NPORT-EX 2 FFTFIF.htm
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited),
January
31,
2021
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
1
a
a
Shares
a
Value
a
Management
Investment
Companies
0.0%
Capital
Markets
0.0%
†
a
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
...............................
83,000
$
2,285,405
Total
Management
Investment
Companies
(Cost
$2,255,733)
.....................
2,285,405
Principal
Amount
a
a
a
a
Municipal
Bonds
99.6%
Alabama
1.1%
Alabama
Incentives
Financing
Authority
,
Revenue
,
2012-A
,
Pre-Refunded
,
5
%
,
9/01/42
$
14,300,000
15,370,784
Alabama
Public
Health
Care
Authority
(The)
,
State
of
Alabama
Department
of
Public
Health
,
Revenue
,
2015
,
Refunding
,
5
%
,
9/01/44
...........................
17,085,000
19,783,405
Board
of
Water
&
Sewer
Commissioners
of
the
City
of
Mobile
,
Revenue
,
2014
,
Refunding
,
5
%
,
1/01/36
.............................................
11,300,000
12,177,897
Chilton
County
Health
Care
Authority
,
Revenue
,
2015
A
,
5
%
,
11/01/40
............
8,425,000
9,710,571
b
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
10,000,000
10,419,500
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Obligated
Group,
Revenue,
2020
B,
4%,
6/01/45
..........................
3,500,000
4,138,715
Obligated
Group,
Revenue,
2020
B,
AGMC
Insured,
3%,
6/01/50
..............
8,530,000
9,220,162
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
5
%
,
12/01/45
.....................................................
10,500,000
12,594,540
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
5,000,000
6,132,450
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue,
2013B,
Pre-Refunded,
5%,
1/01/43
.............................
8,000,000
8,747,680
Revenue,
2016
B,
Refunding,
5%,
1/01/43
...............................
10,000,000
12,127,000
120,422,704
Alaska
0.6%
Alaska
Industrial
Development
&
Export
Authority
,
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2011A
,
5
%
,
10/01/40
..........................
10,000,000
10,220,600
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2015,
Refunding,
5.25%,
10/01/36
.............................
16,045,000
18,605,942
Revenue,
2015,
Refunding,
5%,
10/01/39
................................
12,950,000
14,823,865
City
of
Anchorage
,
Electric
,
Revenue,
Senior
Lien
,
2014A
,
Pre-Refunded
,
5
%
,
12/01/41
8,875,000
10,466,199
State
of
Alaska
,
International
Airports
System
,
Revenue
,
2010C
,
5
%
,
10/01/33
.....
12,565,000
12,588,245
66,704,851
Arizona
2.5%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020A,
4%,
11/01/45
.......................................................
2,200,000
2,575,034
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020A,
4%,
11/01/50
.......................................................
2,500,000
2,914,050
Arizona
State
University
,
Revenue
,
2016
C
,
5
%
,
7/01/42
......................
9,000,000
10,778,310
c
Chandler
Industrial
Development
Authority
,
Intel
Corp.
,
Revenue
,
2019
,
Mandatory
Put
,
5
%
,
6/03/24
......................................................
15,000,000
17,223,750
City
of
Lake
Havasu
City
,
Wastewater
System
,
Revenue
,
2015B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...............................................
15,000,000
17,487,600
City
of
Mesa
,
Utility
System
,
Revenue
,
2012
,
4
%
,
7/01/36
.....................
19,000,000
19,830,490
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
4%,
7/01/40
...............
25,000,000
28,361,750
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/49
........................
16,000,000
19,525,600
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
4%,
7/01/45
..................................................
14,985,000
16,309,974
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/32
........................................................
6,000,000
8,553,480
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/34
........................................................
5,000,000
7,383,500
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
City
of
Phoenix
Civic
Improvement
Corp.,
(continued)
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/35
........................................................
$
9,860,000
$
14,814,255
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
........................................
10,000,000
11,243,500
Glendale
Municipal
Property
Corp.
,
Revenue
,
2012C
,
Refunding
,
5
%
,
7/01/38
......
15,500,000
16,695,050
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group,
Revenue,
2019
A,
4%,
1/01/44
...............
25,000,000
29,473,750
Banner
Health
Obligated
Group,
Revenue,
A,
4%,
1/01/41
...................
10,000,000
11,592,600
Christian
Care
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
1/01/36
......
5,000,000
5,695,450
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009A
,
Refunding
,
3.6
%
,
2/01/40
............................................
19,500,000
21,807,630
Pinal
County
Electric
District
No.
3
,
Revenue
,
2011
,
Pre-Refunded
,
5.25
%
,
7/01/36
..
10,000,000
10,214,700
University
of
Arizona
(The)
,
Revenue
,
2014
,
5
%
,
8/01/44
......................
10,000,000
11,209,500
283,689,973
Arkansas
0.5%
Arkansas
Development
Finance
Authority
,
Baptist
Health
Obligated
Group,
Revenue,
2019,
5%,
12/01/47
................
3,025,000
3,715,214
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/40
........................................................
1,100,000
1,374,571
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/44
........................................................
5,000,000
6,210,800
Bentonville
School
District
No.
6
,
GO
,
B
,
Refunding
,
4
%
,
6/01/47
................
27,935,000
31,021,538
University
of
Arkansas
,
Revenue,
2017,
5%,
11/01/47
........................................
6,500,000
7,922,655
Revenue,
2019A,
Refunding,
5%,
11/01/49
...............................
3,000,000
3,773,970
54,018,748
California
5.4%
California
Infrastructure
&
Economic
Development
Bank
,
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020B,
Refunding,
5%,
11/01/29
...........................................
3,000,000
3,998,790
State
of
California
Department
of
Transportation
Seismic
Surcharge,
Revenue,
First
Lien,
2003
A,
Pre-Refunded,
AMBAC
Insured,
5%,
7/01/33
.................
24,500,000
31,963,680
California
State
Public
Works
Board
,
Revenue,
2012
A,
AGMC
Insured,
5%,
4/01/28
............................
13,030,000
13,756,162
Revenue,
2012
A,
AGMC
Insured,
5%,
4/01/29
............................
21,000,000
22,167,810
Revenue,
2012
A,
5%,
4/01/30
........................................
18,000,000
18,992,340
Revenue,
2012
A,
5%,
4/01/33
........................................
12,475,000
13,159,753
Corona-Norco
Unified
School
District
,
GO,
C,
AGMC
Insured,
6.2%,
8/01/29
..................................
3,250,000
4,430,302
GO,
C,
Pre-Refunded,
AGMC
Insured,
6.8%,
8/01/39
.......................
8,500,000
11,886,145
GO,
C,
AGMC
Insured,
Zero
Cpn
.,
8/01/39
...............................
7,500,000
4,727,100
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
5.75%,
1/15/46
.....................................
25,000,000
28,340,500
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/49
............................
20,000,000
23,439,400
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
1/15/30
..............
15,475,000
18,285,879
Revenue,
2013
A,
Refunding,
Zero
Cpn
.,
1/15/42
..........................
20,000,000
23,977,400
Jefferson
Union
High
School
District
,
GO,
D,
Pre-Refunded,
Zero
Cpn
.,
8/01/35
...............................
10,500,000
3,350,970
GO,
D,
Pre-Refunded,
Zero
Cpn
.,
8/01/40
...............................
10,000,000
2,107,700
GO,
D,
Pre-Refunded,
Zero
Cpn
.,
8/01/41
...............................
13,590,000
2,634,014
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2013
B
,
5
%
,
7/01/31
.........................................................
$
20,000,000
$
22,270,800
M-S-R
Energy
Authority
,
Revenue
,
2009B
,
6.5
%
,
11/01/39
.....................
12,500,000
20,930,750
New
Haven
Unified
School
District
,
GO,
2009,
AGMC
Insured,
Zero
Cpn
.,
8/01/31
............................
2,055,000
1,738,633
GO,
2009,
AGMC
Insured,
Zero
Cpn
.,
8/01/32
............................
7,830,000
6,446,126
GO,
2009,
AGMC
Insured,
Zero
Cpn
.,
8/01/33
............................
7,660,000
6,129,302
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/24
....................................
2,135,000
2,304,924
COP,
2020,
Refunding,
4%,
9/15/25
....................................
2,120,000
2,331,449
COP,
2020,
Refunding,
4%,
9/15/27
....................................
2,400,000
2,687,976
COP,
2020,
Refunding,
4%,
9/15/28
....................................
2,095,000
2,361,903
Rialto
Unified
School
District
,
GO
,
2011A
,
AGMC
Insured
,
Zero
Cpn
.,
8/01/36
......
20,000,000
13,569,800
San
Francisco
City
&
County
Airport
Comm
-San
Francisco
International
Airport
,
Revenue,
2019
A,
Refunding,
5%,
5/01/49
...............................
38,000,000
47,073,640
Revenue,
Second
Series,
2019E,
5%,
5/01/50
............................
1,500,000
1,855,755
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn
.,
1/01/23
......................
7,000,000
6,974,590
Revenue,
Senior
Lien,
2014A,
Refunding,
5%,
1/15/34
......................
50,000,000
56,557,000
San
Jose
Unified
School
District
,
GO
,
2018
E
,
4
%
,
8/01/42
....................
10,600,000
12,434,860
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn
.,
8/01/42
...............
50,000,000
57,157,500
San
Mateo
Union
High
School
District
,
GO,
2011A,
Zero
Cpn
.,
9/01/33
.......................................
6,065,000
6,286,494
GO,
2011A,
Zero
Cpn
.,
9/01/41
.......................................
20,000,000
23,702,000
Santa
Ana
Unified
School
District
,
GO,
2009B,
AGMC
Insured,
Zero
Cpn
.,
8/01/35
...........................
10,000,000
7,558,400
GO,
2009B,
AGMC
Insured,
Zero
Cpn
.,
8/01/36
...........................
18,865,000
13,846,155
GO,
2009B,
AGMC
Insured,
Zero
Cpn
.,
8/01/37
...........................
10,000,000
7,123,000
Santa
Monica-Malibu
Unified
School
District
,
GO
,
A
,
4
%
,
8/01/44
...............
9,360,000
10,979,842
State
of
California
,
GO,
5.9%,
4/01/23
.................................................
900,000
908,577
GO,
2002,
NATL
Insured,
5%,
10/01/32
.................................
20,000
20,078
West
Contra
Costa
Unified
School
District
,
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/29
....................
10,000,000
8,964,900
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/30
....................
20,845,000
18,213,319
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/31
....................
20,000,000
17,062,600
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/32
....................
10,730,000
8,914,591
613,622,909
Colorado
3.1%
City
&
County
of
Denver
,
Revenue,
2018
A-1,
5%,
8/01/48
......................................
39,690,000
46,870,715
Revenue,
2018A-2,
Zero
Cpn
.,
8/01/35
.................................
2,000,000
1,291,020
Revenue,
2018A-2,
Zero
Cpn
.,
8/01/36
.................................
2,500,000
1,539,050
Revenue,
2018A-2,
Zero
Cpn
.,
8/01/37
.................................
2,455,000
1,441,502
Revenue,
2018A-2,
Zero
Cpn
.,
8/01/38
.................................
2,000,000
1,121,820
Airport
System,
Revenue,
1992-C,
NATL
Insured,
ETM,
6.125%,
11/15/25
.......
3,590,000
4,415,557
Airport
System,
Revenue,
1992-C,
NATL
Insured,
6.125%,
11/15/25
............
4,410,000
4,600,512
Airport
System,
Revenue,
2013B,
5.25%,
11/15/33
.........................
16,405,000
18,453,000
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/38
..................
12,000,000
14,836,800
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/43
..................
11,000,000
13,420,660
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/48
..................
10,000,000
12,111,600
Airport
System,
Revenue,
2018
A,
Refunding,
5.25%,
12/01/48
...............
26,000,000
32,063,720
Colorado
Health
Facilities
Authority
,
Adventist
Health
System/Sunbelt
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
11/15/41
.......................................................
30,505,000
36,010,237
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Colorado
Health
Facilities
Authority,
(continued)
Adventist
Health
System/Sunbelt
Obligated
Group,
Revenue,
2018A,
5%,
11/15/48
$
12,000,000
$
14,588,520
Adventist
Health
System/Sunbelt
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
11/15/43
.......................................................
30,000,000
35,171,100
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016A,
5%,
12/01/41
....
5,000,000
5,883,850
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016A,
5%,
12/01/44
....
10,200,000
11,944,914
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
17,700,000
21,906,582
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020A,
Refunding,
4%,
12/01/50
...........................................
4,930,000
5,528,897
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020A,
4%,
9/01/45
....
1,000,000
1,147,610
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020A,
4%,
9/01/50
....
3,000,000
3,431,310
Sisters
of
Charity
of
Leavenworth
Health
System,
Inc.
Obligated
Group,
Revenue,
2019B,
Refunding,
4%,
1/01/40
......................................
10,000,000
12,036,800
Eagle
River
Water
and
Sanitation
District
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
12/01/45
........................................................
1,250,000
1,491,300
Park
Creek
Metropolitan
District
,
Revenue,
Senior
Lien
,
2018A
,
5
%
,
12/01/46
......
2,875,000
3,476,277
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
20,000,000
32,032,600
Regional
Transportation
District
,
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/39
........
1,000,000
1,278,240
Sales
Tax,
Revenue,
2012A,
5%,
11/01/32
...............................
10,000,000
10,766,600
348,860,793
Connecticut
0.2%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/37
..........
3,000,000
3,532,080
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/39
..........
5,750,000
6,734,687
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/40
..........
2,250,000
2,629,193
State
of
Connecticut
,
Special
Tax,
2020
A,
4%,
5/01/39
......................................
1,650,000
1,967,559
Special
Tax,
2020
A,
5%,
5/01/40
......................................
2,000,000
2,592,960
17,456,479
Delaware
0.0%
†
County
of
Kent
,
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/40
...........................
1,100,000
1,144,253
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/48
...........................
1,485,000
1,531,317
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/53
...........................
1,100,000
1,131,009
3,806,579
Florida
6.3%
Broward
County
Housing
Finance
Authority
,
Heron
Pointe
Ltd.,
Revenue,
1997
A,
5.65%,
11/01/22
......................
165,000
165,657
Heron
Pointe
Ltd.,
Revenue,
1997
A,
5.7%,
11/01/29
.......................
225,000
226,003
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/31
......
1,500,000
1,791,675
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/32
......
1,100,000
1,307,713
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien,
2018,
5%,
7/01/48
................................
16,000,000
19,691,040
Revenue,
Senior
Lien,
2019
B,
5%,
7/01/49
..............................
17,000,000
21,386,850
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
.......................................
9,235,000
10,367,950
City
of
Cape
Coral
,
Water
&
Sewer,
Revenue,
2011A,
Pre-Refunded,
AGMC
Insured,
5%,
10/01/42
...
21,510,000
22,215,098
Water
&
Sewer,
Revenue,
2017,
Refunding,
5%,
10/01/39
...................
10,000,000
12,463,800
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
City
of
Cocoa
,
Water
&
Sewer
,
Revenue
,
2018
B
,
5
%
,
10/01/48
.................
$
10,325,000
$
12,887,665
City
of
Deltona
,
Utility
System
,
Revenue
,
2013
,
Refunding
,
AGMC
Insured
,
5.125
%
,
10/01/39
........................................................
5,000,000
5,607,850
City
of
Gainesville
,
Utilities
System,
Revenue,
2017
A,
5%,
10/01/36
..........................
7,150,000
8,950,728
Utilities
System,
Revenue,
2019
A,
5%,
10/01/47
..........................
31,640,000
40,552,355
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
11/01/50
.....................................................
15,000,000
18,484,800
City
of
Miami
Beach
,
GO,
2019,
Refunding,
4%,
5/01/44
.....................................
15,000,000
17,693,850
Revenue,
2015A,
5%,
9/01/40
........................................
11,000,000
12,955,030
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
........................................
3,780,000
4,116,458
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/42
...................
15,000,000
18,348,750
City
of
St.
Petersburg
,
Public
Utility
,
Revenue
,
2018
,
Refunding
,
4
%
,
10/01/43
......
15,000,000
17,586,600
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/45
..................................................
2,000,000
2,328,180
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
5%,
7/01/50
..................................................
3,000,000
3,770,310
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/35
............
755,000
520,029
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/36
............
800,000
527,280
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/37
............
800,000
503,880
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/38
............
1,050,000
630,178
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/39
............
1,000,000
573,020
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/49
............
5,150,000
1,868,729
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
15,000,000
17,114,400
County
of
Miami-Dade
,
Revenue,
2012B,
Pre-Refunded,
5%,
10/01/31
............................
5,000,000
5,407,200
Revenue,
2012B,
Pre-Refunded,
5%,
10/01/32
............................
4,500,000
4,866,480
Revenue,
2012B,
Pre-Refunded,
5%,
10/01/35
............................
3,250,000
3,514,680
Aviation,
Revenue,
2019A,
5%,
10/01/49
................................
22,500,000
27,863,550
Transit
System,
Revenue,
2015,
Refunding,
5%,
7/01/35
....................
7,000,000
8,250,200
Water
&
Sewer
System,
Revenue,
2013A,
Pre-Refunded,
5%,
10/01/42
.........
20,000,000
21,628,800
Water
&
Sewer
System,
Revenue,
2019
B,
4%,
10/01/44
....................
27,500,000
33,045,375
County
of
Osceola
,
Transportation,
Revenue,
2019
A-1,
Refunding,
5%,
10/01/44
.................
2,000,000
2,457,140
Transportation,
Revenue,
2019
A-1,
Refunding,
5%,
10/01/49
.................
2,500,000
3,051,825
County
of
Pinellas
,
Sewer
,
Revenue
,
2003
,
AGMC
Insured
,
5
%
,
10/01/32
.........
610,000
612,410
County
of
Seminole
,
Water
&
Sewer
,
Revenue
,
2019
,
Refunding
,
4
%
,
10/01/40
.....
8,500,000
10,104,970
Escambia
County
Health
Facilities
Authority
,
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/34
........................................................
2,650,000
3,419,692
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/45
........................................................
18,985,000
21,964,506
Florida
Municipal
Loan
Council
,
Revenue
,
2011D
,
AGMC
Insured
,
5.5
%
,
10/01/41
...
4,750,000
4,902,333
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
4
%
,
10/01/49
..............
10,000,000
11,531,500
Hillsborough
County
Aviation
Authority
,
Revenue,
2015-B,
5%,
10/01/44
.......................................
10,000,000
11,434,100
Revenue,
2018
A,
5%,
10/01/48
.......................................
20,000,000
23,972,400
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2020A
,
4
%
,
8/01/55
.......................
$
3,500,000
$
4,015,060
Hillsborough
County
School
Board
,
COP
,
2012A
,
Pre-Refunded
,
5
%
,
7/01/28
......
520,000
555,989
Hollywood
Beach
Community
Development
District
I
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
10/01/45
............................................
4,000,000
4,628,040
JEA
Electric
System
,
Revenue,
2020
A,
Refunding,
4%,
10/01/35
..............................
5,000,000
6,053,250
Revenue,
2020A-3,
Refunding,
4%,
10/01/38
.............................
9,080,000
10,888,282
Revenue,
2020A-3,
Refunding,
4%,
10/01/39
.............................
9,300,000
11,126,520
Lee
Memorial
Health
System
,
Lee
Memorial
Health
System
Obligated
Group
,
Revenue
,
2019A-1
,
Refunding
,
5
%
,
4/01/44
......................................
4,220,000
5,213,093
Martin
County
Health
Facilities
Authority
,
Martin
Memorial
Medical
Center
Obligated
Group
,
Revenue
,
2012
,
Pre-Refunded
,
AGMC
Insured
,
5.5
%
,
11/15/42
..........
3,800,000
3,960,284
Miami
Beach
Redevelopment
Agency
,
Tax
Allocation
,
2015A
2015B
,
Refunding
,
AGMC
Insured
,
5
%
,
2/01/44
...............................................
12,000,000
13,470,360
Miami-Dade
County
Expressway
Authority
,
Revenue,
2013
A,
Refunding,
5%,
7/01/29
...............................
10,000,000
10,621,800
Revenue,
2013
A,
Refunding,
5%,
7/01/32
...............................
6,375,000
6,769,549
Revenue,
A,
5%,
7/01/40
............................................
30,265,000
30,351,860
North
Sumter
County
Utility
Dependent
District
,
Revenue,
Senior
Lien,
2019,
5%,
10/01/49
...............................
3,635,000
4,580,609
Revenue,
Senior
Lien,
2019,
5%,
10/01/54
...............................
7,000,000
8,781,570
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
10/01/39
.....
6,000,000
7,150,980
Orlando
Health
Obligated
Group,
Revenue,
2019
A,
5%,
10/01/47
.............
5,000,000
6,163,550
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/47
............................................
14,000,000
15,299,340
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020B
,
5
%
,
11/15/42
.......................
500,000
607,475
School
Board
of
Miami-Dade
County
(The)
,
COP
,
2013A
,
5
%
,
5/01/31
............
10,000,000
10,979,800
South
Broward
Hospital
District
,
South
Broward
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/01/45
.........................................
20,715,000
25,202,283
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
3,750,000
4,061,475
State
of
Florida
,
GO
,
1999
D
,
Refunding
,
6
%
,
6/01/23
........................
17,500,000
19,904,850
Tampa-Hillsborough
County
Expressway
Authority
,
Revenue
,
2017
,
5
%
,
7/01/47
....
10,000,000
12,020,000
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/46
..........
5,000,000
6,125,350
Town
of
Davie
,
Water
&
Sewer
,
Revenue
,
2011
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
10/01/32
........................................................
8,575,000
8,856,088
710,050,496
Georgia
3.0%
Atlanta
Development
Authority
(The)
,
Revenue,
2015A-1,
5.25%,
7/01/44
....................................
3,000,000
3,391,230
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/24
..
6,385,000
7,043,038
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/25
..
6,955,000
7,901,993
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/26
..
5,000,000
5,841,000
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/27
..
5,000,000
5,970,250
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
15,040,000
17,746,448
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
15,800,000
18,594,230
Water
&
Wastewater,
Revenue,
2015,
Refunding,
5%,
11/01/40
...............
29,500,000
34,860,445
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
4%,
11/01/38
..............
13,550,000
16,193,470
Water
&
Wastewater,
Revenue,
2018A,
Refunding,
5%,
11/01/40
..............
4,655,000
5,872,189
Water
&
Wastewater,
Revenue,
2018A,
Refunding,
5%,
11/01/41
..............
4,845,000
6,095,737
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Clarke
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...............................
$
10,835,000
$
12,791,476
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group,
Revenue,
2020B,
Refunding,
5%,
4/01/37
625,000
813,181
WellStar
Health
System
Obligated
Group,
Revenue,
2020B,
Refunding,
4%,
4/01/39
325,000
386,188
WellStar
Health
System
Obligated
Group,
Revenue,
2020B,
Refunding,
4%,
4/01/41
475,000
561,507
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019A
,
Refunding
,
5
%
,
7/01/44
...............................
10,000,000
12,659,500
Development
Authority
for
Fulton
County
,
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
........................................................
11,005,000
12,992,173
WellStar
Health
System
Obligated
Group,
Revenue,
2017,
5%,
4/01/47
.........
5,000,000
5,976,350
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/50
........
3,500,000
4,070,710
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.,
Revenue,
2017,
Refunding,
4.125%,
11/01/45
.........
18,500,000
21,054,665
Oglethorpe
Power
Corp.,
Revenue,
2017C,
Refunding,
4.125%,
11/01/45
........
2,500,000
2,845,225
Fayette
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2014A
,
Refunding
,
5
%
,
7/01/39
...............................
11,420,000
12,878,562
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
5,000,000
5,375,550
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017A
,
Refunding
,
5
%
,
2/15/45
..................
13,040,000
15,471,308
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2020
A
,
Refunding
,
3.05
%
,
12/01/40
2,250,000
2,434,410
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
2,250,000
2,647,845
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007A,
5.5%,
9/15/28
.......................................
5,000,000
6,596,700
Revenue,
2019
A,
5%,
5/15/49
........................................
11,500,000
17,886,295
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
Refunding,
5%,
1/01/44
...............................
4,580,000
5,657,399
Revenue,
2019
B,
5%,
1/01/59
........................................
4,000,000
4,809,080
Private
Colleges
&
Universities
Authority
,
Emory
University,
Revenue,
2013A,
5%,
10/01/43
.........................
10,000,000
11,045,100
Emory
University,
Revenue,
2019B,
Refunding,
5%,
9/01/48
..................
6,005,000
7,696,368
Emory
University,
Revenue,
2020
B,
Refunding,
4%,
9/01/39
.................
2,100,000
2,584,449
Emory
University,
Revenue,
2020
B,
Refunding,
4%,
9/01/40
.................
2,000,000
2,454,900
Emory
University,
Revenue,
2020
B,
Refunding,
4%,
9/01/41
.................
2,250,000
2,752,088
Savannah
Economic
Development
Authority
,
SSU
Community
Development
I
LLC
,
Revenue
,
2010
,
AGMC
Insured
,
5.75
%
,
6/15/41
...........................
10,000,000
10,036,900
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019A
,
Refunding
,
4
%
,
7/01/43
...............................
15,000,000
17,097,450
State
of
Georgia
,
GO
,
2017
A
,
4
%
,
2/01/36
................................
10,000,000
11,765,800
342,851,209
Hawaii
1.0%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
7/01/47
.........................................................
25,000,000
31,011,250
State
of
Hawaii
,
Airports
System,
Revenue,
2018
A,
5%,
7/01/43
...........................
15,000,000
18,326,100
Airports
System,
Revenue,
2018
A,
5%,
7/01/48
...........................
15,450,000
18,738,069
Airports
System,
Revenue,
2020
A,
4%,
7/01/45
...........................
8,125,000
9,360,650
Airports
System,
Revenue,
2020D,
Refunding,
4%,
7/01/39
..................
10,000,000
12,000,500
State
of
Hawaii
Department
of
Budget
&
Finance
,
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
Refunding,
3.2%,
7/01/39
..........
10,000,000
10,972,000
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
3.5%,
10/01/49
..................
17,035,000
17,871,078
118,279,647
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Idaho
0.1%
Idaho
Health
Facilities
Authority
,
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/36
........................................................
$
4,200,000
$
5,226,900
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/37
........................................................
3,500,000
4,340,105
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
ID,
4%,
12/01/43
.........
6,000,000
7,000,500
16,567,505
Illinois
5.1%
Chicago
Midway
International
Airport
,
Revenue,
1998
C,
Refunding,
AGMC,
NATL
RE
Insured,
5.5%,
1/01/24
.........
9,970,000
10,926,123
Revenue,
Second
Lien,
2016B,
Refunding,
5%,
1/01/46
.....................
18,420,000
21,250,786
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2016D,
5.25%,
1/01/42
............................
10,000,000
12,147,700
Revenue,
Senior
Lien,
2016D,
5%,
1/01/47
..............................
18,000,000
21,494,160
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/37
.....................
4,000,000
4,822,120
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/38
.....................
3,000,000
3,606,330
Revenue,
Senior
Lien,
2020
E,
Refunding,
4%,
1/01/37
.....................
6,015,000
7,251,263
Chicago
Park
District
,
GO,
2020
D,
BAM
Insured,
4%,
1/01/37
.................................
1,000,000
1,180,860
GO,
2020
D,
BAM
Insured,
4%,
1/01/38
.................................
1,000,000
1,177,520
GO,
2020
D,
BAM
Insured,
4%,
1/01/39
.................................
1,000,000
1,174,280
GO,
2020
F-2,
Refunding,
4%,
1/01/36
..................................
1,250,000
1,419,400
GO,
2020
F-2,
Refunding,
5%,
1/01/37
..................................
2,000,000
2,490,360
GO,
2020
F-2,
Refunding,
5%,
1/01/39
..................................
1,625,000
2,012,465
GO,
2020
F-2,
Refunding,
5%,
1/01/40
..................................
1,625,000
2,008,451
GO,
2020C,
BAM
Insured,
4%,
1/01/41
.................................
1,400,000
1,636,152
GO,
2020C,
BAM
Insured,
4%,
1/01/42
.................................
4,300,000
5,007,522
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
,
Revenue,
2011,
Pre-Refunded,
5.25%,
12/01/40
..........................
10,000,000
10,428,300
Revenue,
Second
Lien,
2020
A,
Refunding,
4%,
12/01/50
....................
9,000,000
10,393,200
City
of
Chicago
,
GO
,
1998
,
NATL
Insured
,
ETM,
5.75
%
,
1/01/23
................
8,955,000
9,577,999
County
of
Cook
,
GO,
2021
A,
Refunding,
5%,
11/15/31
..................................
3,650,000
4,911,878
GO,
2021
A,
Refunding,
5%,
11/15/32
..................................
2,400,000
3,210,744
GO,
2021
A,
Refunding,
5%,
11/15/33
..................................
2,350,000
3,124,442
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The),
Revenue,
2016
A,
Refunding,
5%,
2/15/45
20,000,000
23,613,800
CHF-
Dekalb
II
LLC,
Revenue,
2011,
6.875%,
10/01/43
......................
15,000,000
15,279,600
CHF-Normal
LLC,
Revenue,
2011,
Pre-Refunded,
7%,
4/01/43
................
7,500,000
7,583,250
Mercy
Health
Corp.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
12/01/46
...
30,000,000
34,234,200
OSF
Healthcare
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
5/15/50
7,630,000
8,780,680
Macon
County
School
District
No.
61
Decatur
,
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/40
.......................
3,700,000
4,175,672
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/45
.......................
3,125,000
3,488,781
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
1996,
ETM,
7%,
7/01/26
.....................................
8,780,000
10,478,579
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn
.,
12/15/32
......................
3,490,000
2,645,839
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn
.,
12/15/33
......................
24,000,000
17,585,280
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn
.,
12/15/34
......................
1,655,000
1,173,577
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn
.,
6/15/38
.......................
2,325,000
1,452,032
Revenue,
2002
A,
AGMC,
NATL
Insured,
Zero
Cpn
.,
12/15/40
................
6,000,000
3,598,740
Revenue,
NATL
RE
Insured,
ETM,
5.65%,
6/15/22
.........................
5,500,000
5,901,830
Revenue,
2002
B,
NATL
RE
Insured,
5.65%,
6/15/22
.......................
24,500,000
25,599,560
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Railsplitter
Tobacco
Settlement
Authority
,
Revenue
,
2010
,
Pre-Refunded
,
6
%
,
6/01/28
$
14,530,000
$
14,815,224
Southwestern
Illinois
Development
Authority
,
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
Revenue,
2007,
AGMC
Insured,
Zero
Cpn
.,
12/01/24
..................................
3,850,000
3,707,242
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
Revenue,
2007,
AGMC
Insured,
Zero
Cpn
.,
12/01/26
..................................
7,700,000
7,150,913
St.
Clair
County
School
District
No.
189
East
St.
Louis
,
GO
,
2008
,
Refunding
,
AMBAC
Insured
,
5.125
%
,
1/01/28
............................................
7,135,000
7,146,773
State
of
Illinois
,
GO,
2010,
Refunding,
AGMC
Insured,
5%,
1/01/23
.........................
10,000,000
10,166,500
GO,
2012,
AGMC
Insured,
5%,
3/01/27
.................................
11,500,000
11,960,805
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
4,215,000
4,955,744
GO,
2016,
5%,
11/01/35
.............................................
1,000,000
1,147,430
GO,
2017
A,
4.25%,
12/01/40
.........................................
3,150,000
3,486,200
GO,
2017C,
5%,
11/01/29
...........................................
17,470,000
20,729,553
GO,
2017D,
3.25%,
11/01/26
.........................................
1,750,000
1,877,890
GO,
2017D,
5%,
11/01/26
...........................................
8,800,000
10,383,384
GO,
2017D,
5%,
11/01/27
...........................................
10,970,000
13,179,907
GO,
2017D,
5%,
11/01/28
...........................................
5,155,000
6,156,101
GO,
2018
A,
Refunding,
5%,
10/01/33
..................................
14,245,000
17,076,336
GO,
2019
B,
4%,
11/01/34
...........................................
2,600,000
2,952,716
GO,
2019
C,
4%,
11/01/40
...........................................
2,500,000
2,785,700
GO,
2019
C,
4%,
11/01/43
...........................................
4,190,000
4,628,064
GO,
2020,
5.5%,
5/01/30
............................................
3,700,000
4,806,374
GO,
2020,
5.5%,
5/01/39
............................................
16,915,000
21,261,478
GO,
2020,
5.75%,
5/01/45
...........................................
7,965,000
10,047,370
GO,
2020
B,
5%,
10/01/28
...........................................
10,000,000
12,378,800
GO,
2020
C,
4%,
10/01/37
...........................................
2,980,000
3,379,886
GO,
2020
C,
4%,
10/01/38
...........................................
9,750,000
11,025,885
GO,
2020
C,
4%,
10/01/39
...........................................
4,585,000
5,172,659
University
of
Illinois
,
Auxiliary
Facilities
System,
Revenue,
2011A,
5.125%,
4/01/36
................
2,950,000
2,969,883
Auxiliary
Facilities
System,
Revenue,
2011A,
5.25%,
4/01/41
.................
5,000,000
5,034,250
b,d
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2020A,
Refunding,
4%,
12/01/40
...........................................
7,565,000
7,776,064
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2020A,
Refunding,
4.5%,
12/01/50
.........................................
34,795,000
35,754,298
Village
of
Bolingbrook
,
GO
,
2013A
,
Pre-Refunded
,
Zero
Cpn
.,
1/01/36
............
19,000,000
9,823,570
580,580,474
Indiana
3.0%
City
of
Indianapolis
,
Department
of
Public
Utilities
Water
System
,
Revenue,
First
Lien
,
2016
B
,
Refunding
,
5
%
,
10/01/37
......................................
15,000,000
18,525,600
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
3,000,000
3,622,170
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group,
Revenue,
2016
A,
5.25%,
11/15/46
.........
11,955,000
13,502,216
BHI
Senior
Living
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/53
............
15,000,000
16,840,200
Citizens
Wastewater
of
Westfield
LLC,
Revenue,
2019
A,
Refunding,
5%,
10/01/48
16,665,000
20,967,236
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2011A,
5.25%,
10/01/38
.............
12,000,000
12,387,000
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2012A,
5%,
10/01/37
................
5,000,000
5,349,550
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2012A,
4%,
10/01/42
................
24,690,000
25,743,029
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2014A,
5%,
10/01/39
................
30,000,000
34,471,500
Deaconess
Health
System
Obligated
Group,
Revenue,
2015A,
Refunding,
5%,
3/01/39
........................................................
5,000,000
5,659,700
Marian
University,
Inc.,
Revenue,
2011,
Pre-Refunded,
6.375%,
9/15/41
.........
12,500,000
12,984,750
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
(continued)
Indiana
Finance
Authority,
(continued)
Marion
County
Capital
Improvement
Board,
Revenue,
2015A,
Refunding,
5.25%,
2/01/37
........................................................
$
10,000,000
$
11,744,500
WVB
East
End
Partners
LLC,
Revenue,
2013A,
5.25%,
1/01/51
...............
20,000,000
21,522,000
Indiana
Municipal
Power
Agency
,
Revenue,
2016
A,
Refunding,
4%,
1/01/42
...............................
5,860,000
6,529,388
Revenue,
2016
A,
Refunding,
5%,
1/01/42
...............................
21,290,000
25,238,869
Indiana
University
,
Revenue
,
2020A
,
Refunding
,
4
%
,
6/01/45
..................
8,525,000
10,283,281
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue,
2017,
Refunding,
5%,
1/01/40
.................................
23,225,000
28,638,515
Revenue,
2019A,
4%,
2/01/44
........................................
6,050,000
7,241,185
Revenue,
2019A,
5%,
2/01/49
........................................
41,970,000
52,899,827
Northern
Indiana
Commuter
Transportation
District
,
Revenue
,
2016
,
5
%
,
7/01/41
...
6,000,000
7,011,840
341,162,356
Iowa
0.3%
Iowa
Finance
Authority
,
Iowa
Health
System
Obligated
Group,
Revenue,
2018B,
Refunding,
5%,
2/15/48
..
7,500,000
9,218,175
State
Revolving
Fund,
Revenue,
2017,
Refunding,
5%,
8/01/42
...............
16,000,000
19,969,920
29,188,095
Kansas
0.7%
Butler
County
Unified
School
District
No.
490
El
Dorado
,
GO
,
2016
B
,
BAM
Insured
,
4
%
,
9/01/43
......................................................
10,000,000
11,432,800
University
of
Kansas
Hospital
Authority
,
University
of
Kansas
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/47
.........................
23,115,000
27,749,557
Wyandotte
County-Kansas
City
Unified
Government
,
Utility
System,
Revenue,
2014A,
Refunding,
5%,
9/01/44
....................
3,000,000
3,379,800
Utility
System,
Revenue,
2016-A,
5%,
9/01/45
............................
10,000,000
11,569,400
Utility
System,
Revenue,
2016-C,
Refunding,
5%,
9/01/41
...................
5,000,000
5,921,200
Utility
System,
Revenue,
2016-C,
Refunding,
5%,
9/01/46
...................
16,565,000
19,447,807
79,500,564
Kentucky
0.2%
Kentucky
Municipal
Power
Agency
,
Revenue,
2015A,
Refunding,
NATL
Insured,
5%,
9/01/42
....................
10,000,000
11,403,700
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/34
....................
5,000,000
5,976,300
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/35
....................
7,750,000
9,245,363
26,625,363
Louisiana
3.1%
City
of
Shreveport
,
Water
&
Sewer,
Revenue,
2016
B,
5%,
12/01/41
..........................
10,000,000
11,858,700
Water
&
Sewer,
Revenue,
Junior
Lien,
2019
B,
AGMC
Insured,
4%,
12/01/44
.....
6,535,000
7,552,042
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
20,000,000
23,652,000
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/42
.......
20,000,000
23,446,200
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/30
........................................................
5,000,000
5,894,050
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
East
Baton
Rouge
Sewerage
Commission,
Revenue,
Sub.
Lien,
2014-A,
Pre-
Refunded,
5%,
2/01/44
............................................
5,820,000
6,652,493
Louisiana
Community
&
Technical
College
System,
Revenue,
2014,
5%,
10/01/39
.
10,000,000
11,152,600
b
Parish
of
St.
Tammany
LA
GOMESA,
Revenue,
144A,
2020,
3.875%,
11/01/45
....
3,600,000
3,715,920
Louisiana
Public
Facilities
Authority
,
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/47
..............................................
35,000,000
41,276,550
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Louisiana
Children's
Medical
Center
Obligated
Group,
Revenue,
2020
A,
4%,
6/01/50
$
5,990,000
$
6,959,002
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/51
..............................................
15,000,000
17,157,000
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/56
..............................................
11,295,000
12,888,273
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2002B,
ETM,
5.75%,
5/15/23
10,000,000
11,245,600
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2011,
Pre-Refunded,
6.75%,
5/15/41
........................................................
15,500,000
15,794,810
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
5/15/47
7,500,000
8,517,000
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/42
20,000,000
23,941,600
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
5/15/47
..............................................
9,925,000
10,481,296
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
5/15/49
........................................................
10,000,000
11,646,900
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.375%,
1/01/40
2,500,000
2,837,775
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
14,000,000
15,796,060
Tulane
University,
Revenue,
2020
A,
Refunding,
4%,
4/01/40
.................
3,750,000
4,446,300
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/45
.................
3,500,000
4,453,645
Tulane
University,
Revenue,
2020
A,
Refunding,
4%,
4/01/50
.................
4,000,000
4,641,360
Louisiana
Stadium
&
Exposition
District
,
Revenue
,
2020
,
5
%
,
7/03/23
............
5,700,000
6,189,345
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017B
,
5
%
,
1/01/48
........................................
4,000,000
4,680,800
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
Revenue
,
2019
,
4
%
,
8/01/44
.........................................................
6,000,000
7,107,780
c
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
7,500,000
7,867,950
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2020
E,
5%,
4/01/44
........................................
8,110,000
10,124,524
Revenue,
2020
E,
5%,
4/01/47
........................................
10,000,000
12,439,500
Terrebonne
Levee
&
Conservation
District
,
Revenue,
2020
B,
Refunding,
4%,
6/01/40
...............................
5,065,000
5,858,078
Revenue,
2020
B,
Refunding,
4%,
6/01/41
...............................
5,165,000
5,959,480
346,234,633
Maine
0.5%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineGeneral
Health
Obligated
Group,
Revenue,
2011,
Pre-Refunded,
6.75%,
7/01/36
........................................................
4,250,000
4,365,812
MaineGeneral
Health
Obligated
Group,
Revenue,
2011,
Pre-Refunded,
7%,
7/01/41
10,000,000
10,282,000
MaineHealth
Obligated
Group,
Revenue,
2018A,
5%,
7/01/43
.................
3,000,000
3,662,880
MaineHealth
Obligated
Group,
Revenue,
2020A,
4%,
7/01/50
.................
14,215,000
16,452,299
Maine
Turnpike
Authority
,
Revenue
,
2018
,
5
%
,
7/01/47
.......................
15,500,000
19,005,015
53,768,006
Maryland
1.0%
City
of
Baltimore
,
Wastewater
Utility
Fund,
Revenue,
2013C,
Pre-Refunded,
5%,
7/01/38
.........
5,000,000
5,704,800
Wastewater
Utility
Fund,
Revenue,
2013C,
Pre-Refunded,
5%,
7/01/43
.........
10,000,000
11,409,600
Wastewater
Utility
Fund,
Revenue,
2014C,
5%,
7/01/39
.....................
10,000,000
11,534,800
Wastewater
Utility
Fund,
Revenue,
2014C,
5%,
7/01/44
.....................
10,000,000
11,457,800
Water
Utility
Fund,
Revenue,
2014A,
5%,
7/01/39
..........................
9,430,000
10,838,087
Water
Utility
Fund,
Revenue,
2014A,
5%,
7/01/44
..........................
5,500,000
6,279,075
Maryland
Community
Development
Administration
,
Residential
,
Revenue
,
2018
A
,
Refunding
,
3.85
%
,
9/01/33
...........................................
5,150,000
5,640,177
Maryland
Economic
Development
Corp.
,
Morgan
State
University,
Revenue,
2020,
4.25%,
7/01/50
....................
1,000,000
1,122,760
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maryland
(continued)
Maryland
Economic
Development
Corp.,
(continued)
Morgan
State
University,
Revenue,
2020,
5%,
7/01/56
......................
$
1,415,000
$
1,694,321
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group,
Revenue,
2016
A,
5.5%,
1/01/46
.........
12,500,000
14,994,500
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/45
..
1,945,000
2,251,532
LifeBridge
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.....
3,000,000
3,375,330
MedStar
Health
Obligated
Group,
Revenue,
2017
A,
5%,
5/15/42
..............
7,500,000
9,057,675
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
1991
B,
NATL
Insured,
ETM,
7%,
7/01/22
.........................................
90,000
97,183
Maryland
State
Transportation
Authority
,
Revenue
,
2020
,
4
%
,
7/01/45
............
13,205,000
16,038,529
111,496,169
Massachusetts
3.3%
Commonwealth
of
Massachusetts
,
GO,
2016G,
4%,
9/01/42
............................................
20,000,000
22,997,800
GO,
2017B,
5%,
4/01/47
............................................
12,335,000
15,365,463
GO,
2018A,
5%,
1/01/41
............................................
15,000,000
19,031,850
GO,
2018A,
5%,
1/01/46
............................................
10,000,000
12,548,300
GO,
2019
A,
5.25%,
1/01/44
..........................................
10,000,000
12,876,600
Transportation
Fund,
Revenue,
2012A,
4%,
6/01/35
........................
10,000,000
10,107,600
Transportation
Fund,
Revenue,
2017A,
5%,
6/01/47
........................
25,055,000
30,877,030
Transportation
Fund,
Revenue,
2018
A,
5%,
6/01/48
.......................
15,000,000
18,801,300
Massachusetts
Bay
Transportation
Authority
,
Revenue
,
2005
A
,
5
%
,
7/01/28
.......
10,000,000
13,215,400
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
1999A,
5.75%,
8/01/29
......................................
450,000
451,971
Revenue,
2002A,
5%,
8/01/32
........................................
225,000
225,799
Massachusetts
Development
Finance
Agency
,
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2018
J-2,
5%,
7/01/53
......
5,000,000
5,919,150
Dana-Farber
Cancer
Institute
Obligated
Group,
Revenue,
2016N,
5%,
12/01/41
...
10,135,000
12,244,398
Mass
General
Brigham,
Inc.,
Revenue,
2016Q,
Refunding,
5%,
7/01/47
.........
15,000,000
18,122,400
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
4%,
7/01/41
.......
15,415,000
17,768,562
d
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/33
........................................................
600,000
809,382
d
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/34
........................................................
625,000
836,481
Wellesley
College,
Revenue,
2012,
5%,
7/01/42
...........................
10,000,000
10,493,900
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
4%,
10/01/45
.......................................................
1,250,000
1,464,075
Worcester
Polytechnic
Institute,
Revenue,
2019,
5%,
9/01/59
.................
10,000,000
12,261,200
Massachusetts
Educational
Financing
Authority
,
Revenue,
2009
I,
6%,
1/01/28
........................................
1,460,000
1,481,038
Revenue,
2013K,
5.25%,
7/01/29
......................................
3,690,000
3,914,389
Revenue,
2017B,
Refunding,
4.25%,
7/01/46
.............................
2,000,000
2,157,920
Massachusetts
Housing
Finance
Agency
,
Revenue
,
2020
A-1
,
FHA
Insured
,
3
%
,
12/01/45
........................................................
4,000,000
4,225,280
Massachusetts
Port
Authority
,
Revenue,
2019
C,
5%,
7/01/44
........................................
15,000,000
18,721,800
Revenue,
2019
C,
5%,
7/01/49
........................................
10,000,000
12,394,700
Bosfuel
Corp.,
Revenue,
2019
A,
Refunding,
5%,
7/01/49
....................
7,500,000
9,217,425
Massachusetts
School
Building
Authority
,
Revenue,
2018
A,
4%,
2/15/43
........................................
10,750,000
12,592,013
Revenue,
2019A,
5%,
2/15/49
........................................
25,000,000
29,982,500
Revenue,
2020
A,
4%,
8/15/45
........................................
12,000,000
14,578,800
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/39
......................
4,410,000
5,183,558
Revenue,
Senior
Lien,
1,
5%,
11/01/39
..................................
11,980,000
13,782,870
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
University
of
Massachusetts
Building
Authority,
(continued)
Revenue,
Senior
Lien,
2014-1,
Pre-Refunded,
5%,
11/01/39
..................
$
3,610,000
$
4,250,631
368,901,585
Michigan
2.7%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2006B,
NATL
Insured,
5%,
7/01/36
...................................
10,000
10,036
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2012A,
Pre-Refunded,
AGMC
Insured,
5%,
7/01/39
.......................
10,000,000
10,692,100
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2012A,
Pre-Refunded,
5.25%,
7/01/39
................................
12,000,000
12,872,880
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Senior
Lien,
2003-A,
NATL
Insured,
5%,
7/01/34
.........................................
10,000
10,037
Detroit
City
School
District
,
GO,
2012A,
Refunding,
5%,
5/01/30
....................................
1,245,000
1,318,032
GO,
2012A,
Refunding,
5%,
5/01/33
....................................
1,500,000
1,587,015
Michigan
Finance
Authority
,
Beaumont
Health
Obligated
Group,
Revenue,
2016A,
5%,
11/01/44
............
20,925,000
24,276,976
Bronson
Healthcare
Group
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/54
........................................................
25,000,000
28,949,750
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2019A,
5%,
11/15/48
.....
25,920,000
32,595,955
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
2/15/44
.....
20,000,000
23,172,200
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/36
...
1,000,000
1,217,490
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/37
...
2,000,000
2,426,880
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/38
...
1,500,000
1,814,100
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/39
...
1,500,000
1,808,070
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/40
...
1,000,000
1,201,380
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
4,000,000
4,656,320
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B1,
2,
Refunding,
5%,
6/01/49
..
3,000,000
3,706,650
Trinity
Health
Corp.
Obligated
Group,
Revenue,
Pre-Refunded,
5%,
12/01/39
.....
29,750,000
30,962,133
Michigan
State
Building
Authority
,
Revenue,
2011
I-A,
Pre-Refunded,
5.375%,
10/15/36
.......................
6,730,000
6,981,298
Revenue,
2013
1-A,
Refunding,
5.25%,
10/15/44
..........................
20,655,000
23,134,633
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
2010F-7,
Refunding,
5%,
11/15/47
.....
10,000,000
12,168,600
Trinity
Health
Corp.
Obligated
Group,
Revenue,
Pre-Refunded,
5%,
12/01/34
.....
10,000,000
10,638,031
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3.25
%
,
10/01/44
3,450,000
3,709,647
Michigan
Strategic
Fund
,
DTE
Electric
Co.,
Revenue,
BB,
Refunding,
AMBAC
Insured,
7%,
5/01/21
.......
250,000
254,180
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
12/31/43
...
10,000,000
12,245,000
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
11/15/49
...........................................
7,000,000
7,815,360
Pontiac
School
District
,
GO,
2020,
4%,
5/01/45
.............................................
7,940,000
9,415,649
GO,
2020,
4%,
5/01/50
.............................................
8,665,000
10,208,150
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2020
B
,
4
%
,
11/15/45
.................
25,000,000
30,260,000
310,108,552
Minnesota
0.1%
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
.............................................
10,000,000
12,308,800
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Mississippi
0.7%
Medical
Center
Educational
Building
Corp.
,
Mississippi
State
Institutions
of
Higher
Learning
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/47
.........................
$
25,000,000
$
30,005,000
Mississippi
Development
Bank
,
City
of
Jackson
Water
&
Sewer
System
,
Revenue
,
2013
,
AGMC
Insured
,
6.875
%
,
12/01/40
.................................
3,400,000
3,914,012
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016A,
5%,
9/01/36
....
6,350,000
7,435,342
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016A,
5%,
9/01/46
....
30,000,000
34,599,000
75,953,354
Missouri
1.0%
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue
,
2020A
,
Refunding
,
4
%
,
10/01/44
......................................
6,000,000
7,137,660
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
2/01/46
........................................................
4,000,000
4,463,040
Mercy
Health,
Revenue,
2014F,
5%,
11/15/45
.............................
25,000,000
28,305,500
SSM
Health
Care
Obligated
Group,
Revenue,
2018A,
5%,
6/01/48
.............
7,500,000
9,074,550
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/46
...................
13,500,000
16,420,320
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/54
...................
23,500,000
28,372,960
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
5%,
3/01/57
.......
9,000,000
11,252,520
St.
Louis
Municipal
Finance
Corp
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/49
.....................................................
5,000,000
6,237,050
111,263,600
Montana
0.2%
Montana
Facility
Finance
Authority
,
Benefis
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
2/15/41
.
2,650,000
3,156,998
Billings
Clinic
Obligated
Group,
Revenue,
2018A,
Refunding,
5%,
8/15/48
.......
10,000,000
12,533,800
Kalispell
Regional
Medical
Center
Obligated
Group,
Revenue,
2018
B,
Refunding,
5%,
7/01/43
....................................................
6,440,000
7,569,705
23,260,503
Nebraska
0.8%
Douglas
County
Hospital
Authority
No.
2
,
Children's
Hospital
Obligated
Group
,
Revenue
,
2017A
,
5
%
,
11/15/47
.......................................
10,000,000
12,046,100
Hospital
Authority
No.
1
of
Lancaster
County
,
Bryan
Medical
Center
Obligated
Group
,
Revenue
,
1992
,
NATL
Insured
,
ETM,
6.7
%
,
6/01/22
........................
635,000
667,849
Omaha
Public
Power
District
,
Revenue
,
2011
B
,
Pre-Refunded
,
5
%
,
2/01/39
.......
23,305,000
23,305,000
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2
,
Revenue,
2015A,
Refunding,
5.25%,
2/01/42
.............................
10,000,000
11,639,300
Revenue,
2016
A,
Refunding,
5%,
2/01/49
...............................
10,000,000
11,606,800
Public
Power
Generation
Agency
,
Revenue,
2016
A,
Refunding,
5%,
1/01/39
...............................
7,340,000
8,806,972
Revenue,
2016
A,
Refunding,
5%,
1/01/41
...............................
5,140,000
6,154,585
University
of
Nebraska
,
Revenue,
2011,
Pre-Refunded,
5%,
7/01/37
..............................
5,000,000
5,224,200
Revenue,
2011,
Pre-Refunded,
5%,
7/01/42
..............................
7,500,000
7,836,300
87,287,106
Nevada
0.3%
City
of
Carson
City
,
Carson
Tahoe
Regional
Healthcare
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/47
........................................
2,775,000
3,215,892
City
of
Henderson
,
GO
,
2020A-1
,
4
%
,
6/01/45
..............................
10,000,000
12,014,500
Clark
County
School
District
,
GO,
2020A,
AGMC
Insured,
4%,
6/15/36
................................
750,000
911,115
GO,
2020A,
AGMC
Insured,
4%,
6/15/37
................................
875,000
1,059,363
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nevada
(continued)
Clark
County
School
District,
(continued)
GO,
2020A,
AGMC
Insured,
4%,
6/15/38
................................
$
850,000
$
1,022,023
GO,
2020A,
AGMC
Insured,
4%,
6/15/39
................................
1,000,000
1,199,280
GO,
2020A,
AGMC
Insured,
4%,
6/15/40
................................
725,000
867,390
Las
Vegas
Convention
&
Visitors
Authority
,
Revenue
,
2018
B
,
5
%
,
7/01/43
........
10,000,000
11,987,000
32,276,563
New
Hampshire
0.2%
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Concord
Hospital
Obligated
Group,
Revenue,
2017,
5%,
10/01/47
.............
6,000,000
7,114,380
Elliot
Hospital
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
10/01/38
.......
4,000,000
4,714,720
University
System
of
New
Hampshire,
Revenue,
2015,
Refunding,
5%,
7/01/45
...
10,350,000
12,047,090
23,876,190
New
Jersey
3.9%
New
Jersey
Economic
Development
Authority
,
Revenue,
2021
QQQ,
4%,
6/15/46
.....................................
1,500,000
1,727,895
Revenue,
2021
QQQ,
4%,
6/15/50
.....................................
1,000,000
1,146,000
New
Jersey
Transit
Corp.,
Revenue,
2020
A,
5%,
11/01/44
...................
7,200,000
8,866,584
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2013
NN,
Refunding,
5%,
3/01/28
........................................................
22,000,000
23,962,840
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018EEE,
5%,
6/15/33
6,135,000
7,631,879
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018EEE,
5%,
6/15/36
11,850,000
14,627,995
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018EEE,
4.625%,
6/15/48
........................................................
2,000,000
2,333,300
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018EEE,
5%,
6/15/48
8,000,000
9,613,200
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
3,250,000
4,058,697
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
4%,
6/15/44
2,725,000
3,114,430
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/41
....
26,000,000
30,654,520
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/34
..............................................
4,600,000
5,605,238
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/35
..............................................
4,800,000
5,837,664
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
14,000,000
16,545,340
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
Senior
Lien,
2018
A,
4%,
12/01/33
.............................
2,800,000
3,062,164
Revenue,
Senior
Lien,
2020B,
3.5%,
12/01/39
............................
8,000,000
8,351,520
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006C,
NATL
Insured,
Zero
Cpn
.,
12/15/31
.......................
6,275,000
5,146,065
Revenue,
2009A,
Zero
Cpn
.,
12/15/36
..................................
500,000
339,040
Revenue,
2009A,
Zero
Cpn
.,
12/15/39
..................................
71,750,000
44,035,845
Revenue,
2010A,
Zero
Cpn
.,
12/15/40
..................................
4,750,000
2,815,657
Revenue,
2011B,
5.25%,
6/15/36
......................................
10,000,000
10,167,900
Revenue,
2013AA,
5%,
6/15/44
.......................................
1,000,000
1,082,650
Revenue,
2014
BB-1,
5%,
6/15/31
.....................................
3,000,000
3,775,740
Revenue,
2014
BB-1,
5%,
6/15/34
.....................................
3,250,000
4,040,465
Revenue,
2015AA,
5%,
6/15/45
.......................................
15,000,000
17,031,450
Revenue,
2018
A,
Refunding,
5%,
12/15/32
..............................
18,400,000
22,983,072
Revenue,
2018
A,
Refunding,
5%,
12/15/35
..............................
8,200,000
10,157,504
Revenue,
2019
A,
Refunding,
5%,
12/15/39
..............................
785,000
982,373
Revenue,
2019
BB,
4%,
6/15/38
.......................................
2,000,000
2,293,080
Revenue,
2019
BB,
4%,
6/15/44
.......................................
4,000,000
4,511,920
Revenue,
2019
BB,
5%,
6/15/44
.......................................
5,150,000
6,244,838
Revenue,
2020AA,
4%,
6/15/45
.......................................
5,160,000
5,969,759
Revenue,
2020AA,
5%,
6/15/45
.......................................
4,840,000
6,069,844
Revenue,
2020AA,
4%,
6/15/50
.......................................
35,255,000
40,484,374
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
(continued)
Revenue,
2020AA,
5%,
6/15/50
.......................................
$
16,245,000
$
20,244,357
New
Jersey
Turnpike
Authority
,
Revenue,
2015
E,
5%,
1/01/45
........................................
11,475,000
13,004,618
d
Revenue,
2021
A,
4%,
1/01/42
........................................
6,075,000
7,308,893
d
Revenue,
D,
5%,
1/01/28
............................................
10,000,000
12,368,700
State
of
New
Jersey
,
GO,
2020
A,
4%,
6/01/30
............................................
11,450,000
14,230,632
GO,
2020
A,
4%,
6/01/31
............................................
7,000,000
8,807,470
GO,
2020
A,
3%,
6/01/32
............................................
18,000,000
20,770,560
GO,
2020
A,
4%,
6/01/32
............................................
5,500,000
6,976,090
438,982,162
New
Mexico
0.3%
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group,
Revenue,
2015A,
5%,
8/01/44
.
10,000,000
11,797,700
Presbyterian
Healthcare
Services
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/01/46
....................................................
15,000,000
18,308,400
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/33
.
1,000,000
1,134,520
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/35
.
1,000,000
1,126,540
32,367,160
New
York
12.4%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020A
,
Refunding
,
4
%
,
11/01/40
......................................
2,200,000
2,460,656
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
180,000
180,783
GO,
2003
F,
5.25%,
1/15/23
..........................................
5,000
5,020
GO,
2018
E-1,
5%,
3/01/40
..........................................
14,570,000
18,060,098
GO,
2020
D-1,
4%,
3/01/44
..........................................
4,250,000
5,013,002
GO,
2021
C,
4%,
8/01/40
............................................
6,500,000
7,802,470
GO,
2021
C,
4%,
8/01/41
............................................
3,000,000
3,588,930
GO,
2021A,
Refunding,
4%,
8/01/34
....................................
4,290,000
5,294,718
Hudson
Yards
Infrastructure
Corp.
,
Revenue,
Senior
Lien,
2012A,
Pre-Refunded,
AGMC
Insured,
5%,
2/15/47
.......
730,000
731,300
Revenue,
Senior
Lien,
2012A,
AGMC
Insured,
5%,
2/15/47
..................
15,745,000
15,800,737
Long
Island
Power
Authority
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/46
..........
13,000,000
15,477,930
Metropolitan
Transportation
Authority
,
Revenue,
2012A-1,
5%,
11/15/40
......................................
30,000,000
32,217,000
Revenue,
2013A,
5%,
11/15/38
.......................................
11,800,000
12,677,448
Revenue,
2013B,
5%,
11/15/43
.......................................
8,000,000
8,589,280
Revenue,
2015A,
5%,
11/15/40
.......................................
7,000,000
7,919,800
Revenue,
2015D-1,
Refunding,
5%,
11/15/32
.............................
1,250,000
1,464,550
Revenue,
2016
D,
Refunding,
5%,
11/15/31
..............................
1,180,000
1,409,050
Revenue,
2016B,
Refunding,
5%,
11/15/28
...............................
2,885,000
3,452,652
Revenue,
2016C-1,
5.25%,
11/15/56
...................................
14,765,000
17,386,969
Revenue,
2017
C-2,
Refunding,
Zero
Cpn
.,
11/15/29
.......................
2,090,000
1,765,026
Revenue,
2017A-2,
Refunding,
5%,
11/15/26
.............................
4,425,000
5,345,621
Revenue,
2017C-1,
Refunding,
5%,
11/15/33
.............................
1,780,000
2,159,389
Revenue,
2019
A-2,
5%,
11/15/45
.....................................
46,270,000
55,738,693
Revenue,
2020
A-1,
4%,
11/15/45
.....................................
10,000,000
11,429,000
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
7,000,000
8,647,870
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
13,220,000
16,108,041
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
12,150,000
14,979,249
Revenue,
2020
C-1,
5.25%,
11/15/55
...................................
24,500,000
30,806,300
Revenue,
2020
D,
5%,
11/15/44
.......................................
17,000,000
21,305,930
Revenue,
2020
D,
4%,
11/15/50
.......................................
20,000,000
22,869,400
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Monroe
County
Industrial
Development
Corp.
,
University
of
Rochester
,
Revenue
,
2020A
,
4
%
,
7/01/50
................................................
$
5,000,000
$
5,903,700
New
York
City
,
Water
&
Sewer
System,
Revenue,
2013
DD,
5%,
6/15/35
....................
30,705,000
34,004,252
Water
&
Sewer
System,
Revenue,
2014-BB,
5%,
6/15/46
....................
15,000,000
16,525,500
Water
&
Sewer
System,
Revenue,
2015
FF,
Refunding,
5%,
6/15/39
............
10,000,000
11,925,500
Water
&
Sewer
System,
Revenue,
2015
HH,
Refunding,
5%,
6/15/39
...........
15,000,000
17,888,250
Water
&
Sewer
System,
Revenue,
2017
CC,
Refunding,
5%,
6/15/46
...........
32,500,000
39,834,600
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5.25%,
6/15/49
................
12,000,000
15,199,920
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
3/01/45
.................................
6,000,000
7,113,720
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2011S-2A,
5%,
7/15/40
............................
35,000,000
35,703,150
Building
Aid,
Revenue,
2012
S-1A,
5.25%,
7/15/37
.........................
30,300,000
30,956,904
Future
Tax
Secured,
Revenue,
2011C,
5%,
11/01/39
.......................
5,000
5,018
Future
Tax
Secured,
Revenue,
2014A-1,
5%,
11/01/34
......................
15,000,000
16,889,850
Future
Tax
Secured,
Revenue,
2016
E-1,
5%,
2/01/38
......................
10,000,000
11,931,700
Future
Tax
Secured,
Revenue,
2017
F-1,
5%,
5/01/42
......................
11,095,000
13,646,850
Future
Tax
Secured,
Revenue,
2017B,
5%,
8/01/36
........................
10,000,000
12,126,200
Future
Tax
Secured,
Revenue,
2017B,
5%,
8/01/38
........................
10,000,000
12,084,600
Future
Tax
Secured,
Revenue,
2018
C-2,
5%,
5/01/38
......................
11,945,000
15,006,981
Future
Tax
Secured,
Revenue,
2018C-3,
4%,
5/01/43
.......................
19,800,000
22,896,126
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/45
.....................
5,200,000
6,094,192
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/47
.....................
10,000,000
11,703,800
Future
Tax
Secured,
Revenue,
2020C,
4%,
5/01/45
........................
3,500,000
4,165,420
New
York
Liberty
Development
Corp.
,
Revenue,
2011
-
1WTC,
5.25%,
12/15/43
................................
25,000,000
25,964,000
7
World
Trade
Center
II
LLC,
Revenue,
2012,
2,
Refunding,
5%,
9/15/43
........
6,500,000
6,795,425
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
40,000,000
58,440,400
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
24,995,000
38,289,841
New
York
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/15/45
...........
8,055,000
9,708,128
New
York
State
Dormitory
Authority
,
Revenue,
2018
E,
Pre-Refunded,
5%,
3/15/46
............................
5,000
6,645
Revenue,
2018
E,
5%,
3/15/46
........................................
73,125,000
91,197,844
State
of
New
York
Personal
Income
Tax,
Revenue,
2015B,
5%,
2/15/40
.........
20,000,000
23,342,000
State
of
New
York
Personal
Income
Tax,
Revenue,
2017B,
Refunding,
5%,
2/15/42
24,410,000
30,063,844
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
D,
Refunding,
4%,
2/15/47
50,000,000
58,574,500
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/43
.................
10,000,000
12,154,100
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
5%,
3/15/42
........
33,280,000
41,304,473
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/42
........
59,480,000
74,775,877
State
of
New
York
Sales
Tax,
Revenue,
2018A,
5%,
3/15/45
..................
25,000,000
30,820,250
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/45
........................................
20,000,000
23,377,400
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/51
..............................
9,000,000
10,489,500
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2011A,
Refunding,
5%,
3/15/31
10,000,000
10,058,700
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
A,
4%,
3/15/47
.........
15,200,000
17,507,664
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
A,
4%,
3/15/45
.........
12,000,000
14,234,520
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
C,
Refunding,
4%,
3/15/45
5,000,000
5,931,050
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/34
..........................
5,560,000
6,629,688
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
5,000,000
5,932,600
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
10,000,000
12,564,400
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
179,
5%,
12/01/38
.........................................
20,000,000
22,330,000
Revenue,
218,
4%,
11/01/47
.........................................
8,000,000
9,251,200
Revenue,
221,
4%,
7/15/45
..........................................
5,500,000
6,441,435
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Port
Authority
of
New
York
&
New
Jersey,
(continued)
d
Revenue,
223,
Refunding,
5%,
7/15/32
.................................
$
2,775,000
$
3,779,411
d
Revenue,
223,
Refunding,
5%,
7/15/33
.................................
2,240,000
3,031,459
d
Revenue,
223,
Refunding,
4%,
7/15/34
.................................
2,320,000
2,863,275
d
Revenue,
223,
Refunding,
4%,
7/15/35
.................................
2,250,000
2,760,615
d
Revenue,
223,
Refunding,
4%,
7/15/36
.................................
1,500,000
1,831,455
d
Revenue,
226,
Refunding,
5%,
10/15/32
.................................
1,800,000
2,386,836
d
Revenue,
226,
Refunding,
5%,
10/15/33
.................................
2,080,000
2,744,643
d
Revenue,
226,
Refunding,
5%,
10/15/34
.................................
2,470,000
3,241,208
d
Revenue,
226,
Refunding,
5%,
10/15/35
.................................
2,100,000
2,741,718
d
Revenue,
226,
Refunding,
5%,
10/15/36
.................................
2,250,000
2,926,283
Suffolk
County
Water
Authority
,
Revenue
,
2020
B
,
3
%
,
6/01/45
.................
15,000,000
16,498,500
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
1999-B,
Pre-Refunded,
5.5%,
1/01/30
...........................
12,885,000
13,524,096
Revenue,
2020
A,
5%,
11/15/54
.......................................
8,500,000
10,927,345
1,407,735,473
North
Carolina
1.3%
City
of
Raleigh
,
Combined
Enterprise
System
,
Revenue
,
2011
,
Pre-Refunded
,
5
%
,
3/01/40
.........................................................
15,830,000
15,893,162
County
of
Wake
,
GO
,
2010-C
,
Refunding
,
5
%
,
3/01/25
.......................
21,780,000
26,068,918
North
Carolina
Eastern
Municipal
Power
Agency
,
Revenue,
1993
B,
ETM,
6%,
1/01/22
...................................
1,250,000
1,316,987
Revenue,
1993
B,
ETM,
6.25%,
1/01/23
.................................
39,030,000
43,578,166
North
Carolina
Medical
Care
Commission
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020A
,
5
%
,
10/01/50
.......................................
2,200,000
2,632,300
North
Carolina
Turnpike
Authority
,
Revenue,
2009B,
AGMC
Insured,
Zero
Cpn
.,
1/01/33
.......................
25,000,000
19,981,000
Revenue,
2009B,
AGMC
Insured,
Zero
Cpn
.,
1/01/34
.......................
15,000,000
11,640,150
Revenue,
2009B,
AGMC
Insured,
Zero
Cpn
.,
1/01/35
.......................
15,215,000
11,479,261
Revenue,
2018A,
Refunding,
4%,
1/01/39
...............................
10,000,000
11,795,500
144,385,444
North
Dakota
0.4%
North
Dakota
Housing
Finance
Agency
,
Revenue,
2019F,
3.05%,
7/01/43
......................................
2,480,000
2,637,430
Revenue,
2020
A,
3%,
7/01/40
........................................
2,500,000
2,688,150
State
Board
of
Higher
Education
of
the
State
of
North
Dakota
,
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/44
............................
10,000,000
11,731,900
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/50
............................
9,620,000
11,188,349
University
of
North
Dakota
,
COP,
2018
A,
5%,
4/01/48
...........................................
5,500,000
6,554,240
COP,
2018
A,
5%,
4/01/57
...........................................
10,000,000
11,733,600
46,533,669
Ohio
3.6%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/37
3,915,000
4,608,621
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
5,700,000
6,673,332
American
Municipal
Power,
Inc.
,
Revenue,
2015A,
Refunding,
5%,
2/15/39
...............................
5,000,000
5,534,400
Revenue,
2015A,
Refunding,
5%,
2/15/42
...............................
2,500,000
2,760,900
Revenue,
2016A,
Refunding,
5%,
2/15/46
...............................
20,000,000
23,078,400
Revenue,
2019
C,
Refunding,
4%,
2/15/39
...............................
18,795,000
22,432,208
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
A-3,
Pre-Refunded,
6.5%,
6/01/37
.............................
15,000,000
16,217,850
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Buckeye
Tobacco
Settlement
Financing
Authority,
(continued)
Revenue,
Senior
Lien,
2020A-2,
1,
Refunding,
4%,
6/01/48
..................
$
10,235,000
$
11,893,582
City
of
Akron
,
Community
Learning
Center
Income
Tax
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
12/01/29
.....................................................
10,000,000
10,575,800
City
of
Cleveland
,
Airport
System
,
Revenue
,
2012A
,
Pre-Refunded
,
AGMC
Insured
,
5
%
,
1/01/28
......................................................
9,500,000
9,921,515
City
of
Middleburg
Heights
,
Southwest
General
Health
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/47
...............................
4,430,000
5,111,467
City
of
Toledo
,
Water
System
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/38
..........
20,000,000
21,872,800
Cleveland-Cuyahoga
County
Port
Authority
,
County
of
Cuyahoga
,
Revenue
,
2013
,
5
%
,
7/01/37
.........................................................
6,000,000
8,638,680
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
........................................................
7,500,000
8,893,950
County
of
Franklin
,
OhioHealth
Obligated
Group,
Revenue,
2015,
5%,
5/15/40
...................
10,000,000
11,570,000
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
............
10,000,000
12,105,800
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017
A-OH,
5%,
12/01/47
.......
10,800,000
13,206,672
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
12/01/44
..........
5,640,000
6,656,215
County
of
Hamilton
,
Christ
Hospital
Obligated
Group,
Revenue,
2012,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/42
........................................................
22,500,000
23,949,900
Sewer
System,
Revenue,
2013A,
Refunding,
5%,
12/01/38
..................
12,000,000
13,398,000
UC
Health
Obligated
Group,
Revenue,
2020,
5%,
9/15/50
...................
7,500,000
9,453,525
Kent
State
University
,
Revenue
,
2012
A
,
Pre-Refunded
,
5
%
,
5/01/37
.............
10,500,000
11,141,130
Miami
University
,
Revenue
,
2020A
,
Refunding
,
4
%
,
9/01/45
....................
6,030,000
7,130,656
Northeast
Ohio
Regional
Sewer
District
,
Revenue,
2017,
Refunding,
4%,
11/15/38
................................
10,000,000
11,852,900
Revenue,
2017,
Refunding,
4%,
11/15/43
................................
10,000,000
11,678,800
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,350,000
1,537,205
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,185,000
1,343,138
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,530,000
2,860,291
Ohio
State
University
(The)
,
Revenue
,
2013A
,
5
%
,
6/01/38
....................
10,000,000
11,005,600
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
2018
A,
5%,
2/15/43
........................................
20,000,000
24,836,800
Revenue,
Junior
Lien,
2013
A-4,
Zero
Cpn
.,
2/15/35
........................
35,000,000
43,941,800
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2017A,
Refunding,
4%,
1/01/36
........................................................
6,500,000
7,733,050
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2019B,
4%,
1/01/43
..
12,130,000
14,378,174
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
640,000
717,914
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/40
855,000
954,188
University
Hospitals
Health
System,
Inc.
Obligated
Group,
Revenue,
2012
A,
AGMC
Insured,
5%,
1/15/41
..............................................
7,000,000
7,251,720
406,916,983
Oklahoma
0.2%
Edmond
Public
Works
Authority
,
Revenue,
2017,
5%,
7/01/42
.........................................
4,000,000
4,925,240
Revenue,
2017,
5%,
7/01/47
.........................................
4,500,000
5,528,835
McGee
Creek
Authority
,
Revenue
,
1992
,
NATL
Insured
,
6
%
,
1/01/23
.............
80,000
86,041
Norman
Regional
Hospital
Authority
,
Norman
Regional
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
5
%
,
9/01/45
....................................
3,500,000
4,193,910
Oklahoma
Water
Resources
Board
,
Revenue
,
2020
A
,
4
%
,
10/01/45
.............
4,000,000
4,853,000
19,587,026
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
1.7%
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/50
...
$
12,210,000
$
13,970,194
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020A
,
Refunding
,
5
%
,
8/15/50
.......................................
4,000,000
5,138,440
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
20,000,000
24,905,400
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/44
.........................
1,685,000
2,004,644
Port
of
Portland
,
Airport,
Revenue,
25B,
5%,
7/01/49
....................................
12,720,000
15,688,212
Airport,
Revenue,
TWENTY
SEVEN
A,
5%,
7/01/45
........................
23,000,000
29,091,320
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/44
.............................................
16,880,000
21,016,782
Salem-Keizer
School
District
No.
24J
,
GO,
2020
A,
Zero
Cpn
.,
6/15/39
.......................................
2,800,000
1,862,028
GO,
2020
A,
Zero
Cpn
.,
6/15/40
.......................................
4,500,000
2,896,965
State
of
Oregon
,
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019A,
Refunding,
4%,
11/15/42
15,000,000
18,155,700
Housing
&
Community
Services
Department,
Revenue,
2018
A,
3.6%,
1/01/33
....
8,070,000
8,930,746
Housing
&
Community
Services
Department,
Revenue,
2018
D,
3.8%,
7/01/34
....
8,120,000
9,131,833
University
of
Oregon
,
Revenue,
2018A,
5%,
4/01/48
........................................
14,500,000
17,908,805
Revenue,
2020A,
5%,
4/01/50
........................................
15,000,000
19,242,450
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO,
2018
A,
Zero
Cpn
.,
6/15/41
.......................................
5,725,000
2,912,594
GO,
2018
A,
Zero
Cpn
.,
6/15/42
.......................................
5,900,000
2,870,881
GO,
2018
A,
Zero
Cpn
.,
6/15/43
.......................................
5,500,000
2,559,150
198,286,144
Pennsylvania
2.2%
Allegheny
County
Sanitary
Authority
,
Revenue
,
2013
,
BAM
Insured
,
5.25
%
,
12/01/44
5,000,000
5,632,400
Bucks
County
Water
and
Sewer
Authority
,
Revenue,
2011,
Pre-Refunded,
AGMC
Insured,
5%,
12/01/33
.................
5,500,000
5,724,125
Revenue,
2011,
Pre-Refunded,
AGMC
Insured,
5%,
12/01/37
.................
10,520,000
10,948,690
Revenue,
2011,
Pre-Refunded,
AGMC
Insured,
5%,
12/01/41
.................
5,110,000
5,318,232
City
of
Philadelphia
,
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/45
.........................
1,500,000
1,692,735
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/50
.........................
1,825,000
2,046,081
Water
&
Wastewater,
Revenue,
2015A,
5%,
7/01/45
........................
15,000,000
16,935,900
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development,
Revenue,
2013
A-2,
Pre-Refunded,
5%,
6/01/42
..............
5,400,000
5,751,756
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development,
Revenue,
2015A,
5%,
6/01/33
............................
4,550,000
5,354,486
Commonwealth
of
Pennsylvania
,
GO,
First
Series
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/26
......................................................
20,805,000
25,164,896
County
of
Allegheny
,
GO
,
C-78
,
4
%
,
11/01/45
..............................
4,000,000
4,854,960
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue,
2016,
5%,
11/01/41
........................................
5,000,000
6,075,850
Revenue,
2016,
5%,
11/01/46
........................................
10,315,000
12,432,463
Erie
City
Water
Authority
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/43
..............
5,000,000
6,025,200
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group
,
Revenue
,
2020A
,
Refunding
,
4
%
,
4/01/39
.............................................
9,000,000
10,820,970
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
4%,
11/15/43
.......................................................
600,000
677,514
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,000,000
1,208,530
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Montgomery
County
Industrial
Development
Authority,
(continued)
Meadowood
Corp.
Obligated
Group
(The),
Revenue,
2018A,
Refunding,
5%,
12/01/48
.......................................................
$
9,000,000
$
10,054,530
Montour
School
District
,
GO,
2015A
&
B,
AGMC
Insured,
5%,
4/01/40
.............................
3,170,000
3,714,067
GO,
2015A
&
B,
AGMC
Insured,
5%,
4/01/41
.............................
2,000,000
2,338,300
GO,
2015A
&
B,
AGMC
Insured,
5%,
4/01/42
.............................
2,000,000
2,332,380
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
5/01/40
.....
3,575,000
4,196,764
Drexel
University,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
5/01/41
.....
5,425,000
6,348,823
Pennsylvania
Turnpike
Commission
,
Revenue,
2009C,
AGMC
Insured,
6.25%,
6/01/33
.........................
5,000,000
6,364,250
Revenue,
2020
B,
5%,
12/01/45
.......................................
5,000,000
6,539,350
Revenue,
2020
B,
5%,
12/01/50
.......................................
8,000,000
10,303,200
Philadelphia
Gas
Works
Co.
,
Revenue
,
SIXTEENTH
A
,
AGMC
Insured
,
4
%
,
8/01/45
.
4,000,000
4,709,920
School
District
of
Philadelphia
(The)
,
GO,
2016F,
Refunding,
5%,
9/01/33
....................................
6,415,000
7,787,425
GO,
2016F,
Refunding,
5%,
9/01/36
....................................
4,090,000
4,935,444
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
,
Revenue
,
2010
,
Refunding
,
AGMC
Insured
,
5
%
,
2/01/35
.................................
18,000,000
18,036,720
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
...........................
10,000,000
12,213,600
Westmoreland
County
Municipal
Authority
,
Revenue
,
2016
,
Refunding
,
BAM
Insured
,
5
%
,
8/15/42
......................................................
17,205,000
20,124,000
246,663,561
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Lifespan
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
5/15/39
............
5,500,000
6,191,570
Town
of
East
Greenwich,
Revenue,
2012
A,
Pre-Refunded,
5%,
5/15/37
.........
10,000,000
10,629,600
Rhode
Island
Housing
and
Mortgage
Finance
Corp.
,
Revenue,
10-A,
6.5%,
10/01/22
.......................................
170,000
170,716
Revenue,
10-A,
6.5%,
4/01/27
........................................
130,000
130,537
Revenue,
15-A,
6.85%,
10/01/24
......................................
120,000
120,565
17,242,988
South
Carolina
1.3%
City
of
Columbia
,
Waterworks
&
Sewer
System,
Revenue,
2019
A,
4%,
2/01/44
.................
5,250,000
6,209,542
Waterworks
&
Sewer
System,
Revenue,
2019
A,
5%,
2/01/49
.................
8,000,000
10,131,600
City
of
Rock
Hill
,
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/41
......................
7,690,000
9,071,893
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/47
......................
5,000,000
5,846,200
County
of
Greenwood
,
Self
Regional
Healthcare
Auxiliary,
Revenue,
2017,
Refunding,
4%,
10/01/37
.....
8,465,000
9,707,747
Self
Regional
Healthcare
Auxiliary,
Revenue,
2017,
Refunding,
4%,
10/01/39
.....
1,195,000
1,365,132
South
Carolina
Jobs-Economic
Development
Authority
,
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/43
......
20,000,000
24,137,400
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/48
......
15,000,000
17,915,550
South
Carolina
Ports
Authority
,
Revenue,
2019
B,
5%,
7/01/44
........................................
10,000,000
12,552,200
Revenue,
2019
B,
5%,
7/01/54
........................................
10,365,000
12,816,426
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
South
Carolina
Public
Service
Authority
,
Revenue
,
2015A
,
Refunding
,
5
%
,
12/01/55
.
$
20,000,000
$
23,313,600
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Revenue
,
2020
A
,
3
%
,
7/01/40
......................................................
2,000,000
2,158,560
Spartanburg
Regional
Health
Services
District
,
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/37
........................................
1,415,000
1,683,652
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/39
........................................
1,410,000
1,669,779
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/45
........................................
2,750,000
3,198,305
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
3%,
4/15/49
........................................
1,795,000
1,884,624
143,662,210
South
Dakota
1.2%
Huron
School
District
No.
2-2
,
GO
,
2013
,
Refunding
,
5
%
,
6/15/39
...............
4,000,000
4,529,320
South
Dakota
Health
&
Educational
Facilities
Authority
,
Revenue,
2011A,
5.125%,
8/01/46
.....................................
7,000,000
7,151,690
Revenue,
2012A,
Refunding,
5%,
8/01/46
...............................
6,005,000
6,370,464
Revenue,
2015A,
Refunding,
5%,
8/01/38
...............................
3,475,000
4,101,682
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.........
10,000,000
11,251,100
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
7/01/46
.........
51,050,000
60,585,629
Monument
Health
Obligated
Group,
Revenue,
2017,
4%,
9/01/37
..............
10,920,000
12,543,258
Monument
Health
Obligated
Group,
Revenue,
2017,
5%,
9/01/40
..............
10,000,000
12,088,600
Monument
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/50
...
12,500,000
14,389,875
South
Dakota
State
Building
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/42
...
5,450,000
6,651,453
139,663,071
Tennessee
1.9%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019A-1
,
Refunding
,
4
%
,
8/01/44
................
2,000,000
2,290,760
City
of
Jackson
,
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
4
%
,
4/01/41
.............................................
25,000,000
27,027,250
City
of
Memphis
,
Electric
System
,
Revenue
,
2020A
,
4
%
,
12/01/50
...............
6,000,000
7,242,900
Johnson
City
Health
&
Educational
Facilities
Board
,
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
1998,
Pre-Refunded,
NATL
Insured,
5.125%,
7/01/25
......................................
65,000
66,144
Mountain
States
Health
Alliance
Obligated
Group,
Revenue,
1998,
NATL
Insured,
ETM,
5.25%,
7/01/28
.............................................
8,500,000
9,262,025
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/42
.........................
35,000,000
41,154,050
Memphis-Shelby
County
Airport
Authority
,
Revenue,
2018,
5%,
7/01/43
.........................................
10,000,000
12,063,200
Revenue,
2018,
5%,
7/01/47
.........................................
11,000,000
13,182,620
Metropolitan
Government
of
Nashville
&
Davidson
County
,
Water
&
Sewer,
Revenue,
2017
A,
5%,
7/01/46
...........................
6,000,000
7,348,020
Water
&
Sewer,
Revenue,
2017
B,
5%,
7/01/42
...........................
21,645,000
26,621,618
Water
&
Sewer,
Revenue,
2017
B,
5%,
7/01/46
...........................
15,925,000
19,502,870
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2019
B
,
5
%
,
7/01/44
......
20,000,000
25,325,600
Tennessee
Housing
Development
Agency
,
Revenue
,
2018-4
,
Refunding
,
4
%
,
7/01/43
6,610,000
7,395,070
Tennessee
State
School
Bond
Authority
,
Revenue
,
2017A
,
5
%
,
11/01/47
..........
15,000,000
18,488,250
216,970,377
Texas
10.2%
Central
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien,
2015A,
Refunding,
5%,
1/01/45
......................
5,000,000
5,703,550
Revenue,
Senior
Lien,
2016,
Refunding,
5%,
1/01/40
.......................
12,505,000
14,554,444
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Central
Texas
Regional
Mobility
Authority,
(continued)
Revenue,
Senior
Lien,
2016,
Refunding,
5%,
1/01/46
.......................
$
11,245,000
$
12,967,397
Central
Texas
Turnpike
System
,
Revenue,
2015-B,
Refunding,
5%,
8/15/37
...............................
10,000,000
11,382,900
Revenue,
2015-C,
Refunding,
5%,
8/15/37
...............................
5,000,000
5,661,700
Revenue,
2015-C,
Refunding,
5%,
8/15/42
...............................
20,000,000
22,510,800
Revenue,
First
Tier,
Pre-Refunded,
AGMC
Insured,
5%,
8/15/41
...............
25,665,000
27,579,191
City
of
Arlington
,
Special
Tax,
Senior
Lien
,
2018
A
,
AGMC
Insured
,
4
%
,
2/15/44
.....
20,000,000
23,222,600
City
of
Austin
,
Electric
Utility,
Revenue,
2015A,
Refunding,
5%,
11/15/45
...................
10,000,000
11,860,500
Water
&
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
11/15/38
.......
20,000,000
21,992,800
City
of
Corpus
Christi
,
Utility
System,
Revenue,
Junior
Lien,
2013,
Pre-Refunded,
5%,
7/15/38
.........
6,000,000
6,707,460
Utility
System,
Revenue,
Junior
Lien,
2013,
Pre-Refunded,
5%,
7/15/43
.........
7,000,000
7,825,370
Utility
System,
Revenue,
Junior
Lien,
2015A,
5%,
7/15/40
...................
13,200,000
15,539,304
City
of
Dallas
,
Revenue
,
2009
,
Refunding
,
AGMC
Insured
,
5.25
%
,
8/15/34
........
18,975,000
19,047,484
City
of
Houston
,
Combined
Utility
System,
Revenue,
First
Lien,
2002
C,
Refunding,
4%,
11/15/43
..
7,500,000
9,212,925
Combined
Utility
System,
Revenue,
First
Lien,
2002
C,
Refunding,
5%,
11/15/45
..
5,000,000
6,618,500
Combined
Utility
System,
Revenue,
First
Lien,
2002
C,
Refunding,
4%,
11/15/49
..
5,000,000
6,071,400
Combined
Utility
System,
Revenue,
First
Lien,
2011D,
Pre-Refunded,
5%,
11/15/36
10,000,000
10,386,600
City
of
Laredo
,
Waterworks
&
Sewer
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
3/01/41
9,690,000
10,768,012
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue,
Junior
Lien
,
2013
,
Pre-
Refunded
,
5
%
,
2/01/38
.............................................
10,000,000
10,962,600
City
of
San
Marcos
,
Electric
Utility
System
,
Revenue
,
2013
,
BAM
Insured
,
5
%
,
11/01/33
6,300,000
6,782,958
Dallas
Area
Rapid
Transit
,
Revenue,
Senior
Lien,
2016A,
Refunding,
5%,
12/01/46
.....................
10,000,000
11,882,000
Revenue,
Senior
Lien,
2016A,
Refunding,
5%,
12/01/48
.....................
12,200,000
14,489,696
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2013D
,
Refunding
,
5.25
%
,
11/01/32
10,000,000
11,246,000
Ector
County
Independent
School
District
,
GO
,
2013
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
8/15/36
......................................................
10,355,000
11,614,582
Forney
Independent
School
District
,
GO
,
2015
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/37
15,000,000
17,793,300
Frisco
Independent
School
District
,
GO
,
2016
,
PSF
Guaranty
,
5
%
,
8/15/46
........
20,000,000
24,072,600
Goose
Creek
Consolidated
Independent
School
District
,
GO
,
2013
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
2/15/38
..............................................
6,045,000
6,644,724
Grand
Parkway
Transportation
Corp.
,
Revenue,
2013
B,
Zero
Cpn
.,
10/01/45
..................................
10,000,000
11,610,900
Revenue,
2018
A,
5%,
10/01/48
.......................................
7,720,000
9,666,444
Revenue,
First
Tier,
2020
C,
Refunding,
4%,
10/01/45
......................
15,455,000
18,403,968
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Houston
Methodist
Hospital
Obligated
Group,
Revenue,
2015,
5%,
12/01/45
.....
30,000,000
34,655,700
Memorial
Hermann
Health
System
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/45
....................................................
15,000,000
17,641,200
Harris
County
Toll
Road
Authority
(The)
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/43
.........................................................
6,000,000
7,568,040
Harris
County-Houston
Sports
Authority
,
Revenue,
Senior
Lien,
2020A,
Refunding,
AGMC
Insured,
3.125%,
11/15/56
.....
5,000,000
5,420,950
Revenue,
Third
Lien,
2004A-3,
NATL
Insured,
Zero
Cpn
.,
11/15/37
.............
6,300,000
2,607,318
Hidalgo
County
Regional
Mobility
Authority
,
Revenue,
Senior
Lien,
2013,
Pre-Refunded,
5.25%,
12/01/38
.................
5,000,000
5,706,200
Revenue,
Senior
Lien,
2013,
Pre-Refunded,
5%,
12/01/43
...................
5,000,000
5,670,950
Lamar
Consolidated
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
.........................................................
30,000,000
36,363,300
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.,
Revenue,
2013
A,
Refunding,
5%,
5/15/36
...
10,000,000
11,001,200
LCRA
Transmission
Services
Corp.,
Revenue,
2018,
Refunding,
5%,
5/15/43
.....
10,000,000
12,439,300
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Corpus
Christi
II
LLC,
Revenue,
A,
5%,
4/01/48
........
$
7,825,000
$
7,587,042
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017A,
5%,
4/01/37
.....
2,500,000
2,547,375
NCCD-Cain
Hall
Redevelopment
I
LLC,
Revenue,
2016A-1,
5%,
4/01/46
........
6,000,000
6,962,160
NCCD-College
Station
Properties
LLC,
Revenue,
A,
5%,
7/01/47
..............
10,000,000
8,300,000
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/39
.......................................................
5,650,000
6,241,216
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/49
.......................................................
11,470,000
12,529,254
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/54
.......................................................
230,000
251,613
North
East
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien
,
2016A
,
5
%
,
1/01/41
.........................................................
16,750,000
19,165,685
North
Harris
County
Regional
Water
Authority
,
Revenue,
Senior
Lien,
2016,
Refunding,
4%,
12/15/41
......................
20,000,000
22,573,600
Revenue,
Senior
Lien,
2016,
Refunding,
5%,
12/15/46
......................
18,460,000
22,461,759
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System,
Revenue,
2015A,
Refunding,
5%,
1/01/35
.........
10,000,000
11,614,500
North
Texas
Tollway
System,
Revenue,
2015A,
Refunding,
5%,
1/01/38
.........
10,000,000
11,560,000
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017A,
Refunding,
5%,
1/01/43
..
47,000,000
58,123,960
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017A,
Refunding,
5%,
1/01/48
..
33,500,000
41,000,985
North
Texas
Tollway
System,
Revenue,
First
Tier,
I,
Refunding,
6.5%,
1/01/43
.....
25,000,000
30,198,500
North
Texas
Tollway
System,
Revenue,
Second
Tier,
2017B,
Refunding,
5%,
1/01/48
10,000,000
11,818,400
North
Texas
Tollway
System,
Revenue,
Second
Tier,
2018,
Refunding,
5%,
1/01/48
25,250,000
30,299,243
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn
.,
9/01/37
....
7,500,000
4,276,425
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn
.,
9/01/43
....
7,500,000
2,725,575
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
1.1E-5%,
9/01/45
.....
25,000,000
38,065,250
Port
Freeport
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
6/01/49
.....................
4,000,000
4,870,480
San
Antonio
Public
Facilities
Corp.
,
City
of
San
Antonio
,
Revenue
,
2012
,
Refunding
,
4
%
,
9/15/42
......................................................
36,500,000
38,073,150
San
Antonio
Water
System
,
Revenue,
Junior
Lien,
2018A,
Refunding,
5%,
5/15/43
......................
12,000,000
15,125,640
Revenue,
Junior
Lien,
2018A,
Refunding,
5%,
5/15/48
......................
10,000,000
12,512,300
San
Jacinto
River
Authority
,
Revenue,
2011,
AGMC
Insured,
5%,
10/01/32
............................
5,000,000
5,017,700
Revenue,
2011,
AGMC
Insured,
5%,
10/01/37
............................
3,000,000
3,011,130
Southwest
Higher
Education
Authority,
Inc.
,
Southern
Methodist
University
,
Revenue
,
2013A
,
5
%
,
10/01/38
...............................................
24,380,000
26,772,166
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
CHRISTUS
Health
Obligated
Group,
Revenue,
2018
B,
5%,
7/01/43
...........
10,000,000
12,440,100
Cook
Children's
Medical
Center
Obligated
Group,
Revenue,
2013
A,
5.25%,
12/01/39
10,000,000
11,149,500
Hendrick
Medical
Center
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5.5%,
9/01/43
........................................................
5,350,000
6,073,481
Texas
Health
Resources
Obligated
Group,
Revenue,
2015A,
5%,
11/15/52
.......
5,000,000
5,740,900
Tarrant
County
Health
Facilities
Development
Corp.
,
Texas
Health
Resources
Obligated
Group
,
Revenue
,
1994
,
FGIC
Insured
,
ETM,
6
%
,
9/01/24
....................
3,460,000
3,881,809
Tarrant
County
Health
Facilities
Development
Corp.
,
Texas
Health
Resources
Obligated
Group,
Revenue,
1994,
FGIC
Insured,
ETM,
6%,
9/01/24
........................................................
3,460,000
3,881,809
d
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue,
2021,
Refunding,
5%,
12/15/28
................................
4,500,000
5,812,605
Revenue,
2021,
Refunding,
5%,
12/15/29
................................
7,500,000
9,858,600
Revenue,
2021,
Refunding,
5%,
12/15/30
................................
6,750,000
9,020,970
Revenue,
2021,
Refunding,
5%,
12/15/31
................................
6,750,000
9,168,188
Revenue,
2021,
Refunding,
5%,
12/15/32
................................
6,750,000
9,291,375
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Texas
Municipal
Power
Agency
,
Revenue,
Sub.
Lien
,
2010
,
Refunding
,
5
%
,
9/01/40
.
$
15,250,000
$
15,305,815
Texas
Transportation
Commission
,
Revenue,
First
Tier,
2019A,
Zero
Cpn
.,
8/01/48
...........................
6,250,000
1,926,000
Revenue,
First
Tier,
2019A,
Zero
Cpn
.,
8/01/49
...........................
5,000,000
1,461,950
Revenue,
First
Tier,
2019A,
Zero
Cpn
.,
8/01/50
...........................
5,500,000
1,515,910
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
4%,
10/15/43
.......................................................
25,000,000
30,092,000
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
5%,
4/15/49
15,000,000
19,255,350
West
Travis
County
Public
Utility
Agency
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
......................................................
5,000,000
5,688,750
1,155,225,278
Utah
1.4%
Central
Utah
Water
Conservancy
District
,
Revenue,
2017
B,
Refunding,
4%,
10/01/37
..............................
2,600,000
3,067,948
Revenue,
2017
B,
Refunding,
4%,
10/01/38
..............................
10,000,000
11,739,500
County
of
Utah
,
IHC
Health
Services,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
5/15/43
.........................................................
2,750,000
3,307,205
Jordan
Valley
Water
Conservancy
District
,
Revenue,
2011B,
Pre-Refunded,
5%,
10/01/41
............................
15,000,000
15,121,650
Revenue,
2017
B,
Refunding,
4%,
10/01/41
..............................
6,000,000
6,957,900
Salt
Lake
City
Corp.
,
Airport,
Revenue,
2017A,
5%,
7/01/42
..................................
15,000,000
18,048,900
Airport,
Revenue,
2017A,
5%,
7/01/47
..................................
10,000,000
11,972,900
Airport,
Revenue,
2018A,
5%,
7/01/48
..................................
9,400,000
11,414,984
Airport,
Revenue,
2018A,
5.25%,
7/01/48
................................
10,000,000
12,315,800
University
of
Utah
(The)
,
Revenue,
2013
A,
Pre-Refunded,
5%,
8/01/43
............................
21,975,000
24,636,392
Revenue,
2018A,
5%,
8/01/44
........................................
12,240,000
15,424,114
Utah
Municipal
Power
Agency
,
Revenue
,
2016
B
,
5
%
,
7/01/38
..................
10,000,000
11,995,400
Weber
Basin
Water
Conservancy
District
,
Revenue
,
2013B
,
Pre-Refunded
,
5
%
,
4/01/39
.........................................................
7,180,000
7,927,079
153,929,772
Vermont
0.1%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
President
&
Fellows
of
Middlebury
College,
Revenue,
2020,
Refunding,
5%,
11/01/49
4,000,000
5,101,360
President
&
Fellows
of
Middlebury
College,
Revenue,
2020,
Refunding,
4%,
11/01/50
5,000,000
5,837,650
University
of
Vermont
Health
Network
Obligated
Group,
Revenue,
2016A,
Refunding,
5%,
12/01/36
...................................................
5,000,000
5,938,000
16,877,010
Virginia
1.2%
Hampton
Roads
Sanitation
District
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
10/01/47
..
14,575,000
18,968,196
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien,
2018
A,
5%,
7/01/42
..............................
25,000,000
31,120,750
Revenue,
Senior
Lien,
2020
A,
5.25%,
7/01/60
............................
25,000,000
32,828,750
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2019
,
4
%
,
5/15/41
.......
13,585,000
16,247,796
Virginia
Housing
Development
Authority
,
Revenue
,
2019
E
,
3.1
%
,
12/01/45
........
6,760,000
7,184,122
Virginia
Resources
Authority
,
Revenue
,
2012
A
,
5
%
,
11/01/39
..................
70,000
75,379
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2012,
5%,
1/01/40
.............
14,535,000
15,084,278
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2019,
5%,
1/01/44
.............
7,500,000
7,780,575
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2019,
5%,
7/01/49
.............
3,000,000
3,111,390
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
(continued)
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020A,
Refunding,
4%,
1/01/45
........................................................
$
4,000,000
$
4,468,840
136,870,076
Washington
2.7%
City
of
Seattle
,
Municipal
Light
&
Power,
Revenue,
2017
C,
Refunding,
4%,
9/01/36
............
22,170,000
26,025,585
Municipal
Light
&
Power,
Revenue,
2018
A,
4%,
1/01/42
.....................
10,855,000
12,640,647
County
of
King
,
Sewer,
Revenue,
2017,
Refunding,
5%,
7/01/49
...........................
12,000,000
14,660,880
Sewer,
Revenue,
2020
A,
Refunding,
4%,
1/01/47
.........................
5,000,000
6,043,100
King
County
Housing
Authority
,
Revenue,
2019,
Refunding,
3%,
11/01/39
................................
10,000,000
10,839,800
Revenue,
2020,
Refunding,
3%,
6/01/40
.................................
5,000,000
5,410,500
Klickitat
County
Public
Utility
District
No.
1
,
Revenue
,
2019
A
,
Refunding
,
AGMC
Insured
,
3
%
,
12/01/41
..............................................
3,030,000
3,257,977
NJB
Properties
,
Revenue
,
2006A
,
5
%
,
12/01/36
............................
5,000
5,019
North
Thurston
Public
Schools
,
GO,
2020,
4%,
12/01/34
.............................................
5,000,000
6,301,300
GO,
2020,
4%,
12/01/35
.............................................
5,000,000
6,254,650
GO,
2020,
4%,
12/01/36
.............................................
6,000,000
7,448,040
Port
of
Seattle
,
Revenue,
2018A,
5%,
5/01/43
........................................
15,500,000
18,230,170
Revenue,
2019,
4%,
4/01/44
.........................................
4,000,000
4,497,960
State
of
Washington
,
GO,
2019
D,
5%,
6/01/43
............................................
11,040,000
14,175,912
GO,
2019
D,
5%,
6/01/44
............................................
11,595,000
14,854,355
GO,
Senior
Lien,
2012C,
Refunding,
5%,
6/01/33
..........................
5,000,000
5,079,100
University
of
Washington
,
Revenue
,
2018
,
5
%
,
4/01/48
.......................
29,450,000
35,741,403
Washington
Health
Care
Facilities
Authority
,
Revenue,
2014D,
Pre-Refunded,
5%,
10/01/41
...........................
150,000
174,832
Revenue,
2014D,
5%,
10/01/41
.......................................
9,850,000
11,365,620
Fred
Hutchinson
Cancer
Research
Center,
Revenue,
2017
A,
5%,
1/01/47
.......
10,000,000
11,725,100
Multicare
Health
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
4%,
8/15/41
25,000,000
28,567,000
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2012A,
5%,
10/01/42
...
10,175,000
10,718,650
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/45
........................................................
2,610,000
3,088,909
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/45
........................................................
2,105,000
2,708,925
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/50
........................................................
5,000,000
5,878,500
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/50
........................................................
3,000,000
3,835,920
Seattle
Children's
Hospital
Obligated
Group,
Revenue,
2015B,
Refunding,
5%,
10/01/38
.......................................................
15,000,000
17,508,150
Washington
Higher
Education
Facilities
Authority
,
Seattle
Pacific
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/42
......................................
3,800,000
4,564,294
Washington
State
Convention
Center
Public
Facilities
District
,
Revenue
,
2018
,
5
%
,
7/01/43
.........................................................
13,870,000
16,520,973
308,123,271
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
West
Virginia
0.9%
Berkeley
County
Public
Service
Sewer
District
,
Revenue
,
2016B
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/36
...............................................
$
1,000,000
$
1,197,690
West
Virginia
Hospital
Finance
Authority
,
Cabell
Huntington
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
1/01/43
........................................................
13,250,000
15,891,918
Charleston
Area
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2019A,
Refunding,
5%,
9/01/38
....................................................
3,040,000
3,703,206
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
6/01/42
7,000,000
8,397,340
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
6/01/47
10,190,000
12,128,851
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/52
20,700,000
25,025,886
West
Virginia
University
,
Revenue
,
2014A
,
Pre-Refunded
,
5
%
,
10/01/44
..........
21,800,000
25,626,772
West
Virginia
Water
Development
Authority
,
Revenue,
2016
A,
Refunding,
5%,
10/01/36
..............................
5,000,000
6,109,900
Revenue,
2016
A,
Refunding,
5%,
10/01/45
..............................
5,435,000
6,531,729
104,613,292
Wisconsin
1.4%
Ashwaubenon
Community
Development
Authority
,
County
of
Brown,
Revenue,
2019,
Zero
Cpn
.,
6/01/49
.......................
16,185,000
6,089,768
County
of
Brown,
Revenue,
2019,
Zero
Cpn
.,
6/01/54
.......................
48,000,000
14,368,800
City
of
Superior
,
DTE
Electric
Co.
,
Revenue
,
E-1991
,
Refunding
,
NATL
Insured
,
6.9
%
,
8/01/21
.........................................................
3,000,000
3,099,390
Public
Finance
Authority
,
d
2017
IAVF
Rubix
LLC,
Revenue,
2020A,
4.25%,
12/01/50
...................
3,750,000
3,844,613
b,c,d
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-2,
Mandatory
Put,
4%,
12/01/35
.......................................................
29,600,000
30,060,576
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020A,
5%,
11/15/41
.......................................................
1,205,000
1,467,473
Blue
Ridge
Healthcare
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
1/01/50
2,185,000
2,256,712
Renown
Regional
Medical
Center,
Revenue,
2020A,
Refunding,
4%,
6/01/45
.....
14,000,000
16,358,860
Wisconsin
Center
District
,
Revenue,
Junior
Lien
,
2020
D
,
AGMC
Insured
,
Zero
Cpn
.,
12/15/45
........................................................
65,000,000
28,924,350
Wisconsin
Health
&
Educational
Facilities
Authority
,
Ascension
Health
Credit
Group,
Revenue,
2013
B-2,
4%,
11/15/43
.............
10,000,000
11,691,400
Children's
Hospital
of
Wisconsin
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/15/42
........................................................
15,000,000
17,263,650
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2017
C,
Refunding,
5%,
2/15/47
........................................................
20,000,000
23,145,000
Thedacare
,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
12/15/37
......
5,135,000
6,079,994
164,650,586
Wyoming
0.1%
d
County
of
Laramie
,
Cheyenne
Regional
Medical
Center
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/35
......................................................
500,000
615,700
Wyoming
Community
Development
Authority
,
Revenue
,
2018
1
,
Refunding
,
3.65
%
,
12/01/33
........................................................
2,150,000
2,272,056
Wyoming
Municipal
Power
Agency,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
BAM
Insured
,
5
%
,
1/01/42
......................................................
7,000,000
8,343,300
11,231,056
U.S.
Territories
4.1%
District
of
Columbia
3.5%
District
of
Columbia
,
GO,
2019
A,
5%,
10/15/44
...........................................
25,000,000
32,107,500
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/26
.....................
9,950,000
9,974,775
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/24
.....................
12,120,000
12,151,270
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/25
.....................
7,000,000
7,017,780
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
Association
of
American
Medical
Colleges,
Revenue,
2011
B,
Pre-Refunded,
5.25%,
10/01/41
.......................................................
$
15,000,000
$
15,516,600
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/42
..........
20,660,000
24,175,092
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/47
..........
24,985,000
29,016,330
Catholic
University
of
America
(The),
Revenue,
2018,
Refunding,
5%,
10/01/43
...
4,000,000
4,764,040
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/15/40
........................................................
6,830,000
7,954,833
Georgetown
University
(The),
Revenue,
2007
A,
Pre-Refunded,
AMBAC
Insured,
5%,
4/01/32
........................................................
15,370,000
15,493,421
Income
Tax,
Revenue,
2019A,
4%,
3/01/44
..............................
10,000,000
12,011,400
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/49
............
2,275,000
2,667,187
Tobacco
Settlement
Financing
Corp.,
Revenue,
2001,
6.5%,
5/15/33
...........
16,630,000
18,579,701
Water
&
Sewer
Authority,
Revenue,
Senior
Lien,
2018
A,
5%,
10/01/49
..........
25,000,000
31,345,250
Water
&
Sewer
Authority,
Revenue,
Sub.
Lien,
2019
A,
5%,
10/01/44
...........
7,350,000
9,544,637
Metropolitan
Washington
Airports
Authority
,
Revenue,
2019A,
Refunding,
5%,
10/01/44
..............................
17,500,000
22,008,175
Revenue,
2019A,
Refunding,
5%,
10/01/49
..............................
15,000,000
18,738,150
Dulles
Toll
Road,
Revenue,
Second
Lien,
2009C,
AGMC
Insured,
6.5%,
10/01/41
..
25,000,000
31,679,750
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/49
........
13,555,000
15,320,674
Washington
Convention
&
Sports
Authority,
Tax
Allocation,
Senior
Lien,
2010-A,
5%,
10/01/40
........................................................
16,415,000
16,446,845
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2020A,
4%,
7/15/45
........................................
10,000,000
11,910,800
Revenue,
2020A,
5%,
7/15/45
........................................
40,000,000
51,954,800
400,379,010
Puerto
Rico
0.6%
Commonwealth
of
Puerto
Rico,
GO,
AGMC
Insured,
5.5%,
7/01/29
..............
5,295,000
6,305,762
Puerto
Rico
Electric
Power
Authority
,
e
Revenue,
2012A-RSA-1
2012A,
5%,
7/01/42
.............................
18,925,000
16,180,875
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
1,485,000
1,643,019
e
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
15,000,000
12,843,750
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
1,000,000
1,217,310
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
...................
11,980,000
14,587,926
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/28
....................
2,500,000
2,972,675
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
12,135,000
14,868,773
70,620,090
Total
U.S.
Territories
....................................................................
470,999,100
Total
Municipal
Bonds
(Cost
$10,163,111,180)
...................................
11,291,639,515
Total
Long
Term
Investments
(Cost
$10,165,366,913)
............................
11,293,924,920
a
a
a
a
a
Short
Term
Investments
0.1%
Municipal
Bonds
0.1%
Michigan
0.0%
†
f
University
of
Michigan
,
Revenue
,
2012D-1
,
Daily
VRDN
and
Put
,
0.01
%
,
12/01/24
...
2,500,000
2,500,000
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
29
See
Abbreviations
on
page
32
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
New
York
0.1%
f
Metropolitan
Transportation
Authority
,
Dedicated
Tax
Fund
,
Revenue
,
2008A-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.01
%
,
11/01/31
...........
$
3,800,000
$
3,800,000
f
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.01
%
,
1/01/34
1,200,000
1,200,000
5,000,000
Oregon
0.0%
†
f
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.01
%
,
8/01/34
............
2,600,000
2,600,000
Pennsylvania
0.0%
†
f
Hospitals
&
Higher
Education
Facilities
Authority
of
Philadelphia
(The)
,
Children's
Hospital
of
Philadelphia
Obligated
Group
,
Revenue
,
2011
B
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
0.01
%
,
7/01/41
................................
1,700,000
1,700,000
Total
Municipal
Bonds
(Cost
$11,800,000)
......................................
11,800,000
Total
Short
Term
Investments
(Cost
$11,800,000
)
................................
11,800,000
a
Total
Investments
(Cost
$10,177,166,913)
99.7%
................................
$11,305,724,920
Other
Assets,
less
Liabilities
0.3%
.............................................
31,203,818
Net
Assets
100.0%
...........................................................
$11,336,928,738
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2021,
the
aggregate
value
of
these
securities
was
$106,360,193,
representing
0.9%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
purchased
on
a
when-issued
basis.
e
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
f
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Federal
Tax
Free
Income
Fund
Notes
to
Statement
of
Investments
(unaudited)
30
1.
Organization
Franklin
Federal
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
2. Financial
Instrument
Valuation
The
Fund's 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
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Fund’s
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities,
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.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
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
over-the-counter
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3.
Concentration
of
Risk 
Investing
in
Puerto
Rico
securities
may
expose
the
Fund
to
heightened
risks
due
to
recent
adverse
economic
and
market
changes,
credit
downgrades
and
ongoing
restructuring
discussions.
Investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell. 
Franklin
Federal
Tax
Free
Income
Fund
Notes
to
Statement
of
Investments
(unaudited)
31
4.
Novel
Coronavirus
Pandemic 
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
5.
Investments
in
Affiliated
Management
Investment
Companies 
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies
for
purposes
other
than
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
January
31,
2021,
investments
in
affiliated
management
investment
companies
were
as
follows: 
6. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At January
31,
2021,
all
of
the
Fund's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
7.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
Statement
of
Investments
and
determined
that
no
events
have
occurred
that
require
disclosure. 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Federal
Tax-Free
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
................
$—
$2,255,733
$—
$—
$29,672
$2,285,405
83,000
$8,853
Total
Affiliated
Securities
....
$—
$2,255,733
$—
$—
$29,672
$2,285,405
$8,853
Franklin
Federal
Tax
Free
Income
Fund
Notes
to
Statement
of
Investments
(unaudited)
32
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
BHAC
Berkshire
Hathaway
Assurance
Corp.
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co..
FHA
Federal
Housing
Administration
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
SPA
Standby
Purchase
Agreement
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.