Advanced

Schools,

Inc.

,

Revenue

,

2025

,

5.125 %

,

11/01/55

..................

900,000

902,858

Middlesex

Water

Co.

,

Revenue

,

2019

,

%

,

8/01/59

........................

6,200,000

5,443,394

Middlesex

Water

Co.

,

Revenue

,

2019

,

%

,

8/01/59

........................

7,245,000

7,360,350

Port

Newark

Container

Terminal

LLC

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/37

...

250,000

254,988

Port

Newark

Container

Terminal

LLC

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/47

...

19,175,000

19,206,595

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

%

,

7/01/32

..........

640,000

645,336

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

%

,

7/01/37

..........

600,000

602,299

Provident

Group-Kean

Properties

LLC

,

Revenue

,

2017

A

,

%

,

7/01/47

..........

1,500,000

1,452,096

Provident

Group-Montclair

Properties

LLC

,

Revenue

,

2017

,

Refunding

,

AG

Insured

,

%

,

6/01/42

....................................................

6,000,000

6,096,073

Provident

Group-Rowan

Properties

LLC

,

Revenue

,

A

,

%

,

1/01/48

.............

7,000,000

6,967,030

State

of

New

Jersey

,

Revenue

,

2005

,

Refunding

,

NATL

Insured

,

5.5 %

,

9/01/27

8,660,000

9,083,956

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

%

,

6/15/39

.....................

2,500,000

2,547,831

State

of

New

Jersey

,

Revenue

,

2021

QQQ

,

%

,

6/15/46

.....................

1,250,000

1,204,497

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

11/01/52

.......................

5,000,000

5,184,651

New

Jersey

Educational

Facilities

Authority

,

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AG

Insured

,

%

,

7/01/34

........

2,205,000

2,208,976

Kean

University

,

Revenue

,

2015

H

,

Refunding

,

AG

Insured

,

%

,

7/01/35

........

5,000,000

5,008,808

Kean

University

,

Revenue

,

2017

D

,

Refunding

,

BAM

Insured

,

%

,

9/01/38

.......

1,150,000

1,161,097

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Educational

Facilities

Authority,

(continued)

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

7/01/40

........................................................

$

1,000,000

$

1,137,253

Montclair

State

University,

Inc.

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

7/01/43

........................................................

1,000,000

1,097,064

Ramapo

College

of

New

Jersey

,

Revenue

,

2017

A

,

Refunding

,

AG

Insured

,

%

,

7/01/35

........................................................

3,955,000

4,071,873

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

%

,

7/01/34

..............

400,000

400,416

Seton

Hall

University

,

Revenue

,

2015

C

,

Refunding

,

%

,

7/01/37

..............

1,300,000

1,301,002

Seton

Hall

University

,

Revenue

,

2017

D

,

Refunding

,

%

,

7/01/42

..............

3,945,000

3,979,594

Seton

Hall

University

,

Revenue

,

2020

C

,

AG

Insured

,

3.25 %

,

7/01/49

...........

1,150,000

956,895

Seton

Hall

University

,

Revenue

,

2020

C

,

AG

Insured

,

%

,

7/01/50

.............

1,850,000

1,782,745

State

of

New

Jersey

,

Revenue

,

2023

A

,

4.625 %

,

9/01/48

....................

2,000,000

2,044,631

State

of

New

Jersey

,

Revenue

,

2023

A

,

5.25 %

,

9/01/53

.....................

2,000,000

2,115,202

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

1998-1

,

ETM,

%

,

7/01/28

........................................................

250,000

258,510

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/36

........................................................

1,600,000

1,637,920

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/42

........................................................

9,430,000

9,550,480

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/47

........................................................

4,085,000

4,105,816

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

%

,

7/01/45

.

4,000,000

4,098,678

Stevens

Institute

of

Technology

International,

Inc.

,

Revenue

,

2020

A

,

%

,

7/01/50

.

11,640,000

10,287,267

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

,

%

,

3/01/40

........

2,160,000

2,489,814

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

%

,

3/01/53

..........

5,000,000

4,917,489

Trustees

of

Princeton

University

(The)

,

Revenue

,

2024

B

,

5.25 %

,

3/01/54

........

8,500,000

9,272,727

New

Jersey

Health

Care

Facilities

Financing

Authority

,

AHS

Hospital

Corp.

,

Revenue

,

2008

A

,

%

,

7/01/27

........................

85,000

85,175

AHS

Hospital

Corp.

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/41

.................

10,000,000

10,020,601

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

%

,

7/01/37

.......

750,000

782,013

AtlantiCare

Health

System

Obligated

Group

,

Revenue

,

2021

,

%

,

7/01/46

.......

1,000,000

808,372

Hackensack

Meridian

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

7/01/39

........................................................

11,000,000

11,288,661

Inspira

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/46

......

18,500,000

18,537,322

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/42

...............

7,000,000

7,129,686

Inspira

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/47

...............

8,700,000

8,084,731

Inspira

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

7/01/54

....

6,000,000

6,388,283

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/43

10,000,000

10,059,378

RWJ

Barnabas

Health

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.25 %

,

7/01/54

........................................................

5,115,000

5,448,426

St.

Joseph's

Healthcare

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/41

........................................................

5,850,000

5,861,618

State

of

New

Jersey

,

Revenue

,

2024

,

Refunding

,

%

,

9/15/27

................

2,000,000

2,085,373

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/35

...........

1,000,000

1,029,485

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/37

...........

3,950,000

4,027,199

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/38

...........

2,200,000

2,232,967

Valley

Health

System

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/44

...........

12,000,000

11,443,481

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2019

B

,

Refunding

,

3.25 %

,

12/01/39

............................

1,780,000

1,755,420

Revenue

,

2020

C

,

Refunding

,

4.25 %

,

12/01/50

...........................

1,750,000

1,536,361

Revenue

,

2021

B

,

Refunding

,

%

,

12/01/29

..............................

2,830,000

3,053,829

Revenue

,

2023

C

,

%

,

12/01/53

.......................................

3,125,000

3,050,698

Revenue

,

2024

C

,

5.25 %

,

12/01/54

....................................

2,000,000

2,045,966

Revenue

,

2025

1-C

,

Refunding

,

5.5 %

,

12/01/55

...........................

3,000,000

3,127,852

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

3.5 %

,

12/01/39

...................

3,405,000

3,395,727

Revenue,

Senior

Lien

,

2025

1-A

,

Refunding

,

%

,

12/01/35

...................

1,500,000

1,655,344

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

New

Jersey

Housing

&

Mortgage

Finance

Agency

,

Revenue

,

2018

A

,

Refunding

,

3.95 %

,

11/01/43

............................

$

1,100,000

$

1,099,788

Revenue

,

2019

A

,

Refunding

,

%

,

11/01/44

..............................

510,000

438,866

Revenue

,

2019

C

,

Refunding

,

3.95 %

,

10/01/44

...........................

3,955,000

3,959,182

Revenue

,

2020

E

,

Refunding

,

2.05 %

,

10/01/35

............................

4,005,000

3,494,950

Revenue

,

2020

E

,

Refunding

,

2.25 %

,

10/01/40

............................

8,020,000

6,541,151

Revenue

,

2020

E

,

Refunding

,

2.4 %

,

10/01/45

.............................

3,205,000

2,415,088

Revenue

,

2020

E

,

Refunding

,

2.45 %

,

10/01/50

............................

2,400,000

1,675,441

Revenue

,

2024

,

GNMA

Insured

,

5.1 %

,

11/01/45

........................

3,000,000

3,133,532

Revenue

,

2025

M

,

5.05 %

,

10/01/45

....................................

2,500,000

2,590,604

Montgomery

Gateway

Preservation

LP

,

Revenue

,

2025

A

,

FNMA

Insured

,

4.55 %

,

5/01/41

........................................................

4,225,000

4,515,380

New

Jersey

Infrastructure

Bank

,

Revenue

,

2022

,

%

,

9/01/52

......................................

6,070,000

6,376,846

Revenue

,

2024

A-W1

,

%

,

9/01/49

.....................................

2,000,000

2,139,491

New

Jersey

Institute

of

Technology

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

7/01/44

....................

5,300,000

5,839,085

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

5.25 %

,

7/01/55

..................

1,750,000

1,888,790

New

Jersey

Transportation

Trust

Fund

Authority

,

c

State

of

New

Jersey

,

Revenue

,

2006

C

,

AG

Insured

,

2.78 %,

12/15/33

...........

10,000,000

8,078,375

c

State

of

New

Jersey

,

Revenue

,

2009

A

,

2.77 %,

12/15/32

....................

10,000,000

8,304,319

c

State

of

New

Jersey

,

Revenue

,

2009

A

,

3.26 %,

12/15/36

....................

500,000

353,492

c

State

of

New

Jersey

,

Revenue

,

2009

A

,

BAM

Insured

,

3.58 %,

12/15/39

.........

10,000,000

6,154,593

c

State

of

New

Jersey

,

Revenue

,

2010

A

,

2.51 %,

12/15/29

....................

5,000,000

4,550,613

c

State

of

New

Jersey

,

Revenue

,

2010

A

,

3.77 %,

12/15/40

....................

4,750,000

2,745,863

State

of

New

Jersey

,

Revenue

,

2019

BB

,

%

,

6/15/44

......................

6,000,000

5,970,628

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/45

......................

8,435,000

8,825,759

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

......................

3,670,000

3,419,505

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

6/15/41

........................

2,000,000

2,039,323

State

of

New

Jersey

,

Revenue

,

2022

BB

,

%

,

6/15/42

......................

2,400,000

2,425,376

State

of

New

Jersey

,

Revenue

,

2022

BB

,

%

,

6/15/46

......................

7,325,000

7,116,509

State

of

New

Jersey

,

Revenue

,

2022

CC

,

Pre-Refunded

,

5.5 %

,

6/15/50

.........

1,250,000

1,510,983

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

%

,

6/15/38

...............

4,000,000

4,508,131

State

of

New

Jersey

,

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

6/15/41

............

2,500,000

2,805,328

State

of

New

Jersey

,

Revenue

,

2023

BB

,

5.25 %

,

6/15/50

....................

2,000,000

2,122,717

State

of

New

Jersey

,

Revenue

,

2024

CC

,

4.125 %

,

6/15/50

...................

1,250,000

1,205,684

State

of

New

Jersey

,

Revenue

,

2024

CC

,

5.25 %

,

6/15/50

....................

9,555,000

10,174,723

New

Jersey

Turnpike

Authority

,

Revenue

,

2017

B

,

Refunding

,

%

,

1/01/40

...............................

1,345,000

1,392,076

Revenue

,

2017

G

,

Refunding

,

%

,

1/01/43

...............................

5,000,000

5,018,231

Revenue

,

2019

A

,

%

,

1/01/48

........................................

15,500,000

15,896,000

Revenue

,

2021

A

,

%

,

1/01/51

........................................

4,010,000

3,896,039

Revenue

,

2022

B

,

4.5 %

,

1/01/48

......................................

5,000,000

5,088,489

Revenue

,

2024

B

,

4.125 %

,

1/01/54

....................................

1,500,000

1,466,059

Revenue

,

2024

B

,

5.25 %

,

1/01/54

.....................................

2,000,000

2,134,064

Revenue

,

2024

C

,

Refunding

,

%

,

1/01/42

...............................

13,900,000

15,481,992

Revenue

,

2024

C

,

Refunding

,

%

,

1/01/43

...............................

7,360,000

8,123,416

Revenue

,

2025

A

,

5.25 %

,

1/01/55

.....................................

10,000,000

10,750,190

Newark

Board

of

Education

,

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

7/15/39

..........................

700,000

645,171

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

7/15/40

..........................

750,000

682,989

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

7/15/41

..........................

750,000

675,825

GO

,

2021

,

Refunding

,

BAM

Insured

,

%

,

7/15/42

..........................

700,000

623,104

Newark

Housing

Authority

,

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

2017

,

Refunding

,

%

,

1/01/37

.............................................

19,245,000

19,413,288

Passaic

County

Improvement

Authority

(The)

,

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

4.25 %

,

7/01/33

........

175,000

181,202

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Passaic

County

Improvement

Authority

(The),

(continued)

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.25 %

,

7/01/43

........

$

670,000

$

696,121

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.375 %

,

7/01/53

.......

1,000,000

1,018,145

Paterson

Arts

&

Science

Charter

School

,

Revenue

,

2023

,

5.5 %

,

7/01/58

.........

1,000,000

1,021,170

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

4.125 %

,

7/01/33

........................................................

715,000

738,852

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

4.5 %

,

7/01/40

........................................................

1,000,000

1,025,749

Paterson

Charter

School

for

Science

and

Technology,

Inc.

,

Revenue

,

2025

,

%

,

7/01/44

........................................................

625,000

639,609

South

Jersey

Port

Corp.

,

Revenue,

Sub.

Lien

,

2017

B

,

%

,

1/01/34

...............................

625,000

646,277

Revenue,

Sub.

Lien

,

2017

B

,

%

,

1/01/35

...............................

1,760,000

1,817,677

Revenue,

Sub.

Lien

,

2017

B

,

%

,

1/01/48

...............................

4,625,000

4,646,278

South

Jersey

Transportation

Authority

,

Revenue

,

2020

A

,

%

,

11/01/45

.......................................

5,750,000

5,984,184

Revenue

,

2022

A

,

4.625 %

,

11/01/47

....................................

6,000,000

6,098,755

Revenue

,

2022

A

,

5.25 %

,

11/01/52

.....................................

5,540,000

5,758,962

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

11/01/39

...................

2,120,000

2,426,847

State

of

New

Jersey

,

GO

,

2020

A

,

%

,

6/01/31

............................................

4,500,000

4,904,828

GO

,

2020

A

,

%

,

6/01/32

............................................

3,400,000

3,507,114

GO

,

2020

A

,

%

,

6/01/32

............................................

10,000,000

11,012,717

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

6/01/46

..

17,000,000

17,123,816

Union

County

Improvement

Authority

,

Revenue

,

2024

,

4.125 %

,

4/15/54

...........

5,500,000

5,399,414

649,585,723

#### New

#### York

#### 2.9%
Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

,

Refunding

,

%

,

12/01/53

.................................

6,250,000

6,357,289

Revenue

,

,

Refunding

,

%

,

7/15/54

.................................

7,500,000

7,886,925

Revenue

,

,

Refunding

,

%

,

10/15/47

.................................

2,500,000

2,709,148

Revenue

,

,

Refunding

,

5.25 %

,

10/15/51

..............................

6,400,000

6,937,430

23,890,792

#### Oregon

#### 0.3%
b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

,

5.5 %

,

12/01/39

............................

2,000,000

2,116,797

#### Pennsylvania

#### 5.9%
Delaware

River

Joint

Toll

Bridge

Commission

,

Revenue

,

2017

,

%

,

7/01/42

........

19,500,000

19,919,981

Delaware

River

Port

Authority

,

Revenue

,

2018

A

,

%

,

1/01/38

........................................

7,010,000

7,421,008

Revenue

,

2018

A

,

%

,

1/01/39

........................................

3,650,000

3,866,412

Revenue

,

2018

A

,

%

,

1/01/40

........................................

9,565,000

10,113,558

Revenue

,

2025

,

Refunding

,

%

,

1/01/39

.................................

2,000,000

2,302,609

Revenue

,

2025

,

Refunding

,

%

,

1/01/40

.................................

5,000,000

5,706,220

49,329,788

#### 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

876,277

#### Texas

#### 0.5%
City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

.....................................................

2,000,000

1,916,889

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

$

2,700,000

$

2,080,412

3,997,301

#### 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

1,248,266

#### Wisconsin

#### 1.6%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

2,015,000

2,154,340

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,500,000

1,259,878

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

11,450,000

5,758,240

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

3,225,000

2,167,405

b

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

2,000,000

2,019,419

13,359,282

#### 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

1,061,590

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

........................................

850,000

867,562

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

.............

5,700,000

5,922,199

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

..............

6,300,000

6,622,082

Guam

Power

Authority

,

Revenue

,

2024

A

,

Refunding

,

%

,

10/01/39

..............

500,000

551,294

Territory

of

Guam

,

Revenue

,

2025

G

,

Refunding

,

5.25 %

,

1/01/39

............................

500,000

561,307

Revenue

,

2025

G

,

Refunding

,

5.25 %

,

1/01/40

............................

1,000,000

1,115,334

16,701,368

#### Puerto

#### Rico

#### 1.4%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

1,200,000

1,231,542

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

10,000,000

9,815,285

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

850,000

823,575

11,870,402

#### Total

#### U.S.

#### Territories

#### ....................................................................
28,571,770

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 798,466,326

####)
.....................................

#### 800,835,001

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 800,066,326

####)
...............................

#### 802,528,332

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 2.4%

#### Municipal

#### Bonds

#### 2.4%

#### New

#### Jersey

#### 2.4%
d

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.5 %

,

7/01/43

..................................

4,285,000

4,285,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

d

New

Jersey

Health

Care

Facilities

Financing

Authority,

(continued)

Virtua

Health

Obligated

Group

,

Revenue

,

2009

C

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

0.3 %

,

7/01/43

..................................

$

15,885,000

$

15,885,000

20,170,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 20,170,000

####)
......................................

#### 20,170,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 20,170,000

####)
................................

#### 20,170,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 820,236,326

####)
98.3 #### %
...................................

#### $822,698,332

#### Other

#### Assets,

#### less

#### Liabilities
1.7 #### %
.............................................

#### 14,348,815

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $837,047,147
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$22,867,271,

representing

2.7%

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

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.55

$10.51

$10.25

$11.31

$11.62

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.30 0.28 0.27 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

...........

0.13 0.04 0.25 (1.07)

(0.31)

Total

from

investment

operations

....................

0.43 0.32 0.52 (0.83)

(0.10)

Less

distributions

from:

Net

investment

income

..........................

(0.30)

(0.28)

(0.26)

(0.23)

(0.21)

Net

asset

value,

end

of

year

.......................

$10.68

$10.55

$10.51

$10.25

$11.31

Total

return

d

...................................

4.19%

3.10%

5.21%

(7.31)%

(0.89)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.86%

e

0.85%

f

0.85%

f

0.84%

f

0.82%

f

Net

investment

income

...........................

2.93%

2.68%

2.61%

2.26%

1.81%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$131,799

$130,712

$134,364

$133,789

$167,474

Portfolio

turnover

rate

............................

16.41%

10.28%

14.73%

16.87%

23.40%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.55

$10.50

$10.25

$11.31

$11.62

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.32 0.30 0.28 0.25 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.12 0.05 0.25 (1.06)

(0.31)

Total

from

investment

operations

....................

0.44 0.35 0.53 (0.81)

(0.08)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.30)

(0.28)

(0.25)

(0.23)

Net

asset

value,

end

of

year

.......................

$10.68

$10.55

$10.50

$10.25

$11.31

Total

return

d

...................................

4.35%

3.36%

5.27%

(7.17)%

(0.65)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.71%

e

0.70%

f

0.70%

f

0.69%

f

0.67%

f

Net

investment

income

...........................

3.07%

2.82%

2.75%

2.41%

1.97%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$224,913

$260,291

$293,654

$339,756

$462,916

Portfolio

turnover

rate

............................

16.41%

10.28%

14.73%

16.87%

23.40%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.73

$10.68

$10.42

$11.49

$11.81

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.26 0.24 0.22 0.19 0.17 Net

realized

and

unrealized

gains

(losses)

...........

0.12 0.05 0.26 (1.07)

(0.33)

Total

from

investment

operations

....................

0.38 0.29 0.48 (0.88)

(0.16)

Less

distributions

from:

Net

investment

income

..........................

(0.26)

(0.24)

(0.22)

(0.19)

(0.16)

Net

asset

value,

end

of

year

.......................

$10.85

$10.73

$10.68

$10.42

$11.49

Total

return

d

...................................

3.61%

2.73%

4.70%

(7.66)%

(1.36)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

1.25%

e

1.24%

f

1.24%

f

1.23%

f

1.21%

f

Net

investment

income

...........................

2.47%

2.22%

2.15%

1.81%

1.40%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$13,192

$15,741

$21,453

$27,303

$42,794

Portfolio

turnover

rate

............................

16.41%

10.28%

14.73%

16.87%

23.40%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.55

$10.50

$10.24

$11.30

$11.61

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.33 0.31 0.30 0.27 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.12 0.05 0.25 (1.07)

(0.31)

Total

from

investment

operations

....................

0.45 0.36 0.55 (0.80)

(0.06)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.31)

(0.29)

(0.26)

(0.25)

Net

asset

value,

end

of

year

.......................

$10.67

$10.55

$10.50

$10.24

$11.30

Total

return

....................................

4.41%

3.51%

5.52%

(7.05)%

(0.60)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.56%

0.56%

0.56%

0.56%

0.54%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.56%

0.56%

d

0.56%

d,e

0.55%

d

0.53%

d

Net

investment

income

...........................

3.24%

2.99%

2.89%

2.56%

2.10%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$51,445

$50,507

$28,442

$20,233

$23,000

Portfolio

turnover

rate

............................

16.41%

10.28%

14.73%

16.87%

23.40%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.55

$10.50

$10.25

$11.31

$11.62

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.33 0.31 0.29 0.26 0.24 Net

realized

and

unrealized

gains

(losses)

...........

0.12 0.05 0.25 (1.06)

(0.31)

Total

from

investment

operations

....................

0.45 0.36 0.54 (0.80)

(0.07)

Less

distributions

from:

Net

investment

income

..........................

(0.32)

(0.31)

(0.29)

(0.26)

(0.24)

Net

asset

value,

end

of

year

.......................

$10.68

$10.55

$10.50

$10.25

$11.31

Total

return

....................................

4.45%

3.46%

5.37%

(7.08)%

(0.64)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.61%

d

0.60%

e

0.60%

e

0.59%

e

0.57%

e

Net

investment

income

...........................

3.18%

2.93%

2.86%

2.52%

2.06%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$164,515

$153,971

$112,197

$115,439

$132,919

Portfolio

turnover

rate

............................

16.41%

10.28%

14.73%

16.87%

23.40%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

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

....................................

$

1,600,000

$

1,693,331

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 1,600,000

####)
.......................................

#### 1,693,331

#### Municipal

#### Bonds

#### 96.1%

#### California

#### 0.3%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

2,300,000

1,938,045

#### 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

4,310,456

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

1,500,000

1,065,599

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

5,300,000

4,540,020

9,916,075

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

250,000

267,508

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

2,100,000

1,052,587

1,320,095

#### Illinois

#### 0.1%
Metropolitan

Pier

&

Exposition

Authority

,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/15/50

....................

500,000

501,739

#### New

#### Jersey

#### 0.8%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

%

,

6/15/44

......................

2,900,000

2,995,844

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

......................

500,000

382,306

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

......................

1,010,000

1,036,146

State

of

New

Jersey

,

Revenue

,

2020

AA

,

Pre-Refunded

,

%

,

6/15/50

...........

280,000

317,438

4,731,734

#### New

#### York

#### 1.6%
Metropolitan

Transportation

Authority

,

Revenue

,

2020

E

,

Refunding

,

%

,

11/15/45

..............................

1,595,000

1,498,281

Revenue

,

2021

,

%

,

11/15/48

.....................................

5,325,000

4,785,379

Revenue

,

2021

,

%

,

11/15/41

.....................................

3,000,000

3,002,142

9,285,802

#### North

#### Carolina

#### 83.2%
Cape

Fear

Public

Utility

Authority

,

Revenue

,

2025

,

Refunding

,

%

,

4/01/37

.................................

275,000

325,241

Revenue

,

2025

,

Refunding

,

%

,

4/01/38

.................................

275,000

322,376

Revenue

,

2025

,

Refunding

,

%

,

4/01/39

.................................

325,000

378,061

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/15/40

.......

14,000,000

14,018,392

Atrium

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/15/36

.......

5,000,000

5,332,864

Atrium

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

1/15/43

.......

2,000,000

2,023,444

City

of

Charlotte

,

COP

,

2019

A

,

Refunding

,

%

,

6/01/44

..................................

8,250,000

8,605,824

GO

,

2023

B

,

Refunding

,

%

,

7/01/42

...................................

2,925,000

3,272,536

GO

,

2023

B

,

Refunding

,

%

,

7/01/43

...................................

2,300,000

2,549,533

GO

,

2025

B

,

Refunding

,

%

,

7/01/42

...................................

1,690,000

1,938,026

Airport

,

Revenue

,

2019

B

,

%

,

7/01/44

..................................

5,515,000

5,381,993

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### North

#### Carolina
(continued)

City

of

Charlotte,

(continued)

Airport

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/40

.........................

$

9,030,000

$

9,234,624

Airport

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/41

.........................

2,410,000

2,458,202

Airport

,

Revenue

,

2023

A

,

%

,

7/01/48

..................................

4,500,000

4,743,384

Airport

,

Revenue

,

2023

A

,

%

,

7/01/53

..................................

6,155,000

6,410,668

Airport

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

7/01/55

.......................

3,000,000

3,222,170

Water

&

Sewer

System

,

Revenue

,

2018

,

Refunding

,

%

,

7/01/38

..............

4,150,000

4,236,214

Water

&

Sewer

System

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/41

..............

500,000

387,311

City

of

Durham

,

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

%

,

8/01/49

..................

3,960,000

3,913,080

Water

&

Sewer

Utility

System

,

Revenue

,

2024

,

%

,

8/01/53

..................

3,400,000

3,294,321

City

of

Fayetteville

,

Public

Works

Commission

,

Revenue

,

2018

,

Refunding

,

%

,

3/01/41

............

4,015,000

4,059,303

Public

Works

Commission

,

Revenue

,

2023

,

%

,

3/01/53

....................

2,200,000

2,290,641

City

of

Greensboro

,

Combined

Water

&

Sewer

System

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/01/45

....

4,500,000

4,537,061

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

%

,

6/01/49

.............

1,500,000

1,596,934

Combined

Water

&

Sewer

System

,

Revenue

,

2024

B

,

%

,

6/01/54

.............

3,500,000

3,692,041

City

of

Raleigh

,

GO

,

2023

A

,

Refunding

,

%

,

4/01/41

...................................

1,775,000

1,995,849

Combined

Enterprise

System

,

Revenue

,

2023

,

Refunding

,

%

,

9/01/53

.........

3,000,000

2,930,648

City

of

Winston-Salem

,

Water

&

Sewer

System

,

Revenue

,

2017

,

%

,

6/01/47

......

10,000,000

10,000,008

Columbus

County

Industrial

Facilities

&

Pollution

Control

Financing

Authority

,

International

Paper

Co.

,

Revenue

,

2020

A

,

Refunding

,

4.2 %

,

5/01/34

...........

2,500,000

2,691,054

County

of

Brunswick

,

GO

,

2022

,

%

,

8/01/39

..............................

1,550,000

1,625,183

County

of

Catawba

,

Revenue

,

2023

,

%

,

4/01/43

...........................

400,000

405,668

County

of

Dare

,

Revenue

,

2021

A

,

%

,

6/01/38

........................................

375,000

365,201

Revenue

,

2021

A

,

%

,

6/01/39

........................................

585,000

556,640

Revenue

,

2021

A

,

%

,

6/01/40

........................................

250,000

232,626

Revenue

,

2021

A

,

%

,

6/01/41

........................................

450,000

413,981

County

of

Guilford

,

GO

,

2024

,

%

,

3/01/43

.............................................

5,000,000

5,141,511

GO

,

2025

,

%

,

3/01/38

.............................................

4,085,000

4,817,931

GO

,

2025

,

%

,

3/01/39

.............................................

3,000,000

3,513,752

GO

,

2025

,

%

,

3/01/43

.............................................

3,000,000

3,093,924

GO

,

2025

,

%

,

3/01/45

.............................................

5,000,000

5,092,010

County

of

Henderson

,

Revenue

,

2025

,

Refunding

,

%

,

10/01/40

................................

625,000

718,431

Revenue

,

2025

,

Refunding

,

%

,

10/01/41

................................

575,000

658,088

County

of

Iredell

,

GO

,

2025

,

%

,

4/01/45

..................................

4,195,000

4,246,889

County

of

Johnston

,

GO

,

2025

,

%

,

2/01/39

.............................................

5,000,000

5,852,501

Water

&

Sewer

System

,

Revenue

,

2023

,

%

,

4/01/53

.......................

1,150,000

1,114,492

County

of

Lincoln

,

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/38

..................

400,000

388,813

Enterprise

System

,

Revenue

,

2020

,

Refunding

,

%

,

8/01/41

..................

480,000

441,330

County

of

Mecklenburg

,

GO

,

2025

B

,

%

,

2/01/45

...........................

5,000,000

5,079,784

County

of

New

Hanover

,

Revenue

,

2021

,

Refunding

,

%

,

8/01/30

.................................

3,375,000

3,780,043

New

Hanover

Regional

Medical

Center

,

Revenue

,

2017

,

Pre-Refunded

,

%

,

10/01/47

.......................................................

13,565,000

14,164,751

NHW

Healthcare,

Inc.

,

Revenue

,

2017

,

Pre-Refunded

,

%

,

10/01/42

...........

5,000,000

5,221,065

County

of

Wake

,

GO

,

2019

A

,

%

,

3/01/32

............................................

5,000,000

5,427,860

Revenue

,

2021

,

%

,

3/01/35

.........................................

5,535,000

5,551,549

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

County

of

Wake,

(continued)

Revenue

,

2021

,

%

,

3/01/36

.........................................

$

6,000,000

$

6,013,316

Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2023

,

AG

Insured

,

5.25 %

,

7/01/53

.........................................................

7,500,000

7,723,915

Greenville

Utilities

Commission

,

Revenue

,

2025

,

%

,

9/01/49

..................

2,460,000

2,626,961

Nash

Health

Care

Systems

,

Revenue

,

2025

,

5.75 %

,

2/01/50

.......................................

1,250,000

1,354,507

Revenue

,

2025

,

5.25 %

,

2/01/55

.......................................

5,500,000

5,670,215

North

Carolina

Agricultural

&

Technical

State

University

,

Revenue

,

2023

,

%

,

10/01/43

1,000,000

1,089,729

North

Carolina

Capital

Facilities

Finance

Agency

,

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/27

..........

400,000

411,443

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/28

..........

500,000

522,678

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/29

..........

550,000

583,409

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/30

..........

1,860,000

1,996,304

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/31

..........

1,855,000

2,009,382

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/32

..........

1,000,000

1,078,047

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/33

..........

1,670,000

1,789,382

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/34

..........

740,000

748,577

Campbell

University,

Inc.

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/35

..........

360,000

362,621

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

%

,

10/01/40

.................

2,500,000

2,529,489

Duke

University

,

Revenue

,

2016

B

,

Refunding

,

%

,

10/01/44

.................

7,000,000

7,063,177

High

Point

University

,

Revenue

,

2021

,

Refunding

,

%

,

5/01/32

................

2,000,000

2,120,934

High

Point

University

,

Revenue

,

2021

,

Refunding

,

%

,

5/01/33

................

3,210,000

3,388,260

High

Point

University

,

Revenue

,

2021

,

Refunding

,

%

,

5/01/34

................

2,270,000

2,385,586

Wake

Forest

University

,

Revenue

,

2018

,

%

,

1/01/48

.......................

13,500,000

13,705,763

North

Carolina

Central

University

,

Revenue

,

2019

,

AG

Insured

,

%

,

4/01/44

................................

1,575,000

1,632,963

Revenue

,

2019

,

%

,

4/01/49

.........................................

1,000,000

894,295

North

Carolina

Housing

Finance

Agency

,

Revenue

,

,

GNMA

Insured

,

3.55 %

,

7/01/44

.............................

4,175,000

3,917,907

Revenue

,

,

GNMA

Insured

,

3.625 %

,

7/01/49

............................

6,325,000

5,653,926

Revenue

,

,

GNMA

Insured

,

2.45 %

,

7/01/34

.............................

750,000

691,699

Revenue

,

,

GNMA

Insured

,

2.625 %

,

7/01/39

............................

3,035,000

2,747,063

Revenue

,

,

GNMA

Insured

,

2.85 %

,

1/01/43

.............................

2,660,000

2,230,658

Revenue

,

,

GNMA

Insured

,

2.8 %

,

1/01/40

..............................

4,715,000

4,186,416

Revenue

,

,

GNMA

Insured

,

2.95 %

,

7/01/43

.............................

2,170,000

1,838,193

Revenue

,

,

%

,

7/01/46

...........................................

2,740,000

2,229,007

Revenue

,

,

Refunding

,

GNMA

Insured

,

2.2 %

,

7/01/40

.....................

1,795,000

1,461,115

Revenue

,

A

,

GNMA

Insured

,

1.55 %

,

1/01/30

...........................

2,100,000

1,999,921

Revenue

,

A

,

GNMA

Insured

,

1.75 %

,

1/01/31

...........................

975,000

906,660

North

Carolina

Medical

Care

Commission

,

Atrium

Health

Wake

Forest

Baptist

Obligated

Group

,

Revenue

,

2019

A

,

%

,

12/01/33

1,000,000

1,061,165

Carolina

Meadows,

Inc.

Obligated

Group

,

Revenue

,

2024

,

%

,

12/01/39

........

10,765,000

10,950,767

Carolina

Meadows,

Inc.

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

12/01/44

......

340,000

361,041

Chapel

Hill

Residential

Center,

Inc.

Obligated

Group

,

Revenue

,

2025

,

5.25 %

,

12/01/55

.......................................................

3,000,000

3,099,736

Deerfield

Episcopal

Retirement

Community

Obligated

Group

,

Revenue

,

2026

A

,

5.25 %

,

11/01/50

.................................................

4,000,000

4,106,348

Duke

University

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2016

D

,

Refunding

,

%

,

6/01/42

....................................................

7,000,000

7,004,955

Duke

University

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

6/01/42

....................................................

1,000,000

1,102,605

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/01/47

..........

2,935,000

2,658,220

EveryAge

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

9/01/51

..........

960,000

839,406

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/33

............

355,000

366,421

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/34

............

185,000

190,290

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/41

............

920,000

895,754

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### North

#### Carolina
(continued)

North

Carolina

Medical

Care

Commission,

(continued)

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/46

............

$

1,665,000

$

1,474,569

Forest

at

Duke,

Inc.

Obligated

Group

,

Revenue

,

2021

,

%

,

9/01/51

............

1,670,000

1,404,270

Friends

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

9/01/50

..............

3,000,000

2,517,967

Lutheran

Retirement

Ministries

of

Alamance

County

Obligated

Group

,

Revenue

,

2025

A

,

5.25 %

,

1/01/55

................................................

4,000,000

4,054,394

Novant

Health

Obligated

Group

,

Revenue

,

2013

A

,

Refunding

,

%

,

11/01/46

.....

20,000,000

20,011,734

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/49

..............

2,115,000

1,948,261

Novant

Health

Obligated

Group

,

Revenue

,

2019

A

,

%

,

11/01/52

..............

6,640,000

6,011,374

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

1/01/34

........

2,050,000

2,093,718

Pines

at

Davidson,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

1/01/49

........

5,000,000

5,017,671

Plantation

Village,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/41

1,020,000

1,000,430

Plantation

Village,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/52

3,510,000

2,947,868

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

C

,

Refunding

,

%

,

10/01/31

5,000,000

5,052,906

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/40

.........

1,800,000

1,871,731

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/45

.........

1,000,000

907,776

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/45

.........

2,420,000

2,446,825

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/50

.........

1,350,000

1,150,686

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/50

.........

1,400,000

1,389,047

Rex

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

7/01/49

............

4,000,000

3,917,677

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

%

,

10/01/44

...................................................

750,000

779,051

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

%

,

10/01/49

...................................................

750,000

763,974

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2025

A

,

5.125 %

,

10/01/56

................................................

3,000,000

3,092,539

North

Carolina

State

Education

Assistance

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/26

..............................

300,000

301,574

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/27

..............................

450,000

461,526

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/28

..............................

500,000

519,603

Revenue,

Senior

Lien

,

2020

A

,

%

,

6/01/29

..............................

350,000

371,082

Revenue,

Senior

Lien

,

2025

A

,

Refunding

,

%

,

6/01/35

.....................

1,250,000

1,354,365

North

Carolina

Turnpike

Authority

,

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/47

...............................

4,510,000

4,516,698

Revenue

,

2016

A

,

Refunding

,

%

,

7/01/54

...............................

2,560,000

2,562,379

Revenue,

Senior

Lien

,

2017

,

Refunding

,

AG

Insured

,

%

,

1/01/31

.............

1,000,000

1,019,259

Revenue,

Senior

Lien

,

2019

,

AG

Insured

,

%

,

1/01/49

......................

2,000,000

2,037,604

Revenue,

Senior

Lien

,

2019

,

%

,

1/01/55

................................

5,000,000

4,473,250

Revenue,

Senior

Lien

,

2024

A

,

AG

Insured

,

%

,

1/01/58

.....................

11,980,000

12,259,310

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/36

..............

1,750,000

1,955,563

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/37

..............

1,770,000

1,966,751

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/38

..............

1,250,000

1,381,467

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/39

..............

1,500,000

1,648,206

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/40

..............

1,270,000

1,388,380

State

of

North

Carolina

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/41

..............

2,000,000

2,176,727

State

of

North

Carolina

Highway

Trust

Fund

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/39

........................................................

3,000,000

3,038,766

Raleigh

Durham

Airport

Authority

,

Revenue

,

2015

A

,

Refunding

,

%

,

5/01/30

...............................

550,000

551,187

Revenue

,

2020

A

,

Refunding

,

%

,

5/01/36

...............................

2,580,000

2,769,718

State

of

North

Carolina

,

Revenue

,

2025

,

Refunding

,

%

,

3/01/40

................

1,500,000

1,725,933

Town

of

Cary

,

Combined

Utility

Systems

,

Revenue

,

2017

B

,

Refunding

,

%

,

12/01/42

5,000,000

5,046,865

Town

of

Fuquay-Varina

,

Combined

Utilities

,

Revenue

,

2024

C

,

%

,

6/01/41

........

2,320,000

2,614,465

Town

of

Holly

Springs

,

Enterprise

System

,

Revenue

,

2024

,

%

,

11/01/49

..........

2,500,000

2,470,150

University

of

North

Carolina

at

Chapel

Hill

,

Revenue

,

2021

B

,

Refunding

,

%

,

12/01/37

..............................

2,180,000

2,451,730

Revenue

,

2025

A

,

%

,

12/01/50

.......................................

5,000,000

5,351,782

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

University

of

North

Carolina

at

Chapel

Hill,

(continued)

Revenue

,

2025

A

,

%

,

12/01/55

.......................................

$

4,500,000

$

4,778,499

Hospitals

at

Chapel

Hill

,

Revenue

,

2019

,

%

,

2/01/49

.......................

6,920,000

7,829,597

University

of

North

Carolina

at

Charlotte

(The)

,

Revenue

,

2017

,

%

,

10/01/47

......

5,000,000

5,090,765

University

of

North

Carolina

at

Wilmington

,

Revenue

,

2015

,

Refunding

,

%

,

6/01/37

.

3,000,000

3,006,571

University

of

North

Carolina

System

,

Appalachian

State

University

,

Revenue

,

2008

A

,

AG

Insured

,

%

,

10/01/33

...........................................

160,000

160,134

Water

and

Sewer

Authority

of

Cabarrus

County

,

Revenue

,

2024

,

%

,

6/01/49

......

2,685,000

2,653,264

Western

Carolina

University

,

Revenue

,

2020

B

,

%

,

4/01/36

........................................

1,000,000

987,689

Revenue

,

2020

B

,

%

,

4/01/50

........................................

5,000,000

4,785,635

487,507,014

#### 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

2,305,993

#### Texas

#### 0.4%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/32

200,000

204,629

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/33

200,000

203,866

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

2,800,000

2,157,464

2,565,959

#### 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

1,426,589

#### Wisconsin

#### 2.2%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,160,000

1,240,215

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,600,000

1,343,870

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

9,545,000

4,800,210

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

7,965,000

5,352,986

12,737,281

#### 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

812,950

Revenue

,

2023

A

,

Refunding

,

5.125 %

,

10/01/34

...........................

390,000

434,249

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/35

............................

265,000

296,213

Revenue

,

2024

A

,

5.25 %

,

10/01/35

....................................

625,000

706,972

Guam

Government

Waterworks

Authority

,

Revenue

,

2020

A

,

%

,

1/01/50

........................................

3,205,000

3,271,219

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

.............

2,500,000

2,597,456

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

..............

3,200,000

3,363,597

11,482,656

#### Puerto

#### Rico

#### 2.9%
Commonwealth

of

Puerto

Rico

,

c,d

GO

,

FRN

,

2.567 %,

11/01/43

..........................................

89,769

61,380

GO

,

2022

,

5.625 %

,

7/01/27

.......................................

25,850

26,456

GO

,

2022

,

5.625 %

,

7/01/29

.......................................

25,431

27,174

GO

,

2022

,

5.75 %

,

7/01/31

........................................

24,701

27,449

GO

,

2022

,

%

,

7/01/33

..........................................

23,423

23,989

GO

,

2022

,

%

,

7/01/35

..........................................

21,054

21,415

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Commonwealth

of

Puerto

Rico,

(continued)

GO

,

2022

,

%

,

7/01/37

..........................................

$

18,070

$

18,107

GO

,

2022

,

%

,

7/01/41

..........................................

24,568

23,845

GO

,

2022

,

%

,

7/01/46

..........................................

25,551

23,069

c

GO

,

2022

,

4.18 %,

7/01/33

........................................

30,143

22,319

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

1,500,000

1,539,427

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/33

..

440,000

474,764

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/41

..

220,000

205,729

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

11,700,000

11,483,883

Sales

Tax

,

Revenue

,

,

4.329 %

,

7/01/40

...............................

2,000,000

2,004,137

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

1,190,000

1,153,006

17,136,149

#### Total

#### U.S.

#### Territories

#### ....................................................................
28,618,805

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 569,606,878

####)
.....................................

#### 562,855,131

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 571,206,878

####)
...............................

#### 564,548,462

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.7%

#### Municipal

#### Bonds

#### 1.7%

#### North

#### Carolina

#### 1.7%
e

Charlotte-Mecklenburg

Hospital

Authority

(The)

,

Atrium

Health

Obligated

Group

,

Revenue

,

2007

C

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

1/15/37

...........................

2,900,000

2,900,000

Atrium

Health

Obligated

Group

,

Revenue

,

2018

G

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

1/15/48

..................................

5,600,000

5,600,000

Atrium

Health

Obligated

Group

,

Revenue

,

2018

H

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

1/15/48

..................................

1,650,000

1,650,000

10,150,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 10,150,000

####)
......................................

#### 10,150,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 10,150,000

####)
................................

#### 10,150,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 581,356,878

####)
98.1 #### %
...................................

#### $574,698,462

#### Other

#### Assets,

#### less

#### Liabilities
1.9 #### %
.............................................

#### 11,165,441

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $585,863,903
Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$18,192,521,

representing

3.1%

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

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.52

$11.50

$11.29

$12.54

$12.90

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.38 0.36 0.34 0.31 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.02 0.21 (1.26)

(0.36)

Total

from

investment

operations

....................

0.47 0.38 0.55 (0.95)

(0.11)

Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.36)

(0.34)

(0.30)

(0.25)

Net

asset

value,

end

of

year

.......................

$11.61

$11.52

$11.50

$11.29

$12.54

Total

return

d

...................................

4.21%

3.34%

4.96%

(7.57)%

(0.90)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.82%

e

0.81%

f

0.81%

f

0.81%

f

0.81%

f

Net

investment

income

...........................

3.38%

3.10%

3.01%

2.66%

1.94%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$255,039

$259,588

$261,839

$269,364

$315,516

Portfolio

turnover

rate

............................

10.45%

13.17%

9.53%

26.92%

24.59%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.51

$11.49

$11.28

$12.54

$12.90

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.40 0.37 0.36 0.32 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.03 0.21 (1.26)

(0.36)

Total

from

investment

operations

....................

0.49 0.40 0.57 (0.94)

(0.09)

Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.38)

(0.36)

(0.32)

(0.27)

Net

asset

value,

end

of

year

.......................

$11.60

$11.51

$11.49

$11.28

$12.54

Total

return

d

...................................

4.37%

3.50%

5.12%

(7.51)%

(0.75)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.67%

e

0.66%

f

0.66%

f

0.66%

f

0.66%

f

Net

investment

income

...........................

3.53%

3.25%

3.16%

2.80%

2.10%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$437,233

$492,750

$559,066

$628,747

$850,932

Portfolio

turnover

rate

............................

10.45%

13.17%

9.53%

26.92%

24.59%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.67

$11.65

$11.44

$12.71

$13.08

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.33 0.31 0.29 0.26 0.20 Net

realized

and

unrealized

gains

(losses)

...........

0.09 0.02 0.21 (1.28)

(0.37)

Total

from

investment

operations

....................

0.42 0.33 0.50 (1.02)

(0.17)

Less

distributions

from:

Net

investment

income

..........................

(0.33)

(0.31)

(0.29)

(0.25)

(0.20)

Net

asset

value,

end

of

year

.......................

$11.76

$11.67

$11.65

$11.44

$12.71

Total

return

d

...................................

3.74%

2.88%

4.47%

(8.00)%

(1.36)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

1.22%

e

1.20%

f

1.20%

f

1.20%

f

1.20%

f

Net

investment

income

...........................

2.93%

2.65%

2.55%

2.20%

1.52%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$22,943

$34,844

$54,356

$78,486

$125,479

Portfolio

turnover

rate

............................

10.45%

13.17%

9.53%

26.92%

24.59%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

f

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.53

$11.51

$11.30

$12.55

$12.91

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.41 0.39 0.37 0.34 0.29 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.02 0.21 (1.25)

(0.36)

Total

from

investment

operations

....................

0.49 0.41 0.58 (0.91)

(0.07)

Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.39)

(0.37)

(0.34)

(0.29)

Net

asset

value,

end

of

year

.......................

$11.61

$11.53

$11.51

$11.30

$12.55

Total

return

....................................

4.42%

3.63%

5.26%

(7.29)%

(0.61)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.54%

0.53%

0.53%

0.54%

0.53%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.54%

d

0.53%

e

0.53%

d,e

0.52%

e

0.52%

e

Net

investment

income

...........................

3.67%

3.39%

3.31%

2.94%

2.23%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$21,784

$22,877

$20,781

$14,734

$21,433

Portfolio

turnover

rate

............................

10.45%

13.17%

9.53%

26.92%

24.59%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$11.53

$11.50

$11.30

$12.55

$12.91

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.41 0.39 0.37 0.33 0.29 Net

realized

and

unrealized

gains

(losses)

...........

0.08 0.03 0.20 (1.25)

(0.37)

Total

from

investment

operations

....................

0.49 0.42 0.57 (0.92)

(0.08)

Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.39)

(0.37)

(0.33)

(0.28)

Net

asset

value,

end

of

year

.......................

$11.61

$11.53

$11.50

$11.30

$12.55

Total

return

....................................

4.38%

3.60%

5.22%

(7.33)%

(0.65)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.57%

d

0.56%

e

0.56%

e

0.56%

e

0.56%

e

Net

investment

income

...........................

3.63%

3.35%

3.25%

2.89%

2.20%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$179,242

$181,308

$182,390

$209,487

$299,002

Portfolio

turnover

rate

............................

10.45%

13.17%

9.53%

26.92%

24.59%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Corporate

#### Bonds

#### 0.4%

#### Software

#### 0.4%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

3,200,000

$

3,386,662

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 3,200,000

####)
.......................................

#### 3,386,662

#### Municipal

#### Bonds

#### 98.0%

#### California

#### 0.3%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

2,800,000

2,359,360

#### Florida

#### 2.1%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

9,144,000

8,421,967

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

2,200,000

1,562,879

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

10,600,000

9,080,040

19,064,886

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

920,000

984,427

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

2,100,000

1,052,587

2,037,014

#### New

#### Jersey

#### 0.2%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

6/15/38

....................................................

2,000,000

2,070,503

#### New

#### York

#### 0.1%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/48

..........

750,000

673,997

#### Ohio

#### 90.4%
Akron

City

School

District

,

COP

,

2023

,

AG

Insured

,

%

,

8/01/53

................

3,000,000

3,099,456

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric

,

Revenue

,

2024

A

,

Refunding

,

%

,

2/15/48

............

1,325,000

1,382,902

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/15/37

........

3,700,000

3,841,635

Prairie

State

Energy

Campus

,

Revenue

,

2017

A

,

Refunding

,

%

,

2/15/38

........

3,500,000

3,624,537

Solar

Electricity

Prepayment

,

Revenue

,

2019

A

,

%

,

2/15/44

.................

3,345,000

3,448,063

Anthony

Wayne

Local

School

District

,

GO

,

2017

A

,

%

,

12/01/39

................

2,445,000

2,445,791

Apollo

Joint

Vocational

School

District

,

GO

,

2017

,

Refunding

,

%

,

12/01/39

........

6,530,000

6,598,304

Beachwood

City

School

District

,

GO

,

2023

,

%

,

12/01/53

.....................

7,575,000

7,191,848

Bedford

City

School

District

,

GO

,

2025

,

BAM

Insured

,

5.5 %

,

12/01/58

............

2,000,000

2,117,708

d

Big

Walnut

Local

School

District

,

GO

,

2026

B

,

%

,

12/01/55

...................

1,000,000

1,044,638

Bowling

Green

State

University

,

Revenue

,

2017

B

,

Refunding

,

%

,

6/01/42

........

1,045,000

1,062,802

Brooklyn

City

School

District

,

GO

,

2017

,

Refunding

,

AG

Insured

,

%

,

12/01/49

.....

9,000,000

9,057,651

Butler

County

Port

Authority

,

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/34

........................................................

185,000

189,930

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/35

........................................................

195,000

199,392

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/36

........................................................

205,000

208,461

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/37

........................................................

210,000

212,335

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/38

........................................................

220,000

221,240

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/39

........................................................

225,000

225,393

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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

,

%

,

5/15/40

........................................................

$

240,000

$

238,268

Community

First

Solutions

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

5/15/41

........................................................

245,000

240,393

c

Canal

Winchester

Local

School

District

,

GO

,

2005

,

NATL

Insured

,

3.01 %,

12/01/32

...............................

3,955,000

3,236,499

GO

,

2005

,

NATL

Insured

,

3.14 %,

12/01/33

...............................

2,000,000

1,573,888

Cincinnati

City

School

District

,

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25 %

,

12/01/27

......................

14,900,000

15,716,831

GO

,

2006

,

Refunding

,

NATL

Insured

,

5.25 %

,

12/01/28

......................

8,180,000

8,844,846

City

of

Chillicothe

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/37

.

2,890,000

2,948,564

Adena

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/47

.

2,110,000

2,114,487

City

of

Cleveland

,

GO

,

2012

,

%

,

12/01/30

.............................................

35,000

35,064

GO

,

2020

A

,

%

,

12/01/36

...........................................

1,215,000

1,053,771

Water

Pollution

Control

,

Revenue

,

2024

,

%

,

11/15/54

......................

1,350,000

1,411,382

City

of

Columbus

,

GO

,

2018

A

,

%

,

4/01/34

............................................

7,000,000

7,474,202

GO

,

2019

A

,

%

,

4/01/40

............................................

3,000,000

3,175,159

GO

,

2021

A

,

%

,

4/01/40

............................................

1,900,000

2,055,477

Sewerage

,

Revenue

,

2015

,

Refunding

,

%

,

6/01/30

........................

5,000,000

5,033,058

City

of

Hilliard

,

Income

Tax

,

Revenue

,

2022

,

%

,

12/01/47

.....................

5,000,000

5,209,978

City

of

Marysville

,

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

%

,

12/01/40

.......................................................

3,015,000

3,016,093

Wastewater

Treatment

System

,

Revenue

,

2015

,

Refunding

,

BAM

Insured

,

%

,

12/01/47

.......................................................

2,035,000

2,036,345

Wastewater

Treatment

System

,

Revenue

,

2016

,

Refunding

,

BAM

Insured

,

%

,

12/01/46

.......................................................

9,370,000

9,129,772

Cleveland

Department

of

Public

Utilities

,

Division

of

Public

Power

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

11/15/37

.

1,000,000

1,026,408

c

Division

of

Public

Power

,

Revenue

,

,

NATL

Insured

,

4.25 %,

11/15/38

.........

10,000,000

5,890,476

Cleveland-Cuyahoga

County

Port

Authority

,

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

%

,

7/01/38

.......

100,000

102,958

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

%

,

7/01/39

.......

700,000

716,716

Cleveland

Museum

of

Natural

History

(The)

,

Revenue

,

2021

,

%

,

7/01/40

.......

100,000

101,665

Euclid

Avenue

Development

Corp.

,

Revenue

,

2022

A

,

5.5 %

,

8/01/52

...........

9,000,000

9,359,274

Port

of

Cleveland

Bond

Fund

,

Revenue

,

2024

C

,

%

,

11/15/54

................

1,175,000

1,197,200

Columbus

Regional

Airport

Authority

,

Revenue

,

2025

A

,

Refunding

,

5.5 %

,

1/01/50

...

5,000,000

5,332,316

Columbus-Franklin

County

Finance

Authority

,

Revenue

,

2021

C

,

2.5 %

,

11/15/41

.....................................

900,000

693,839

Revenue

,

2021

C

,

%

,

5/15/51

........................................

2,180,000

1,531,619

Central

Ohio

Regional

Bond

Fund

,

Revenue

,

2024

A

,

%

,

11/15/54

............

980,000

992,886

Central

Ohio

Regional

Bond

Fund

,

Revenue

,

2025

A

,

5.25 %

,

5/15/45

...........

660,000

700,566

ECG

Westerville

LP

,

Revenue

,

2024

A

,

FNMA

Insured

,

4.375 %

,

6/01/43

.........

5,000,000

5,126,713

County

of

Butler

,

UC

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/45

..........

5,020,000

5,027,288

UC

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

11/15/36

..........

2,140,000

2,140,231

County

of

Cuyahoga

,

GO

,

2020

A

,

Refunding

,

%

,

12/01/34

...................

750,000

790,926

County

of

Fayette

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2025

,

AG

Insured

,

5.25 %

,

12/01/54

............................................

5,000,000

5,281,292

County

of

Franklin

,

Nationwide

Children's

Hospital,

Inc.

,

Revenue

,

2016

C

,

Refunding

,

%

,

11/01/40

..

5,000,000

5,015,769

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/33

.......

5,000

5,342

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

County

of

Franklin,

(continued)

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/34

...................

$

2,230,000

$

2,269,778

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/34

.......

10,000

10,683

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/35

...................

2,890,000

2,930,426

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/35

.......

10,000

10,683

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/36

.......

15,000

16,025

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/40

.......

5,000

5,341

Ohio

Living

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

5.25 %

,

7/01/41

........

5,000,000

5,296,444

Sales

Tax

,

Revenue

,

2018

,

%

,

6/01/43

.................................

6,000,000

6,254,101

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

,

%

,

12/01/46

............

3,515,000

3,557,420

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2017

A-OH

,

%

,

12/01/47

.......

11,800,000

11,979,152

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

12/01/49

..........

6,030,000

5,446,165

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5 %

,

1/01/50

........................................................

1,000,000

1,033,222

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.5 %

,

1/01/55

........................................................

3,000,000

3,082,920

TriHealth

Obligated

Group

,

Revenue

,

2017

A

,

%

,

8/15/42

...................

5,000,000

5,100,584

UC

Health

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.5 %

,

8/01/51

........

3,700,000

3,814,907

County

of

Lucas

,

GO

,

2022

,

4.75 %

,

12/01/52

..............................

3,000,000

3,016,418

County

of

Mahoning

,

Sewer

System

,

Revenue

,

2022

,

Refunding

,

%

,

12/01/46

.....

3,000,000

3,105,218

County

of

Miami

,

Kettering

Health

Network

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/45

.............................................

5,000,000

5,095,458

County

of

Montgomery

,

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

11/15/39

............................................

5,000,000

5,002,388

County

of

Morrow

,

GO

,

2024

,

%

,

12/01/54

................................

1,635,000

1,697,070

County

of

Muskingum

,

GO

,

2024

,

%

,

12/01/54

.............................

1,000,000

938,559

County

of

Perry

,

GO

,

2023

,

%

,

12/01/61

.................................

1,500,000

1,510,560

County

of

Ross

,

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/39

.

3,805,000

3,945,250

Adena

Health

System

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/44

.

1,300,000

1,324,260

County

of

Union

,

GO

,

2018

,

%

,

12/01/47

.................................

5,000,000

5,031,425

County

of

Warren

,

Otterbein

Homes

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

%

,

7/01/54

.........................................................

2,000,000

2,003,259

Dayton

City

School

District

,

GO

,

2014

,

Refunding

,

%

,

11/01/30

................

5,000,000

5,598,827

Dayton-Montgomery

County

Port

Authority

,

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

%

,

11/15/31

..........

325,000

300,728

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2021

C

,

2.5 %

,

11/15/41

........

1,615,000

1,252,601

Dublin

City

School

District

,

GO

,

2019

A

,

%

,

12/01/44

...........................................

10,000,000

10,037,812

GO

,

2024

,

%

,

12/01/48

.............................................

2,250,000

2,389,450

GO

,

2024

B

,

%

,

12/01/48

...........................................

1,250,000

1,206,660

Elyria

City

School

District

,

GO

,

2017

A

,

%

,

12/01/43

........................

5,500,000

5,533,224

Fremont

City

School

District

,

GO

,

2017

A

,

%

,

1/15/49

.......................

13,970,000

13,976,246

Grandview

Heights

City

School

District

,

GO

,

2025

,

%

,

12/01/58

................

1,260,000

1,318,744

Green

Local

School

District

,

COP

,

2022

,

AG

Insured

,

%

,

11/01/52

..............

2,000,000

2,040,037

Hilliard

School

District

,

GO

,

2017

,

%

,

12/01/46

............................

8,500,000

8,316,716

Hudson

City

School

District

,

GO

,

2018

,

%

,

12/01/45

........................

17,370,000

17,371,635

Indian

Creek

Local

School

District

,

GO

,

2018

A

,

%

,

11/01/55

...........................................

3,000,000

3,047,127

GO

,

2018

B

,

BAM

Insured

,

%

,

11/01/55

................................

3,910,000

3,977,326

d

Jonathan

Alder

Local

School

District

,

GO

,

2026

,

%

,

12/01/55

..................

1,500,000

1,568,178

Lakota

Local

School

District

,

GO

,

2005

,

Refunding

,

NATL

Insured

,

5.25 %

,

12/01/26

.

2,000,000

2,045,609

e

Lancaster

Port

Authority

,

Revenue

,

2024

A

,

Refunding

,

Mandatory

Put

,

%

,

8/01/30

.

3,000,000

3,242,376

Licking

Heights

Local

School

District

,

GO

,

2022

,

4.5 %

,

10/01/51

................

1,800,000

1,809,145

Madeira

City

School

District

,

GO

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/32

........

9,605,000

10,851,952

Madison-Plains

Local

School

District

,

COP

,

2025

,

BAM

Insured

,

5.5 %

,

12/01/54

....

2,000,000

2,101,466

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

Miami

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

9/01/34

...................

$

1,000,000

$

1,123,850

Miami

Valley

Career

Technology

Center

,

GO

,

2018

,

%

,

12/01/44

...............

20,000,000

20,547,186

Northeast

Ohio

Medical

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/27

..............................

100,000

103,551

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/29

..............................

110,000

117,768

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/40

..............................

500,000

431,693

Revenue

,

2022

,

BAM

Insured

,

%

,

12/01/43

.............................

1,000,000

1,039,384

Northeastern

Local

School

District

,

GO

,

2018

,

AG

Insured

,

5.25 %

,

12/01/45

.................................

5,420,000

5,600,715

GO

,

2018

,

AG

Insured

,

%

,

12/01/55

...................................

5,000,000

4,669,754

Norwalk

City

School

District

,

GO

,

2025

,

%

,

11/01/53

.............................................

700,000

726,290

GO

,

2025

,

%

,

11/01/55

.............................................

550,000

570,569

d

Oak

Hills

Local

School

District

,

GO

,

2026

,

5.375 %

,

11/01/62

...................

1,000,000

1,057,250

Ohio

Air

Quality

Development

Authority

,

Ohio

Valley

Electric

Corp.

,

Revenue

,

2026

B

,

Refunding

,

4.35 %

,

6/30/40

...........................................

2,400,000

2,444,314

Ohio

Higher

Educational

Facility

Commission

,

Ashtabula

County

Medical

Center

Obligated

Group

,

Revenue

,

2022

,

5.25 %

,

1/01/52

4,895,000

4,916,723

Baldwin

Wallace

University

,

Revenue

,

2022

,

%

,

12/01/52

...................

5,885,000

6,005,431

Capital

University

,

Revenue

,

2022

,

Refunding

,

%

,

9/01/42

..................

4,900,000

5,083,174

Capital

University

,

Revenue

,

2022

,

Refunding

,

%

,

9/01/47

..................

2,000,000

2,044,482

Capital

University

,

Revenue

,

2022

,

Refunding

,

%

,

9/01/52

..................

5,100,000

5,168,118

Case

Western

Reserve

University

,

Revenue

,

2016

,

Refunding

,

%

,

12/01/40

.....

6,000,000

6,062,749

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

%

,

12/01/32

..............

300,000

320,817

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.125 %

,

12/01/42

...........

3,390,000

3,531,880

Cleveland

Institute

of

Music

(The)

,

Revenue

,

2022

,

5.375 %

,

12/01/52

...........

3,100,000

3,149,769

John

Carroll

University

,

Revenue

,

2020

,

%

,

10/01/45

......................

1,100,000

944,230

John

Carroll

University

,

Revenue

,

2022

,

Refunding

,

%

,

10/01/47

..............

5,360,000

4,478,863

John

Carroll

University

,

Revenue

,

2025

,

5.5 %

,

10/01/57

.....................

5,000,000

4,977,091

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/42

...........

1,040,000

1,058,304

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/45

...........

1,360,000

1,358,683

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

...........

2,900,000

2,772,149

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/42

...................

5,320,000

5,342,830

Kenyon

College

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/44

...................

4,180,000

4,037,353

Kenyon

College

,

Revenue

,

2017

,

%

,

7/01/42

............................

1,250,000

1,271,038

Kenyon

College

,

Revenue

,

2017

,

%

,

7/01/47

............................

3,000,000

2,651,878

Otterbein

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/30

......

1,095,000

1,144,476

University

of

Dayton

,

Revenue

,

2018

A

,

%

,

12/01/43

.......................

11,885,000

11,812,014

Xavier

University

,

Revenue

,

2024

,

Refunding

,

5.25 %

,

5/01/49

................

6,750,000

6,772,982

Ohio

Housing

Finance

Agency

,

Revenue

,

2020

B

,

GNMA

Insured

,

2.1 %

,

9/01/35

..........................

485,000

421,953

b

Revenue

,

144A,

2023

A

,

5.625 %

,

8/01/41

...............................

17,000,000

17,956,000

Revenue

,

2024

B

,

GNMA

Insured

,

4.7 %

,

9/01/54

..........................

9,710,000

9,684,914

Revenue

,

2024

C

,

GNMA

Insured

,

4.7 %

,

9/01/54

..........................

7,455,000

7,447,268

b

Middletown

Phase

Two

LP

,

Revenue

,

144A,

2023

A

,

%

,

9/01/41

..............

11,000,000

12,019,987

Ohio

State

University

(The)

,

Revenue

,

2021

A

,

%

,

12/01/48

...................

10,020,000

9,726,192

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue

,

2018

A

,

%

,

2/15/43

........................................

17,025,000

17,500,188

c

Revenue,

Junior

Lien

,

2013

,

BAM

Insured

,

3.19 %,

2/15/38

................

3,665,000

2,515,823

c

Revenue,

Junior

Lien

,

2013

,

3.83 %,

2/15/43

...........................

10,485,000

5,539,096

Revenue,

Sub.

Lien

,

2018

A

,

%

,

2/15/43

................................

2,575,000

2,641,971

Revenue,

Sub.

Lien

,

2018

A

,

%

,

2/15/46

................................

13,750,000

14,003,553

Ohio

University

,

Revenue

,

2017

A

,

Refunding

,

%

,

12/01/45

...................

7,000,000

7,106,913

Ohio

Water

Development

Authority

,

Revenue

,

2019

,

%

,

12/01/39

........................................

5,000,000

5,357,509

Revenue

,

2019

,

%

,

6/01/44

.........................................

1,330,000

1,396,884

Fresh

Water

Fund

,

Revenue

,

2025

A

,

%

,

12/01/43

........................

10,000,000

11,268,620

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Ohio

Water

Development

Authority,

(continued)

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2019

B

,

Refunding

,

%

,

12/01/44

...

$

10,000,000

$

10,508,692

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2020

A

,

%

,

12/01/50

............

6,820,000

7,048,026

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2021

A

,

%

,

12/01/46

............

5,500,000

5,822,032

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2023

B

,

%

,

12/01/36

............

5,675,000

6,547,558

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

D

,

%

,

12/01/43

...........

1,700,000

1,906,788

Water

Pollution

Control

Loan

Fund

,

Revenue

,

2024

D

,

%

,

12/01/44

...........

7,575,000

8,399,249

d

Olentangy

Local

School

District

,

GO

,

2026

,

Refunding

,

%

,

12/01/55

.............

1,000,000

1,056,946

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue

,

2024

B

,

Refunding

,

%

,

12/01/53

..............................

1,500,000

1,539,478

Revenue

,

2024

B

,

Refunding

,

%

,

12/01/63

..............................

2,000,000

2,048,662

Revenue

,

2024

C

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/53

..................

1,000,000

1,053,121

Revenue

,

2024

C

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/58

..................

1,000,000

1,053,204

Revenue

,

2024

C

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/63

..................

1,000,000

1,050,388

3CDC

Master

Parking

LLC

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

AG

Insured

,

%

,

12/01/60

.............................................

4,625,000

4,753,852

Southwest

Ohio

Regional

Bond

Fund

,

Revenue

,

2026

,

5.125 %

,

11/15/54

.....

600,000

607,301

c

Princeton

City

School

District

,

GO

,

2014

,

Refunding

,

4.14 %,

12/01/40

.................................

6,000,000

3,299,415

GO

,

2014

,

Refunding

,

4.3 %,

12/01/41

..................................

6,000,000

3,092,414

Russia

Local

School

District

,

GO

,

2023

,

%

,

12/01/52

........................

1,670,000

1,752,818

Springboro

Community

City

School

District

,

GO

,

2007

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/27

........................

5,175,000

5,431,304

GO

,

2007

,

Refunding

,

AG

Insured

,

5.25 %

,

12/01/28

........................

2,000,000

2,154,223

State

of

Ohio

,

GO

,

2019

A

,

%

,

6/15/38

............................................

6,500,000

6,934,288

GO

,

2020

C

,

%

,

3/01/38

............................................

2,300,000

2,531,429

GO

,

2025

A

,

%

,

3/01/44

............................................

2,000,000

2,225,036

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

%

,

1/01/29

........................................................

4,850,000

5,222,755

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/37

1,000,000

1,006,575

University

Hospitals

Health

System,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/46

............................................

5,795,000

5,296,640

Summit

County

Development

Finance

Authority

,

City

of

Akron

,

Revenue

,

2022

,

%

,

5/15/46

...............................

3,585,000

3,280,903

PRG

-

Akron

Properties

LLC

,

Revenue

,

2025

A

,

BAM

Insured

,

5.25 %

,

7/01/55

....

1,000,000

1,037,403

PRG

-

Akron

Properties

LLC

,

Revenue

,

2025

A

,

BAM

Insured

,

5.5 %

,

7/01/60

.....

1,000,000

1,052,041

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.625 %

,

12/01/48

.......................

4,700,000

4,967,122

UAkronPark,

Inc.

,

Revenue

,

2023

,

5.75 %

,

12/01/53

........................

5,000,000

5,286,765

Sycamore

Community

City

School

District

,

GO

,

2020

,

%

,

12/01/45

.............

6,000,000

6,003,409

Toledo

City

School

District

,

COP

,

2024

,

BAM

Insured

,

%

,

12/01/48

.................................

1,250,000

1,321,817

GO

,

2025

,

%

,

12/01/50

.............................................

6,595,000

6,940,846

GO

,

2025

,

%

,

12/01/54

.............................................

6,450,000

6,778,595

Toledo

Lucas

County

Public

Library

,

GO

,

2025

A

,

%

,

12/01/54

.................

5,000,000

5,243,062

Toledo-Lucas

County

Port

Authority

,

Revenue

,

2021

A

,

%

,

11/15/31

.......................................

325,000

301,865

Northwest

Ohio

Bond

Fund

,

Revenue

,

2024

C

,

%

,

11/15/54

.................

2,155,000

2,203,184

ParkUToledo,

Inc.

,

Revenue

,

2021

,

%

,

1/01/46

...........................

1,625,000

1,463,818

ParkUToledo,

Inc.

,

Revenue

,

2021

,

%

,

1/01/51

...........................

2,840,000

2,429,535

ParkUToledo,

Inc.

,

Revenue

,

2021

,

%

,

1/01/57

...........................

5,000,000

4,142,497

Triway

Local

School

District

,

COP

,

2021

,

BAM

Insured

,

%

,

12/01/39

............

2,200,000

2,230,441

University

of

Akron

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/42

.............

5,725,000

5,888,288

University

of

Cincinnati

,

Revenue

,

2017

A

,

%

,

6/01/45

........................................

2,205,000

2,232,306

Revenue

,

2018

A

,

Refunding

,

%

,

6/01/48

...............................

10,000,000

9,552,192

Revenue

,

2024

A

,

5.25 %

,

6/01/49

.....................................

6,350,000

6,738,722

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

University

of

Cincinnati,

(continued)

Revenue

,

2024

A

,

5.25 %

,

6/01/54

.....................................

$

1,650,000

$

1,736,872

Upper

Arlington

City

School

District

,

GO

,

2018

A

,

Pre-Refunded

,

%

,

12/01/48

.....

13,000,000

13,659,480

Village

of

Bluffton

,

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/33

.......................................................

1,655,000

1,679,178

Blanchard

Valley

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

12/01/34

.......................................................

1,900,000

1,925,634

Warren

County

Port

Authority

,

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

%

,

12/01/41

..........

2,075,000

2,050,130

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

C

,

%

,

12/01/55

..........

3,500,000

2,891,257

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2021

H

,

%

,

12/01/53

..........

1,375,000

1,164,007

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

A

,

5.5 %

,

12/01/50

.........

3,205,000

3,298,204

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2022

B

,

4.75 %

,

12/01/34

........

900,000

947,868

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2025

A

,

5.25 %

,

12/01/40

........

380,000

407,955

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2025

A

,

6.75 %

,

12/01/56

........

1,650,000

1,818,169

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2025

C

,

%

,

12/01/42

..........

1,020,000

1,129,373

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

,

Refunding

,

%

,

12/01/40

.......................................

1,390,000

1,395,516

Warren

County

Port

Authority

Ohio

Communities

Accelerator

Fund

,

Revenue

,

2020

,

Refunding

,

%

,

12/01/52

.......................................

1,930,000

1,639,479

West

Central

Ohio

Port

Authority

,

Global

Impact

STEM

Academy

,

Revenue

,

2025

A

,

5.5 %

,

12/01/55

...................................................

2,690,000

2,734,136

Westerville

City

School

District

,

GO

,

2006

,

Refunding

,

XLCA

Insured

,

%

,

12/01/27

..

3,820,000

3,947,912

Westlake

City

School

District

,

GO

,

2021

A

,

Refunding

,

%

,

12/01/49

.............

3,965,000

3,651,711

Winton

Woods

City

School

District

,

GO

,

2017

,

Refunding

,

%

,

11/01/43

...........

7,000,000

7,012,619

Wyoming

City

School

District

,

GO

,

2025

,

Refunding

,

%

,

12/01/61

..............

3,000,000

3,126,997

828,790,953

#### 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

2,859,431

#### Texas

#### 0.5%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/38

.................................

300,000

264,905

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

6,000,000

4,623,138

4,888,043

#### 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

2,764,016

#### Wisconsin

#### 3.2%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

4,285,000

4,581,313

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

3,100,000

2,603,748

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

9,545,000

4,800,210

b

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5 %

,

8/01/53

................

2,800,000

2,573,788

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

21,750,000

14,617,381

29,176,440

#### 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

1,026,285

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

....................

1,000,000

1,024,451

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/33

..

$

440,000

$

474,764

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/35

..

235,000

251,122

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

..

1,100,000

1,065,803

3,842,425

#### Total

#### U.S.

#### Territories

#### ....................................................................
3,842,425

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 896,514,868

####)
.....................................

#### 898,527,068

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 899,714,868

####)
...............................

#### 901,913,730

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 0.0%

#### †

#### Municipal

#### Bonds

#### 0.0%

#### †

#### Ohio

#### 0.0%

#### †
f

County

of

Hamilton

,

TriHealth

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.95 %

,

8/15/51

..........

200,000

200,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 200,000

####)
.........................................

#### 200,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 200,000

####)
..................................

#### 200,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 899,914,868

####)
98.4 #### %
...................................

#### $902,113,730

#### Other

#### Assets,

#### less

#### Liabilities
1.6 #### %
.............................................

#### 14,126,917

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $916,240,647
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$70,660,408,

representing

7.7%

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

The

maturity

date

shown

represents

the

mandatory

put

date.

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

#### Oregon

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.52

$10.53

$10.35

$11.45

$11.73

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.35 0.32 0.31 0.27 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.01)

0.18 (1.10)

(0.28)

Total

from

investment

operations

....................

0.41 0.31 0.49 (0.83)

(0.05)

Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.32)

(0.31)

(0.27)

(0.23)

Net

asset

value,

end

of

year

.......................

$10.59

$10.52

$10.53

$10.35

$11.45

Total

return

d

...................................

4.08%

3.04%

4.80%

(7.27)%

(0.48)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.82%

e

0.81%

f

0.82%

f

0.81%

f

0.80%

f

Net

investment

income

...........................

3.42%

3.08%

3.03%

2.56%

1.93%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$215,482

$209,434

$202,385

$208,460

$251,006

Portfolio

turnover

rate

............................

16.43%

11.31%

15.03%

32.94%

19.83%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.52

$10.52

$10.34

$11.44

$11.72

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.37 0.34 0.33 0.29 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.05 —

d

0.17 (1.11)

(0.28)

Total

from

investment

operations

....................

0.42 0.34 0.50 (0.82)

(0.03)

Less

distributions

from:

Net

investment

income

..........................

(0.36)

(0.34)

(0.32)

(0.28)

(0.25)

Net

asset

value,

end

of

year

.......................

$10.58

$10.52

$10.52

$10.34

$11.44

Total

return

e

...................................

4.14%

3.19%

5.06%

(7.14)%

(0.33)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.67%

f

0.66%

g

0.67%

g

0.66%

g

0.65%

g

Net

investment

income

...........................

3.57%

3.23%

3.19%

2.71%

2.08%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$398,922

$452,986

$513,161

$562,620

$731,732

Portfolio

turnover

rate

............................

16.43%

11.31%

15.03%

32.94%

19.83%

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.

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

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.68

$10.69

$10.50

$11.63

$11.91

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.31 0.28 0.27 0.23 0.18 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.01)

0.18 (1.14)

(0.28)

Total

from

investment

operations

....................

0.37 0.27 0.45 (0.91)

(0.10)

Less

distributions

from:

Net

investment

income

..........................

(0.30)

(0.28)

(0.26)

(0.22)

(0.18)

Net

asset

value,

end

of

year

.......................

$10.75

$10.68

$10.69

$10.50

$11.63

Total

return

d

...................................

3.60%

2.57%

4.40%

(7.79)%

(0.79)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

1.21%

e

1.20%

f

1.21%

f

1.20%

f

1.19%

f

Net

investment

income

...........................

2.95%

2.62%

2.58%

2.10%

1.50%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$11,567

$18,008

$27,772

$43,030

$72,237

Portfolio

turnover

rate

............................

16.43%

11.31%

15.03%

32.94%

19.83%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.52

$10.53

$10.35

$11.45

$11.73

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.38 0.35 0.34 0.30 0.26 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.01)

0.18 (1.10)

(0.28)

Total

from

investment

operations

....................

0.44 0.34 0.52 (0.80)

(0.02)

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.35)

(0.34)

(0.30)

(0.26)

Net

asset

value,

end

of

year

.......................

$10.59

$10.52

$10.53

$10.35

$11.45

Total

return

....................................

4.38%

3.33%

5.09%

(7.01)%

(0.12)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.53%

0.53%

0.54%

0.53%

0.52%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.53%

0.53%

d

0.54%

d

0.52%

d

0.52%

d,e

Net

investment

income

...........................

3.70%

3.37%

3.32%

2.85%

2.21%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$28,631

$27,070

$23,591

$21,344

$26,269

Portfolio

turnover

rate

............................

16.43%

11.31%

15.03%

32.94%

19.83%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.53

$10.54

$10.35

$11.46

$11.73

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.38 0.35 0.34 0.30 0.26 Net

realized

and

unrealized

gains

(losses)

...........

0.06 (0.01)

0.18 (1.12)

(0.27)

Total

from

investment

operations

....................

0.44 0.34 0.52 (0.82)

(0.01)

Less

distributions

from:

Net

investment

income

..........................

(0.37)

(0.35)

(0.33)

(0.29)

(0.26)

Net

asset

value,

end

of

year

.......................

$10.60

$10.53

$10.54

$10.35

$11.46

Total

return

....................................

4.34%

3.29%

5.16%

(7.12)%

(0.15)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.57%

d

0.56%

e

0.57%

e

0.56%

e

0.55%

e

Net

investment

income

...........................

3.67%

3.33%

3.28%

2.80%

2.18%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$160,290

$147,162

$134,601

$134,222

$181,163

Portfolio

turnover

rate

............................

16.43%

11.31%

15.03%

32.94%

19.83%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

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

....................................

$

2,500,000

$

2,645,830

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 2,500,000

####)
.......................................

#### 2,645,830

#### Municipal

#### Bonds

#### 98.5%

#### California

#### 0.4%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

3,500,000

2,949,199

#### Florida

#### 1.0%
b

Capital

Trust

Agency,

Inc.

,

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

.........................................................

1,500,000

1,065,599

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

8,400,000

7,195,504

8,261,103

#### Georgia

#### 0.4%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

965,000

1,032,578

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

4,520,000

2,265,569

3,298,147

#### 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

2,529,187

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

BAM

Insured

,

%

,

6/15/52

.................................

1,000,000

884,848

3,414,035

#### New

#### Jersey

#### 0.6%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2019

BB

,

%

,

6/15/44

......................

2,250,000

2,324,362

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

6/15/38

........................

2,165,000

2,241,319

4,565,681

#### New

#### York

#### 0.6%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/47

..........

5,500,000

4,985,449

#### Oregon

#### 87.1%
Astoria

Hospital

Facilities

Authority

,

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2016

,

%

,

8/01/46

......

1,750,000

1,664,579

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

8/01/49

...

5,500,000

5,567,613

Columbia

Lutheran

Charities

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

8/01/54

...

6,500,000

6,543,669

c

Benton

&

Polk

School

District

No.

17J

,

GO

,

2010

B

,

2.93 %,

6/15/31

.............

1,000,000

858,465

City

of

Beaverton

,

Water

,

Revenue

,

2020

,

%

,

4/01/32

.......................

1,000,000

1,108,693

City

of

Eugene

,

Electric

Utility

System

,

Revenue

,

2017

,

%

,

8/01/47

.............

3,580,000

3,633,059

City

of

Forest

Grove

,

Pacific

University

,

Revenue

,

2015

A

,

Refunding

,

%

,

5/01/36

.................

6,575,000

6,579,497

Pacific

University

,

Revenue

,

2017

,

Refunding

,

%

,

3/01/37

...................

3,500,000

3,368,094

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/26

.................

335,000

335,786

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/30

.................

1,385,000

1,471,193

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/35

.................

490,000

492,145

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/37

.................

1,905,000

1,877,056

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/38

.................

3,960,000

3,850,997

Pacific

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

5/01/39

.................

1,750,000

1,691,465

City

of

Keizer

,

Special

Assessment

,

2008

,

5.2 %

,

6/01/31

......................

705,000

706,553

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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

$

2,280,333

Sewer

,

Revenue

,

2024

,

BAM

Insured

,

%

,

6/01/49

.........................

1,715,000

1,640,136

City

of

Molalla

,

GO

,

2024

A

,

BAM

Insured

,

%

,

6/01/49

.......................

3,115,000

2,997,927

City

of

Portland

,

Sewer

System

,

Revenue,

Second

Lien

,

2025

A

,

Refunding

,

%

,

10/01/54

........................................................

17,170,000

18,087,798

City

of

Redmond

,

GO

,

2025

A

,

5.5 %

,

6/01/52

..............................

1,500,000

1,596,059

Clackamas

Community

College

District

,

GO

,

2017

A

,

%

,

6/15/39

...............

2,250,000

2,310,558

c

Clackamas

County

School

District

No.

North

Clackamas

,

GO

,

2017

A

,

4.55 %,

6/15/40

..........................................

8,940,000

4,735,612

GO

,

2017

A

,

Pre-Refunded

,

4.4 %,

6/15/40

...............................

1,060,000

572,830

GO

,

2017

A

,

4.6 %,

6/15/42

...........................................

29,265,000

14,061,836

GO

,

2017

A

,

Pre-Refunded

,

4.44 %,

6/15/42

..............................

3,505,000

1,726,400

Clackamas

County

School

District

No.

Molalla

River

,

GO

,

2024

,

%

,

6/15/49

....

3,000,000

2,906,926

c

Clackamas

County

School

District

No.

Oregon

Trail

,

GO

,

3.48 %,

6/15/37

................................................

12,130,000

8,246,214

GO

,

3.6 %,

6/15/38

.................................................

12,495,000

8,085,631

Clackamas

County

School

District

No.

Canby

,

GO

,

2020

A

,

Refunding

,

%

,

6/15/40

3,470,000

3,547,464

Columbia

County

School

District

No.

502

,

GO

,

2017

,

%

,

6/15/39

...............

1,000,000

1,026,915

County

of

Benton

,

GO

,

2023

,

4.125 %

,

6/01/53

.............................

2,035,000

1,980,457

County

of

Yamhill

,

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/36

..............

2,585,000

2,685,993

George

Fox

University

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/46

..............

2,330,000

2,266,357

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/40

................

7,010,000

7,110,619

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/45

................

9,285,000

9,061,465

Deschutes

County

Hospital

Facilities

Authority

,

St.

Charles

Health

System

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/48

.........................

13,890,000

13,891,957

Hospital

Facilities

Authority

of

Multnomah

County

Oregon

,

Terwilliger

Plaza,

Inc.

Obligated

Group

,

Revenue

,

2012

,

Refunding

,

%

,

12/01/29

..................

2,260,000

2,261,502

Jackson

County

School

District

No.

Ashland

,

GO

,

2019

,

%

,

6/15/34

...........

1,000,000

1,079,975

Jackson

County

School

District

No.

Central

Point

,

GO

,

2019

A

,

%

,

6/15/31

............................................

2,665,000

2,902,603

c

GO

,

2019

B

,

4.1 %,

6/15/40

..........................................

705,000

396,778

c

GO

,

2019

B

,

4.22 %,

6/15/41

.........................................

710,000

377,603

c

GO

,

2019

B

,

4.33 %,

6/15/42

.........................................

610,000

305,562

c

GO

,

2019

B

,

4.45 %,

6/15/43

.........................................

820,000

386,453

c

GO

,

2019

B

,

4.55 %,

6/15/44

.........................................

1,115,000

494,208

c

GO

,

2019

B

,

4.67 %,

6/15/45

.........................................

985,000

408,428

Klamath

Falls

Intercommunity

Hospital

Authority

,

Sky

Lakes

Medical

Center,

Inc.

,

Revenue

,

2016

,

Refunding

,

%

,

9/01/46

.................................

1,000,000

1,003,210

Medford

Hospital

Facilities

Authority

,

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

8/15/45

....................................................

5,620,000

5,366,756

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/45

8,245,000

8,559,424

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/50

11,235,000

9,886,810

Asante

Health

System

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/50

4,500,000

4,587,621

Metro

,

County

of

Multnomah

Transient

Lodging

Tax

,

Revenue

,

2017

,

%

,

6/15/47

...

9,200,000

9,333,262

Metro

Oregon

-

Clackamas,

Multnomah,

and

Washington

Counties

,

GO

,

2025

,

4.125 %

,

6/01/44

..........................................

10,790,000

10,997,132

GO

,

2025

,

4.25 %

,

6/01/45

...........................................

11,585,000

11,919,518

Multnomah

County

School

District

No.

1J

Portland

,

GO

,

2023

,

%

,

6/15/41

.............................................

10,000,000

10,350,590

GO

,

2026

,

4.5 %

,

6/15/55

............................................

20,000,000

20,016,900

c

Multnomah

County

School

District

No.

,

GO

,

2012

B

,

2.7 %,

6/15/29

..........................................

2,595,000

2,377,085

GO

,

2012

B

,

2.77 %,

6/15/30

.........................................

1,885,000

1,676,059

GO

,

2012

B

,

2.85 %,

6/15/31

.........................................

2,030,000

1,749,052

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

c

Multnomah

County

School

District

No.

40,

(continued)

GO

,

2012

B

,

2.94 %,

6/15/32

.........................................

$

2,000,000

$

1,666,201

Multnomah-Clackamas

Counties

Centennial

School

District

No.

28JT

,

GO

,

2020

,

Refunding

,

%

,

6/15/45

.....................................

3,000,000

3,146,569

GO

,

2020

,

Refunding

,

%

,

6/15/50

.....................................

24,655,000

25,394,317

Oregon

City

School

District

No.

,

GO

,

2018

B

,

Refunding

,

%

,

6/15/49

..........

2,345,000

2,394,422

Oregon

Health

&

Science

University

,

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

7/01/46

.................

2,000,000

1,958,796

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/44

.................

12,645,000

12,714,169

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/01/51

.................

26,580,000

24,651,754

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/42

10,000,000

10,157,435

Oregon

State

Facilities

Authority

,

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

%

,

10/01/26

.................

390,000

389,593

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

%

,

10/01/36

.................

1,670,000

1,664,397

b

CHNW

Clifton

House

LLC

,

Revenue

,

144A,

A

,

%

,

10/01/48

.................

4,000,000

3,688,820

Legacy

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

6/01/46

......

25,945,000

25,986,860

Legacy

Health

Obligated

Group

,

Revenue

,

2022

A

,

4.125 %

,

6/01/52

...........

3,000,000

2,670,690

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2015

C

,

%

,

10/01/45

..

4,000,000

4,002,500

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/41

.......................................................

7,800,000

7,822,092

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

10/01/46

.

3,280,000

3,282,061

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

Pre-Refunded

,

%

,

10/01/46

...................................................

220,000

223,390

Samaritan

Health

Services,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/40

.......................................................

11,025,000

11,436,334

Southern

Oregon

Goodwill

Industries

,

Revenue

,

2025

A

,

%

,

12/01/40

..........

420,000

444,706

Southern

Oregon

Goodwill

Industries

,

Revenue

,

2025

A

,

5.375 %

,

12/01/45

......

500,000

516,056

Southern

Oregon

Goodwill

Industries

,

Revenue

,

2025

A

,

5.5 %

,

12/01/54

........

1,500,000

1,519,930

University

of

Portland

,

Revenue

,

2025

A

,

Refunding

,

%

,

4/01/45

..............

10,000,000

10,406,271

Willamette

University

,

Revenue

,

2016

B

,

Refunding

,

%

,

10/01/40

.............

1,950,000

1,953,927

Willamette

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/51

.............

47,505,000

38,281,263

Oregon

State

University

,

Revenue

,

2024

A

,

Refunding

,

4.25 %

,

4/01/52

...........

3,610,000

3,548,079

Port

of

Portland

,

Airport

,

Revenue

,

B

,

%

,

7/01/42

....................................

7,645,000

7,727,662

Airport

,

Revenue

,

B

,

%

,

7/01/44

....................................

4,830,000

4,966,893

Airport

,

Revenue

,

B

,

%

,

7/01/49

....................................

6,300,000

6,372,945

Airport

,

Revenue

,

A

,

%

,

7/01/30

....................................

1,585,000

1,749,238

Airport

,

Revenue

,

A

,

%

,

7/01/37

....................................

5,000,000

5,366,592

Airport

,

Revenue

,

A

,

%

,

7/01/45

....................................

10,670,000

10,988,391

Airport

,

Revenue

,

,

%

,

7/01/38

.....................................

2,500,000

2,546,408

Airport

,

Revenue

,

,

5.5 %

,

7/01/53

....................................

13,500,000

14,246,498

Rockwood

Water

People's

Utility

District

,

Revenue

,

2024

,

%

,

6/15/47

............

1,100,000

1,072,046

Salem

Hospital

Facility

Authority

,

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/33

.............

545,000

557,525

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/38

.............

500,000

510,951

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/43

.............

2,250,000

2,274,287

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/48

.............

3,700,000

3,677,377

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/26

....

135,000

135,449

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/27

....

260,000

265,338

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/28

....

310,000

321,580

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/29

....

515,000

527,284

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/30

....

385,000

396,360

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/31

....

400,000

413,885

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/32

....

370,000

383,958

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/40

....

1,540,000

1,523,971

Capital

Manor,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/57

....

2,750,000

2,217,678

Salem

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

5/15/46

.......

17,105,000

17,130,639

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Oregon
(continued)

Salem-Keizer

School

District

No.

24J

,

c

GO

,

2009

B

,

2.62 %,

6/15/30

.........................................

$

8,500,000

$

7,605,923

GO

,

2020

C

,

%

,

6/15/38

............................................

6,000,000

6,200,287

State

of

Oregon

,

GO

,

2007

A

,

4.7 %

,

8/01/42

...........................................

3,050,000

3,050,730

GO

,

2019

G

,

%

,

8/01/33

............................................

3,000,000

3,273,969

GO

,

2019

G

,

%

,

8/01/34

............................................

1,900,000

2,067,979

GO

,

2025

A

,

Refunding

,

5.25 %

,

5/01/50

.................................

3,300,000

3,577,936

GO

,

L

,

Refunding

,

%

,

8/01/42

........................................

3,270,000

3,352,481

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

%

,

11/15/39

23,175,000

24,791,431

Department

of

Transportation

,

Revenue,

Sub.

Lien

,

2019

A

,

Refunding

,

%

,

11/15/42

3,300,000

3,343,709

b

State

of

Oregon

Housing

&

Community

Services

Department

,

Union

at

Pacific

Highway

LP

,

Revenue

,

144A,

2022

,

5.5 %

,

12/01/39

............................

20,000,000

21,167,966

Tri-County

Metropolitan

Transportation

District

of

Oregon

,

Revenue

,

2018

A

,

%

,

10/01/31

........................................................

5,025,000

5,269,922

Umatilla

Hospital

District

No.

,

GO

,

2023

,

%

,

6/01/53

.......................

750,000

757,638

Union

County

Hospital

Facility

Authority

,

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/47

......

2,250,000

2,261,259

Grande

Ronde

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/52

......

3,680,000

3,621,822

University

of

Oregon

,

Revenue

,

2018

A

,

%

,

4/01/48

.........................

10,000,000

10,195,353

b

Warm

Springs

Reservation

Confederated

Tribe

,

Revenue

,

144A,

2019

B

,

Refunding

,

%

,

11/01/33

.........................

250,000

267,620

Revenue

,

144A,

2019

B

,

Refunding

,

%

,

11/01/34

.........................

300,000

320,073

Revenue

,

144A,

2019

B

,

Refunding

,

%

,

11/01/39

.........................

2,200,000

2,315,177

Washington

&

Clackamas

Counties

School

District

No.

23J

Tigard-Tualatin

,

GO

,

2017

,

%

,

6/15/36

.............................................

4,400,000

4,538,186

GO

,

2017

,

%

,

6/15/37

.............................................

5,040,000

5,190,509

GO

,

2017

,

Pre-Refunded

,

%

,

6/15/37

..................................

960,000

994,610

Washington

&

Multnomah

Counties

School

District

No.

48J

Beaverton

,

GO

,

2017

D

,

%

,

6/15/35

............................................

15,050,000

15,543,986

GO

,

2017

D

,

%

,

6/15/36

............................................

5,000,000

5,155,099

GO

,

2022

B

,

%

,

6/15/52

............................................

19,145,000

20,130,125

c

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO

,

2018

A

,

4.11 %,

6/15/38

..........................................

2,350,000

1,432,727

GO

,

2018

A

,

4.16 %,

6/15/39

..........................................

3,275,000

1,906,003

c

Washington

County

School

District

No.

Forest

Grove

,

GO

,

2012

B

,

2.66 %,

6/15/29

.........................................

2,545,000

2,334,310

GO

,

2012

B

,

2.78 %,

6/15/30

.........................................

2,490,000

2,213,062

GO

,

2012

B

,

2.86 %,

6/15/31

.........................................

3,140,000

2,704,020

Yamhill

County

School

District

No.

Dayton

,

GO

,

2019

,

Refunding

,

%

,

6/15/32

.....................................

1,045,000

1,135,535

GO

,

2019

,

Refunding

,

%

,

6/15/33

.....................................

1,080,000

1,170,051

710,187,967

#### 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

2,767,191

#### Texas

#### 0.5%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/30

250,000

267,089

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/31

250,000

269,670

b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

4,200,000

3,236,197

3,772,956

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

#### 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

$

2,139,884

#### Wisconsin

#### 3.1%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

4,500,000

4,811,180

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

2,400,000

2,015,805

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

20,520,000

10,319,572

b,c

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

11,650,000

7,829,540

24,976,097

#### U.S.

#### Territories

#### 3.8%

#### Puerto

#### Rico

#### 3.8%
Children's

Trust

Fund

,

Revenue

,

2002

,

5.625 %

,

5/15/43

......................

6,000,000

6,092,020

Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

....................

1,300,000

1,334,170

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

....................

1,000,000

1,024,451

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

17,925,000

17,593,898

Sales

Tax

,

Revenue

,

,

4.329 %

,

7/01/40

...............................

3,000,000

3,006,205

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

1,820,000

1,763,421

30,814,165

#### Total

#### U.S.

#### Territories

#### ....................................................................
30,814,165

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 802,873,071

####)
.....................................

#### 802,131,874

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 805,373,071

####)
...............................

#### 804,777,704

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 0.3%

#### Municipal

#### Bonds

#### 0.3%

#### Oregon

#### 0.3%
d

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

8/01/34

.............

2,600,000

2,600,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 2,600,000

####)
.......................................

#### 2,600,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 2,600,000

####)
.................................

#### 2,600,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 807,973,071

####)
99.1 #### %
...................................

#### $807,377,704

#### Other

#### Assets,

#### less

#### Liabilities
0.9 #### %
.............................................

#### 7,515,530

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $814,893,234
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$56,063,366,

representing

6.9%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.87

$8.85

$8.64

$9.64

$9.89

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.29 0.27 0.26 0.22 0.20 Net

realized

and

unrealized

gains

(losses)

...........

0.05 0.02 0.21 (1.00)

(0.25)

Total

from

investment

operations

....................

0.34 0.29 0.47 (0.78)

(0.05)

Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.27)

(0.26)

(0.22)

(0.20)

Net

asset

value,

end

of

year

.......................

$8.92

$8.87

$8.85

$8.64

$9.64

Total

return

d

...................................

3.94%

3.36%

5.51%

(8.13)%

(0.56)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.85%

e

0.83%

f

0.84%

f

0.82%

f

0.81%

f

Net

investment

income

...........................

3.41%

3.06%

2.98%

2.48%

2.00%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$147,211

$151,007

$153,588

$150,381

$175,896

Portfolio

turnover

rate

............................

15.53%

18.22%

11.97%

30.73%

36.04%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.86

$8.85

$8.64

$9.64

$9.89

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.31 0.28 0.27 0.23 0.22 Net

realized

and

unrealized

gains

(losses)

...........

0.05 0.02 0.21 (1.00)

(0.25)

Total

from

investment

operations

....................

0.36 0.30 0.48 (0.77)

(0.03)

Less

distributions

from:

Net

investment

income

..........................

(0.30)

(0.29)

(0.27)

(0.23)

(0.22)

Net

asset

value,

end

of

year

.......................

$8.92

$8.86

$8.85

$8.64

$9.64

Total

return

d

...................................

4.21%

3.40%

5.67%

(7.99)%

(0.41)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.70%

e

0.68%

f

0.69%

f

0.67%

f

0.66%

f

Net

investment

income

...........................

3.56%

3.20%

3.12%

2.63%

2.16%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$356,368

$401,736

$446,528

$494,179

$644,308

Portfolio

turnover

rate

............................

15.53%

18.22%

11.97%

30.73%

36.04%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.98

$8.97

$8.76

$9.77

$10.02

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.26 0.23 0.22 0.18 0.16 Net

realized

and

unrealized

gains

(losses)

...........

0.04 0.02 0.21 (1.01)

(0.25)

Total

from

investment

operations

....................

0.30 0.25 0.43 (0.83)

(0.09)

Less

distributions

from:

Net

investment

income

..........................

(0.25)

(0.24)

(0.22)

(0.18)

(0.16)

Net

asset

value,

end

of

year

.......................

$9.03

$8.98

$8.97

$8.76

$9.77

Total

return

d

...................................

3.47%

2.78%

5.01%

(8.49)%

(0.95)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

1.24%

e

1.22%

f

1.23%

f

1.22%

f

1.21%

f

Net

investment

income

...........................

2.96%

2.61%

2.52%

2.03%

1.60%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$14,662

$20,648

$29,997

$41,736

$63,426

Portfolio

turnover

rate

............................

15.53%

18.22%

11.97%

30.73%

36.04%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.88

$8.86

$8.65

$9.66

$9.90

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.32 0.30 0.28 0.25 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.04 0.02 0.21 (1.02)

(0.24)

Total

from

investment

operations

....................

0.36 0.32 0.49 (0.77)

(0.01)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.30)

(0.28)

(0.24)

(0.23)

Net

asset

value,

end

of

year

.......................

$8.93

$8.88

$8.86

$8.65

$9.66

Total

return

....................................

4.25%

3.65%

5.80%

(7.95)%

(0.17)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.55%

0.55%

0.55%

0.55%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.55%

d

0.55%

d,e

0.55%

d,e

0.54%

e

0.52%

e

Net

investment

income

...........................

3.71%

3.33%

3.26%

2.84%

2.29%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$9,915

$7,907

$9,516

$8,556

$5,802

Portfolio

turnover

rate

............................

15.53%

18.22%

11.97%

30.73%

36.04%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$8.88

$8.86

$8.65

$9.66

$9.90

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.32 0.29 0.28 0.24 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.04 0.03 0.21 (1.01)

(0.24)

Total

from

investment

operations

....................

0.36 0.32 0.49 (0.77)

(0.01)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.30)

(0.28)

(0.24)

(0.23)

Net

asset

value,

end

of

year

.......................

$8.93

$8.88

$8.86

$8.65

$9.66

Total

return

....................................

4.19%

3.62%

5.76%

(7.99)%

(0.21)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.60%

d

0.58%

e

0.59%

e

0.57%

e

0.56%

e

Net

investment

income

...........................

3.65%

3.31%

3.22%

2.71%

2.26%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$142,507

$129,987

$67,187

$71,451

$106,979

Portfolio

turnover

rate

............................

15.53%

18.22%

11.97%

30.73%

36.04%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

....................................

$

2,000,000

$

2,116,664

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 2,000,000

####)
.......................................

#### 2,116,664

#### Municipal

#### Bonds

#### 95.9%

#### 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

5,238,861

b

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

1,000,000

710,400

b

,c

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

6,700,000

5,739,271

11,688,532

#### Georgia

#### 0.1%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

305,000

326,359

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

755,000

378,430

704,789

#### New

#### York

#### 1.8%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/44

.....................................

6,700,000

6,460,338

Revenue

,

2021

,

%

,

11/15/46

.....................................

6,050,000

5,560,322

12,020,660

#### Pennsylvania

#### 89.9%
Adams

County

General

Authority

,

Brethren

Home

Community

Obligated

Group

(The)

,

Revenue

,

2024

A

,

Refunding

,

%

,

6/01/54

....................................................

500,000

490,441

Brethren

Home

Community

Obligated

Group

(The)

,

Revenue

,

2024

A

,

Refunding

,

%

,

6/01/59

....................................................

4,105,000

3,981,430

Allegheny

County

Airport

Authority

,

Revenue

,

2021

A

,

%

,

1/01/32

........................................

4,345,000

4,756,683

Revenue

,

2021

A

,

%

,

1/01/34

........................................

8,155,000

8,870,559

Revenue

,

2021

A

,

%

,

1/01/56

........................................

3,500,000

3,535,565

Revenue

,

2023

A

,

AG

Insured

,

5.5 %

,

1/01/53

.............................

5,000,000

5,254,410

Revenue

,

2025

A

,

AG

Insured

,

5.5 %

,

1/01/50

.............................

4,000,000

4,274,845

Allegheny

County

Higher

Education

Building

Authority

,

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

9/01/33

..............

700,000

725,346

Chatham

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

9/01/34

..............

1,090,000

1,124,617

Duquesne

University

of

the

Holy

Spirit

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/41

.

6,000,000

6,010,195

Robert

Morris

University

,

Revenue

,

2017

,

Pre-Refunded

,

%

,

10/15/37

..........

1,000,000

1,043,646

Robert

Morris

University

,

Revenue

,

2017

,

%

,

10/15/47

.....................

1,300,000

1,356,740

Allentown

Commercial

and

Industrial

Development

Authority

,

b

Executive

Education

Academy

Charter

School

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/50

....................................................

2,000,000

1,903,748

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.5 %

,

6/15/38

.....

600,000

635,888

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

5.75 %

,

6/15/43

....

600,000

626,863

Allentown

Neighborhood

Improvement

Zone

Development

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/32

.................................

1,560,000

1,723,460

Revenue

,

2022

,

Refunding

,

%

,

5/01/33

.................................

1,800,000

1,981,195

Revenue

,

2022

,

Refunding

,

%

,

5/01/34

.................................

1,550,000

1,698,404

Revenue

,

2022

,

Refunding

,

%

,

5/01/35

.................................

1,400,000

1,525,472

Revenue

,

2022

,

Refunding

,

%

,

5/01/42

.................................

8,875,000

9,345,950

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Berks

County

Industrial

Development

Authority

,

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

5/15/42

........................................................

$

1,000,000

$

1,007,182

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

5/15/47

........................................................

600,000

600,294

Highlands

at

Wyomissing

Obligated

Group

,

Revenue

,

2017

C

,

%

,

5/15/37

......

1,245,000

1,262,307

Bethlehem

Redevelopment

Authority

,

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.25 %

,

10/01/49

.........

750,000

758,564

Moravian

University

Obligated

Group

,

Revenue

,

2024

,

5.5 %

,

10/01/54

..........

1,050,000

1,069,211

Bristol

Township

School

District

,

GO

,

2021

C

,

BAM

Insured

,

%

,

6/01/37

..........

1,250,000

1,222,531

Bucks

County

Industrial

Development

Authority

,

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

%

,

11/01/37

.........

1,000,000

1,017,962

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

%

,

11/01/42

.........

1,080,000

1,044,344

Delaware

Valley

University

,

Revenue

,

2022

B

,

Refunding

,

%

,

11/01/52

.........

2,500,000

2,199,537

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2019

,

%

,

8/15/44

.............

1,500,000

1,414,810

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2021

,

%

,

8/15/53

.............

12,000,000

8,496,380

Central

Bradford

Progress

Authority

,

Guthrie

Clinic

(The)

,

Revenue

,

2021

B

,

%

,

12/01/51

........................................................

5,000,000

4,402,119

Centre

County

Hospital

Authority

,

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/42

.......................................................

1,215,000

1,238,138

Mount

Nittany

Medical

Center

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

11/15/47

.......................................................

1,840,000

1,688,182

Cheltenham

Township

Industrial

Development

Authority

,

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

%

,

4/01/44

..................

2,250,000

2,213,248

Arcadia

University

,

Revenue

,

2024

,

Refunding

,

5.75 %

,

4/01/54

...............

1,000,000

980,179

Chester

County

Health

and

Education

Facilities

Authority

,

Tel

Hai

Retirement

Community

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

6/01/55

.......

1,800,000

1,833,995

Chester

County

Industrial

Development

Authority

,

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

%

,

8/01/35

...............

500,000

500,213

University

Student

Housing

LLC

,

Revenue

,

2013

A

,

%

,

8/01/45

...............

1,500,000

1,454,810

City

of

Erie

Higher

Education

Building

Authority

,

Gannon

University

,

Revenue

,

2021

,

%

,

5/01/36

......................

400,000

389,453

Gannon

University

,

Revenue

,

2021

,

%

,

5/01/41

......................

1,000,000

892,204

Gannon

University

,

Revenue

,

2021

,

%

,

5/01/47

......................

2,430,000

2,271,535

Gannon

University

,

Revenue

,

2025

,

%

,

5/01/35

......................

375,000

404,271

Gannon

University

,

Revenue

,

2025

,

%

,

5/01/38

......................

635,000

670,685

Gannon

University

,

Revenue

,

2025

,

%

,

5/01/48

......................

775,000

731,694

City

of

Philadelphia

,

GO

,

2019

B

,

%

,

2/01/38

............................................

4,055,000

4,315,250

GO

,

2019

B

,

%

,

2/01/39

............................................

3,550,000

3,768,848

GO

,

2021

A

,

%

,

5/01/37

............................................

4,435,000

4,618,560

Airport

,

Revenue

,

2017

B

,

Refunding

,

%

,

7/01/47

.........................

10,000,000

10,062,509

Airport

,

Revenue

,

2020

C

,

Refunding

,

%

,

7/01/45

.........................

5,225,000

4,989,264

Airport

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/51

...........................

5,000,000

5,067,283

Water

&

Wastewater

,

Revenue

,

2022

C

,

5.5 %

,

6/01/47

......................

5,000,000

5,383,666

Water

&

Wastewater

,

Revenue

,

2024

C

,

AG

Insured

,

5.25 %

,

9/01/54

...........

5,000,000

5,319,860

Colonial

School

District

,

GO

,

2021

A

,

%

,

2/15/40

...........................

1,650,000

1,535,204

County

of

Allegheny

,

GO

,

,

%

,

11/01/43

..............................

5,030,000

5,228,563

County

of

Delaware

,

GO

,

2025

,

%

,

8/01/48

...............................

1,000,000

1,068,318

County

of

Jefferson

,

GO

,

2021

,

Refunding

,

AG

Insured

,

%

,

12/15/37

..........................

770,000

757,798

GO

,

2021

,

Refunding

,

AG

Insured

,

%

,

12/15/39

..........................

520,000

503,828

Cumberland

County

Municipal

Authority

,

Messiah

Village

Obligated

Group

,

Revenue

,

2026

A

,

Refunding

,

5.5 %

,

6/01/51

.....................................

5,000,000

5,110,451

Dallas

Area

Municipal

Authority

,

Misericordia

University

,

Revenue

,

2014

,

Refunding

,

%

,

5/01/37

......................................................

2,500,000

2,500,185

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Delaware

County

Authority

,

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

6/01/27

..............

$

1,065,000

$

1,079,017

Elwyn

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

6/01/32

..............

1,620,000

1,639,316

Haverford

College

,

Revenue

,

2017

A

,

Refunding

,

%

,

10/01/46

...............

5,865,000

5,915,856

DuBois

Hospital

Authority

,

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

7/15/43

........................................................

3,410,000

3,354,929

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2020

,

%

,

7/15/50

......

3,500,000

2,772,321

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/15/41

........................................................

1,000,000

917,379

Penn

Highlands

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/15/51

........................................................

4,000,000

3,044,469

Erie

City

Water

Authority

,

Revenue

,

2016

,

Pre-Refunded

,

%

,

12/01/43

...........

6,000,000

6,121,268

b

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

A

,

6.75 %

,

9/01/61

.................................................

5,000,000

5,002,741

Fairview

School

District

,

GO

,

2021

,

BAM

Insured

,

%

,

9/15/37

...................................

1,195,000

1,156,816

GO

,

2021

,

BAM

Insured

,

%

,

9/15/38

...................................

1,000,000

941,380

GO

,

2021

,

BAM

Insured

,

%

,

9/15/39

...................................

1,000,000

940,096

Geisinger

Authority

,

Kaiser

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

2/15/39

.........................................................

13,155,000

13,385,552

Governor

Mifflin

School

District

,

GO

,

2021

,

%

,

4/01/36

.............................................

625,000

621,584

GO

,

2021

,

%

,

4/01/37

.............................................

1,000,000

986,419

GO

,

2021

,

%

,

4/01/38

.............................................

1,000,000

975,705

GO

,

2021

,

%

,

4/01/39

.............................................

1,015,000

967,027

Lancaster

County

Hospital

Authority

,

Masonic

Villages

of

the

Grand

Lodge

of

Pennsylvania

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/01/34

...................................................

1,260,000

1,443,220

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2016

B

,

Refunding

,

%

,

8/15/46

............................................

4,165,000

4,179,526

Lancaster

Higher

Education

Authority

,

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

%

,

10/01/46

............

5,000,000

4,800,067

Elizabethtown

College

,

Revenue

,

2022

A

,

Refunding

,

%

,

10/01/51

............

5,000,000

4,626,285

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/51

........

2,780,000

2,337,131

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/56

........

520,000

424,546

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/44

......

1,850,000

1,861,199

Willow

Valley

Communities

Obligated

Group

,

Revenue

,

2019

,

%

,

12/01/49

......

2,300,000

2,265,606

Lancaster

Municipal

Authority

,

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

%

,

5/01/44

..

1,200,000

1,244,907

Garden

Spot

Village

Obligated

Group

,

Revenue

,

2024

B

,

%

,

5/01/59

..........

540,000

536,456

Luthercare

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

12/01/55

........

1,250,000

1,236,997

Lancaster

School

District

,

GO

,

2025

B

,

BAM

Insured

,

%

,

6/01/43

.................................

2,000,000

2,180,915

GO

,

2025

B

,

BAM

Insured

,

%

,

6/01/44

.................................

2,000,000

2,158,835

Latrobe

Industrial

Development

Authority

,

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/46

................

750,000

620,004

Seton

Hill

University

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/51

................

800,000

631,597

Lehigh

County

General

Purpose

Authority

,

Good

Shepherd

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/01/41

4,345,000

4,083,938

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

%

,

6/01/42

....

14,390,000

13,299,648

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

%

,

6/01/57

....

5,000,000

4,031,582

Muhlenberg

College

,

Revenue

,

2024

,

Refunding

,

5.25 %

,

2/01/54

..............

1,600,000

1,605,175

Lycoming

County

Authority

,

Lycoming

College

,

Revenue

,

2013

,

5.25 %

,

11/01/38

...................

1,400,000

1,402,504

Lycoming

College

,

Revenue

,

2013

,

5.25 %

,

11/01/43

...................

1,495,000

1,496,973

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Montgomery

County

Higher

Education

and

Health

Authority

,

Gwynedd

Mercy

University

,

Revenue

,

2022

,

Refunding

,

5.25 %

,

5/01/37

....

$

2,665,000

$

2,835,490

Gwynedd

Mercy

University

,

Revenue

,

2022

,

Refunding

,

%

,

5/01/42

.......

3,700,000

3,754,590

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

9/01/43

........................................................

3,740,000

3,609,256

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

9/01/48

........................................................

8,250,000

8,327,390

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

5/01/52

........................................................

4,000,000

3,520,538

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

5/01/57

........................................................

5,000,000

5,036,436

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

%

,

11/15/43

.......................................................

600,000

583,492

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

%

,

11/15/45

.......................................................

1,985,000

2,026,420

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

A

,

5.25 %

,

11/15/53

.......................................................

3,000,000

3,043,257

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/15/49

...........................................

9,525,000

9,636,561

Gwynedd

Mercy

University

,

Revenue

,

2023

,

5.75 %

,

5/01/48

..............

2,000,000

2,051,259

Meadowood

Corp.

Obligated

Group

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/01/38

.......................................................

2,500,000

2,544,392

Public

School

of

Germantown

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/51

..

2,450,000

2,067,139

Waverly

Heights

Ltd.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/49

..

2,000,000

1,997,405

Muhlenberg

School

District

,

GO

,

2024

,

%

,

5/15/54

..........................

2,000,000

2,063,544

New

Kensington

Municipal

Sanitary

Authority

,

Revenue

,

2021

A

,

AG

Insured

,

%

,

12/01/38

........................................................

500,000

488,704

Northampton

County

General

Purpose

Authority

,

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/15/48

...

2,500,000

2,524,838

St.

Luke's

Hospital

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

AG

Insured

,

5.25 %

,

8/15/53

..................................................

5,000,000

5,290,749

Northeastern

Pennsylvania

Hospital

and

Education

Authority

,

King's

College

,

Revenue

,

2019

,

%

,

5/01/44

.................................................

1,000,000

984,753

Northeastern

School

District

,

GO

,

2021

A

,

BAM

Insured

,

%

,

3/01/38

.................................

850,000

809,038

GO

,

2021

A

,

BAM

Insured

,

%

,

3/01/41

.................................

775,000

696,789

Northern

Lebanon

School

District

,

GO

,

2021

,

BAM

Insured

,

%

,

9/01/36

..........

1,895,000

1,869,838

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.5 %

,

6/30/43

2,000,000

2,150,404

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.25 %

,

6/30/53

........................................................

8,500,000

8,649,741

Parking

System

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

1/01/41

1,015,000

1,031,012

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/29

........

500,000

513,948

Philadelphia

Water

Department

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/32

........

1,300,000

1,364,491

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

,

5.25 %

,

7/01/49

......

2,000,000

2,031,586

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

,

Refunding

,

%

,

7/01/42

2,365,000

2,460,402

UPMC

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

11/15/42

...........

5,000,000

4,957,306

UPMC

Obligated

Group

,

Revenue

,

2020

A

,

%

,

4/15/45

.....................

5,000,000

4,625,386

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/15/39

...........

1,325,000

1,339,368

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/15/40

...........

1,200,000

1,203,647

UPMC

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/15/41

...........

1,300,000

1,302,770

UPMC

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

%

,

3/15/43

............

1,850,000

1,989,334

UPMC

Obligated

Group

,

Revenue

,

2025

B

,

Refunding

,

%

,

3/15/50

............

3,000,000

3,097,388

Villanova

University

,

Revenue

,

2024

,

%

,

8/01/54

..........................

5,000,000

4,507,517

Pennsylvania

Higher

Educational

Facilities

Authority

,

St.

Joseph's

University

,

Revenue

,

2012

,

%

,

11/01/42

......................

1,840,000

1,840,621

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Pennsylvania

Higher

Educational

Facilities

Authority,

(continued)

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2025

A

,

4.25 %

,

2/15/55

$

15,695,000

$

15,341,285

Trustees

of

the

University

of

Pennsylvania

(The)

,

Revenue

,

2025

A

,

%

,

2/15/55

..

2,095,000

2,204,854

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2019

,

%

,

8/15/49

....................................................

7,000,000

6,418,587

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

8/15/50

.........................................

3,000,000

3,237,379

University

of

Pennsylvania

Health

System

Obligated

Group

(The)

,

Revenue

,

2025

,

Refunding

,

%

,

8/15/55

............................................

6,375,000

6,584,247

Widener

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

7/15/51

................

11,030,000

8,870,545

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2019-129

,

3.4 %

,

10/01/49

...................................

6,000,000

4,990,011

Revenue

,

2020-132

A

,

2.55 %

,

10/01/41

.................................

11,280,000

9,548,687

Revenue

,

2025-150A

,

Refunding

,

4.9 %

,

10/01/40

..........................

6,000,000

6,412,532

Pennsylvania

State

University

(The)

,

Revenue

,

2023

,

5.25 %

,

9/01/48

.......................................

3,000,000

3,227,160

Revenue

,

2024

,

5.25 %

,

9/01/54

.......................................

5,000,000

5,349,190

Pennsylvania

Turnpike

Commission

,

Revenue

,

2021

B

,

%

,

12/01/37

.......................................

1,500,000

1,562,116

Revenue

,

2021

B

,

%

,

12/01/46

.......................................

9,950,000

9,492,279

Revenue

,

2024

C

,

5.25 %

,

12/01/54

....................................

4,500,000

4,800,166

d

Revenue

,

2025

A

,

5.25 %

,

12/01/55

....................................

5,000,000

5,343,898

Revenue

,

2025

B

,

5.25 %

,

12/01/55

....................................

11,100,000

11,896,759

Oil

Franchise

Tax

,

Revenue,

Senior

Lien

,

2025

A

,

5.25 %

,

12/01/53

.............

7,650,000

8,215,861

Philadelphia

Authority

for

Industrial

Development

,

e

Beech

International

LLC

,

Revenue

,

2010

A

,

5.625 %

,

6/15/42

.................

4,000,000

3,000,000

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

A

,

%

,

7/01/49

2,500,000

2,350,928

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

%

,

8/01/30

............

155,000

161,214

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

%

,

8/01/40

............

300,000

308,003

MaST

Community

Charter

School

II

,

Revenue

,

2020

A

,

%

,

8/01/50

............

2,515,000

2,491,903

St.

Joseph's

University

,

Revenue

,

2022

,

5.5 %

,

11/01/60

.....................

8,410,000

8,790,287

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

9/01/42

........................................................

3,500,000

3,539,982

Thomas

Jefferson

University

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

9/01/47

........................................................

2,400,000

2,411,411

b

University

Plaza

Associates

,

Revenue

,

144A,

2017

,

III

,

5.5 %

,

12/01/58

..........

10,000,000

10,220,118

Philadelphia

Gas

Works

Co.

,

Revenue

,

15th

,

Refunding

,

%

,

8/01/47

.................................

9,000,000

9,111,058

Revenue

,

17th

A

,

AG

Insured

,

5.25 %

,

8/01/54

............................

2,000,000

2,122,643

Philadelphia

Housing

Authority

Development

Corp.

,

Revenue

,

2025

A

,

5.25 %

,

3/01/43

.....................................

3,375,000

3,648,831

Revenue

,

2025

A

,

5.25 %

,

3/01/45

.....................................

2,500,000

2,641,819

Pittsburgh

Water

&

Sewer

Authority

,

Revenue,

First

Lien

,

2022

A

,

5.25 %

,

9/01/39

.............................

1,490,000

1,694,023

Revenue,

First

Lien

,

2022

A

,

5.25 %

,

9/01/40

.............................

1,365,000

1,540,932

Revenue,

First

Lien

,

2022

A

,

5.25 %

,

9/01/41

.............................

1,650,000

1,844,587

Revenue,

First

Lien

,

2022

A

,

5.25 %

,

9/01/42

.............................

1,685,000

1,870,871

Revenue,

First

Lien

,

2022

A

,

%

,

9/01/52

................................

2,640,000

2,745,225

d

Revenue,

First

Lien

,

2026

A

,

%

,

9/01/44

................................

725,000

802,939

School

District

of

Philadelphia

(The)

,

GO

,

2021

A

,

%

,

9/01/36

.................

3,845,000

4,010,810

Scranton

School

District

,

GO

,

2020

,

%

,

12/01/40

...........................

1,535,000

1,550,196

Scranton-Lackawanna

Health

and

Welfare

Authority

,

University

of

Scranton

,

Revenue

,

2016

,

Refunding

,

%

,

11/01/37

..............

4,000,000

4,017,972

University

of

Scranton

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/01/41

............

2,075,000

2,064,726

University

of

Scranton

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/01/42

............

2,160,000

2,111,551

University

of

Scranton

,

Revenue

,

2025

A

,

Refunding

,

%

,

11/01/43

............

2,245,000

2,154,713

Southeastern

Pennsylvania

Transportation

Authority

,

Revenue

,

2022

,

5.25 %

,

6/01/52

5,000,000

5,231,656

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

State

College

Area

School

District

,

GO

,

2018

,

%

,

5/15/44

....................

$

3,500,000

$

3,609,741

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

%

,

6/01/32

........................................................

7,095,000

7,227,261

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

%

,

6/01/33

........................................................

3,000,000

3,054,127

Temple

University-of

Commonwealth

System

of

Higher

Education

(The)

,

Revenue,

First

Series

,

2025

,

Refunding

,

AG

Insured

,

%

,

4/01/44

.............

1,000,000

1,087,438

Revenue,

First

Series

,

2025

,

Refunding

,

AG

Insured

,

%

,

4/01/45

.............

750,000

807,380

Upper

Merion

Area

School

District

,

GO

,

2021

A

,

%

,

1/15/39

............................................

1,000,000

975,923

GO

,

2021

A

,

%

,

1/15/40

............................................

1,500,000

1,405,557

GO

,

2021

A

,

%

,

1/15/41

............................................

1,275,000

1,164,501

Westmoreland

County

Industrial

Development

Authority

,

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/29

......

725,000

763,832

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/30

......

1,370,000

1,459,681

Excela

Health

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/37

......

1,400,000

1,393,189

Westmoreland

County

Municipal

Authority

,

Revenue

,

2025

A

,

Refunding

,

BAM

Insured

,

%

,

8/15/40

......................................................

5,000,000

5,670,632

Wilkes-Barre

Finance

Authority

,

Wilkes

University

,

Revenue

,

2021

,

Refunding

,

%

,

3/01/42

.........................................................

2,500,000

2,191,693

602,719,586

#### 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

922,397

#### Texas

#### 0.4%
b

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

3,300,000

2,542,726

#### Washington

#### 0.3%
b

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

............................

1,900,000

1,694,074

#### Wisconsin

#### 0.7%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,415,000

1,512,849

b

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,900,000

1,595,846

c

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

3,435,000

1,727,472

4,836,167

#### 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

1,128,913

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/34

....................

1,000,000

1,024,451

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

.....

4,000,000

3,926,114

6,079,478

#### Total

#### U.S.

#### Territories

#### ....................................................................
6,079,478

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 665,355,051

####)
.....................................

#### 643,208,409

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 667,355,051

####)
...............................

#### 645,325,073

#### a
a

a

a

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments

#### 2.9%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 2.9%

#### Pennsylvania

#### 2.9%
f

Philadelphia

Authority

for

Industrial

Development

,

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.85 %

,

7/01/54

............

$

16,635,000

$

16,635,000

Children's

Hospital

of

Philadelphia

Obligated

Group

,

Revenue

,

2024

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.85 %

,

7/01/54

............

2,700,000

2,700,000

19,335,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 19,335,000

####)
......................................

#### 19,335,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 19,335,000

####)
................................

#### 19,335,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 686,690,051

####)
99.1 #### %
...................................

#### $664,660,073

#### Other

#### Assets,

#### less

#### Liabilities
0.9 #### %
.............................................

#### 6,001,752

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $670,661,825
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$30,331,321,

representing

4.5%

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

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. 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

#### Virginia

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.02

$9.99

$9.72

$10.79

$11.13

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.29 0.27 0.26 0.23 0.19 Net

realized

and

unrealized

gains

(losses)

...........

(—)

d

0.03 0.27 (1.08)

(0.34)

Total

from

investment

operations

....................

0.29 0.30 0.53 (0.85)

(0.15)

Less

distributions

from:

Net

investment

income

..........................

(0.29)

(0.27)

(0.26)

(0.22)

(0.19)

Net

asset

value,

end

of

year

.......................

$10.02

$10.02

$9.99

$9.72

$10.79

Total

return

e

...................................

2.98%

2.96%

5.66%

(7.85)%

(1.38)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.89%

f

0.88%

g

0.88%

g

0.86%

g

0.84%

g

Net

investment

income

...........................

2.98%

2.72%

2.65%

2.28%

1.71%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$83,097

$85,789

$84,618

$87,137

$108,135

Portfolio

turnover

rate

............................

15.57%

15.63%

13.99%

22.24%

34.49%

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.

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.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.02

$9.99

$9.72

$10.79

$11.12

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.31 0.29 0.27 0.24 0.21 Net

realized

and

unrealized

gains

(losses)

...........

(0.01)

0.03 0.27 (1.07)

(0.33)

Total

from

investment

operations

....................

0.30 0.32 0.54 (0.83)

(0.12)

Less

distributions

from:

Net

investment

income

..........................

(0.30)

(0.29)

(0.27)

(0.24)

(0.21)

Net

asset

value,

end

of

year

.......................

$10.02

$10.02

$9.99

$9.72

$10.79

Total

return

d

...................................

3.14%

3.22%

5.71%

(7.71)%

(1.15)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.74%

e

0.73%

f

0.73%

f

0.71%

f

0.69%

f

Net

investment

income

...........................

3.13%

2.87%

2.80%

2.42%

1.86%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$170,514

$190,980

$211,988

$235,354

$316,275

Portfolio

turnover

rate

............................

15.57%

15.63%

13.99%

22.24%

34.49%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.20

$10.17

$9.89

$10.98

$11.32

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.25 0.23 0.22 0.18 0.15 Net

realized

and

unrealized

gains

(losses)

...........

(0.01)

0.03 0.28 (1.09)

(0.34)

Total

from

investment

operations

....................

0.24 0.26 0.50 (0.91)

(0.19)

Less

distributions

from:

Net

investment

income

..........................

(0.25)

(0.23)

(0.22)

(0.18)

(0.15)

Net

asset

value,

end

of

year

.......................

$10.19

$10.20

$10.17

$9.89

$10.98

Total

return

d

...................................

2.42%

2.59%

5.13%

(8.27)%

(1.76)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

1.28%

e

1.26%

f

1.27%

f

1.25%

f

1.23%

f

Net

investment

income

...........................

2.52%

2.26%

2.19%

1.80%

1.27%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$4,574

$6,290

$9,264

$12,400

$20,687

Portfolio

turnover

rate

............................

15.57%

15.63%

13.99%

22.24%

34.49%

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.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

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

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.03

$10.00

$9.72

$10.80

$11.13

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.32 0.30 0.29 0.26 0.22 Net

realized

and

unrealized

gains

(losses)

...........

(0.01)

0.03 0.28 (1.09)

(0.32)

Total

from

investment

operations

....................

0.31 0.33 0.57 (0.83)

(0.10)

Less

distributions

from:

Net

investment

income

..........................

(0.32)

(0.30)

(0.29)

(0.25)

(0.23)

Net

asset

value,

end

of

year

.......................

$10.02

$10.03

$10.00

$9.72

$10.80

Total

return

....................................

3.21%

3.38%

5.97%

(7.66)%

(1.00)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.57%

0.58%

0.58%

0.58%

0.56%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.57%

0.58%

d

0.58%

d

0.56%

d

0.55%

d

Net

investment

income

...........................

3.31%

3.03%

2.95%

2.61%

2.00%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$41,084

$21,838

$8,667

$6,243

$7,778

Portfolio

turnover

rate

............................

15.57%

15.63%

13.99%

22.24%

34.49%

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

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

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### 2025

#### 2024

#### a

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.03

$10.00

$9.73

$10.80

$11.13

Income

from

investment

operations

b

:

Net

investment

income

c

.........................

0.32 0.30 0.28 0.25 0.22 Net

realized

and

unrealized

gains

(losses)

...........

(0.01)

0.03 0.27 (1.07)

(0.33)

Total

from

investment

operations

....................

0.31 0.33 0.55 (0.82)

(0.11)

Less

distributions

from:

Net

investment

income

..........................

(0.31)

(0.30)

(0.28)

(0.25)

(0.22)

Net

asset

value,

end

of

year

.......................

$10.03

$10.03

$10.00

$9.73

$10.80

Total

return

....................................

3.24%

3.32%

5.81%

(7.61)%

(1.05)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

.....................................

0.64%

d

0.63%

e

0.63%

e

0.61%

e

0.59%

e

Net

investment

income

...........................

3.23%

2.97%

2.90%

2.54%

1.96%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$148,866

$148,133

$103,453

$111,733

$138,033

Portfolio

turnover

rate

............................

15.57%

15.63%

13.99%

22.24%

34.49%

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

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

Franklin

Tax-Free

Trust

Schedule

of

Investments,

February

28,

2026

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds

#### 94.3%

#### California

#### 0.2%
California

Municipal

Finance

Authority

,

Integrity

Housing

Obligated

Group

,

Revenue

,

2022

,

4.25 %

,

12/01/37

...........................................

$

1,000,000

$

842,628

#### Florida

#### 1.7%
Capital

Trust

Agency,

Inc.

,

Kingdom

Development

West

Palm

Beach

Portfolio

Obligated

Group

,

Revenue

,

2021

,

3.75 %

,

12/01/36

.............................................

3,456,000

3,183,106

a

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

1,100,000

781,439

a

,b

Capital

Trust

Authority

,

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.29 %,

3/01/29

...........................................

4,025,000

3,447,846

7,412,391

#### Georgia

#### 0.2%
Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

320,000

342,410

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.56 %,

12/01/45

..................

1,095,000

548,849

891,259

#### 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

1,505,215

State

of

Illinois

,

GO

,

2017

D

,

%

,

11/01/26

................................

1,000,000

1,017,338

2,522,553

#### New

#### Jersey

#### 1.0%
New

Jersey

Transportation

Trust

Fund

Authority

,

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/32

..............

3,460,000

3,703,568

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

6/15/41

........................

1,000,000

1,019,661

4,723,229

#### New

#### York

#### 0.3%
Metropolitan

Transportation

Authority

,

Revenue

,

2021

,

%

,

11/15/46

..........

1,350,000

1,240,733

#### 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

1,844,794

#### Texas

#### 0.5%
Lake

Houston

Redevelopment

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/28

225,000

234,068

City

of

Houston

Reinvestment

Zone

No.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/29

250,000

263,849

a

Pecan

Public

Facility

Corp.

,

Revenue

,

144A,

2022

,

%

,

12/01/52

............

2,100,000

1,618,098

2,116,015

#### Virginia

#### 76.8%
Albemarle

County

Economic

Development

Authority

,

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/30

............................................

1,120,000

1,179,598

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/31

............................................

1,165,000

1,237,941

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/32

............................................

1,105,000

1,178,098

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/33

............................................

1,260,000

1,339,312

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/42

............................................

2,725,000

2,747,105

Westminster

Canterbury

of

the

Blue

Ridge

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/01/49

............................................

2,800,000

2,579,906

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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

$

4,663,333

Alexandria

Industrial

Development

Authority

,

Protestant

Episcopal

High

School

in

Virginia

,

Revenue

,

2021

C

,

Refunding

,

%

,

1/01/46

........................

2,450,000

2,377,214

Alexandria

Sanitation

Authority

,

Revenue

,

2024

,

%

,

7/15/49

.........................................

2,830,000

3,021,826

Revenue

,

2024

,

%

,

7/15/54

.........................................

1,100,000

1,164,692

Arlington

County

Industrial

Development

Authority

,

Virginia

Hospital

Center

Arlington

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

7/01/45

.......

2,000,000

1,920,015

Chesapeake

Hospital

Authority

,

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

7/01/39

........................................................

1,000,000

1,005,719

Chesapeake

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

7/01/43

........................................................

4,000,000

3,877,427

City

of

Alexandria

,

GO

,

2023

,

%

,

12/15/43

................................

5,500,000

5,603,140

City

of

Chesapeake

,

Chesapeake

Expressway

Toll

Road

,

Revenue,

Senior

Lien

,

2024

,

Refunding

,

AG

Insured

,

%

,

7/15/47

....................................

2,500,000

2,500,068

City

of

Hopewell

,

Sewer

System

,

Revenue

,

2011

A

,

Refunding

,

%

,

7/15/42

.......

4,850,000

4,851,248

City

of

Norfolk

,

Water

,

Revenue

,

2018

,

%

,

11/01/43

...................................

6,920,000

7,088,523

Water

,

Revenue

,

2018

,

%

,

11/01/47

...................................

6,925,000

7,031,646

c

City

of

Virginia

Beach

,

GO

,

2026

A

,

%

,

8/01/40

............................

5,000,000

5,869,146

Commonwealth

of

Virginia

,

GO

,

2020

A

,

%

,

6/01/31

............................................

2,710,000

2,909,976

GO

,

2022

A

,

%

,

6/01/52

............................................

2,445,000

2,559,200

County

of

Fairfax

,

GO

,

2025

A

,

%

,

10/01/43

...........................................

2,455,000

2,518,286

GO

,

2025

A

,

%

,

10/01/44

...........................................

3,395,000

3,444,807

Sewer

,

Revenue

,

2024

A

,

%

,

7/15/49

..................................

3,070,000

3,282,594

Sewer

,

Revenue

,

2024

A

,

%

,

7/15/54

..................................

4,500,000

4,767,912

Fairfax

County

Economic

Development

Authority

,

Revenue

,

2017

,

%

,

4/01/42

.....

5,085,000

5,174,570

Fairfax

County

Industrial

Development

Authority

,

Inova

Health

System

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/44

...

3,000,000

2,949,676

Inova

Health

System

Obligated

Group

,

Revenue

,

2024

,

4.125 %

,

5/15/54

........

5,000,000

4,712,822

Fairfax

County

Water

Authority

,

Revenue

,

2017

,

Refunding

,

%

,

4/01/43

.................................

2,000,000

2,033,917

Revenue

,

2017

,

Refunding

,

%

,

4/01/47

.................................

5,000,000

5,055,188

Farmville

Industrial

Development

Authority

,

d

Elwood

Place

LLC

,

Revenue

,

2021

,

AG

Insured

,

Mandatory

Put

,

5.375 %

,

7/01/43

.

5,000,000

5,297,083

Longwood

Housing

Foundation

LLC

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/48

...

5,000,000

4,717,295

Hampton

Roads

Sanitation

District

,

Revenue,

Sub.

Lien

,

2016

A

,

Pre-Refunded

,

%

,

8/01/43

.........................................................

5,000,000

5,060,187

Hampton

Roads

Transportation

Accountability

Commission

,

Hampton

Roads

Transportation

Fund

,

Revenue,

Senior

Lien

,

2018

A

,

Pre-Refunded

,

%

,

7/01/48

....................................................

5,505,000

5,791,295

Hampton

Roads

Transportation

Fund

,

Revenue,

Senior

Lien

,

2020

A

,

%

,

7/01/60

.

4,885,000

5,018,420

Henrico

County

Economic

Development

Authority

,

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/40

.......................................................

500,000

503,013

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/45

.......................................................

1,425,000

1,328,107

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/50

.......................................................

1,500,000

1,303,299

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

10/01/42

..

1,125,000

1,184,824

Westminster-Canterbury

Corp.

Obligated

Group

,

Revenue

,

2022

A

,

%

,

10/01/52

..

5,000,000

4,999,960

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia
(continued)

Isle

Wight

County

Industrial

Development

Authority

,

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.25 %

,

7/01/48

..................................................

$

2,260,000

$

2,396,418

Riverside

Healthcare

Association

Obligated

Group

,

Revenue

,

2023

,

AG

Insured

,

5.25 %

,

7/01/53

..................................................

4,680,000

4,909,867

Lexington

Industrial

Development

Authority

,

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/38

........................................................

650,000

653,098

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/42

........................................................

1,120,000

1,099,857

Lexington

Retirement

Community

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

1/01/48

........................................................

2,315,000

2,055,890

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/35

....

1,105,000

1,153,690

Washington

&

Lee

University

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/48

....

1,500,000

1,524,982

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

1/01/47

......

4,500,000

4,512,187

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/47

........

2,350,000

2,142,833

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/51

........

2,000,000

1,439,120

Centra

Health

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/55

........

6,305,000

5,523,114

Norfolk

Airport

Authority

,

Revenue

,

2019

,

%

,

7/01/39

.........................................

800,000

841,218

Revenue

,

2019

,

%

,

7/01/43

.........................................

2,675,000

2,764,265

Northern

Virginia

Transportation

Commission

,

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

%

,

6/01/47

.........

1,750,000

1,841,160

Commuter

Rail

Operating

&

Capital

Fund

,

Revenue

,

2022

,

%

,

6/01/52

.........

7,090,000

7,346,102

Prince

Edward

County

Industrial

Development

Authority

,

President

and

Trustees

of

Hampden-Sydney

College

,

Revenue

,

2018

,

%

,

9/01/48

....................

2,050,000

2,075,981

Richmond

Economic

Development

Authority

,

City

of

Richmond

,

Revenue

,

2024

,

%

,

6/01/54

.........................................................

2,080,000

1,947,465

Riverside

Regional

Jail

Authority

,

Revenue

,

2015

,

Refunding

,

%

,

7/01/31

.........

6,215,000

6,227,440

Roanoke

Economic

Development

Authority

,

Carilion

Clinic

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

7/01/51

.......................................

4,000,000

3,760,778

Salem

Economic

Development

Authority

,

Roanoke

College

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

4/01/49

.....

925,000

896,775

Roanoke

College

Obligated

Group

,

Revenue

,

2025

,

%

,

4/01/50

..............

300,000

316,833

Roanoke

College

Obligated

Group

,

Revenue

,

2025

,

%

,

4/01/55

..............

700,000

735,013

Stafford

County

&

Staunton

Industrial

Development

Authority

,

Revenue

,

2007

E

,

AG

Insured

,

%

,

8/01/37

...............................................

960,000

961,297

Virginia

Beach

Development

Authority

,

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

9/01/40

............................................

1,750,000

1,780,654

Westminster-Canterbury

on

Chesapeake

Bay

Obligated

Group

,

Revenue

,

2018

,

Refunding

,

%

,

9/01/44

............................................

2,215,000

2,227,375

Virginia

College

Building

Authority

,

Revenue

,

2016

A

,

%

,

9/01/27

........................................

3,925,000

3,976,320

Revenue

,

2016

A

,

Pre-Refunded

,

%

,

9/01/27

............................

75,000

76,028

Commonwealth

of

Virginia

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/01/30

..........

7,000,000

7,007,684

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/39

...........

795,000

735,755

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

2.25 %

,

1/15/40

........

450,000

351,170

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/41

...........

500,000

445,071

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/46

...........

1,100,000

846,299

Randolph-Macon

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/15/51

...........

1,750,000

1,241,182

Regent

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/36

.....

2,750,000

2,772,794

Regent

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

6/01/41

.....

4,800,000

3,958,441

Regent

University

Obligated

Group

,

Revenue

,

2025

,

%

,

6/01/55

..............

3,000,000

3,179,067

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2016

,

%

,

9/15/30

.........................................

2,260,000

2,293,136

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

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)

Revenue

,

2016

,

%

,

9/15/31

.........................................

$

4,000,000

$

4,057,573

Commonwealth

of

Virginia

,

Revenue

,

2022

,

Refunding

,

%

,

5/15/36

............

5,000,000

5,358,644

Commonwealth

of

Virginia

,

Revenue

,

2023

,

%

,

5/15/45

....................

2,000,000

2,003,105

Virginia

Housing

Development

Authority

,

Revenue

,

2024

A

,

4.45 %

,

9/01/44

........

3,000,000

3,042,067

Virginia

Port

Authority

,

Revenue

,

2025

,

5.25 %

,

7/01/50

.......................................

1,000,000

1,074,906

Revenue

,

2025

,

5.25 %

,

7/01/55

.......................................

5,000,000

5,321,092

Virginia

Port

Authority

Commonwealth

Port

Fund

,

Commonwealth

of

Virginia

,

Revenue

,

2023

A

,

5.25 %

,

7/01/48

.............................................

6,000,000

6,440,220

Virginia

Public

Building

Authority

,

Revenue

,

2025

A

,

%

,

8/01/44

........................................

5,295,000

5,856,204

Commonwealth

of

Virginia

,

Revenue

,

2019

A

,

%

,

8/01/35

...................

1,250,000

1,299,930

Virginia

Public

School

Authority

,

Revenue

,

2018

B

,

%

,

8/01/30

........................................

5,280,000

5,636,975

County

of

Prince

William

,

Revenue

,

2018

,

%

,

3/01/33

......................

3,295,000

3,398,884

County

of

Prince

William

,

Revenue

,

2024

,

%

,

10/01/41

.....................

5,595,000

5,859,209

Virginia

Resources

Authority

,

Revenue

,

2018

C

,

Refunding

,

%

,

11/01/48

.........

6,655,000

6,823,746

Virginia

Small

Business

Financing

Authority

,

Express

Lanes

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/48

.....

7,000,000

6,224,362

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/49

.....

5,000,000

4,411,148

Capital

Beltway

Express

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

12/31/47

6,825,000

6,932,671

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/38

........................................................

3,820,000

3,859,753

Elizabeth

River

Crossings

OpCo

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

1/01/40

........................................................

3,680,000

3,673,674

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

%

,

12/31/47

...

5,000,000

5,006,913

Express

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2017

,

%

,

12/31/52

...

7,600,000

7,555,688

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/36

...

1,000,000

1,017,258

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/41

...

2,500,000

2,476,019

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/51

...

7,500,000

6,427,493

LifeSpire

of

Virginia

Obligated

Group

,

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

12/01/54

4,000,000

4,143,711

Mary

Washington

Healthcare

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

6/15/55

..................................................

1,250,000

1,302,889

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/37

....................................................

2,750,000

2,842,027

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/51

....................................................

2,250,000

2,035,754

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/01/37

...

4,000,000

4,102,626

Williamsburg

Economic

Development

Authority

,

Provident

Group

-

Williamsburg

Properties

LLC

,

Revenue

,

2023

A

,

AG

Insured

,

4.125 %

,

7/01/58

...............

2,000,000

1,915,319

343,964,607

#### 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

1,069,942

#### Wisconsin

#### 1.4%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

.........................

1,500,000

1,603,727

a

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

1,200,000

1,007,902

b

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

.................

4,965,000

2,496,914

a

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

1,000,000

1,009,710

6,118,253

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

$

5,153,898

Aviation

,

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/48

.....................

4,000,000

4,172,267

Aviation

,

Revenue

,

2024

A

,

Refunding

,

5.5 %

,

10/01/54

......................

3,250,000

3,434,254

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2020

A

,

%

,

7/15/45

...............................

3,145,000

3,272,790

Dedicated

,

Revenue

,

2021

A

,

%

,

7/15/41

...............................

2,530,000

2,733,193

Dedicated

,

Revenue

,

2021

A

,

%

,

7/15/46

...............................

2,000,000

2,085,092

Dedicated

,

Revenue

,

2023

A

,

%

,

7/15/43

...............................

2,500,000

2,697,616

Dedicated

,

Revenue

,

2023

A

,

4.125 %

,

7/15/47

............................

1,975,000

1,909,421

Dedicated

,

Revenue,

Second

Lien

,

2023

A

,

%

,

7/15/48

.....................

6,400,000

6,670,782

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

%

,

7/15/49

.....................

1,800,000

1,883,974

Dedicated

,

Revenue,

Second

Lien

,

2025

A

,

%

,

7/15/60

.....................

2,000,000

2,070,938

36,084,225

#### Guam

#### 1.0%
Guam

Government

Waterworks

Authority

,

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.25 %

,

7/01/50

.............

2,000,000

2,077,965

Water

And

Wastewater

System

,

Revenue

,

2025

A

,

5.5 %

,

7/01/55

..............

2,500,000

2,627,810

4,705,775

#### Puerto

#### Rico

#### 2.0%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

1,700,000

1,744,684

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/29

..

425,000

450,797

Hospital

Auxilio

Mutuo

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/37

..

200,000

198,489

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

4.75 %

,

7/01/53

................................

6,400,000

6,240,786

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

500,000

490,764

9,125,520

#### Total

#### U.S.

#### Territories

#### ....................................................................
49,915,520

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 432,637,578

####)
.....................................

#### 422,661,924
a

#### a
a

a

#### Short

#### Term

#### Investments

#### 6.1%

#### Municipal

#### Bonds

#### 6.1%

#### Virginia

#### 6.1%
e

Albemarle

County

Economic

Development

Authority

,

Sentara

Healthcare

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

1.9 %

,

10/01/48

........................................................

5,500,000

5,500,000

e

Lynchburg

Economic

Development

Authority

,

Centra

Health

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

%

,

1/01/47

.........

1,900,000

1,900,000

Franklin

Tax-Free

Trust

Schedule

of

Investments

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund
(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### Virginia
(continued)

e

Winchester

Economic

Development

Authority

,

Valley

Health

Obligated

Group

,

Revenue

,

2024

,

Refunding

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

1.95 %

,

1/01/54

.........................................................

$

20,000,000

$

20,000,000

27,400,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 27,400,000

####)
......................................

#### 27,400,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 27,400,000

####)
................................

#### 27,400,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 460,037,578

####)
100.4 #### %
..................................

#### $450,061,924

#### Other

#### Assets,

#### less

#### Liabilities

#### (0.4 ####)

#### %
...........................................

#### (1,927,328)

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $448,134,596
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

February

28,

2026,

the

aggregate

value

of

these

securities

was

$10,779,731,

representing

2.4%

of

net

assets.

b

The

rate

shown

represents

the

yield

at

period

end.

c

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

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

Statements

Statements

of

Assets

and

Liabilities

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

................

$168,298,975

$606,781,221

$498,195,669

$159,774,421

Value

-

Unaffiliated

issuers

...............

$165,053,024

$602,781,701

$491,493,090

$156,676,732

Cash

.................................

4,287,840

4,446,276

234,718

3,400,066

Receivables:

Capital

shares

sold

.....................

12,934

75,243

794,349

61,651

Interest

..............................

2,124,917

5,023,843

5,959,156

1,329,614

Total

assets

.......................

171,478,715

612,327,063

498,481,313

161,468,063

Liabilities:

Payables:

Capital

shares

redeemed

................

204,111

1,879,158

1,064,536

231,345

Management

fees

......................

60,133

252,858

205,059

42,205

Distribution

fees

.......................

16,626

67,814

42,637

12,809

Transfer

agent

fees

.....................

28,267

92,742

82,989

29,235

Professional

fees

......................

48,725

50,205

49,918

48,727

Trustees'

fees

and

expenses

..............

Distributions

to

shareholders

..............

23,290

85,822

20,436

62,943

Accrued

expenses

and

other

liabilities

........

13,131

57,144

34,729

21,206

Total

liabilities

......................

394,396

2,485,909

1,500,461

448,481

Net

assets,

at

value

..............

$171,084,319

$609,841,154

$496,980,852

$161,019,582

Net

assets

consist

of:

Paid-in

capital

..........................

$194,979,818

$709,596,930

$570,289,455

$203,477,548

Total

distributable

earnings

(losses)

..........

(23,895,499)

(99,755,776)

(73,308,603)

(42,457,966)

Net

assets,

at

value

..............

$171,084,319

$609,841,154

$496,980,852

$161,019,582

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

February

28,

2026

franklintempleton.com

Annual

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

....................

$42,794,619

$206,245,617

$121,401,369

$31,568,374

Shares

outstanding

.....................

4,151,766

20,768,697

11,370,618

3,393,757

Net

asset

value

per

share

a

,b

...............

$10.31

$9.93

$10.68

$9.30

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$10.71

$10.32

$11.10

$9.66

#### Class

#### A1:
Net

assets,

at

value

....................

$96,006,037

$254,935,766

$202,361,514

$73,197,100

Shares

outstanding

.....................

9,325,025

25,718,730

18,963,822

7,877,566

Net

asset

value

per

share

a

,b

...............

$10.30

$9.91

$10.67

$9.29

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$10.70

$10.30

$11.09

$9.65

#### Class

#### C:
Net

assets,

at

value

....................

$2,308,108

$13,601,967

$8,065,862

$2,704,637

Shares

outstanding

.....................

221,180

1,348,630

746,590

288,693

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$10.44

$10.09

$10.80

$9.37

#### Class

#### R6:
Net

assets,

at

value

....................

$3,398,638

$23,802,429

$25,628,896

$11,870,796

Shares

outstanding

.....................

330,014

2,393,600

2,400,189

1,277,231

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.30

$9.94

$10.68

$9.29

#### Advisor

#### Class:
Net

assets,

at

value

....................

$26,576,917

$111,255,375

$139,523,211

$41,678,675

Shares

outstanding

.....................

2,581,239

11,190,259

13,074,558

4,487,332

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.30

$9.94

$10.67

$9.29

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)

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

................

$1,994,070,852

$853,952,459

$273,918,201

$4,769,169,822

Cost

-

Non-controlled

affiliates

(Note

f)

.....

16,750,550

16,388,450

—

—

Value

-

Unaffiliated

issuers

...............

$2,038,484,601

$868,274,075

$267,313,754

$4,766,167,841

Value

-

Non-controlled

affiliates

(Note

f)

.....

15,059,800

16,031,400

—

—

Cash

.................................

839,803

27,445

235,626

2,138,476

Receivables:

Capital

shares

sold

.....................

792,218

217,524

56,353

3,688,925

Interest

..............................

22,318,902

9,778,581

2,677,417

61,666,007

Total

assets

.......................

2,077,495,324

894,329,025

270,283,150

4,833,661,249

Liabilities:

Payables:

Investment

securities

purchased

...........

5,191,876

6,784,831

—

13,206,096

Capital

shares

redeemed

................

2,162,979

741,031

287,223

7,503,107

Management

fees

......................

540,411

149,982

104,407

1,803,844

Distribution

fees

.......................

176,915

87,233

26,748

512,549

Transfer

agent

fees

.....................

464,883

194,406

47,954

762,972

Professional

fees

......................

54,307

60,200

49,672

200,290

Trustees'

fees

and

expenses

..............

540

983

Distributions

to

shareholders

..............

667,218

423,022

60,655

1,031,744

Accrued

expenses

and

other

liabilities

........

152,692

90,777

19,164

353,573

Total

liabilities

......................

9,411,821

8,531,749

596,141

25,375,158

Net

assets,

at

value

..............

$2,068,083,503

$885,797,276

$269,687,009

$4,808,286,091

Net

assets

consist

of:

Paid-in

capital

..........................

$2,202,899,401

$895,789,451

$320,183,811

$5,826,672,679

Total

distributable

earnings

(losses)

..........

(134,815,898)

(9,992,175)

(50,496,802)

(1,018,386,588)

Net

assets,

at

value

..............

$2,068,083,503

$885,797,276

$269,687,009

$4,808,286,091

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

February

28,

2026

franklintempleton.com

Annual

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

....................

$670,905,491

$335,844,600

$67,992,696

$1,657,791,301

Shares

outstanding

.....................

57,894,295

32,024,191

6,313,777

183,333,138

Net

asset

value

per

share

a

,b

...............

$11.59

$10.49

$10.77

$9.04

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%

,

.75

%

,

.25

%

and

.25

%

,

respectively)

b

...................

$11.86

$10.73

$11.19

$9.39

#### Class

#### A1:
Net

assets,

at

value

....................

$539,132,277

$196,734,443

$132,960,276

$1,980,022,391

Shares

outstanding

.....................

46,585,562

18,741,439

12,347,631

219,144,455

Net

asset

value

per

share

a

,b

...............

$11.57

$10.50

$10.77

$9.04

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.75

%

,

.75

%

,

.25

%

and

.25

%

,

respectively)

b

...................

$11.84

$10.74

$11.19

$9.39

#### Class

#### C:
Net

assets,

at

value

....................

$14,946,399

$—

$7,087,118

$95,944,939

Shares

outstanding

.....................

1,287,331

—

648,259

10,406,856

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$11.61

$—

$10.93

$9.22

#### Class

#### R6:
Net

assets,

at

value

....................

$124,276,400

$56,821,806

$15,491,398

$233,974,811

Shares

outstanding

.....................

10,710,133

5,417,808

1,438,390

25,771,732

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.60

$10.49

$10.77

$9.08

#### Advisor

#### Class:
Net

assets,

at

value

....................

$718,822,936

$296,396,427

$46,155,521

$840,552,649

Shares

outstanding

.....................

61,954,734

28,247,856

4,284,519

92,614,534

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.60

$10.49

$10.77

$9.08

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)

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

................

$220,582,296

$314,108,728

$331,156,697

$673,033,109

Value

-

Unaffiliated

issuers

...............

$214,091,662

$312,553,191

$331,271,275

$655,641,505

Cash

.................................

1,833,884

2,303,448

5,729,943

432,548

Receivables:

Capital

shares

sold

.....................

9,940

221,113

175,953

495,698

Interest

..............................

2,828,212

3,241,838

3,159,183

8,929,516

Total

assets

.......................

218,763,698

318,319,590

340,336,354

665,499,267

Liabilities:

Payables:

Capital

shares

redeemed

................

396,261

484,635

512,072

580,784

Management

fees

......................

76,962

114,443

103,769

267,569

Distribution

fees

.......................

21,397

29,492

19,022

58,054

Transfer

agent

fees

.....................

41,007

63,169

70,637

97,299

Professional

fees

......................

49,212

49,707

55,060

49,440

Trustees'

fees

and

expenses

..............

Distributions

to

shareholders

..............

10,469

74,971

105,347

156,539

Accrued

expenses

and

other

liabilities

........

23,469

19,887

19,692

37,423

Total

liabilities

......................

618,844

836,342

885,703

1,247,302

Net

assets,

at

value

..............

$218,144,854

$317,483,248

$339,450,651

$664,251,965

Net

assets

consist

of:

Paid-in

capital

..........................

$262,323,110

$382,742,627

$377,445,541

$769,547,732

Total

distributable

earnings

(losses)

..........

(44,178,256)

(65,259,379)

(37,994,890)

(105,295,767)

Net

assets,

at

value

..............

$218,144,854

$317,483,248

$339,450,651

$664,251,965

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

February

28,

2026

franklintempleton.com

Annual

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

....................

$53,345,994

$88,411,824

$44,624,203

$121,156,134

Shares

outstanding

.....................

5,208,548

8,933,296

4,189,681

11,447,925

Net

asset

value

per

share

a

,b

...............

$10.24

$9.90

$10.65

$10.58

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$10.64

$10.29

$11.06

$10.99

#### Class

#### A1:
Net

assets,

at

value

....................

$119,008,223

$114,971,002

$113,895,819

$380,463,714

Shares

outstanding

.....................

11,625,448

11,613,937

10,700,418

35,997,795

Net

asset

value

per

share

a

,b

...............

$10.24

$9.90

$10.64

$10.57

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$10.64

$10.29

$11.05

$10.98

#### Class

#### C:
Net

assets,

at

value

....................

$4,217,306

$7,882,066

$3,594,426

$12,717,619

Shares

outstanding

.....................

405,265

780,035

333,612

1,183,659

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$10.41

$10.10

$10.77

$10.74

#### Class

#### R6:
Net

assets,

at

value

....................

$6,523,534

$27,537,111

$31,199,186

$22,917,654

Shares

outstanding

.....................

637,074

2,777,234

2,928,781

2,159,578

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.24

$9.92

$10.65

$10.61

#### Advisor

#### Class:
Net

assets,

at

value

....................

$35,049,797

$78,681,245

$146,137,017

$126,996,844

Shares

outstanding

.....................

3,421,911

7,938,522

13,729,097

11,974,810

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$10.24

$9.91

$10.64

$10.61

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)

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

................

$630,484,589

$639,443,215

$820,236,326

$581,356,878

Value

-

Unaffiliated

issuers

...............

$622,232,544

$627,893,642

$822,698,332

$574,698,462

Cash

.................................

164,039

804,197

7,804,362

6,437,127

Receivables:

Capital

shares

sold

.....................

246,647

308,830

348,543

40,637

Interest

..............................

4,710,166

8,843,878

8,267,971

6,351,221

Total

assets

.......................

627,353,396

637,850,547

839,119,208

587,527,447

Liabilities:

Payables:

Investment

securities

purchased

...........

5,960,000

2,900,000

—

—

Capital

shares

redeemed

................

700,043

749,323

1,297,721

1,075,452

Management

fees

......................

253,101

256,375

332,271

238,831

Distribution

fees

.......................

62,981

65,817

75,668

48,744

Transfer

agent

fees

.....................

109,813

87,993

171,227

106,278

Trustees'

fees

and

expenses

..............

Distributions

to

shareholders

..............

998

71,154

92,410

101,722

Accrued

expenses

and

other

liabilities

........

81,796

91,320

102,655

92,437

Total

liabilities

......................

7,168,961

4,222,170

2,072,061

1,663,544

Net

assets,

at

value

..............

$620,184,435

$633,628,377

$837,047,147

$585,863,903

Net

assets

consist

of:

Paid-in

capital

..........................

$684,355,864

$774,653,184

$945,299,736

$718,459,689

Total

distributable

earnings

(losses)

..........

(64,171,429)

(141,024,807)

(108,252,589)

(132,595,786)

Net

assets,

at

value

..............

$620,184,435

$633,628,377

$837,047,147

$585,863,903

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

February

28,

2026

franklintempleton.com

Annual

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

....................

$177,539,232

$196,841,213

$252,147,275

$131,798,852

Shares

outstanding

.....................

15,525,045

18,707,463

24,086,207

12,340,295

Net

asset

value

per

share

a

,b

...............

$11.44

$10.52

$10.47

$10.68

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$11.89

$10.93

$10.88

$11.10

#### Class

#### A1:
Net

assets,

at

value

....................

$240,872,742

$305,135,047

$271,482,883

$224,913,482

Shares

outstanding

.....................

21,066,387

29,018,512

25,970,320

21,065,067

Net

asset

value

per

share

a

,b

...............

$11.43

$10.52

$10.45

$10.68

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$11.88

$10.93

$10.86

$11.10

#### Class

#### C:
Net

assets,

at

value

....................

$21,347,903

$10,554,805

$13,674,534

$13,191,668

Shares

outstanding

.....................

1,845,904

993,399

1,290,466

1,215,446

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$11.57

$10.62

$10.60

$10.85

#### Class

#### R6:
Net

assets,

at

value

....................

$21,018,995

$39,614,074

$52,584,556

$51,445,090

Shares

outstanding

.....................

1,835,337

3,763,703

5,024,789

4,820,029

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.45

$10.53

$10.47

$10.67

#### Advisor

#### Class:
Net

assets,

at

value

....................

$159,405,563

$81,483,238

$247,157,899

$164,514,811

Shares

outstanding

.....................

13,925,616

7,743,782

23,618,986

15,406,246

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.45

$10.52

$10.46

$10.68

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)

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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

................

$899,914,868

$807,973,071

$686,690,051

$460,037,578

Value

-

Unaffiliated

issuers

...............

$902,113,730

$807,377,704

$664,660,073

$450,061,924

Cash

.................................

10,780,622

52,200

57,995

151,956

Receivables:

Capital

shares

sold

.....................

756,317

1,042,627

279,407

506,476

Interest

..............................

9,505,612

8,169,793

7,927,349

4,463,705

Total

assets

.......................

923,156,281

816,642,324

672,924,824

455,184,061

Liabilities:

Payables:

Investment

securities

purchased

...........

4,672,885

—

797,616

5,834,400

Capital

shares

redeemed

................

1,487,960

1,116,303

782,584

686,419

Management

fees

......................

362,373

323,300

270,222

187,604

Distribution

fees

.......................

93,527

76,857

62,370

31,145

Transfer

agent

fees

.....................

138,831

114,171

127,547

86,833

Trustees'

fees

and

expenses

..............

Distributions

to

shareholders

..............

59,642

26,599

125,086

149,379

Accrued

expenses

and

other

liabilities

........

100,090

91,612

97,388

73,626

Total

liabilities

......................

6,915,634

1,749,090

2,262,999

7,049,465

Net

assets,

at

value

..............

$916,240,647

$814,893,234

$670,661,825

$448,134,596

Net

assets

consist

of:

Paid-in

capital

..........................

$1,033,691,058

$948,278,270

$822,578,928

$540,719,783

Total

distributable

earnings

(losses)

..........

(117,450,411)

(133,385,036)

(151,917,103)

(92,585,187)

Net

assets,

at

value

..............

$916,240,647

$814,893,234

$670,661,825

$448,134,596

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Assets

and

Liabilities

(continued)

February

28,

2026

franklintempleton.com

Annual

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

....................

$255,039,108

$215,481,775

$147,210,926

$83,096,878

Shares

outstanding

.....................

21,975,533

20,344,771

16,506,484

8,293,159

Net

asset

value

per

share

a

,b

...............

$11.61

$10.59

$8.92

$10.02

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$12.06

$11.00

$9.27

$10.41

#### Class

#### A1:
Net

assets,

at

value

....................

$437,232,710

$398,922,448

$356,367,555

$170,514,282

Shares

outstanding

.....................

37,697,620

37,698,066

39,971,668

17,021,217

Net

asset

value

per

share

a

,b

...............

$11.60

$10.58

$8.92

$10.02

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

...............

$12.05

$10.99

$9.27

$10.41

#### Class

#### C:
Net

assets,

at

value

....................

$22,942,724

$11,567,393

$14,661,668

$4,573,554

Shares

outstanding

.....................

1,950,878

1,075,806

1,622,951

448,694

Net

asset

value

and

maximum

offering

price

per

share

a

,b

..............................

$11.76

$10.75

$9.03

$10.19

#### Class

#### R6:
Net

assets,

at

value

....................

$21,784,372

$28,631,344

$9,914,901

$41,083,833

Shares

outstanding

.....................

1,875,835

2,703,418

1,110,629

4,098,918

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.61

$10.59

$8.93

$10.02

#### Advisor

#### Class:
Net

assets,

at

value

....................

$179,241,733

$160,290,274

$142,506,775

$148,866,049

Shares

outstanding

.....................

15,436,923

15,125,486

15,963,089

14,846,799

Net

asset

value

and

maximum

offering

price

per

share

b

...............................

$11.61

$10.60

$8.93

$10.03

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

year

ended

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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:

Dividends:

Unaffiliated

issuers

.....................

$—

$—

$—

$21,709

Interest:

Unaffiliated

issuers

.....................

6,524,972

26,527,865

20,373,187

5,639,128

Total

investment

income

................

6,524,972

26,527,865

20,373,187

5,660,837

Expenses:

Management

fees

(Note

a)

................

974,547

3,146,722

2,433,840

884,766

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

110,286

541,585

291,142

73,813

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

97,513

275,982

209,466

74,359

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

18,017

99,255

63,620

15,595

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

29,084

134,655

88,593

24,961

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

64,314

171,291

158,776

62,481

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

1,819

9,459

7,359

2,006

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

966

6,316

5,794

1,954

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

15,808

71,715

97,139

30,115

Custodian

fees

..........................

930

3,694

2,662

783

Reports

to

shareholders

fees

...............

12,563

21,198

20,753

13,142

Registration

and

filing

fees

.................

7,978

19,410

18,301

7,519

Professional

fees

........................

69,046

70,940

70,829

69,326

Trustees'

fees

and

expenses

...............

2,015

6,943

5,253

1,720

Other

.................................

50,988

103,962

96,628

48,267

Total

expenses

......................

1,455,874

4,683,127

3,570,155

1,310,807

Expenses

waived/paid

by

affiliates

(Note

g)

(123,500)

(176) (691) (169,661)

Net

expenses

......................

1,332,374

4,682,951

3,569,464

1,141,146

Net

investment

income

.............

5,192,598

21,844,914

16,803,723

4,519,691

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(1,370,682)

(9,247,819)

(1,586,872)

(815,961)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

2,669,843

9,958,942

4,483,143

3,439,911

Net

realized

and

unrealized

gain

(loss)

.........

1,299,161

711,123

2,896,271

2,623,950

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$6,491,759

$22,556,037

$19,699,994

$7,143,641

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

February

28,

2026

franklintempleton.com

Annual

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

.....................

$—

$—

$—

$5,632,707

Non-controlled

affiliates

(Note

f)

..........

850,003

921,498

—

—

Interest:

Unaffiliated

issuers

.....................

80,051,882

28,381,087

10,875,521

249,592,829

Total

investment

income

................

80,901,885

29,302,585

10,875,521

255,225,536

Expenses:

Management

fees

(Note

a)

................

9,403,476

4,196,510

1,485,386

21,329,933

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

1,609,244

831,007

169,726

3,906,549

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

570,471

309,672

139,440

2,024,813

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

108,685

—

51,825

663,822

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

589,458

306,636

51,311

1,075,677

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

520,384

189,546

105,065

1,391,648

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

15,171

—

5,975

70,100

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

28,879

15,525

3,582

45,206

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

630,207

261,516

35,210

549,504

Custodian

fees

..........................

12,400

4,546

1,528

26,136

Reports

to

shareholders

fees

...............

70,327

35,378

16,726

120,120

Registration

and

filing

fees

.................

65,903

46,085

7,502

148,830

Professional

fees

........................

74,553

80,944

66,952

296,948

Trustees'

fees

and

expenses

...............

21,258

9,319

2,590

48,882

Other

.................................

325,044

158,434

56,392

908,112

Total

expenses

......................

14,045,460

6,445,118

2,199,210

32,606,280

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

...........................

(2,459,473)

(1,813,168)

(53,201)

—

Net

expenses

......................

11,585,987

4,631,950

2,146,009

32,606,280

Net

investment

income

.............

69,315,898

24,670,635

8,729,512

222,619,256

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(14,161,639)

(1,278,530)

(2,852,681)

(37,736,162)

Non-controlled

affiliates

(Note

f)

.........

(2,726,541)

(2,833,527)

—

—

Net

realized

gain

(loss)

...............

(16,888,180)

(4,112,057)

(2,852,681)

(37,736,162)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

54,827,449

15,048,451

4,194,148

22,018,789

Non-controlled

affiliates

(Note

f)

.........

2,271,508

2,235,210

—

—

Unfunded

commitment

s

.................

—

—

(60,898)

(3,305,474)

Net

change

in

unrealized

appreciation

(depreciation)

......................

57,098,957

17,283,661

4,133,250

18,713,315

Net

realized

and

unrealized

gain

(loss)

.........

40,210,777

13,171,604

1,280,569

(19,022,847)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$109,526,675

$37,842,239

$10,010,081

$203,596,409

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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:

Dividends:

Unaffiliated

issuers

.....................

$—

$16,406

$—

$—

Interest:

Unaffiliated

issuers

.....................

8,839,481

13,689,885

13,042,183

27,203,706

Total

investment

income

................

8,839,481

13,706,291

13,042,183

27,203,706

Expenses:

Management

fees

(Note

a)

................

1,246,743

1,686,936

1,769,062

3,237,699

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

134,134

228,166

105,685

307,026

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

124,168

120,430

117,940

392,767

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

35,800

53,456

28,807

86,829

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

42,728

79,616

42,198

83,785

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

98,845

105,148

115,790

267,380

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

4,350

7,172

4,255

9,033

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

2,492

4,441

5,157

4,654

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

28,088

67,217

140,275

81,401

Custodian

fee

s

..........................

1,290

1,728

1,599

3,633

Reports

to

shareholders

fees

...............

16,953

16,798

16,139

25,585

Registration

and

filing

fees

.................

4,177

12,461

25,156

34,728

Professional

fees

........................

68,638

67,565

75,121

69,276

Trustees'

fees

and

expenses

...............

2,533

3,486

3,560

7,157

Other

.................................

57,850

58,249

56,251

120,253

Total

expenses

......................

1,868,789

2,512,869

2,506,995

4,731,206

Expenses

waived/paid

by

affiliates

(Note

g)

(111,391)

(51,832)

(103,926)

(950) Net

expenses

......................

1,757,398

2,461,037

2,403,069

4,730,256

Net

investment

income

.............

7,082,083

11,245,254

10,639,114

22,473,450

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(3,388,452)

(7,648,339)

(4,769,653)

(5,495,119)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

2,400,508

6,363,784

7,639,048

8,208,634

Unfunded

commitment

s

.................

(22,938)

(53,049)

—

—

Net

change

in

unrealized

appreciation

(depreciation)

......................

2,377,570

6,310,735

7,639,048

8,208,634

Net

realized

and

unrealized

gain

(loss)

.........

(1,010,882)

(1,337,604)

2,869,395

2,713,515

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$6,071,201

$9,907,650

$13,508,509

$25,186,965

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

February

28,

2026

franklintempleton.com

Annual

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

.....................

$—

$—

$209,856

$56,928

Interest:

Unaffiliated

issuers

.....................

24,745,392

27,324,440

31,132,691

21,624,399

Total

investment

income

................

24,745,392

27,324,440

31,342,547

21,681,327

Expenses:

Management

fees

(Note

a)

................

3,052,723

3,061,363

3,852,641

2,829,138

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

430,902

453,841

519,337

310,459

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

262,490

321,045

281,059

233,666

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

150,108

80,437

103,500

88,649

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

130,129

116,762

178,485

102,164

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

197,687

205,346

235,023

191,499

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

17,391

7,871

13,208

11,161

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

5,043

8,684

9,330

11,290

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

110,777

50,722

201,976

126,892

Custodian

fee

s

(Note

4)

...................

2,888

3,517

3,910

3,146

Reports

to

shareholders

fees

...............

23,218

22,859

31,786

21,942

Registration

and

filing

fees

.................

32,311

5,919

20,021

8,361

Professional

fees

........................

69,684

66,384

68,281

67,071

Trustees'

fees

and

expenses

...............

6,647

6,691

8,248

6,093

Other

.................................

107,519

94,569

104,482

103,330

Total

expenses

......................

4,599,517

4,506,010

5,631,287

4,114,861

Expense

reductions

(Note

4)

............

(2,888)

—

—

—

Expenses

waived/paid

by

affiliates

(Note

g)

(615) (341) (1,296)

(919) Net

expenses

......................

4,596,014

4,505,669

5,629,991

4,113,942

Net

investment

income

.............

20,149,378

22,818,771

25,712,556

17,567,385

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(1,710,780)

(8,262,113)

(2,313,053)

(4,329,509)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

9,232,585

8,326,209

13,397,150

9,799,476

Unfunded

commitment

s

.................

—

(125,974)

(106,096)

(110,529)

Net

change

in

unrealized

appreciation

(depreciation)

......................

9,232,585

8,200,235

13,291,054

9,688,947

Net

realized

and

unrealized

gain

(loss)

.........

7,521,805

(61,878)

10,978,001

5,359,438

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$27,671,183

$22,756,893

$36,690,557

$22,926,823

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Operations

(continued)

for

the

year

ended

February

28,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

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:

Dividends:

Unaffiliated

issuers

.....................

$—

$—

$54,686

$27,384

Interest:

Unaffiliated

issuers

.....................

39,111,890

34,216,176

28,626,740

17,138,321

Total

investment

income

................

39,111,890

34,216,176

28,681,426

17,165,705

Expenses:

Management

fees

(Note

a)

................

4,418,761

3,876,772

3,285,927

2,256,879

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

620,886

509,549

360,817

206,408

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

454,195

416,643

369,096

176,721

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

183,159

93,325

109,790

33,333

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

.............................

170,725

127,930

116,506

74,585

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

............................

311,734

260,924

296,249

159,124

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

.............................

19,250

8,933

13,347

4,571

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

............................

7,601

7,411

2,328

6,599

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

.........................

122,322

91,629

109,118

131,268

Custodian

fee

s

..........................

5,278

4,545

3,694

2,279

Reports

to

shareholders

fees

...............

32,986

21,530

30,158

18,616

Registration

and

filing

fees

.................

32,937

11,190

16,671

12,485

Professional

fees

........................

69,399

66,162

67,281

66,411

Trustees'

fees

and

expenses

...............

9,850

8,571

7,168

4,750

Other

.................................

135,567

100,253

109,116

76,422

Total

expenses

......................

6,594,650

5,605,367

4,897,266

3,230,451

Expenses

waived/paid

by

affiliates

(Note

g)

(1,866)

(300) (1,672)

(1,182)

Net

expenses

......................

6,592,784

5,605,067

4,895,594

3,229,269

Net

investment

income

.............

32,519,106

28,611,109

23,785,832

13,936,436

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

...................

(6,491,298)

(4,083,205)

(3,244,520)

(4,306,875)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

...................

11,138,583

7,604,688

5,611,736

3,799,244

Unfunded

commitment

s

.................

—

(188,866)

(138,832)

(78,906)

Net

change

in

unrealized

appreciation

(depreciation)

......................

11,138,583

7,415,822

5,472,904

3,720,338

Net

realized

and

unrealized

gain

(loss)

.........

4,647,285

3,332,617

2,228,384

(586,537)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...............................

$37,166,391

$31,943,726

$26,014,216

$13,349,899

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$5,192,598

$5,055,753

$21,844,914

$22,470,400

Net

realized

gain

(loss)

............

(1,370,682)

(2,116,956)

(9,247,819)

(2,355,400)

Net

change

in

unrealized

appreciation

(depreciation)

.................

2,669,843

2,413,922

9,958,942

6,791,691

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

6,491,759

5,352,719

22,556,037

26,906,691

Distributions

to

shareholders:

Class

A

........................

(1,274,358)

(1,264,229)

(6,984,200)

(6,855,198)

Class

A1

.......................

(2,966,539)

(3,050,548)

(9,326,369)

(10,503,284)

Class

C

........................

(67,840)

(105,071)

(422,718)

(539,055)

Class

R6

.......................

(65,889)

(43,915)

(837,764)

(826,446)

Advisor

Class

...................

(750,911)

(579,510)

(4,008,556)

(3,550,091)

Total

distributions

to

shareholders

.....

(5,125,537)

(5,043,273)

(21,579,607)

(22,274,074)

Capital

share

transactions:

(Note

2)

Class

A

........................

(4,749,976)

(1,388,625)

(24,386,554)

7,836,460

Class

A1

.......................

(8,373,113)

(15,007,110)

(50,509,501)

(46,246,790)

Class

C

........................

(1,150,341)

(2,581,761)

(3,811,040)

(7,365,284)

Class

R6

.......................

1,275,876

811,955

(1,764,158)

309,240

Advisor

Class

...................

5,264,002

1,001,397

(11,575,389)

18,242,989

Total

capital

share

transactions

.......

(7,733,552)

(17,164,144)

(92,046,642)

(27,223,385)

Net

increase

(decrease)

in

net

assets

.....................

(6,367,330)

(16,854,698)

(91,070,212)

(22,590,768)

Net

assets:

Beginning

of

year

..................

177,451,649

194,306,347

700,911,366

723,502,134

End

of

year

......................

$171,084,319

$177,451,649

$609,841,154

$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.

Annual

Report

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$16,803,723

$15,741,191

$4,519,691

$3,970,333

Net

realized

gain

(loss)

............

(1,586,872)

(3,479,654)

(815,961)

(1,082,899)

Net

change

in

unrealized

appreciation

(depreciation)

.................

4,483,143

5,543,247

3,439,911

1,703,824

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

19,699,994

17,804,784

7,143,641

4,591,258

Distributions

to

shareholders:

Class

A

........................

(3,722,951)

(3,656,093)

(831,919)

(808,447)

Class

A1

.......................

(7,015,553)

(7,610,725)

(2,208,679)

(2,349,511)

Class

C

........................

(269,575)

(365,945)

(57,545)

(74,474)

Class

R6

.......................

(742,378)

(525,479)

(295,354)

(210,247)

Advisor

Class

...................

(4,405,621)

(3,424,129)

(1,076,513)

(506,052)

Total

distributions

to

shareholders

.....

(16,156,078)

(15,582,371)

(4,470,010)

(3,948,731)

Capital

share

transactions:

(Note

2)

Class

A

........................

(1,729,324)

22,180

(182,840)

1,279,946

Class

A1

.......................

(25,858,648)

(29,193,784)

(7,434,941)

(9,772,402)

Class

C

........................

(4,094,302)

(4,294,971)

(77,091)

(1,314,268)

Class

R6

.......................

8,775,056

339,288

3,659,479

973,916

Advisor

Class

...................

7,260,080

33,613,783

10,483,669

14,216,107

Total

capital

share

transactions

.......

(15,647,138)

486,496

6,448,276

5,383,299

Net

increase

(decrease)

in

net

assets

.....................

(12,103,222)

2,708,909

9,121,907

6,025,826

Net

assets:

Beginning

of

year

..................

509,084,074

506,375,165

151,897,675

145,871,849

End

of

year

......................

$496,980,852

$509,084,074

$161,019,582

$151,897,675

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

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

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$69,315,898

$64,044,183

$24,670,635

$24,495,106

Net

realized

gain

(loss)

............

(16,888,180)

(15,015,407)

(4,112,057)

(1,331,495)

Net

change

in

unrealized

appreciation

(depreciation)

.................

57,098,957

29,544,759

17,283,661

12,581,947

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

109,526,675

78,573,535

37,842,239

35,745,558

Distributions

to

shareholders:

Class

A

........................

(20,850,434)

(18,358,973)

(8,896,612)

(8,602,470)

Class

A1

.......................

(19,334,804)

(20,166,540)

(5,725,160)

(6,432,023)

Class

C

........................

(471,619)

(589,434)

—

—

Class

R6

.......................

(4,180,478)

(3,947,335)

(1,648,274)

(1,673,784)

Advisor

Class

...................

(23,974,959)

(20,500,589)

(8,260,174)

(7,767,029)

Total

distributions

to

shareholders

.....

(68,812,294)

(63,562,871)

(24,530,220)

(24,475,306)

Capital

share

transactions:

(Note

2)

Class

A

........................

2,491,425

(16,945,916)

(1,926,007)

(3,344,225)

Class

A1

.......................

(94,426,474)

(111,634,068)

(27,442,296)

(34,345,375)

Class

C

........................

(5,940,333)

(8,138,280)

—

—

Class

R6

.......................

(1,151,683)

(5,548,062)

(1,076,588)

(652,314)

Advisor

Class

...................

15,143,593

39,287,401

22,069,443

990,447

Total

capital

share

transactions

.......

(83,883,472)

(102,978,925)

(8,375,448)

(37,351,467)

Net

increase

(decrease)

in

net

assets

.....................

(43,169,091)

(87,968,261)

4,936,571

(26,081,215)

Net

assets:

Beginning

of

year

..................

2,111,252,594

2,199,220,855

880,860,705

906,941,920

End

of

year

......................

$2,068,083,503

$2,111,252,594

$885,797,276

$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.

Annual

Report

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$8,729,512

$8,777,315

$222,619,256

$225,245,589

Net

realized

gain

(loss)

............

(2,852,681)

(4,902,773)

(37,736,162)

(59,396,957)

Net

change

in

unrealized

appreciation

(depreciation)

.................

4,133,250

4,996,416

18,713,315

172,570,644

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

10,010,081

8,870,958

203,596,409

338,419,276

Distributions

to

shareholders:

Class

A

........................

(2,044,041)

(2,090,210)

(71,142,595)

(66,131,487)

Class

A1

.......................

(4,411,156)

(4,775,123)

(95,317,395)

(103,005,160)

Class

C

........................

(204,188)

(274,960)

(4,146,883)

(4,914,717)

Class

R6

.......................

(438,324)

(336,527)

(9,818,032)

(9,033,942)

Advisor

Class

...................

(1,520,142)

(1,293,158)

(38,197,238)

(36,734,753)

Total

distributions

to

shareholders

.....

(8,617,851)

(8,769,978)

(218,622,143)

(219,820,059)

Capital

share

transactions:

(Note

2)

Class

A

........................

(6,499,454)

(1,970,120)

59,367,666

111,935,673

Class

A1

.......................

(20,471,191)

(19,700,823)

(201,276,410)

(213,143,378)

Class

C

........................

(2,488,976)

(4,897,289)

(19,756,162)

(24,055,273)

Class

R6

.......................

3,129,413

1,127,081

28,758,880

26,142,724

Advisor

Class

...................

(2,410,449)

1,841,819

13,981,881

28,243,991

Total

capital

share

transactions

.......

(28,740,657)

(23,599,332)

(118,924,145)

(70,876,263)

Net

increase

(decrease)

in

net

assets

.....................

(27,348,427)

(23,498,352)

(133,949,879)

47,722,954

Net

assets:

Beginning

of

year

..................

297,035,436

320,533,788

4,942,235,970

4,894,513,016

End

of

year

......................

$269,687,009

$297,035,436

$4,808,286,091

$4,942,235,970

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$7,082,083

$7,410,036

$11,245,254

$9,999,331

Net

realized

gain

(loss)

............

(3,388,452)

(3,208,938)

(7,648,339)

(1,608,899)

Net

change

in

unrealized

appreciation

(depreciation)

.................

2,377,570

4,282,090

6,310,735

1,950,422

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

6,071,201

8,483,188

9,907,650

10,340,854

Distributions

to

shareholders:

Class

A

........................

(1,637,143)

(1,650,490)

(3,039,298)

(2,890,698)

Class

A1

.......................

(3,975,432)

(4,334,929)

(4,187,585)

(4,671,284)

Class

C

........................

(142,566)

(184,543)

(234,685)

(304,797)

Class

R6

.......................

(229,540)

(253,158)

(797,400)

(430,075)

Advisor

Class

...................

(1,162,830)

(970,008)

(2,733,633)

(1,646,933)

Total

distributions

to

shareholders

.....

(7,147,511)

(7,393,128)

(10,992,601)

(9,943,787)

Capital

share

transactions:

(Note

2)

Class

A

........................

(4,355,684)

(4,452,781)

(7,562,763)

9,192,945

Class

A1

.......................

(17,403,712)

(22,448,935)

(19,571,499)

(12,180,420)

Class

C

........................

(2,865,276)

(1,608,616)

(1,335,892)

(4,450,088)

Class

R6

.......................

(1,854,670)

464,318

10,710,945

5,574,256

Advisor

Class

...................

(1,438,448)

4,840,543

1,416,252

29,111,690

Total

capital

share

transactions

.......

(27,917,790)

(23,205,471)

(16,342,957)

27,248,383

Net

increase

(decrease)

in

net

assets

.....................

(28,994,100)

(22,115,411)

(17,427,908)

27,645,450

Net

assets:

Beginning

of

year

..................

247,138,954

269,254,365

334,911,156

307,265,706

End

of

year

......................

$218,144,854

$247,138,954

$317,483,248

$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.

Annual

Report

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$10,639,114

$8,138,964

$22,473,450

$21,011,644

Net

realized

gain

(loss)

............

(4,769,653)

(1,657,375)

(5,495,119)

(1,632,958)

Net

change

in

unrealized

appreciation

(depreciation)

.................

7,639,048

561,098

8,208,634

1,287,093

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

13,508,509

7,042,687

25,186,965

20,665,779

Distributions

to

shareholders:

Class

A

........................

(1,264,927)

(1,287,031)

(3,899,408)

(3,768,453)

Class

A1

.......................

(3,707,344)

(4,012,312)

(13,080,665)

(13,870,021)

Class

C

........................

(113,013)

(152,754)

(363,296)

(453,289)

Class

R6

.......................

(904,606)

(460,149)

(585,275)

(402,112)

Advisor

Class

...................

(4,569,454)

(2,225,275)

(4,053,471)

(2,456,292)

Total

distributions

to

shareholders

.....

(10,559,344)

(8,137,521)

(21,982,115)

(20,950,167)

Capital

share

transactions:

(Note

2)

Class

A

........................

324,107

(5,201,106)

(7,455,222)

2,447,583

Class

A1

.......................

(15,149,113)

(17,247,906)

(41,069,958)

(41,049,815)

Class

C

........................

(1,784,765)

(2,304,507)

(2,846,906)

(5,669,702)

Class

R6

.......................

16,027,944

(4,503,934)

11,027,079

(3,280,817)

Advisor

Class

...................

10,291,782

50,379,871

11,298,626

46,739,580

Total

capital

share

transactions

.......

9,709,955

21,122,418

(29,046,381)

(813,171)

Net

increase

(decrease)

in

net

assets

.....................

12,659,120

20,027,584

(25,841,531)

(1,097,559)

Net

assets:

Beginning

of

year

..................

326,791,531

306,763,947

690,093,496

691,191,055

End

of

year

......................

$339,450,651

$326,791,531

$664,251,965

$690,093,496

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$20,149,378

$21,184,123

$22,818,771

$22,871,021

Net

realized

gain

(loss)

............

(1,710,780)

(8,838,092)

(8,262,113)

(6,091,757)

Net

change

in

unrealized

appreciation

(depreciation)

.................

9,232,585

10,256,639

8,200,235

7,785,243

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

27,671,183

22,602,670

22,756,893

24,564,507

Distributions

to

shareholders:

Class

A

........................

(5,317,894)

(5,176,387)

(6,310,421)

(5,952,012)

Class

A1

.......................

(8,498,273)

(9,695,099)

(11,644,763)

(12,917,466)

Class

C

........................

(611,360)

(812,348)

(375,620)

(547,921)

Class

R6

.......................

(663,721)

(610,246)

(1,189,576)

(898,734)

Advisor

Class

...................

(4,880,963)

(4,610,208)

(2,940,352)

(2,402,816)

Total

distributions

to

shareholders

.....

(19,972,211)

(20,904,288)

(22,460,732)

(22,718,949)

Capital

share

transactions:

(Note

2)

Class

A

........................

(4,657,107)

5,265,809

9,394,320

6,082,736

Class

A1

.......................

(52,276,649)

(39,152,098)

(48,213,782)

(46,114,696)

Class

C

........................

(5,774,188)

(11,475,468)

(4,760,556)

(8,483,694)

Class

R6

.......................

(2,278,284)

5,037,758

8,292,170

8,627,271

Advisor

Class

...................

17,792,179

(9,825,360)

1,490,504

11,545,141

Total

capital

share

transactions

.......

(47,194,049)

(50,149,359)

(33,797,344)

(28,343,242)

Net

increase

(decrease)

in

net

assets

.....................

(39,495,077)

(48,450,977)

(33,501,183)

(26,497,684)

Net

assets:

Beginning

of

year

..................

659,679,512

708,130,489

667,129,560

693,627,244

End

of

year

......................

$620,184,435

$659,679,512

$633,628,377

$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.

Annual

Report

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$25,712,556

$22,476,071

$17,567,385

$16,239,104

Net

realized

gain

(loss)

............

(2,313,053)

(2,882,252)

(4,329,509)

(3,082,719)

Net

change

in

unrealized

appreciation

(depreciation)

.................

13,291,054

3,859,662

9,688,947

5,712,813

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

36,690,557

23,453,481

22,926,823

18,869,198

Distributions

to

shareholders:

Class

A

........................

(6,373,969)

(4,043,717)

(3,590,326)

(3,525,331)

Class

A1

.......................

(9,051,598)

(9,953,204)

(7,101,956)

(7,754,877)

Class

C

........................

(417,636)

(631,096)

(332,363)

(400,080)

Class

R6

.......................

(1,675,618)

(1,560,709)

(1,502,586)

(998,487)

Advisor

Class

...................

(7,985,026)

(6,229,341)

(4,836,268)

(3,473,429)

Total

distributions

to

shareholders

.....

(25,503,847)

(22,418,067)

(17,363,499)

(16,152,204)

Capital

share

transactions:

(Note

2)

Class

A

........................

105,991,788

7,788,063

(159,761)

(4,206,476)

Class

A1

.......................

(34,250,936)

(36,864,041)

(37,335,129)

(34,526,658)

Class

C

........................

(6,268,307)

(10,756,575)

(2,615,344)

(5,791,818)

Class

R6

.......................

302,435

10,069,794

557,554

21,880,720

Advisor

Class

...................

(234,691)

49,228,633

8,632,021

41,038,345

Total

capital

share

transactions

.......

65,540,289

19,465,874

(30,920,659)

18,394,113

Net

increase

(decrease)

in

net

assets

.....................

76,726,999

20,501,288

(25,357,335)

21,111,107

Net

assets:

Beginning

of

year

..................

760,320,148

739,818,860

611,221,238

590,110,131

End

of

year

......................

$837,047,147

$760,320,148

$585,863,903

$611,221,238

Franklin

Tax-Free

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

(continued)

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$32,519,106

$33,016,888

$28,611,109

$28,001,329

Net

realized

gain

(loss)

............

(6,491,298)

(5,247,463)

(4,083,205)

(8,329,156)

Net

change

in

unrealized

appreciation

(depreciation)

.................

11,138,583

6,853,679

7,415,822

7,244,301

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

37,166,391

34,623,104

31,943,726

26,916,474

Distributions

to

shareholders:

Class

A

........................

(8,352,896)

(8,061,025)

(6,831,174)

(6,318,013)

Class

A1

.......................

(15,961,069)

(17,151,069)

(14,594,900)

(15,526,589)

Class

C

........................

(821,290)

(1,165,900)

(415,309)

(588,009)

Class

R6

.......................

(778,150)

(715,492)

(994,445)

(872,178)

Advisor

Class

...................

(6,421,944)

(5,854,179)

(5,249,828)

(4,581,222)

Total

distributions

to

shareholders

.....

(32,335,349)

(32,947,665)

(28,085,656)

(27,886,011)

Capital

share

transactions:

(Note

2)

Class

A

........................

(6,095,152)

(2,673,883)

4,820,335

7,277,779

Class

A1

.......................

(57,390,086)

(67,112,354)

(55,480,751)

(59,578,942)

Class

C

........................

(11,809,959)

(19,562,071)

(6,350,045)

(9,716,025)

Class

R6

.......................

(1,173,470)

2,069,386

1,373,474

3,473,191

Advisor

Class

...................

(3,489,233)

(1,461,516)

12,012,035

12,664,315

Total

capital

share

transactions

.......

(79,957,900)

(88,740,438)

(43,624,952)

(45,879,682)

Net

increase

(decrease)

in

net

assets

.....................

(75,126,858)

(87,064,999)

(39,766,882)

(46,849,219)

Net

assets:

Beginning

of

year

..................

991,367,505

1,078,432,504

854,660,116

901,509,335

End

of

year

......................

$916,240,647

$991,367,505

$814,893,234

$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.

Annual

Report

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025

#### Year

#### Ended

#### February

#### 28,

#### 2026

#### Year

#### Ended

#### February

#### 28,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

............

$23,785,832

$21,463,626

$13,936,436

$11,825,701

Net

realized

gain

(loss)

............

(3,244,520)

(7,147,479)

(4,306,875)

(5,717,022)

Net

change

in

unrealized

appreciation

(depreciation)

.................

5,472,904

8,926,908

3,720,338

7,194,058

Net

increase

(decrease)

in

net

assets

resulting

from

operations

.

26,014,216

23,243,055

13,349,899

13,302,737

Distributions

to

shareholders:

Class

A

........................

(4,781,245)

(4,648,295)

(2,436,639)

(2,324,899)

Class

A1

.......................

(12,782,596)

(13,620,443)

(5,480,033)

(5,739,995)

Class

C

........................

(483,876)

(664,656)

(127,835)

(175,324)

Class

R6

.......................

(315,865)

(291,829)

(1,103,410)

(346,281)

Advisor

Class

...................

(4,776,098)

(2,296,427)

(4,644,330)

(3,189,146)

Total

distributions

to

shareholders

.....

(23,139,680)

(21,521,650)

(13,792,247)

(11,775,645)

Capital

share

transactions:

(Note

2)

Class

A

........................

(4,476,566)

(2,886,534)

(2,547,815)

898,176

Class

A1

.......................

(46,301,324)

(45,615,545)

(19,873,871)

(21,660,536)

Class

C

........................

(5,931,781)

(9,397,845)

(1,665,862)

(3,003,688)

Class

R6

.......................

1,912,165

(1,622,458)

18,692,355

13,080,996

Advisor

Class

...................

11,300,178

62,270,503

942,554

44,197,257

Total

capital

share

transactions

.......

(43,497,328)

2,748,121

(4,452,639)

33,512,205

Net

increase

(decrease)

in

net

assets

.....................

(40,622,792)

4,469,526

(4,894,987)

35,039,297

Net

assets:

Beginning

of

year

..................

711,284,617

706,815,091

453,029,583

417,990,286

End

of

year

......................

$670,661,825

$711,284,617

$448,134,596

$453,029,583

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

franklintempleton.com

Annual

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.

c. #### Income

#### Taxes
It

is each

Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. Each

Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

income

and

net

realized

gains

to

relieve

it

from

federal

income

and excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

Each

Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

February

28,

2026, 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).

The

Funds'

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

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.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Dividends

from

net

investment

income

are

normally

declared

daily;

these

dividends

may

be

reinvested

or

paid

monthly

to shareholders.

Distributions

from realized

capital

gains

and

other

distributions,

if

any,

are

recorded

on

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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.

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

February

28,

2026,

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:
Year

ended

February

28,

2026

Shares

sold

a

...................................

478,372

$4,804,457

3,929,991

$37,898,354

Shares

issued

in

reinvestment

of

distributions

..........

121,729

1,218,853

673,133

6,491,012

Shares

redeemed

...............................

(1,071,721)

(10,773,286)

(7,132,672)

(68,775,920)

Net

increase

(decrease)

..........................

(471,620)

$(4,749,976)

(2,529,548)

$(24,386,554)

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Insurance
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A1

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

257,731

$2,583,806

545,850

$5,243,598

Shares

issued

in

reinvestment

of

distributions

..........

266,794

2,668,782

842,496

8,106,333

Shares

redeemed

...............................

(1,365,692)

(13,625,701)

(6,622,322)

(63,859,432)

Net

increase

(decrease)

..........................

(841,167)

$(8,373,113)

(5,233,976)

$(50,509,501)

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

#### Class

#### C

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

12,256

$124,462

175,197

$1,716,685

Shares

issued

in

reinvestment

of

distributions

..........

6,189

62,659

42,612

417,022

Shares

redeemed

a

..............................

(131,927)

(1,337,462)

(605,738)

(5,944,747)

Net

increase

(decrease)

..........................

(113,482)

$(1,150,341)

(387,929)

$(3,811,040)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

212,597

$2,152,335

644,529

$6,187,895

Shares

issued

in

reinvestment

of

distributions

..........

5,044

50,522

83,998

810,941

Shares

redeemed

...............................

(93,138)

(926,981)

(911,965)

(8,762,994)

Net

increase

(decrease)

..........................

124,503

$1,275,876

(183,438)

$(1,764,158)

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

#### Advisor

#### Class

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

1,249,676

$12,504,569

3,650,648

$35,110,082

Shares

issued

in

reinvestment

of

distributions

..........

67,222

673,231

377,712

3,644,896

Shares

redeemed

...............................

(788,099)

(7,913,798)

(5,233,661)

(50,330,367)

Net

increase

(decrease)

..........................

528,799

$5,264,002

(1,205,301)

$(11,575,389)

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

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

February

28,

2026

Shares

sold

a

...................................

2,774,805

$28,861,537

678,820

$6,106,022

Shares

issued

in

reinvestment

of

distributions

..........

351,946

3,650,274

79,544

714,563

Shares

redeemed

...............................

(3,302,140)

(34,241,135)

(789,919)

(7,003,425)

Net

increase

(decrease)

..........................

(175,389)

$(1,729,324)

(31,555)

$(182,840)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

388,445

$4,015,584

77,359

$686,996

Shares

issued

in

reinvestment

of

distributions

..........

629,031

6,516,630

202,509

1,816,596

Shares

redeemed

...............................

(3,502,186)

(36,390,862)

(1,104,429)

(9,938,533)

Net

increase

(decrease)

..........................

(2,484,710)

$(25,858,648)

(824,561)

$(7,434,941)

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

282,003

$2,938,951

69,697

$642,166

Shares

issued

in

reinvestment

of

distributions

..........

24,988

261,868

5,911

53,472

Shares

redeemed

a

..............................

(694,355)

(7,295,121)

(86,424)

(772,729)

Net

increase

(decrease)

..........................

(387,364)

$(4,094,302)

(10,816)

$(77,091)

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

#### Class

#### R6

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

1,569,597

$16,144,158

543,994

$4,850,314

Shares

issued

in

reinvestment

of

distributions

..........

52,967

549,449

2,833

25,446

Shares

redeemed

...............................

(766,647)

(7,918,551)

(138,782)

(1,216,281)

Net

increase

(decrease)

..........................

855,917

$8,775,056

408,045

$3,659,479

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:
Year

ended

February

28,

2026

Shares

sold

...................................

4,164,815

$43,196,687

1,857,732

$16,552,740

Shares

issued

in

reinvestment

of

distributions

..........

410,361

4,253,504

109,272

981,285

Shares

redeemed

...............................

(3,903,610)

(40,190,111)

(788,362)

(7,050,356)

Net

increase

(decrease)

..........................

671,566

$7,260,080

1,178,642

$10,483,669

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### 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:
Year

ended

February

28,

2026

Shares

sold

a

...................................

11,721,754

$132,152,473

7,637,184

$78,916,915

Shares

issued

in

reinvestment

of

distributions

..........

1,765,993

19,926,148

830,239

8,596,410

Shares

redeemed

...............................

(13,299,429)

(149,587,196)

(8,649,136)

(89,439,332)

Net

increase

(decrease)

..........................

188,318

$2,491,425

(181,713)

$(1,926,007)

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

#### Class

#### A1

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

1,664,043

$18,739,772

588,486

$6,098,388

Shares

issued

in

reinvestment

of

distributions

..........

1,596,462

17,976,882

508,482

5,268,517

Shares

redeemed

...............................

(11,661,751)

(131,143,128)

(3,748,540)

(38,809,201)

Net

increase

(decrease)

..........................

(8,401,246)

$(94,426,474)

(2,651,572)

$(27,442,296)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

211,989

$2,399,352

—

$—

Shares

issued

in

reinvestment

of

distributions

..........

40,651

458,877

—

—

Shares

redeemed

a

..............................

(783,633)

(8,798,562)

—

—

Net

increase

(decrease)

..........................

(530,993)

$(5,940,333)

—

$—

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Federal

#### Intermediate-

#### Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

2,695,752

$30,436,761

1,132,419

$11,708,219

Shares

issued

in

reinvestment

of

distributions

..........

269,751

3,046,978

158,592

1,642,170

Shares

redeemed

...............................

(3,076,828)

(34,635,422)

(1,396,961)

(14,426,977)

Net

increase

(decrease)

..........................

(111,325)

$(1,151,683)

(105,950)

$(1,076,588)

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

#### Advisor

#### Class

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

12,855,938

$144,924,568

5,384,241

$55,749,425

Shares

issued

in

reinvestment

of

distributions

..........

1,486,946

16,797,823

271,684

2,815,588

Shares

redeemed

...............................

(13,010,318)

(146,578,798)

(3,521,254)

(36,495,570)

Net

increase

(decrease)

..........................

1,332,566

$15,143,593

2,134,671

$22,069,443

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:
Year

ended

February

28,

2026

Shares

sold

a

...................................

944,502

$9,904,217

40,527,420

$356,295,840

Shares

issued

in

reinvestment

of

distributions

..........

177,353

1,855,399

7,614,548

66,880,894

Shares

redeemed

...............................

(1,739,804)

(18,259,070)

(41,501,818)

(363,809,068)

Net

increase

(decrease)

..........................

(617,949)

$(6,499,454)

6,640,150

$59,367,666

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A1

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

279,205

$2,948,487

6,037,163

$53,065,466

Shares

issued

in

reinvestment

of

distributions

..........

369,256

3,860,014

9,634,169

84,529,158

Shares

redeemed

...............................

(2,609,489)

(27,279,692)

(38,636,346)

(338,871,034)

Net

increase

(decrease)

..........................

(1,961,028)

$(20,471,191)

(22,965,014)

$(201,276,410)

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

#### Class

#### C

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

92,891

$987,810

1,611,418

$14,455,016

Shares

issued

in

reinvestment

of

distributions

..........

19,004

201,528

446,985

3,999,353

Shares

redeemed

a

..............................

(347,423)

(3,678,314)

(4,273,544)

(38,210,531)

Net

increase

(decrease)

..........................

(235,528)

$(2,488,976)

(2,215,141)

$(19,756,162)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

647,615

$6,809,513

10,689,226

$94,140,154

Shares

issued

in

reinvestment

of

distributions

..........

17,169

179,611

919,778

8,110,353

Shares

redeemed

...............................

(368,140)

(3,859,711)

(8,395,948)

(73,491,627)

Net

increase

(decrease)

..........................

296,644

$3,129,413

3,213,056

$28,758,880

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

1,028,732

$10,687,211

27,217,259

$240,086,634

Shares

issued

in

reinvestment

of

distributions

..........

138,802

1,452,137

3,881,786

34,230,393

Shares

redeemed

...............................

(1,396,186)

(14,549,797)

(29,552,885)

(260,335,146)

Net

increase

(decrease)

..........................

(228,652)

$(2,410,449)

1,546,160

$13,981,881

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

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

February

28,

2026

Shares

sold

a

...................................

711,370

$7,066,827

1,234,267

$11,932,354

Shares

issued

in

reinvestment

of

distributions

..........

149,374

1,488,633

292,970

2,830,156

Shares

redeemed

...............................

(1,299,471)

(12,911,144)

(2,322,976)

(22,325,273)

Net

increase

(decrease)

..........................

(438,727)

$(4,355,684)

(795,739)

$(7,562,763)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

123,693

$1,225,386

183,753

$1,783,388

Shares

issued

in

reinvestment

of

distributions

..........

379,104

3,775,777

380,974

3,682,205

Shares

redeemed

...............................

(2,252,884)

(22,404,875)

(2,589,180)

(25,037,092)

Net

increase

(decrease)

..........................

(1,750,087)

$(17,403,712)

(2,024,453)

$(19,571,499)

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

27,784

$281,297

78,550

$773,760

Shares

issued

in

reinvestment

of

distributions

..........

13,921

140,757

23,308

229,978

Shares

redeemed

a

..............................

(326,371)

(3,287,330)

(237,984)

(2,339,630)

Net

increase

(decrease)

..........................

(284,666)

$(2,865,276)

(136,126)

$(1,335,892)

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

#### Class

#### R6

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

247,811

$2,477,597

1,736,072

$16,597,474

Shares

issued

in

reinvestment

of

distributions

..........

22,804

227,071

40,669

393,776

Shares

redeemed

...............................

(459,549)

(4,559,338)

(651,042)

(6,280,305)

Net

increase

(decrease)

..........................

(188,934)

$(1,854,670)

1,125,699

$10,710,945

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:
Year

ended

February

28,

2026

Shares

sold

...................................

1,080,493

$10,740,421

2,411,072

$23,194,958

Shares

issued

in

reinvestment

of

distributions

..........

113,293

1,129,465

268,979

2,603,550

Shares

redeemed

...............................

(1,338,197)

(13,308,334)

(2,537,150)

(24,382,256)

Net

increase

(decrease)

..........................

(144,411)

$(1,438,448)

142,901

$1,416,252

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

February

28,

2026

Shares

sold

a

...................................

1,066,527

$11,078,891

1,894,053

$19,582,051

Shares

issued

in

reinvestment

of

distributions

..........

111,532

1,156,711

344,880

3,562,834

Shares

redeemed

...............................

(1,149,404)

(11,911,495)

(2,962,323)

(30,600,107)

Net

increase

(decrease)

..........................

28,655

$324,107

(723,390)

$(7,455,222)

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

#### Class

#### A1

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

117,953

$1,227,236

744,401

$7,707,404

Shares

issued

in

reinvestment

of

distributions

..........

295,738

3,063,193

1,134,307

11,702,087

Shares

redeemed

...............................

(1,876,211)

(19,439,542)

(5,856,734)

(60,479,449)

Net

increase

(decrease)

..........................

(1,462,520)

$(15,149,113)

(3,978,026)

$(41,069,958)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

37,076

$383,990

188,243

$1,989,747

Shares

issued

in

reinvestment

of

distributions

..........

8,800

92,192

33,340

349,443

Shares

redeemed

a

..............................

(215,673)

(2,260,947)

(495,374)

(5,186,096)

Net

increase

(decrease)

..........................

(169,797)

$(1,784,765)

(273,791)

$(2,846,906)

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

2,108,993

$21,271,197

1,860,176

$19,255,064

Shares

issued

in

reinvestment

of

distributions

..........

7,434

77,100

36,532

378,566

Shares

redeemed

...............................

(514,994)

(5,320,353)

(838,158)

(8,606,551)

Net

increase

(decrease)

..........................

1,601,433

$16,027,944

1,058,550

$11,027,079

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

#### Advisor

#### Class

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

4,050,445

$41,725,794

3,515,363

$36,243,940

Shares

issued

in

reinvestment

of

distributions

..........

428,522

4,441,514

304,488

3,153,238

Shares

redeemed

...............................

(3,466,340)

(35,875,526)

(2,732,510)

(28,098,552)

Net

increase

(decrease)

..........................

1,012,627

$10,291,782

1,087,341

$11,298,626

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:
Year

ended

February

28,

2026

Shares

sold

a

...................................

2,607,398

$28,879,255

4,834,743

$49,544,738

Shares

issued

in

reinvestment

of

distributions

..........

465,859

5,160,787

595,714

6,096,805

Shares

redeemed

...............................

(3,505,485)

(38,697,149)

(4,539,065)

(46,247,223)

Net

increase

(decrease)

..........................

(432,228)

$(4,657,107)

891,392

$9,394,320

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A1

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

650,635

$7,252,685

731,518

$7,519,630

Shares

issued

in

reinvestment

of

distributions

..........

717,377

7,936,459

1,047,846

10,706,096

Shares

redeemed

...............................

(6,080,331)

(67,465,793)

(6,505,855)

(66,439,508)

Net

increase

(decrease)

..........................

(4,712,319)

$(52,276,649)

(4,726,491)

$(48,213,782)

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

#### Class

#### C

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

132,697

$1,497,931

68,350

$706,626

Shares

issued

in

reinvestment

of

distributions

..........

53,696

600,725

35,229

363,369

Shares

redeemed

a

..............................

(705,815)

(7,872,844)

(564,716)

(5,830,551)

Net

increase

(decrease)

..........................

(519,422)

$(5,774,188)

(461,137)

$(4,760,556)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

494,498

$5,484,872

1,754,015

$18,022,554

Shares

issued

in

reinvestment

of

distributions

..........

53,425

592,891

105,333

1,079,578

Shares

redeemed

...............................

(764,827)

(8,356,047)

(1,064,546)

(10,809,962)

Net

increase

(decrease)

..........................

(216,904)

$(2,278,284)

794,802

$8,292,170

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

5,408,719

$59,764,624

2,345,118

$23,817,783

Shares

issued

in

reinvestment

of

distributions

..........

431,714

4,791,638

235,875

2,413,548

Shares

redeemed

...............................

(4,252,566)

(46,764,083)

(2,429,693)

(24,740,827)

Net

increase

(decrease)

..........................

1,587,867

$17,792,179

151,300

$1,490,504

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

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

February

28,

2026

Shares

sold

a

...................................

13,192,843

$132,153,174

2,423,269

$25,195,425

Shares

issued

in

reinvestment

of

distributions

..........

595,280

6,074,044

330,468

3,417,642

Shares

redeemed

...............................

(3,159,929)

(32,235,430)

(2,798,243)

(28,772,828)

Net

increase

(decrease)

..........................

10,628,194

$105,991,788

(44,506)

$(159,761)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

559,059

$5,703,459

483,283

$4,983,123

Shares

issued

in

reinvestment

of

distributions

..........

735,407

7,467,963

638,788

6,599,403

Shares

redeemed

...............................

(4,674,607)

(47,422,358)

(4,726,449)

(48,917,655)

Net

increase

(decrease)

..........................

(3,380,141)

$(34,250,936)

(3,604,378)

$(37,335,129)

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### C

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

302,158

$3,141,282

166,289

$1,759,174

Shares

issued

in

reinvestment

of

distributions

..........

38,260

393,493

30,320

318,351

Shares

redeemed

a

..............................

(952,808)

(9,803,082)

(448,766)

(4,692,869)

Net

increase

(decrease)

..........................

(612,390)

$(6,268,307)

(252,157)

$(2,615,344)

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

#### Class

#### R6

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

1,774,451

$17,908,090

1,772,955

$18,281,136

Shares

issued

in

reinvestment

of

distributions

..........

149,948

1,525,642

36,082

372,791

Shares

redeemed

...............................

(1,886,381)

(19,131,297)

(1,777,481)

(18,096,373)

Net

increase

(decrease)

..........................

38,018

$302,435

31,556

$557,554

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:
Year

ended

February

28,

2026

Shares

sold

...................................

6,238,686

$62,834,190

4,448,298

$45,802,323

Shares

issued

in

reinvestment

of

distributions

..........

756,033

7,688,669

455,716

4,713,328

Shares

redeemed

...............................

(7,008,104)

(70,757,550)

(4,088,682)

(41,883,630)

Net

increase

(decrease)

..........................

(13,385)

$(234,691)

815,332

$8,632,021

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount
Class

A

#### Class

#### A

#### Shares:
Year

ended

February

28,

2026

Shares

sold

a

...................................

3,136,048

$35,355,877

4,699,755

$48,555,020

Shares

issued

in

reinvestment

of

distributions

..........

696,952

7,856,639

632,506

6,515,356

Shares

redeemed

...............................

(4,391,561)

(49,307,668)

(4,886,568)

(50,250,041)

Net

increase

(decrease)

..........................

(558,561)

$(6,095,152)

445,693

$4,820,335

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

#### Class

#### A1

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

746,295

$8,424,914

1,396,371

$14,378,604

Shares

issued

in

reinvestment

of

distributions

..........

1,310,329

14,754,513

1,323,078

13,609,577

Shares

redeemed

...............................

(7,159,430)

(80,569,513)

(8,099,364)

(83,468,932)

Net

increase

(decrease)

..........................

(5,102,806)

$(57,390,086)

(5,379,915)

$(55,480,751)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

107,891

$1,228,879

113,643

$1,180,224

Shares

issued

in

reinvestment

of

distributions

..........

69,365

791,240

38,396

400,753

Shares

redeemed

a

..............................

(1,211,167)

(13,830,078)

(761,663)

(7,931,022)

Net

increase

(decrease)

..........................

(1,033,911)

$(11,809,959)

(609,624)

$(6,350,045)

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

635,411

$7,165,777

1,468,966

$15,053,804

Shares

issued

in

reinvestment

of

distributions

..........

67,243

758,389

86,183

887,663

Shares

redeemed

...............................

(811,301)

(9,097,636)

(1,423,996)

(14,567,993)

Net

increase

(decrease)

..........................

(108,647)

$(1,173,470)

131,153

$1,373,474

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

#### Advisor

#### Class

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

3,884,211

$43,489,309

5,301,474

$54,456,579

Shares

issued

in

reinvestment

of

distributions

..........

538,368

6,072,695

497,240

5,126,768

Shares

redeemed

...............................

(4,716,777)

(53,051,237)

(4,647,981)

(47,571,312)

Net

increase

(decrease)

..........................

(294,198)

$(3,489,233)

1,150,733

$12,012,035

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:
Year

ended

February

28,

2026

Shares

sold

a

...................................

1,887,684

$16,366,871

1,296,805

$12,671,675

Shares

issued

in

reinvestment

of

distributions

..........

497,062

4,299,719

211,299

2,062,755

Shares

redeemed

...............................

(2,908,821)

(25,143,156)

(1,773,176)

(17,282,245)

Net

increase

(decrease)

..........................

(524,075)

$(4,476,566)

(265,072)

$(2,547,815)

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A1

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

956,186

$8,319,646

436,322

$4,249,106

Shares

issued

in

reinvestment

of

distributions

..........

1,281,532

11,079,219

497,280

4,852,077

Shares

redeemed

...............................

(7,588,660)

(65,700,189)

(2,968,662)

(28,975,054)

Net

increase

(decrease)

..........................

(5,350,942)

$(46,301,324)

(2,035,060)

$(19,873,871)

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

#### Class

#### C

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

155,447

$1,361,147

30,970

$311,019

Shares

issued

in

reinvestment

of

distributions

..........

52,575

460,029

12,658

125,613

Shares

redeemed

a

..............................

(883,829)

(7,752,957)

(211,725)

(2,102,494)

Net

increase

(decrease)

..........................

(675,807)

$(5,931,781)

(168,097)

$(1,665,862)

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:
Year

ended

February

28,

2026

Shares

sold

...................................

560,190

$4,857,442

5,005,631

$48,330,950

Shares

issued

in

reinvestment

of

distributions

..........

31,497

272,891

20,136

196,541

Shares

redeemed

...............................

(371,932)

(3,218,168)

(3,104,552)

(29,835,136)

Net

increase

(decrease)

..........................

219,755

$1,912,165

1,921,215

$18,692,355

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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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:

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### Shares

#### Amount

#### Shares

#### Amount

#### Advisor

#### Class

#### Shares:
Year

ended

February

28,

2026

Shares

sold

...................................

4,476,479

$38,634,845

4,120,242

$40,026,666

Shares

issued

in

reinvestment

of

distributions

..........

517,367

4,481,421

437,313

4,271,916

Shares

redeemed

...............................

(3,676,244)

(31,816,088)

(4,478,699)

(43,356,028)

Net

increase

(decrease)

..........................

1,317,602

$11,300,178

78,856

$942,554

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. #### 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

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

the

year

ended

February

28,

2026,

each

Fund's

gross

effective

investment

management

fee

rate

based

on

average

daily

net

assets

was

as

follows:

#### Franklin

#### Alabama

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-

#### Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.572%

0.486%

0.502%

#### 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

...................

0.587%

0.462%

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

...................

0.540%

0.455%

0.553%

#### Franklin

#### Maryland

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-

#### Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

...................

0.530%

0.532%

0.487%

#### 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

...................

0.489%

0.489%

0.485%

#### 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

...................

0.494%

0.475%

0.480%

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Gross

effective

investment

management

fee

rate

....................................

0.488%

0.509%

3. #### Transactions

#### with

#### Affiliates
(continued)

a. #### Management

#### Fees
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

#### 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%

#### 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%

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year:

#### 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

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

..................

$1,949

$5,644

$3,561

$930

CDSC

retained

...........................

$5,116

$37,448

$15,550

$28,830

#### 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

..................

$14,368

$10,006

$3,159

$39,175

CDSC

retained

...........................

$37,633

$44,393

$3,527

$248,817

#### 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

..................

$1,596

$2,025

$836

$7,470

CDSC

retained

...........................

$1,149

$3,737

$400

$10,280

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year

ended

February

28,

2026,

the Funds

paid

transfer

agent

fees

as

noted

in

the

Statements of

Operations

of

which

the

following

amounts

were

retained

by

Investor

Services:

#### 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

..................

$6,513

$14,085

$3,754

$4,364

CDSC

retained

...........................

$14,431

$9,236

$11,293

$9,372

#### 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

..................

$11,181

$6,488

$5,386

$3,487

CDSC

retained

...........................

$8,530

$21,067

$4,700

$4,925

#### 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

........................

$37,952

$126,470

$104,031

$37,821

#### 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

........................

$379,175

$158,994

$64,366

$942,242

#### 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

........................

$49,545

$74,479

$72,736

$167,958

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year

ended

February

28,

2026,

investments

in

affiliated

management

investment

companies

were

as

follows:

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

#### 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

........................

$147,828

$129,900

$169,799

$116,460

#### 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

........................

$204,542

$155,844

$171,544

$95,314

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### 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

$—

$(15,525,534)

$(2,726,541)

$2,271,508

$15,059,800

620,000

$850,003

#### Total

#### Affiliated

#### Securities

#### ...
$31,040,367

$—

$(15,525,534)

$(2,726,541)

$2,271,508

$15,059,800

$850,003

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$37,296,565

$—

$(20,666,848)

$(2,833,527)

$2,235,210

$16,031,400

660,000

$921,498

#### Total

#### Affiliated

#### Securities

#### ...
$37,296,565

$—

$(20,666,848)

$(2,833,527)

$2,235,210

$16,031,400

$921,498

3. #### Transactions

#### with

#### Affiliates
(continued)

e. #### Transfer

#### Agent

#### Fees
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

Federal

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

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

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.

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

year

ended

February

28,

2026,

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
Purchases

..............................

—

$34,760,000

$22,012,189

$2,504,283

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Waiver

#### and

#### Expense

#### Reimbursements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

4. #### Expense

#### Offset

#### Arrangement
The

Franklin

Minnesota

Tax-Free

Income

Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

fees.

During

the

year

ended

February

28,

2026,

the

custodian

fees

were

reduced

as

noted

in

the

Statements

of

Operations.

#### 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

..................................

$963,952

$32,860,000

$21,720,000

$400,000

Net

Realized

Gains

(Losses)

.................

$(104,084)

—

—

—

#### 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

..............................

$199,065,000

$180,368,071

$27,650,000

$217,229,390

Sales

..................................

$185,805,000

$147,870,000

$26,450,000

$267,397,506

Net

Realized

Gains

(Losses)

.................

—

—

—

$(2,697,001)

#### 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

..............................

$6,165,192

$19,100,000

$11,300,000

$18,700,000

Sales

..................................

$7,172,376

$10,500,000

$16,000,000

$28,450,000

Net

Realized

Gains

(Losses)

.................

$(148,549)

—

—

—

#### 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

..............................

$49,160,000

$40,185,000

$12,246,209

$10,275,000

Sales

..................................

$54,210,000

$40,840,000

$6,285,000

$6,630,000

Net

Realized

Gains

(Losses)

.................

—

—

—

—

#### 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

..............................

$31,395,000

$50,660,000

$31,635,000

$13,500,000

Sales

..................................

$23,210,000

$46,860,000

$27,300,000

$9,300,000

Net

Realized

Gains

(Losses)

.................

—

—

—

—

3. #### Transactions

#### with

#### Affiliates
(continued)

h. #### Interfund

#### Transactions
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

February

28,

2026,

the

capital

loss

carryforwards

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

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

.............................

$

4,941,296

$

25,555,709

$

22,353,863

$

8,855,914

Long

term

.............................

15,808,726

70,909,226

45,026,698

30,646,289

Total

capital

loss

carryforwards

............

$20,750,022

$96,464,935

$67,380,561

$39,502,203

#### 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

.............................

$

85,082,429

$

7,629,534

$

8,714,404

$

233,526,482

Long

term

.............................

94,505,992

18,017,670

35,745,703

816,371,609

Total

capital

loss

carryforwards

............

$179,588,421

$25,647,204

$44,460,107

$1,049,898,091

#### 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

.............................

$

12,854,130

$

16,634,168

$

13,762,462

$

21,213,372

Long

term

.............................

25,107,283

47,701,817

24,433,368

66,881,593

Total

capital

loss

carryforwards

............

$37,961,413

$64,335,985

$38,195,830

$88,094,965

#### 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

$

21,112,403

$

17,379,924

$

32,764,646

Long

term

.............................

42,436,366

110,013,307

94,468,528

95,073,999

Total

capital

loss

carryforwards

............

$56,802,723

$131,125,710

$111,848,452

$127,838,645

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

The

tax

character

of

distributions

paid

during

the

years

ended

February

28,

2026

and

2025,

was

as

follows:

#### 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

.............................

$

40,410,996

$

38,244,057

$

25,825,509

$

26,240,520

Long

term

.............................

79,909,325

95,332,007

105,936,151

57,107,929

Total

capital

loss

carryforwards

............

$120,320,321

$133,576,064

$131,761,660

$83,348,449

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$97,910

$116,474

$166,094

$459,719

Tax

exempt

income

......................

5,027,627

4,926,799

21,413,513

21,814,355

$5,125,537

$5,043,273

$21,579,607

$22,274,074

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$121,098

$476,549

$40,159

$78,973

Tax

exempt

income

......................

16,034,980

15,105,822

4,429,851

3,869,758

$16,156,078

$15,582,371

$4,470,010

$3,948,731

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-

#### Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$3,875,644

$3,835,461

$215,844

$3,217,679

Tax

exempt

income

......................

64,936,650

59,727,410

24,314,376

21,257,627

$68,812,294

$63,562,871

$24,530,220

$24,475,306

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$81,386

$211,993

$10,972,179

$13,656,110

Tax

exempt

income

......................

8,536,465

8,557,985

207,649,964

206,163,949

$8,617,851

$8,769,978

$218,622,143

$219,820,059

5. #### Income

#### Taxes
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$81,516

$143,051

$53,135

$159,142

Tax

exempt

income

......................

7,065,995

7,250,077

10,939,466

9,784,645

$7,147,511

$7,393,128

$10,992,601

$9,943,787

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$94,323

$215,079

$265,576

$468,373

Tax

exempt

income

......................

10,465,021

7,922,442

21,716,539

20,481,794

$10,559,344

$8,137,521

$21,982,115

$20,950,167

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$163,661

$3,355

$36,178

$404,675

Tax

exempt

income

......................

19,808,550

20,900,933

22,424,554

22,314,274

$19,972,211

$20,904,288

$22,460,732

$22,718,949

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$383,057

$411,815

$217,555

$408,116

Tax

exempt

income

......................

25,120,790

22,006,252

17,145,944

15,744,088

$25,503,847

$22,418,067

$17,363,499

$16,152,204

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$200,100

$1,142,071

$162,922

$650,254

Tax

exempt

income

......................

32,135,249

31,805,594

27,922,734

27,235,757

$32,335,349

$32,947,665

$28,085,656

$27,886,011

5. #### Income

#### Taxes
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

February

28,

2026,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income for

income

tax

purposes

were

as

follows:

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### 2026

#### 2025

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

........................

$174,539

$510,482

$108,215

$256,656

Tax

exempt

income

......................

22,965,141

21,011,168

13,684,032

11,518,989

$23,139,680

$21,521,650

$13,792,247

$11,775,645

#### 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

.......................

$168,265,959

$606,563,582

$497,968,141

$159,685,235

Unrealized

appreciation

.....................

$2,676,558

$12,312,877

$9,250,469

$2,402,017

Unrealized

depreciation

.....................

(5,889,493)

(16,094,758)

(15,725,520)

(5,410,520)

Net

unrealized

appreciation

(depreciation)

.......

$(3,212,935)

$(3,781,881)

$(6,475,051)

$(3,008,503)

Distributable

earnings:

Undistributed

tax

exempt

income

..............

$90,747

$576,865

$567,443

$115,679

#### 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

.......................

$2,009,709,707

$869,989,114

$273,735,293

$4,776,419,313

Unrealized

appreciation

.....................

$65,447,695

$17,803,967

$3,920,420

$280,148,971

Unrealized

depreciation

.....................

(21,613,001)

(3,487,606)

(10,341,959)

(290,400,443)

Net

unrealized

appreciation

(depreciation)

.......

$43,834,694

$14,316,361

$(6,421,539)

$(10,251,472)

Distributable

earnings:

Undistributed

tax

exempt

income

..............

$1,605,045

$1,761,700

$445,503

$42,794,714

5. #### Income

#### Taxes
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

#### 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

.......................

$220,519,636

$313,951,625

$331,110,211

$673,179,155

Unrealized

appreciation

.....................

$2,937,829

$5,316,893

$7,714,426

$10,069,923

Unrealized

depreciation

.....................

(9,365,803)

(6,715,327)

(7,553,362)

(27,607,573)

Net

unrealized

appreciation

(depreciation)

.......

$(6,427,974)

$(1,398,434)

$161,064

$(17,537,650)

Distributable

earnings:

Undistributed

tax

exempt

income

..............

$221,601

$550,010

$145,223

$493,393

#### 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

.......................

$629,833,851

$639,460,678

$819,916,344

$581,036,736

Unrealized

appreciation

.....................

$11,286,008

$11,888,871

$19,667,640

$8,875,489

Unrealized

depreciation

.....................

(18,887,315)

(23,455,907)

(16,885,652)

(15,213,763)

Net

unrealized

appreciation

(depreciation)

.......

$(7,601,307)

$(11,567,036)

$2,781,988

$(6,338,274)

Distributable

earnings:

Undistributed

tax

exempt

income

..............

$233,605

$1,739,099

$906,282

$1,682,851

#### 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

.......................

$899,293,849

$807,477,186

$686,406,688

$459,818,376

Unrealized

appreciation

.....................

$18,515,212

$21,011,329

$10,088,325

$5,684,002

Unrealized

depreciation

.....................

(15,695,331)

(21,110,811)

(31,834,940)

(15,440,454)

Net

unrealized

appreciation

(depreciation)

.......

$2,819,881

$(99,482)

$(21,746,615)

$(9,756,452)

Distributable

earnings:

Undistributed

tax

exempt

income

..............

$109,671

$317,106

$1,716,267

$669,088

5. #### Income

#### Taxes
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments

(excluding

short

term

securities)

for

the

year

ended

February

28,

2026,

were

as

follows:

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

February

28,

2026,

Franklin

High

Yield

Tax-Free

Income

Fund had 47.4%

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

February

28,

2026,

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

..............................

$25,262,749

$110,296,783

$53,980,856

$24,459,850

Sales

..................................

$34,503,349

$187,908,700

$63,730,257

$15,714,264

#### 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

..............................

$542,677,358

$266,802,232

$28,915,611

$568,789,600

Sales

..................................

$686,431,450

$283,875,351

$56,189,693

$793,274,303

#### 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

..............................

$30,327,480

$62,455,261

$82,797,698

$92,120,183

Sales

..................................

$54,556,850

$78,019,314

$66,229,679

$115,826,159

#### 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

..............................

$32,373,208

$75,977,663

$199,485,625

$92,065,202

Sales

..................................

$75,980,811

$104,229,885

$139,142,058

$123,761,537

#### 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

..............................

$96,208,149

$131,602,903

$102,589,401

$66,349,867

Sales

..................................

$185,124,620

$180,908,972

$157,101,182

$77,423,777

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

†

Rounds

to

less

than

0.1%

of

net

assets.

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

29,

2027. 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

year ended

February

28,

2026,

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

............................

$

—

—%

†

Franklin

Federal

Limited-Term

Tax-Free

Income

Fund

................................

—

—%

†

Franklin

High

Yield

Tax-Free

Income

Fund

.........................................

43,627,309

0.9%

Franklin

Louisiana

Tax-Free

Income

Fund

.........................................

1,556,250

0.7%

Franklin

Pennsylvania

Tax-Free

Income

Fund

......................................

3,000,000

0.5%

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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 February

28,

2026,

in

valuing

the

Funds'

assets

carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

529,166

$

529,166

Municipal

Bonds

.........................

—

164,523,858

—

164,523,858

Total

Investments

in

Securities

...........

$—

$164,523,858

$529,166

$165,053,024

#### Franklin

#### Arizona

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

.........................

—

600,881,701

—

600,881,701

Short

Term

Investments

...................

—

1,900,000

—

1,900,000

Total

Investments

in

Securities

...........

$—

$602,781,701

$—

$602,781,701

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,481,665

1,481,665

Municipal

Bonds

.........................

—

477,011,425

—

477,011,425

Short

Term

Investments

...................

—

13,000,000

—

13,000,000

Total

Investments

in

Securities

...........

$—

$490,011,425

$1,481,665

$491,493,090

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

.........................

—

156,676,732

—

156,676,732

Total

Investments

in

Securities

...........

$—

$156,676,732

$—

$156,676,732

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Management

Investment

Companies

.........

15,059,800

—

—

15,059,800

Municipal

Bonds

:

Alabama

.............................

—

106,409,091

—

106,409,091

Alaska

...............................

—

1,775,435

—

1,775,435

Arizona

..............................

—

64,984,524

—

64,984,524

Arkansas

.............................

—

12,078,485

—

12,078,485

California

.............................

—

121,369,987

—

121,369,987

Colorado

.............................

—

70,592,333

—

70,592,333

Connecticut

...........................

—

17,922,339

—

17,922,339

Delaware

.............................

—

2,581,754

—

2,581,754

Florida

...............................

—

157,693,494

—

157,693,494

Georgia

..............................

—

80,912,223

—

80,912,223

Hawaii

...............................

—

9,769,673

—

9,769,673

Idaho

................................

—

1,745,724

—

1,745,724

Illinois

...............................

—

152,707,882

—

b

152,707,882

Indiana

..............................

—

26,029,820

—

26,029,820

Iowa

................................

—

22,966,988

—

22,966,988

Kentucky

.............................

—

52,313,274

—

52,313,274

Louisiana

.............................

—

49,456,928

—

49,456,928

Maine

...............................

—

1,034,246

—

1,034,246

Maryland

.............................

—

62,898,467

—

62,898,467

Massachusetts

........................

—

19,065,991

—

19,065,991

Michigan

.............................

—

37,000,439

—

37,000,439

Mississippi

............................

—

10,159,579

—

10,159,579

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Municipal

Bonds:

(continued)

Missouri

..............................

$

—

$

22,580,606

$

—

$

22,580,606

Nebraska

.............................

—

5,322,527

—

5,322,527

Nevada

..............................

—

672,804

—

672,804

New

Hampshire

........................

—

10,270,850

—

10,270,850

New

Jersey

...........................

—

34,365,807

—

34,365,807

New

Mexico

...........................

—

13,420,838

—

13,420,838

New

York

.............................

—

120,946,611

—

120,946,611

North

Carolina

.........................

—

1,352,211

—

1,352,211

North

Dakota

..........................

—

7,000,109

—

7,000,109

Ohio

................................

—

44,116,345

—

44,116,345

Oregon

..............................

—

19,528,214

—

19,528,214

Pennsylvania

..........................

—

48,746,224

—

48,746,224

Rhode

Island

..........................

—

5,022,205

—

5,022,205

South

Carolina

.........................

—

58,982,302

—

58,982,302

South

Dakota

..........................

—

12,817,082

—

12,817,082

Tennessee

............................

—

34,773,594

—

34,773,594

Texas

...............................

—

240,201,222

—

240,201,222

Utah

................................

—

6,806,112

—

6,806,112

Virginia

..............................

—

17,523,125

—

17,523,125

Washington

...........................

—

66,577,001

—

66,577,001

Wisconsin

............................

—

120,653,899

—

120,653,899

U.S.

Territories

District

of

Columbia

.....................

—

7,783,166

—

7,783,166

Puerto

Rico

...........................

—

1,053,071

—

1,053,071

Short

Term

Investments

...................

—

56,500,000

—

56,500,000

Total

Investments

in

Securities

...........

$15,059,800

$2,038,484,601

$—

$2,053,544,401

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Management

Investment

Companies

.........

16,031,400

—

—

16,031,400

Municipal

Bonds

:

Alabama

.............................

—

53,346,365

—

53,346,365

Arizona

..............................

—

13,360,001

—

13,360,001

Arkansas

.............................

—

3,588,872

—

3,588,872

California

.............................

—

40,431,188

—

40,431,188

Colorado

.............................

—

16,176,899

—

16,176,899

Connecticut

...........................

—

5,323,265

—

5,323,265

Delaware

.............................

—

5,163,507

—

5,163,507

Florida

...............................

—

42,646,473

—

42,646,473

Georgia

..............................

—

48,061,386

—

48,061,386

Hawaii

...............................

—

7,338,446

—

7,338,446

Illinois

...............................

—

37,913,277

—

b

37,913,277

Indiana

..............................

—

16,530,659

—

16,530,659

Iowa

................................

—

17,213,044

—

17,213,044

Kansas

..............................

—

1,635,119

—

1,635,119

Kentucky

.............................

—

42,780,369

—

42,780,369

Louisiana

.............................

—

13,840,249

—

13,840,249

Maine

...............................

—

1,336,946

—

1,336,946

Maryland

.............................

—

17,559,610

—

17,559,610

Massachusetts

........................

—

11,195,027

—

11,195,027

Michigan

.............................

—

17,398,031

—

17,398,031

Minnesota

............................

—

15,594,696

—

15,594,696

Mississippi

............................

—

2,470,446

—

2,470,446

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Municipal

Bonds:

(continued)

Missouri

..............................

$

—

$

6,098,208

$

—

$

6,098,208

Montana

.............................

—

1,001,192

—

1,001,192

Nevada

..............................

—

3,695,522

—

3,695,522

New

Hampshire

........................

—

2,584,267

—

2,584,267

New

Jersey

...........................

—

65,972,859

—

65,972,859

New

Mexico

...........................

—

23,341,725

—

23,341,725

New

York

.............................

—

43,865,483

—

43,865,483

North

Carolina

.........................

—

8,622,212

—

8,622,212

North

Dakota

..........................

—

7,198,539

—

7,198,539

Ohio

................................

—

22,966,016

—

22,966,016

Oklahoma

............................

—

2,324,741

—

2,324,741

Oregon

..............................

—

5,120,577

—

5,120,577

Pennsylvania

..........................

—

34,158,118

—

34,158,118

Rhode

Island

..........................

—

2,684,692

—

2,684,692

South

Carolina

.........................

—

11,263,787

—

11,263,787

South

Dakota

..........................

—

6,508,735

—

6,508,735

Tennessee

............................

—

31,552,209

—

31,552,209

Texas

...............................

—

44,296,925

—

44,296,925

Utah

................................

—

8,625,385

—

8,625,385

Virginia

..............................

—

2,219,475

—

2,219,475

Washington

...........................

—

15,258,769

—

15,258,769

Wisconsin

............................

—

14,885,645

—

14,885,645

Wyoming

.............................

—

558,560

—

558,560

U.S.

Territories

District

of

Columbia

.....................

—

11,611,728

—

11,611,728

Guam

...............................

—

1,324,389

—

1,324,389

Puerto

Rico

...........................

—

460,863

—

460,863

Virgin

Islands

..........................

—

1,469,579

—

1,469,579

Short

Term

Investments

...................

—

57,700,000

—

57,700,000

Total

Investments

in

Securities

...........

$16,031,400

$868,274,075

$—

$884,305,475

#### Franklin

#### Georgia

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

952,499

952,499

Municipal

Bonds

.........................

—

262,561,255

—

262,561,255

Short

Term

Investments

...................

—

3,800,000

—

3,800,000

Total

Investments

in

Securities

...........

$—

$266,361,255

$952,499

$267,313,754

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

........................

—

—

—

b

—

Management

Investment

Companies

.........

176,061,500

—

—

176,061,500

Corporate

Bonds

:

United

States

..........................

—

33,989,673

22,237,850

56,227,523

Municipal

Bonds

:

Alabama

.............................

—

25,811,674

—

25,811,674

Arizona

..............................

—

103,446,743

—

103,446,743

Arkansas

.............................

—

22,010,295

—

22,010,295

California

.............................

—

833,363,839

833,364,284

Colorado

.............................

—

243,968,149

—

243,968,149

Connecticut

...........................

—

25,304,001

—

25,304,001

Florida

...............................

—

927,209,088

—

927,209,088

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Municipal

Bonds:

(continued)

Georgia

..............................

$

—

$

46,584,628

$

—

$

46,584,628

Idaho

................................

—

13,334,282

—

13,334,282

Illinois

...............................

—

139,635,707

—

139,635,707

Indiana

..............................

—

28,943,191

—

28,943,191

Iowa

................................

—

14,224,425

—

14,224,425

Kansas

..............................

—

1,009,250

—

1,009,250

Kentucky

.............................

—

17,302,859

—

17,302,859

Louisiana

.............................

—

72,997,684

—

72,997,684

Maryland

.............................

—

8,932,219

—

8,932,219

Massachusetts

........................

—

2,248,582

—

2,248,582

Michigan

.............................

—

20,221,154

—

20,221,154

Minnesota

............................

—

10,511,014

—

10,511,014

Mississippi

............................

—

19,101,304

—

19,101,304

Missouri

..............................

—

12,859,211

—

12,859,211

Nevada

..............................

—

31,090,203

—

31,090,203

New

Hampshire

........................

—

22,030,242

—

22,030,242

New

Jersey

...........................

—

52,037,989

—

52,037,989

New

Mexico

...........................

—

2,152,101

—

2,152,101

New

York

.............................

—

157,507,837

—

157,507,837

North

Dakota

..........................

—

4,818,329

—

b

4,818,329

Ohio

................................

—

128,230,438

—

128,230,438

Oklahoma

............................

—

8,662,767

—

8,662,767

Oregon

..............................

—

15,653,892

—

15,653,892

Pennsylvania

..........................

—

133,812,233

—

133,812,233

Rhode

Island

..........................

—

1,433,541

—

1,433,541

South

Carolina

.........................

—

42,488,095

—

42,488,095

South

Dakota

..........................

—

8,500,109

—

8,500,109

Tennessee

............................

—

72,832,031

—

72,832,031

Texas

...............................

—

598,971,974

—

598,971,974

Utah

................................

—

25,784,257

—

25,784,257

Virginia

..............................

—

18,259,455

—

18,259,455

Washington

...........................

—

65,364,404

—

65,364,404

West

Virginia

..........................

—

2,801,030

—

2,801,030

Wisconsin

............................

—

185,910,245

—

185,910,245

U.S.

Territories

District

of

Columbia

.....................

—

42,165,935

—

42,165,935

Pacific

Islands

.........................

—

4,426,969

—

4,426,969

Puerto

Rico

...........................

—

260,844,998

—

260,844,998

Short

Term

Investments

...................

—

59,080,000

—

59,080,000

Total

Investments

in

Securities

...........

$176,061,500

$4,567,868,046

$22,238,295

$4,766,167,841

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

.........................

—

213,791,662

—

213,791,662

Short

Term

Investments

...................

—

300,000

—

300,000

Total

Investments

in

Securities

...........

$—

$214,091,662

$—

$214,091,662

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

.........................

—

304,253,191

—

304,253,191

Short

Term

Investments

...................

—

8,300,000

—

8,300,000

Total

Investments

in

Securities

...........

$—

$312,553,191

$—

$312,553,191

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Massachusetts

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

952,499

$

952,499

Municipal

Bonds

.........................

—

319,018,776

—

319,018,776

Short

Term

Investments

...................

—

11,300,000

—

11,300,000

Total

Investments

in

Securities

...........

$—

$330,318,776

$952,499

$331,271,275

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,904,997

1,904,997

Municipal

Bonds

.........................

—

646,736,508

—

646,736,508

Short

Term

Investments

...................

—

7,000,000

—

7,000,000

Total

Investments

in

Securities

...........

$—

$653,736,508

$1,904,997

$655,641,505

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

.........................

—

613,232,544

—

613,232,544

Short

Term

Investments

...................

—

9,000,000

—

9,000,000

Total

Investments

in

Securities

...........

$—

$622,232,544

$—

$622,232,544

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

.........................

—

620,443,642

—

620,443,642

Short

Term

Investments

...................

—

7,450,000

—

7,450,000

Total

Investments

in

Securities

...........

$—

$627,893,642

$—

$627,893,642

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,693,331

1,693,331

Municipal

Bonds

.........................

—

800,835,001

—

800,835,001

Short

Term

Investments

...................

—

20,170,000

—

20,170,000

Total

Investments

in

Securities

...........

$—

$821,005,001

$1,693,331

$822,698,332

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

1,693,331

1,693,331

Municipal

Bonds

.........................

—

562,855,131

—

562,855,131

Short

Term

Investments

...................

—

10,150,000

—

10,150,000

Total

Investments

in

Securities

...........

$—

$573,005,131

$1,693,331

$574,698,462

#### Franklin

#### Ohio

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

3,386,662

3,386,662

Municipal

Bonds

.........................

—

898,527,068

—

898,527,068

Short

Term

Investments

...................

—

200,000

—

200,000

Total

Investments

in

Securities

...........

$—

$898,727,068

$3,386,662

$902,113,730

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year

.

At

February

28,

2026

,

the

reconciliation

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Oregon

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

$

—

$

—

$

2,645,830

$

2,645,830

Municipal

Bonds

.........................

—

802,131,874

—

802,131,874

Short

Term

Investments

...................

—

2,600,000

—

2,600,000

Total

Investments

in

Securities

...........

$—

$804,731,874

$2,645,830

$807,377,704

#### Franklin

#### Pennsylvania

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Corporate

Bonds

........................

—

—

2,116,664

2,116,664

Municipal

Bonds

.........................

—

643,208,409

—

643,208,409

Short

Term

Investments

...................

—

19,335,000

—

19,335,000

Total

Investments

in

Securities

...........

$—

$662,543,409

$2,116,664

$664,660,073

#### Franklin

#### Virginia

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Municipal

Bonds

.........................

—

422,661,924

—

422,661,924

Short

Term

Investments

...................

—

27,400,000

—

27,400,000

Total

Investments

in

Securities

...........

$—

$450,061,924

$—

$450,061,924

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

#### Balance

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### a

#### Transfer

#### Into

#### Level

#### 3

#### b

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Net

#### Accretion

#### (Amortiza-

#### tion)

#### Net

#### Realized

#### Gain
(Loss)

#### Net

#### Unr

#### ealized

#### Appreciation
(Depreciation)

#### Balance

#### at

#### End

#### of

#### Year

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### on

#### Assets

#### Held

#### at

#### Year

#### End

#### a

#### Franklin

#### Federal

#### Limited-Term

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Corporate

Bonds

.

$

874,281

$

—

$

(874,281)

$

—

$

—

$

3,868

$

10,278

$

(14,146)

$

—

$

—

Senior

Floating

Rate

Interests

.

12,081,618

—

(12,064,255)

—

—

—

—

(17,363)

—

—

Municipal

Bonds

.

—

—

(1,962,515)

2,051,300

—

—

(132,288)

43,503

—

c

(618,664)

Total

Investments

in

Securities

.......

$12,955,899

$—

$(14,901,051)

$2,051,300

$—

$3,868

$(122,010)

$11,994

$—

$(618,664)

a

Sales

include

all

sales

of

securities,

maturities,

paydowns

and

securities

tendered

in

corporate

actions.

b

Transferred

into

Level

as

a

result

of

the

unavailability

of

a

quoted

market

price

in

an

active

market

for

identical

securities

or

as

a

result

of

the

unreliability

of

the

foreign

exchange

rate

and

other

significant

observable

valuation

inputs.

May

include

amounts

related

to

a

corporate

action.

c

Includes

financial

instruments

determined

to

have

no

value.

10. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Tax-Free

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

11. #### Operating

#### Segments
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

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### 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

#### SOFR
Secured

Overnight

Financing

Rate

#### SPA
Standby

Purchase

Agreement

#### TSOF
Term

SOFR

#### XLCA
XL

Capital

Assurance,

Inc.

Franklin

Tax-Free

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

of

Franklin

Tax-Free

Trust

and

Shareholders

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

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

and

Franklin

Virginia

Tax-Free

Income

Fund

#### Opinions

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

schedules

of

investments,

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

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

and

Franklin

Virginia

Tax-Free

Income

Fund

(twenty

of

the

funds

constituting

Franklin

Tax-Free

Trust,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

February

28,

2026,

the

related

statements

of

operations

for

the

year

ended

February

28,

2026,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

February

28,

2026

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

February

28,

2026

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

February

28,

2026,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

February

28,

2026

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

February

28,

2026

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinions
These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026

by

correspondence

with

the

custodian,

private

placement

agents,

transfer

agent

and

brokers;

when

replies

were

not

received

from

private

placement

agents

and

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

April

17,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Tax-Free

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Funds

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during their

fiscal

year.

The

Funds

below hereby

report

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

February

28,

2026:

#### Pursuant

#### to:

#### Franklin

#### Alabama

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Arizona

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Colorado

#### Tax-Free

#### Income

#### Fund
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$5,027,627

$21,413,513

$16,034,980

Section

163(j)

Interest

Dividends

Earned

§163(j)

$97,910

$166,094

$121,098

#### Pursuant

#### to:

#### Franklin

#### Connecticut

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Intermediate-Term

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Federal

#### Limited-Term

#### Tax-

#### Free

#### Income

#### Fund
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$4,429,851

$64,936,650

$24,314,376

Section

163(j)

Interest

Dividends

Earned

§163(j)

$40,159

$3,875,644

$215,844

#### Pursuant

#### to:

#### Franklin

#### Georgia

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### High

#### Yield

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Louisiana

#### Tax-Free

#### Income

#### Fund
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$8,536,466

$207,649,964

$7,065,995

Section

163(j)

Interest

Dividends

Earned

§163(j)

$81,386

$10,972,179

$81,516

#### Pursuant

#### to:

#### Franklin

#### Maryland

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Massachusetts

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Michigan

#### Tax-Free

#### Income

#### Fund
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$10,939,466

$10,465,020

$21,716,540

Section

163(j)

Interest

Dividends

Earned

§163(j)

$53,135

$94,323

$265,576

#### Pursuant

#### to:

#### Franklin

#### Minnesota

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Missouri

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### New

#### Jersey

#### Tax-Free

#### Income

#### Fund
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$19,808,550

$22,424,554

$25,120,790

Section

163(j)

Interest

Dividends

Earned

§163(j)

$163,661

$36,178

$383,057

#### Pursuant

#### to:

#### Franklin

#### North

#### Carolina

#### Tax-Free

#### Income

#### Fund

#### Franklin

#### Ohio

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Oregon

#### Tax-

#### Free

#### Income

#### Fund
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$17,145,944

$32,135,249

$27,922,734

Section

163(j)

Interest

Dividends

Earned

§163(j)

$217,555

$200,100

$162,922

#### Pursuant

#### to:

#### Franklin

#### Pennsylvania

#### Tax-

#### Free

#### Income

#### Fund

#### Franklin

#### Virginia

#### Tax-

#### Free

#### Income

#### Fund
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$22,965,141

$13,684,032

Section

163(j)

Interest

Dividends

Earned

§163(j)

$174,539

$108,215

Franklin

Tax-Free

Trust

franklintempleton.com

Annual

Report

#### 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

Funds'

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

FTFT-AFSOI

04/26©

2026

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) Code of Ethics attached hereto.](ftft-efp23708_ex99code.htm)

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-efp23708_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-efp23708_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**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer - Finance and Administration |

---

Date: April 30, 2026

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: | April 30, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

Date: April 30, 2026

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## 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: April 30, 2026 |
| /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: April 30, 2026 |
| /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 **February 28, 2026** (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 – Finance and Administration** | **Chief Financial Officer, Chief Accounting Officer and Treasurer** |
| Franklin Tax-Free Trust | Franklin Tax-Free Trust |

---

---

| | |
|:---|:---|
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: April 30, 2026 | Date: April 30, 2026 |

---

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.