Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

1116-Q3PH

1

Schedule

of

Investments

(unaudited)

Franklin

Federal

Tax-Free

Income

Fund

2

Notes

to

Schedule

of

Investments

36

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited),

January

31,

2023

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Shares

a

Value

a

Management

Investment

Companies

0.0%

†

Capital

Markets

0.0%

†

a

Franklin

Municipal

Green

Bond

ETF

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

83,000

$

2,006,940

Total

Management

Investment

Companies

(Cost

$2,255,732)

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

2,006,940

Principal

Amount

a

a

a

a

Corporate

Bonds

0.4%

Software

0.4%

b

Haven

at

Elgin

LLC

,

5.25%,

7/01/53

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

$

7,890,000

8,168,825

5.25%,

12/31/53

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

27,770,000

28,751,366

36,920,191

Total

Corporate

Bonds

(Cost

$35,660,000)

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

36,920,191

Senior

Floating

Rate

Interests

0.2%

Equity

Real

Estate

Investment

Trusts

(REITs)

0.1%

b,c,d

Centennial

Gardens

LP

,

Delayed

Draw

Term

Loan

,

5.579

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/08/24

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

11,421,695

11,421,695

Real

Estate

Management

&

Development

0.1%

b,c,d

TBG

Hillcrest

Senior

II

LP

,

Delayed

Draw

Term

Loan

,

5.23

%

,

(

1-month

USD

LIBOR

+

1.55

%

),

1/01/38

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

4,625,353

4,770,658

Total

Senior

Floating

Rate

Interests

(Cost

$16,047,048)

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

16,192,353

Municipal

Bonds

97.8%

Alabama

1.8%

Alabama

Public

Health

Care

Authority

(The)

,

State

of

Alabama

Department

of

Public

Health

,

Revenue

,

2015

,

Refunding

,

5

%

,

9/01/44

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

17,085,000

17,556,303

Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

11/15/46

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

10,000,000

10,292,570

e

Black

Belt

Energy

Gas

District

,

Revenue,

2021

B,

Mandatory

Put,

4%,

12/01/26

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

26,090,000

26,142,931

Revenue,

2022

B-1,

Mandatory

Put,

4%,

10/01/27

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

32,950,000

32,963,401

Revenue,

2022

C-1,

Mandatory

Put,

5.25%,

6/01/29

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

12,845,000

13,783,584

Revenue,

2022

F,

Mandatory

Put,

5.5%,

12/01/28

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

24,715,000

26,557,657

Chilton

County

Health

Care

Authority

,

County

of

Chilton

Sales

Tax

,

Revenue

,

2015

A

,

5

%

,

11/01/40

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

8,425,000

8,593,936

f

County

of

Mobile

,

Revenue

,

144A,

2020

,

4

%

,

11/01/45

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

13,900,000

12,352,386

Health

Care

Authority

of

the

City

of

Huntsville

(The)

,

Health

Care

Authority

of

City

of

Huntsville

(The)

Obligated

Group

,

Revenue

,

2020

B

,

4

%

,

6/01/45

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

3,500,000

3,464,753

e

Southeast

Energy

Authority

A

Cooperative

District

,

Revenue,

2021

B,

Mandatory

Put,

4%,

12/01/31

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

1,000,000

997,501

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

12,850,000

13,996,644

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

5

%

,

4/01/49

........

5,000,000

5,269,586

171,971,252

Alaska

0.4%

Alaska

Municipal

Bond

Bank

Authority

,

Revenue,

2015,

Refunding,

5.25%,

10/01/36

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

16,045,000

16,762,425

Revenue,

2015,

Refunding,

5%,

10/01/39

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

12,950,000

13,412,263

Northern

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/50

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

3,250,000

2,967,108

Revenue,

Senior

Lien,

2021

B-1,

2,

Refunding,

0.5%,

6/01/31

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

160,000

159,013

Revenue,

Senior

Lien,

2021

B-1,

2,

Refunding,

4%,

6/01/50

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

2,000,000

1,990,026

35,290,835

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Arizona

2.3%

Arizona

Industrial

Development

Authority

,

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/32

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

$

205,000

$

214,657

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

5%,

7/01/33

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

220,000

229,731

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

4%,

7/01/34

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

230,000

229,139

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

4%,

7/01/35

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

235,000

230,430

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

4%,

7/01/36

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

220,000

212,428

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

4%,

7/01/41

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

720,000

656,874

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

4%,

7/01/51

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

550,000

469,740

KIPP

New

York,

Inc.

Jerome

Facility,

Revenue,

2021

B,

4%,

7/01/61

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

6,050,000

4,960,124

Leman

Academy

of

Excellence

Obligated

Group,

Revenue,

2022

A,

Refunding,

4.5%,

7/01/54

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

10,000,000

9,257,235

Arizona

State

University

,

Revenue

,

2016

C

,

5

%

,

7/01/42

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

9,000,000

9,527,261

e

Chandler

Industrial

Development

Authority

,

Intel

Corp.

,

Revenue

,

2022-2

,

Mandatory

Put

,

5

%

,

9/01/27

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

9,000,000

9,537,222

City

of

Lake

Havasu

City

,

Wastewater

System

,

Revenue

,

2015

B

,

Refunding

,

AGMC

Insured

,

5

%

,

7/01/40

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

15,000,000

15,673,741

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

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

25,000,000

25,062,732

Airport,

Revenue,

Junior

Lien,

2019

B,

5%,

7/01/49

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

5,000,000

5,201,804

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges,

Revenue,

2019

A,

4%,

7/01/45

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

14,985,000

14,275,182

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/32

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

6,000,000

7,477,217

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/34

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

5,000,000

6,321,660

State

of

Arizona

Department

of

Revenue,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/35

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

9,860,000

12,419,505

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

5/15/56

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

10,000,000

8,905,925

Glendale

Municipal

Property

Corp.

,

City

of

Glendale

Excise

Tax

,

Revenue

,

2012

C

,

Refunding

,

5

%

,

7/01/38

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

15,500,000

15,523,419

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

2019

E,

4%,

1/01/45

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

10,000,000

9,758,786

Banner

Health

Obligated

Group,

Revenue,

2019

F,

4%,

1/01/45

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

25,000,000

24,396,965

Christian

Care

Obligated

Group,

Revenue,

2016

A,

Pre-Refunded,

5%,

1/01/36

...

5,000,000

5,296,036

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

A,

Refunding,

3.6%,

2/01/40

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

19,500,000

17,872,912

Southern

California

Edison

Co.,

Revenue,

2000

A,

Refunding,

2.4%,

6/01/35

.....

5,000,000

3,962,067

University

of

Arizona

(The)

,

Revenue

,

2014

,

5

%

,

8/01/44

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

10,000,000

10,239,298

217,912,090

Arkansas

0.2%

Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

B-1

,

Refunding

,

5

%

,

9/01/44

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

6,100,000

6,199,680

University

of

Arkansas

,

Fayetteville,

Revenue,

2017,

5%,

11/01/47

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

6,500,000

6,912,189

Fayetteville,

Revenue,

2019

A,

Refunding,

5%,

11/01/49

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

3,000,000

3,241,090

16,352,959

California

6.7%

f

Align

Affordable

Housing

Bond

Fund

LP

,

Coronado

Springs

Tower

LLC

,

Revenue

,

144A,

2020-2

,

A

,

4

%

,

9/01/27

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

17,835,000

17,530,378

e

ARC70

II

TRUST

,

Revenue

,

2021-1

,

A

,

Mandatory

Put

,

4

%

,

12/01/37

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

11,360,000

9,848,627

e

California

Community

Choice

Financing

Authority

,

Revenue,

2022

A-1,

Mandatory

Put,

4%,

8/01/28

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

15,000,000

15,238,085

Revenue,

2023

A-1,

Mandatory

Put,

5%,

8/01/29

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

5,000,000

5,341,086

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

f

California

Community

Housing

Agency

,

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

$

22,400,000

$

19,784,090

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

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

17,850,000

15,738,232

K

Street

Flats,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

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

10,000,000

6,613,606

California

Statewide

Communities

Development

Authority

,

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5%,

8/15/42

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

425,000

460,020

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5.125%,

8/15/47

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

620,000

669,431

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5.25%,

8/15/52

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

7,815,000

8,459,839

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AGMC

Insured,

5.375%,

8/15/57

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

12,495,000

13,547,377

f

CMFA

Special

Finance

Agency

,

Latitude33,

Revenue,

144A,

2021

A-1,

3%,

12/01/56

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

12,000,000

8,560,631

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

5,300,000

4,677,144

f

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

4

%

,

8/01/58

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

26,500,000

21,778,097

f

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

A-1

,

3.25

%

,

2/01/57

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

27,500,000

19,655,278

Corona-Norco

Unified

School

District

,

GO,

C,

AGMC

Insured,

6.2%,

8/01/29

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

3,250,000

3,812,952

GO,

C,

Pre-Refunded,

AGMC

Insured,

6.8%,

8/01/39

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

8,500,000

10,186,299

GO,

C,

AGMC

Insured,

Zero

Cpn.,

8/01/39

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

7,500,000

3,751,345

f

CSCDA

Community

Improvement

Authority

,

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.6%,

5/01/47

.......

10,000,000

8,303,429

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3.25%,

5/01/57

......

12,500,000

9,258,875

Acacia

on

Santa

Rosa

Creek,

Revenue,

Senior

Lien,

144A,

2021

A,

4%,

10/01/56

.

13,000,000

11,468,440

Crescent

(The),

Revenue,

Senior

Lien,

144A,

2022

A-2,

4.3%,

7/01/59

..........

13,700,000

12,224,809

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

10,000,000

7,110,434

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-1,

2.875%,

8/01/41

3,105,000

2,714,572

Monterey

Station

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

7/01/43

.

7,855,000

6,255,983

Park

Crossing

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

12/01/58

.

18,750,000

13,549,669

Vineyard

Garden

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

10/01/58

14,000,000

10,105,359

Waterscape

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3%,

9/01/56

......

1,670,000

1,154,039

Westgate

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/47

......

15,000,000

11,824,828

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

12/01/49

...

30,000,000

21,258,009

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

4%,

12/01/58

...

25,000,000

19,908,177

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Pre-Refunded,

6%,

1/15/49

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

9,000,000

9,310,800

Revenue,

2013

A,

Refunding,

AGMC

Insured,

Zero

Cpn.,

1/15/30

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

15,475,000

17,232,760

Revenue,

2013

A,

Refunding,

Zero

Cpn.,

1/15/42

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

20,000,000

22,016,466

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2013

B

,

5

%

,

7/01/31

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

20,000,000

20,204,202

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5

%

,

11/01/39

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

12,500,000

15,709,406

New

Haven

Unified

School

District

,

GO,

2009,

AGMC

Insured,

Zero

Cpn.,

8/01/31

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

2,055,000

1,601,015

GO,

2009,

AGMC

Insured,

Zero

Cpn.,

8/01/32

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

7,830,000

5,882,921

GO,

2009,

AGMC

Insured,

Zero

Cpn.,

8/01/33

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

7,660,000

5,537,466

Oro

Grande

Elementary

School

District

,

COP,

2020,

Refunding,

4%,

9/15/24

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

2,135,000

2,143,819

COP,

2020,

Refunding,

4%,

9/15/25

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

2,120,000

2,135,480

COP,

2020,

Refunding,

4%,

9/15/27

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

2,400,000

2,426,390

COP,

2020,

Refunding,

4%,

9/15/28

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

2,095,000

2,120,658

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

California

(continued)

Rialto

Unified

School

District

,

GO

,

2011

A

,

AGMC

Insured

,

Zero

Cpn.,

8/01/36

......

$

20,000,000

$

11,543,862

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

5/01/49

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

39,805,000

41,462,548

San

Jose

Unified

School

District

,

GO

,

2018

E

,

4

%

,

8/01/42

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

10,600,000

10,750,755

San

Mateo

Foster

City

School

District

,

GO

,

A

,

Zero

Cpn.,

8/01/42

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

50,000,000

49,675,445

San

Mateo

Union

High

School

District

,

GO,

2011

A,

Zero

Cpn.,

9/01/33

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

6,065,000

5,746,010

GO,

2011

A,

Zero

Cpn.,

9/01/41

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

20,000,000

19,525,500

Santa

Ana

Unified

School

District

,

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

8/01/35

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

10,000,000

6,361,962

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

8/01/36

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

18,865,000

11,327,419

GO,

2009

B,

AGMC

Insured,

Zero

Cpn.,

8/01/37

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

10,000,000

5,692,906

Santa

Monica-Malibu

Unified

School

District

,

GO

,

A

,

4

%

,

8/01/44

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

9,360,000

9,455,912

State

of

California

,

GO,

5.9%,

4/01/23

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

300,000

301,751

GO,

2002,

NATL

Insured,

5%,

10/01/32

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

20,000

20,041

West

Contra

Costa

Unified

School

District

,

GO,

C-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/29

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

10,000,000

8,312,734

GO,

C-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/30

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

20,845,000

16,730,130

GO,

C-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/31

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

20,000,000

15,464,698

GO,

C-1,

Refunding,

AGMC

Insured,

Zero

Cpn.,

8/01/32

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

10,730,000

7,971,809

647,454,005

Colorado

3.1%

City

&

County

of

Denver

,

Airport

System,

Revenue,

1992

C,

NATL

Insured,

ETM,

6.125%,

11/15/25

.......

3,590,000

3,882,223

Airport

System,

Revenue,

2013

B,

5.25%,

11/15/33

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

16,405,000

16,764,735

Airport

System,

Revenue,

2018

A,

Refunding,

5%,

12/01/37

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

10,000,000

10,667,061

Airport

System,

Revenue,

2018

A,

Refunding,

5%,

12/01/48

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

25,500,000

26,466,453

Airport

System,

Revenue,

2018

A,

Refunding,

5.25%,

12/01/48

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

26,000,000

27,482,777

Airport

System,

Revenue,

2022

D,

Refunding,

5.75%,

11/15/45

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

10,000,000

11,564,009

Airport

System,

Revenue,

2022

D,

Refunding,

5%,

11/15/53

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

10,000,000

10,603,512

Dedicated

Excise

Tax,

Revenue,

2018

A-1,

5%,

8/01/48

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

39,690,000

41,456,364

Dedicated

Excise

Tax,

Revenue,

2018

A-2,

Zero

Cpn.,

8/01/35

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

2,000,000

1,211,644

Dedicated

Excise

Tax,

Revenue,

2018

A-2,

Zero

Cpn.,

8/01/36

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

2,500,000

1,438,793

Dedicated

Excise

Tax,

Revenue,

2018

A-2,

Zero

Cpn.,

8/01/37

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

2,455,000

1,344,890

Dedicated

Excise

Tax,

Revenue,

2018

A-2,

Zero

Cpn.,

8/01/38

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

2,000,000

1,046,146

Colorado

Educational

&

Cultural

Facilities

Authority

,

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

5

%

,

9/01/62

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

2,200,000

2,233,502

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

11/15/41

......

30,505,000

31,972,592

AdventHealth

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/48

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

12,000,000

12,660,767

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/41

...

5,000,000

5,156,164

Children's

Hospital

Colorado

Obligated

Group,

Revenue,

2016

A,

5%,

12/01/44

...

10,200,000

10,476,036

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

13,000,000

12,243,123

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5.25%,

11/01/52

......

10,500,000

11,105,620

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

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

4,930,000

4,207,565

Intermountain

Healthcare

Obligated

Group,

Revenue,

2019

B,

Refunding,

4%,

1/01/40

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

10,000,000

10,171,001

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/45

...

1,000,000

920,368

Parkview

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2020

A,

4%,

9/01/50

...

3,000,000

2,602,787

Eagle

River

Water

&

Sanitation

District

,

Wastewater

,

Revenue

,

2020

A

,

AGMC

Insured

,

4

%

,

12/01/45

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

1,250,000

1,260,524

f

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55

%

,

12/01/47

3,500,000

3,565,656

Hunters

Overlook

Metropolitan

District

No.

5

,

GO,

2019

A,

5%,

12/01/39

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

750,000

730,618

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Colorado

(continued)

Hunters

Overlook

Metropolitan

District

No.

5,

(continued)

GO,

2019

A,

5%,

12/01/49

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

$

1,000,000

$

929,185

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

12/01/46

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

2,875,000

3,058,659

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5

%

,

11/15/38

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

20,000,000

24,803,290

Regional

Transportation

District

,

Denver

Transit

Partners

LLC

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

7/15/39

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

1,000,000

977,773

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

3.75%,

12/01/40

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

500,000

410,628

Sterling

Ranch

Colorado

Metropolitan

District

No.

2,

Revenue,

2020

A,

Refunding,

4.25%,

12/01/50

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

1,150,000

924,043

294,338,508

Connecticut

0.2%

Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2020

A,

4%,

7/01/40

..........

2,250,000

2,234,081

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/38

..........

2,200,000

2,211,451

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

..........

6,000,000

5,771,534

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

4%,

7/01/41

...

5,000,000

4,708,550

University

of

Hartford

(The),

Revenue,

2022

P,

5.375%,

7/01/52

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

6,000,000

6,058,769

State

of

Connecticut

,

Special

Tax

,

2020

A

,

4

%

,

5/01/39

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

1,650,000

1,686,255

22,670,640

Delaware

0.1%

County

of

Kent

,

CHF-Dover

LLC,

Revenue,

2018

A,

5%,

7/01/40

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

1,100,000

1,103,277

CHF-Dover

LLC,

Revenue,

2018

A,

5%,

7/01/48

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

1,485,000

1,437,210

CHF-Dover

LLC,

Revenue,

2018

A,

5%,

7/01/53

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

1,100,000

1,048,775

Delaware

State

Economic

Development

Authority

,

Newark

Charter

School,

Inc.,

Revenue,

2021,

Refunding,

4%,

9/01/41

..........

1,600,000

1,511,997

Newark

Charter

School,

Inc.,

Revenue,

2021,

Refunding,

4%,

9/01/51

..........

3,300,000

2,946,637

8,047,896

Florida

9.5%

Alachua

County

Health

Facilities

Authority

,

Oak

Hammock

at

the

University

of

Florida

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

10/01/40

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

2,500,000

2,132,616

Oak

Hammock

at

the

University

of

Florida

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

10/01/46

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

1,750,000

1,410,751

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/40

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

1,840,000

1,615,935

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/50

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

1,500,000

1,210,412

Brevard

County

Health

Facilities

Authority

,

Health

First,

Inc.

Obligated

Group,

Revenue,

2014,

Refunding,

5%,

4/01/39

......

5,000,000

5,114,176

Health

First,

Inc.

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

4/01/52

.....

10,000,000

10,633,142

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/31

......

1,500,000

1,550,036

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/32

......

1,100,000

1,130,942

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/35

......

1,000,000

1,011,994

Capital

Trust

Agency,

Inc.

,

f

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

22,800,000

19,424,759

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/31

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

500,000

515,339

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/41

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

325,000

320,105

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/51

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

385,000

365,363

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/56

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

485,000

449,677

f

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,000,000

1,412,598

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Central

Florida

Expressway

Authority

,

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/39

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

$

5,000,000

$

5,037,625

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/40

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

5,825,000

5,853,977

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

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

16,000,000

16,908,626

Centre

Lake

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/42

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

1,000,000

725,525

Special

Assessment,

2021,

4%,

5/01/52

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

1,275,000

1,010,561

City

of

Atlantic

Beach

,

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/38

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

1,105,000

1,103,721

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/53

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

9,235,000

8,911,010

City

of

Cape

Coral

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

5

%

,

10/01/39

......

10,000,000

10,645,096

City

of

Cocoa

,

Water

&

Sewer

,

Revenue

,

2018

B

,

5

%

,

10/01/48

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

10,325,000

11,309,509

City

of

Fort

Myers

,

Utility

System

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

10/01/44

......

7,000,000

7,049,753

City

of

Gainesville

,

Utilities

System,

Revenue,

2017

A,

5%,

10/01/37

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

5,000,000

5,428,522

Utilities

System,

Revenue,

2019

A,

5%,

10/01/44

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

23,780,000

25,618,582

Utilities

System,

Revenue,

2019

A,

5%,

10/01/47

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

9,000,000

9,659,710

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/01/45

..

5,000,000

4,791,308

Genesis

Health,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

11/01/50

..

15,000,000

15,459,288

City

of

Lakeland

,

Lakeland

Regional

Health

Systems

Obligated

Group

,

Revenue

,

2015

,

5

%

,

11/15/45

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

12,300,000

12,498,905

City

of

Melbourne

,

Water

&

Sewer,

Revenue,

2000

A,

FGIC

Insured,

ETM,

Zero

Cpn.,

10/01/26

......

1,500,000

1,373,935

Water

&

Sewer,

Revenue,

2002

B,

Refunding,

NATL

Insured,

Zero

Cpn.,

10/01/26

.

4,500,000

4,084,693

City

of

Miami

Beach

,

Revenue,

2015

A,

5%,

9/01/40

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

11,000,000

11,477,032

Stormwater,

Revenue,

2015,

5%,

9/01/41

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

10,000,000

10,560,745

City

of

Palmetto

,

Renaissance

Arts

and

Education,

Inc.

,

Revenue

,

2022

A

,

Refunding

,

5.25

%

,

6/01/52

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

3,000,000

3,048,806

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/50

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

4,730,000

3,684,040

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

9/01/56

.

10,150,000

7,654,116

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/15/42

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

5,000,000

5,027,949

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/42

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

21,500,000

22,253,465

City

of

St.

Petersburg

,

Public

Utility

,

Revenue

,

2018

,

Refunding

,

4

%

,

10/01/43

......

15,000,000

15,131,805

City

of

Tampa

,

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

7/01/37

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

5,000,000

5,193,573

H

Lee

Moffitt

Cancer

Center

&

Research

Institute

Obligated

Group,

Revenue,

2020

B,

4%,

7/01/45

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

5,000,000

4,849,346

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/35

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

755,000

472,443

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/36

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

800,000

474,356

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

Zero

Cpn.,

9/01/37

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

800,000

451,624

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

4

%

,

9/01/49

.....

15,000,000

14,085,440

County

of

Hillsborough

,

Wastewater

Impact

Fee

,

Revenue

,

2021

,

4

%

,

5/01/37

......

650,000

672,851

County

of

Lee

,

Airport

,

Revenue

,

2021

B

,

4

%

,

10/01/38

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

7,435,000

7,310,206

County

of

Miami-Dade

,

Aviation,

Revenue,

2014

B,

Refunding,

5%,

10/01/37

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

5,000,000

5,151,434

Aviation,

Revenue,

2019

A,

5%,

10/01/49

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

11,000,000

11,419,959

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

County

of

Miami-Dade,

(continued)

Aviation,

Revenue,

2020

A,

Refunding,

4%,

10/01/41

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

$

4,950,000

$

4,944,940

c

Seaport

Department,

Revenue,

Senior

Lien,

2022

A,

Refunding,

5.25%,

10/01/52

..

6,000,000

6,416,524

Transit

System,

Revenue,

2015,

Refunding,

5%,

7/01/35

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

7,000,000

7,369,528

Transit

System,

Revenue,

2018,

5%,

7/01/43

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

10,000,000

10,762,525

Transit

System,

Revenue,

2018,

4%,

7/01/47

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

5,000,000

4,898,662

Transit

System,

Revenue,

2020

A,

4%,

7/01/48

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

5,000,000

4,880,116

Water

&

Sewer

System,

Revenue,

2019

B,

4%,

10/01/49

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

27,500,000

26,816,851

County

of

Monroe

,

Airport,

Revenue,

2022,

5.25%,

10/01/47

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

1,000,000

1,042,580

Airport,

Revenue,

2022,

5%,

10/01/52

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

1,500,000

1,525,068

County

of

Osceola

,

Transportation

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

10/01/49

...

4,500,000

4,594,255

County

of

Seminole

,

Water

&

Sewer

,

Revenue

,

2019

,

Refunding

,

4

%

,

10/01/40

.....

8,500,000

8,618,975

f

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

2

,

Special

Assessment

,

144A,

2018

,

5

%

,

12/15/48

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

4,000,000

3,881,972

f

Epperson

North

Community

Development

District

,

Special

Assessment

,

144A,

2018

A-1

,

5.5

%

,

11/01/39

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

1,500,000

1,536,677

Escambia

County

Health

Facilities

Authority

,

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

.

4,165,000

4,412,420

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/37

.

6,000,000

6,328,058

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/40

.

4,000,000

4,196,402

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/45

.

19,465,000

18,522,586

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

.

18,985,000

17,670,069

Florida

Development

Finance

Corp.

,

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/35

..........

325,000

317,757

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/45

..........

600,000

527,848

Shands

Jacksonville

Medical

Center

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

2/01/33

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

1,350,000

1,434,814

Shands

Jacksonville

Medical

Center

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

2/01/39

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

5,350,000

5,443,801

Shands

Jacksonville

Medical

Center

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

2/01/52

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

7,000,000

6,719,525

Florida

Housing

Finance

Corp.

,

Revenue

,

2020-1

,

GNMA

Insured

,

2.75

%

,

7/01/50

...

1,430,000

1,172,205

Fort

Pierce

Utilities

Authority

,

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn.,

10/01/23

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

3,060,000

3,002,821

Revenue,

1999

B,

AMBAC

Insured,

Zero

Cpn.,

10/01/24

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

2,560,000

2,442,490

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

4

%

,

10/01/49

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

15,000,000

14,396,997

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/36

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

2,500,000

2,603,750

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125

%

,

5/01/45

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

2,170,000

2,160,110

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/45

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

1,515,000

1,529,223

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/50

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

1,800,000

1,801,643

Hillsborough

County

Aviation

Authority

,

Revenue,

2015

A,

5%,

10/01/44

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

5,000,000

5,081,844

Revenue,

2018

A,

5%,

10/01/48

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

20,000,000

20,738,808

Revenue,

2018

E,

5%,

10/01/48

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

5,000,000

5,205,129

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

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

,

2020

A

,

4

%

,

8/01/50

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

$

6,500,000

$

6,059,994

Hollywood

Beach

Community

Development

District

I

,

Special

Assessment

,

2020

,

Refunding

,

4

%

,

10/01/45

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

4,000,000

3,833,434

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2019

,

5

%

,

11/15/44

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

6,360,000

6,388,583

Lee

Memorial

Health

System

,

Lee

Memorial

Health

System

Obligated

Group

,

Revenue

,

2019

A-1

,

Refunding

,

5

%

,

4/01/44

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

4,220,000

4,408,366

f

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Zero

Cpn.,

5/01/57

27,000,000

21,937,500

Miami

Beach

Redevelopment

Agency

,

Tax

Allocation,

2015

A,

Refunding,

AGMC

Insured,

5%,

2/01/40

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

5,000,000

5,039,178

Tax

Allocation,

2015

A

2015

B,

Refunding,

AGMC

Insured,

5%,

2/01/44

.........

12,000,000

12,075,377

Miami-Dade

County

Expressway

Authority

,

Revenue,

2013

A,

Refunding,

5%,

7/01/29

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

10,000,000

10,107,763

Revenue,

2013

A,

Refunding,

5%,

7/01/32

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

6,375,000

6,386,087

Revenue,

A,

5%,

7/01/40

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

49,035,000

49,095,318

Miami-Dade

County

Health

Facilities

Authority

,

Variety

Children's

Hospital

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

4

%

,

8/01/47

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

3,500,000

3,421,881

Mid-Bay

Bridge

Authority

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

10/01/40

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

5,000,000

5,103,733

Middleton

Community

Development

District

A

,

Special

Assessment

,

2022

,

6.2

%

,

5/01/53

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

5,000,000

5,147,976

North

Sumter

County

Utility

Dependent

District

,

Revenue,

Senior

Lien,

2019,

BAM

Insured,

5%,

10/01/44

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

4,000,000

4,351,157

Revenue,

Senior

Lien,

2019,

5%,

10/01/49

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

3,635,000

3,842,722

Revenue,

Senior

Lien,

2019,

5%,

10/01/54

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

7,000,000

7,364,013

Orange

County

Health

Facilities

Authority

,

Orlando

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

10/01/39

.....

6,000,000

6,313,406

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/41

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

5,000,000

5,196,693

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

8/01/47

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

14,000,000

14,550,739

Palm

Beach

County

Educational

Facilities

Authority

,

Palm

Beach

Atlantic

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

10/01/41

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

3,695,000

3,473,206

Palm

Beach

Atlantic

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

10/01/46

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

7,570,000

6,839,435

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

B,

4%,

11/15/41

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

500,000

439,514

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

B,

5%,

11/15/42

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

1,000,000

1,003,123

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

B,

5%,

5/15/41

....

5,000,000

4,484,751

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment,

Senior

Lien,

2020

A-1,

Refunding,

AGMC

Insured,

2.625%,

5/01/34

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

1,200,000

1,059,454

Special

Assessment,

Senior

Lien,

2020

A-1,

Refunding,

AGMC

Insured,

2.8%,

5/01/37

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

995,000

827,328

g

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

5.25

%

,

5/01/52

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

2,500,000

2,499,792

Reunion

West

Community

Development

District

,

Assessment

Area

One

,

Special

Assessment

,

2022

,

Refunding

,

3

%

,

5/01/36

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

1,250,000

1,004,106

River

Hall

Community

Development

District

,

Special

Assessment

,

2021

A-1

,

Refunding

,

3

%

,

5/01/36

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

750,000

602,464

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/37

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

2,350,000

2,225,729

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Florida

(continued)

Sarasota

County

Health

Facilities

Authority,

(continued)

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/42

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

$

1,600,000

$

1,471,300

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/47

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

2,450,000

2,186,438

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

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

600,000

616,775

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

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

1,025,000

1,036,305

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

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

1,850,000

1,798,130

Sarasota

County

Public

Hospital

District

,

Obligated

Group,

Revenue,

2022,

4%,

7/01/52

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

15,000,000

14,059,241

Sarasota

County

Public

Hospital

District

Obligated

Group,

Revenue,

2018,

4%,

7/01/48

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

10,000,000

9,467,667

School

District

of

Broward

County

,

GO

,

2022

,

5

%

,

7/01/51

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

26,045,000

29,014,568

South

Broward

Hospital

District

,

South

Broward

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

5

%

,

5/01/45

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

20,715,000

21,867,357

South

Fork

East

Community

Development

District

,

Special

Assessment,

2021,

Refunding,

3%,

5/01/26

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

100,000

95,974

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

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

248,000

218,214

Special

Assessment,

2021,

Refunding,

3%,

5/01/38

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

599,000

463,863

St.

Johns

County

Industrial

Development

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

8/01/55

...

7,250,000

6,669,695

State

of

Florida

,

GO,

1999

D,

Refunding,

6%,

6/01/23

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

32,500,000

32,895,506

GO,

2016

F,

Refunding,

4%,

6/01/37

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

8,000,000

8,184,050

Tampa

Sports

Authority

,

Revenue

,

1995

,

NATL

Insured

,

6.1

%

,

10/01/26

...........

1,895,000

2,026,722

Tampa-Hillsborough

County

Expressway

Authority

,

Revenue

,

2017

,

5

%

,

7/01/47

....

10,000,000

10,447,556

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

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

1,000,000

875,695

Special

Assessment,

2020,

4%,

6/15/50

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

2,000,000

1,604,426

Tohopekaliga

Water

Authority

,

Revenue

,

2016

,

Refunding

,

5

%

,

10/01/46

..........

5,000,000

5,401,999

Tohoqua

Community

Development

District

,

Special

Assessment

,

2021

,

4

%

,

5/01/51

.

1,175,000

937,950

Touchstone

Community

Development

District

,

Special

Assessment,

Senior

Lien

,

2022

A-1

,

5.5

%

,

5/01/53

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

1,800,000

1,922,259

Town

of

Palm

Beach

,

GO

,

2018

,

4

%

,

7/01/43

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

5,000,000

5,121,336

University

of

North

Florida

Financing

Corp.

(The)

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/35

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

5,000,000

5,442,628

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/42

1,500,000

1,585,096

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2017,

Refunding,

5%,

10/15/47

3,500,000

3,672,060

Embry-Riddle

Aeronautical

University,

Inc.,

Revenue,

2020

A,

Refunding,

5%,

10/15/49

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

3,000,000

3,174,101

915,024,087

Georgia

4.1%

Atlanta

Development

Authority

(The)

,

City

of

Atlanta

Hotel

Motel

Tax,

Revenue,

2015

A-1,

5.25%,

7/01/44

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

3,000,000

3,109,834

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/24

..

6,385,000

6,466,589

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/25

..

6,955,000

7,148,459

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/26

..

5,000,000

5,225,345

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/27

..

5,000,000

5,302,775

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

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

15,040,000

14,934,639

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

15,800,000

15,914,473

Water

&

Wastewater,

Revenue,

2015,

Refunding,

5%,

11/01/40

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

29,500,000

30,695,296

Water

&

Wastewater,

Revenue,

2018

A,

Refunding,

5%,

11/01/40

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

4,655,000

5,032,426

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Georgia

(continued)

City

of

Atlanta,

(continued)

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

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

$

4,845,000

$

5,171,888

Cobb

County

Kennestone

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2020

B

,

Refunding

,

4

%

,

4/01/41

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

50,000

49,822

Coweta

County

Development

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

5

%

,

7/01/44

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

10,000,000

10,531,412

Development

Authority

for

Fulton

County

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

4

%

,

7/01/49

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

20,000,000

19,078,208

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.,

Revenue,

2017,

Refunding,

4.125%,

11/01/45

.........

18,500,000

17,345,082

Oglethorpe

Power

Corp.,

Revenue,

2017

C,

Refunding,

4.125%,

11/01/45

.......

2,500,000

2,343,930

f

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

A-1

,

3.5

%

,

12/01/36

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

39,080,000

32,277,305

Fayette

County

Hospital

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2014

A,

Refunding,

5%,

7/01/39

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

11,420,000

11,630,508

Piedmont

Healthcare,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

7/01/46

......

15,000,000

15,407,030

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

7/01/42

..........

5,000,000

4,902,398

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

2/15/45

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

13,040,000

13,419,107

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

5

%

,

8/01/47

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

2,250,000

2,291,130

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/28

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

5,000,000

5,469,390

Revenue,

2019

A,

5%,

5/15/49

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

10,000,000

10,306,589

Revenue,

2021

C,

4%,

12/01/28

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

4,500,000

4,535,142

e

Revenue,

2021

C,

Mandatory

Put,

4%,

12/01/28

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

16,500,000

16,540,864

e

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

14,500,000

14,532,763

e

Revenue,

2022

B,

Mandatory

Put,

5%,

6/01/29

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

10,000,000

10,574,669

e,f

Revenue,

144A,

2022

C,

Mandatory

Put,

4%,

11/01/27

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

49,155,000

47,396,804

c,e

Revenue,

2023

A,

Mandatory

Put,

5%,

6/01/30

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

14,000,000

14,867,978

Municipal

Electric

Authority

of

Georgia

,

Revenue,

2019

A,

Refunding,

5%,

1/01/44

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

4,580,000

4,765,024

Revenue,

2021

A,

Refunding,

5%,

1/01/63

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

7,920,000

8,002,962

Revenue,

2022

A,

5.5%,

7/01/63

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

2,500,000

2,619,741

Revenue,

2023

A,

5.5%,

7/01/64

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

5,000,000

5,249,432

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2013

A

,

5

%

,

10/01/43

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

10,000,000

10,095,043

Savannah

Hospital

Authority

,

St.

Joseph's/Candler

Health

System

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/43

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

15,000,000

14,765,942

397,999,999

Hawaii

1.2%

City

&

County

Honolulu

,

Wastewater

System

,

Revenue,

Senior

Lien

,

2018

A

,

5

%

,

7/01/47

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

25,000,000

26,835,265

State

of

Hawaii

,

Airports

System,

Revenue,

2018

A,

5%,

7/01/43

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

25,805,000

27,006,269

Airports

System,

Revenue,

2018

A,

5%,

7/01/48

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

25,450,000

26,353,664

Airports

System,

Revenue,

2022

A,

4%,

7/01/47

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

10,000,000

9,540,302

State

of

Hawaii

Department

of

Budget

&

Finance

,

Hawaiian

Electric

Co.,

Inc.,

Revenue,

2019,

Refunding,

3.2%,

7/01/39

..........

10,000,000

8,620,015

Hawaiian

Electric

Co.,

Inc.,

Revenue,

2019,

3.5%,

10/01/49

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

17,035,000

13,937,904

112,293,419

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

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

Ltd.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

3/01/36

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

$

4,200,000

$

4,431,500

St.

Luke's

Health

System

Ltd.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

3/01/37

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

3,500,000

3,664,771

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

ID,

4%,

12/01/43

.........

6,000,000

5,946,529

14,042,800

Illinois

5.6%

Chicago

Midway

International

Airport

,

Revenue,

1998

C,

Refunding,

AGMC,

NATL

RE

Insured,

5.5%,

1/01/24

.........

3,500,000

3,592,183

Revenue,

Second

Lien,

2016

B,

Refunding,

5%,

1/01/46

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

18,420,000

18,901,718

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2016

D,

5.25%,

1/01/42

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

10,000,000

10,595,475

Revenue,

Senior

Lien,

2016

D,

5%,

1/01/47

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

18,000,000

18,668,036

Revenue,

Senior

Lien,

2020

A,

Refunding,

4%,

1/01/35

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

13,015,000

13,575,004

Revenue,

Senior

Lien,

2022

A,

5%,

1/01/55

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

36,500,000

38,183,150

Chicago

Park

District

,

GO,

2020

C,

BAM

Insured,

4%,

1/01/41

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

1,400,000

1,404,371

GO,

2020

C,

BAM

Insured,

4%,

1/01/42

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

4,300,000

4,306,539

GO,

2020

D,

BAM

Insured,

4%,

1/01/37

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

1,000,000

1,009,870

GO,

2020

D,

BAM

Insured,

4%,

1/01/38

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

1,000,000

1,007,408

GO,

2020

D,

BAM

Insured,

4%,

1/01/39

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

1,000,000

1,005,490

GO,

2020

F-2,

Refunding,

4%,

1/01/36

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

1,250,000

1,260,552

GO,

2020

F-2,

Refunding,

5%,

1/01/39

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

1,625,000

1,735,594

GO,

2020

F-2,

Refunding,

5%,

1/01/40

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

1,625,000

1,731,669

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

5

%

,

12/01/57

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

15,000,000

15,843,651

City

of

Chicago

,

GO

,

2023

A

,

5.5

%

,

1/01/40

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

2,845,000

3,094,020

City

of

Galesburg

,

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

10/01/46

......

7,000,000

6,324,445

City

of

Granite

City

,

Waste

Management

of

Illinois,

Inc.

,

Revenue

,

2002

,

1.25

%

,

5/01/27

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

5,750,000

5,102,527

Illinois

Finance

Authority

,

Bradley

University,

Revenue,

2021

A,

Refunding,

4%,

8/01/46

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

2,250,000

2,010,180

Bradley

University,

Revenue,

2021

A,

Refunding,

4%,

8/01/51

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

4,650,000

4,047,364

Carle

Foundation

Obligated

Group

(The),

Revenue,

2016

A,

Refunding,

5%,

2/15/45

10,000,000

10,294,967

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/41

.........

3,480,000

2,684,194

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

B,

Refunding,

3.25%,

5/15/27

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

2,280,000

2,000,567

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/01/41

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

750,000

701,227

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/01/51

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

1,000,000

881,100

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/01/56

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

750,000

643,565

Mercy

Health

Corp.

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

12/01/46

...

30,000,000

30,366,291

Illinois

Housing

Development

Authority

,

Revenue

,

2022

G

,

GNMA

Insured

,

5

%

,

10/01/46

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

3,500,000

3,673,374

Macon

County

School

District

No.

61

Decatur

,

GO,

2020

C,

Refunding,

AGMC

Insured,

4%,

1/01/40

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

3,700,000

3,711,080

GO,

2020

C,

Refunding,

AGMC

Insured,

4%,

1/01/45

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

3,125,000

3,116,606

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

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

6,240,000

6,722,844

Revenue,

2002

A,

NATL

Insured,

Zero

Cpn.,

12/15/37

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

10,000,000

5,198,464

Revenue,

2022

A,

Refunding,

4%,

12/15/42

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

500,000

468,921

Revenue,

2022

A,

Refunding,

4%,

12/15/47

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

365,000

330,876

Revenue,

2022

A,

Refunding,

4%,

6/15/52

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

36,000,000

31,881,334

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Illinois

(continued)

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

$

3,632,620

Madison

County

Community

Unit

School

District

No.

7

Edwardsville,

Revenue,

2007,

AGMC

Insured,

Zero

Cpn.,

12/01/26

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

7,700,000

6,818,978

St.

Clair

County

School

District

No.

189

East

St.

Louis

,

GO

,

2008

,

Refunding

,

AMBAC

Insured

,

5.125

%

,

1/01/28

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

6,235,000

6,237,049

State

of

Illinois

,

GO,

2016,

5%,

11/01/35

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

1,000,000

1,037,133

GO,

2017

A,

5%,

12/01/35

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

2,000,000

2,092,967

GO,

2017

A,

5%,

12/01/36

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

6,070,000

6,325,502

GO,

2017

A,

4.25%,

12/01/40

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

3,150,000

3,086,723

GO,

2017

D,

5%,

11/01/28

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

6,425,000

6,894,264

GO,

2018

A,

5%,

5/01/34

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

3,010,000

3,186,304

GO,

2019

A,

5%,

11/01/28

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

10,000,000

10,870,284

GO,

2019

B,

4%,

11/01/34

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

6,410,000

6,458,969

GO,

2019

C,

4%,

11/01/40

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

2,500,000

2,375,334

GO,

2019

C,

4%,

11/01/43

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

4,190,000

3,871,670

GO,

2020,

5.5%,

5/01/30

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

6,000,000

6,774,749

GO,

2020,

5.75%,

5/01/45

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

7,965,000

8,557,075

GO,

2020

C,

4%,

10/01/37

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

3,685,000

3,615,143

GO,

2020

C,

4%,

10/01/38

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

9,750,000

9,479,601

GO,

2020

C,

4%,

10/01/39

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

4,585,000

4,409,093

GO,

2020

C,

4%,

10/01/41

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

3,010,000

2,830,417

GO,

2021

A,

5%,

3/01/33

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

5,000,000

5,463,331

GO,

2021

A,

4%,

3/01/38

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

5,000,000

4,887,301

GO,

2021

B,

5%,

3/01/25

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

4,500,000

4,688,387

GO,

2021

B,

4%,

12/01/34

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

5,000,000

5,045,044

GO,

2022

B,

5%,

10/01/30

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

14,650,000

16,113,331

GO,

2022

B,

5%,

10/01/31

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

26,500,000

29,296,198

GO,

2022

C,

5%,

10/01/38

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

15,000,000

16,005,726

GO,

2022

C,

5.5%,

10/01/40

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

18,050,000

19,864,498

GO,

2022

C,

5.5%,

10/01/41

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

10,000,000

10,952,974

GO,

2022

C,

5.5%,

10/01/44

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

16,000,000

17,361,118

Sales

Tax,

Revenue,

2016

C,

Refunding,

4%,

6/15/26

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

5,000,000

5,098,072

Tri-County

River

Valley

Development

Authority

,

Cedars

of

Lebanon

Affordable

LLC,

Revenue,

2021

A,

Pre-Refunded,

3.75%,

12/01/36

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

10,090,000

10,768,533

Cedars

of

Lebanon

Affordable

LLC,

Revenue,

2021

B,

Pre-Refunded,

5.75%,

12/01/36

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

785,000

826,179

f

Upper

Illinois

River

Valley

Development

Authority

,

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group,

Revenue,

144A,

2020

A,

Refunding,

4%,

12/01/40

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

7,565,000

6,392,994

2018

IAVF

Timber

Oaks

&

Prairie

View

Obligated

Group,

Revenue,

144A,

2020

A,

Refunding,

4.5%,

12/01/50

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

34,795,000

28,136,528

535,528,745

Indiana

2.8%

City

of

Whiting

,

BP

Products

North

America,

Inc.

,

Revenue

,

2021

,

3

%

,

11/01/51

.....

10,000,000

7,346,624

Hammond

Multi-School

Building

Corp.

,

Hammond

School

City

,

Revenue

,

2018

,

5

%

,

7/15/38

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

3,000,000

3,175,470

Indiana

Finance

Authority

,

BHI

Senior

Living

Obligated

Group,

Revenue,

2016

A,

5.25%,

11/15/46

.........

11,955,000

11,954,005

BHI

Senior

Living

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/53

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

15,000,000

14,145,974

BHI

Senior

Living

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/15/41

...

7,250,000

6,136,851

Citizens

Wastewater

of

Westfield

LLC,

Revenue,

2019

A,

Refunding,

5%,

10/01/48

16,665,000

17,936,065

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2012

A,

4%,

10/01/42

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

24,690,000

24,691,728

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Indiana

(continued)

Indiana

Finance

Authority,

(continued)

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2014

A,

5%,

10/01/39

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

$

30,000,000

$

31,008,021

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/15/43

..

7,000,000

5,510,452

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/15/51

..

3,000,000

2,208,258

g

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/37

..

5,000,000

4,034,393

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

A,

Refunding,

1.4%,

8/01/29

.....

5,000,000

4,478,493

Marion

County

Capital

Improvement

Board,

Revenue,

2015

A,

Refunding,

5.25%,

2/01/37

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

10,000,000

10,497,063

Ohio

Valley

Electric

Corp.,

Revenue,

2010

B,

2.5%,

11/01/30

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

3,925,000

3,406,150

University

of

Evansville,

Revenue,

2022

A,

Refunding,

5.25%,

9/01/57

..........

10,000,000

9,812,865

Indiana

Municipal

Power

Agency

,

Revenue,

2016

A,

Refunding,

4%,

1/01/42

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

5,860,000

5,893,336

Revenue,

2016

A,

Refunding,

5%,

1/01/42

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

21,290,000

22,473,694

Indiana

University

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

6/01/45

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

8,525,000

8,617,177

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue,

2017,

Refunding,

5%,

1/01/40

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

23,225,000

25,614,595

Revenue,

2019

A,

4%,

2/01/44

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

3,000,000

3,027,055

Revenue,

2019

A,

5%,

2/01/49

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

41,970,000

44,896,282

Northern

Indiana

Commuter

Transportation

District

,

Revenue

,

2016

,

5

%

,

7/01/41

...

6,000,000

6,329,618

273,194,169

Iowa

0.6%

Iowa

Finance

Authority

,

Iowa

Fertilizer

Co.

LLC,

Revenue,

2022,

Refunding,

5%,

12/01/50

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

8,000,000

8,055,073

Iowa

Health

System

Obligated

Group,

Revenue,

2018

B,

Refunding,

5%,

2/15/48

..

7,500,000

7,833,959

Iowa

Tobacco

Settlement

Authority

,

Revenue,

2021

A-2,

1,

Refunding,

4%,

6/01/49

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

20,730,000

18,930,147

Revenue,

2021

B-1,

2,

Refunding,

4%,

6/01/49

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

25,285,000

25,301,655

60,120,834

Kansas

0.4%

Wyandotte

County-Kansas

City

Unified

Government

,

Utility

System,

Revenue,

2014

A,

Refunding,

5%,

9/01/44

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

3,000,000

3,076,855

Utility

System,

Revenue,

2016

A,

5%,

9/01/45

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

10,000,000

10,355,821

Utility

System,

Revenue,

2016

C,

Refunding,

5%,

9/01/41

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

5,000,000

5,261,926

Utility

System,

Revenue,

2016

C,

Refunding,

5%,

9/01/46

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

16,565,000

17,415,643

36,110,245

Kentucky

1.9%

Campbell

Kenton

&

Boone

Counties

Sanitation

District

No.

1

,

Revenue

,

2019

,

Refunding

,

4

%

,

8/01/34

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

4,310,000

4,511,636

City

of

Hazard

,

Appalachian

Regional

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

3

%

,

7/01/46

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

2,000,000

1,548,970

City

of

Owensboro

,

Electric

Light

&

Power

System,

Revenue,

2017,

Refunding,

4%,

1/01/27

.........

1,250,000

1,322,918

Water,

Revenue,

2018,

Refunding,

BAM

Insured,

4%,

9/15/45

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

5,000,000

5,016,293

County

of

Boyle

,

Centre

College

of

Kentucky

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/37

2,000,000

2,110,084

County

of

Carroll

,

Kentucky

Utilities

Co.,

Revenue,

2008

A,

Refunding,

2%,

2/01/32

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

3,000,000

2,554,369

e

Kentucky

Utilities

Co.,

Revenue,

2016

A,

Refunding,

Mandatory

Put,

1.55%,

9/01/26

2,000,000

1,857,088

County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2012

A

,

5

%

,

10/01/33

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

1,000,000

1,000,783

Eastern

Kentucky

University

,

Revenue

,

2018

A

,

4

%

,

10/01/37

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

1,540,000

1,582,316

Fayette

County

School

District

Finance

Corp.

,

Fayette

County

School

District,

Revenue,

2015

D,

5%,

8/01/34

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

1,985,000

2,090,892

Fayette

County

School

District,

Revenue,

2018

A,

4%,

5/01/38

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

1,000,000

1,009,855

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Kentucky

(continued)

Hopkins

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

2

%

,

2/01/41

.......

$

2,340,000

$

1,703,727

Kentucky

Bond

Development

Corp.

,

Revenue,

2018

A,

5%,

9/01/48

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

2,500,000

2,645,904

Centre

College

of

Kentucky,

Revenue,

2021,

4%,

6/01/51

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

1,350,000

1,236,540

Transylvania

University,

Revenue,

2019

B,

4%,

3/01/49

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

2,500,000

2,296,397

Transylvania

University,

Revenue,

2021

A,

Refunding,

4%,

3/01/46

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

735,000

683,150

Transylvania

University,

Revenue,

2021

A,

Refunding,

4%,

3/01/49

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

330,000

303,124

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

A-2

,

Refunding

,

5

%

,

8/01/49

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

21,200,000

21,847,741

Kentucky

Municipal

Power

Agency

,

Revenue,

2015

A,

Refunding,

NATL

Insured,

5%,

9/01/42

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

10,000,000

10,214,548

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/34

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

5,000,000

5,319,163

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/35

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

7,750,000

8,201,545

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/36

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

3,000,000

3,162,331

Revenue,

2019

A,

Refunding,

4%,

9/01/45

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

2,000,000

1,914,515

e

Kentucky

Public

Energy

Authority

,

Revenue,

2019

C,

Mandatory

Put,

4%,

2/01/28

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

37,000,000

37,119,528

Revenue,

2022

A-2,

Mandatory

Put,

4.081%,

8/01/30

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

5,000,000

4,773,770

Kentucky

Rural

Water

Finance

Corp.

,

Revenue

,

2001

A

,

5

%

,

2/01/26

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

255,000

255,471

Kentucky

State

Property

&

Building

Commission

,

Kentucky

Finance

and

Administration

Cabinet,

Revenue,

5%,

4/01/38

...........

2,500,000

2,677,409

Kentucky

Finance

and

Administration

Cabinet,

Revenue,

A,

Refunding,

5%,

8/01/34

3,500,000

3,678,926

Kentucky

Turnpike

Authority

,

Kentucky

Transportation

Cabinet

,

Revenue

,

2015

A

,

Refunding

,

5

%

,

7/01/33

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

3,000,000

3,164,850

Lewis

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

2

%

,

2/01/41

.........

2,000,000

1,469,589

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District,

Revenue,

2017

A,

4%,

5/15/48

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

2,750,000

2,672,512

Metropolitan

Sewer

District,

Revenue,

2018

A,

Refunding,

4%,

5/15/38

..........

5,000,000

4,965,406

Louisville/Jefferson

County

Metropolitan

Government

,

Bellarmine

University,

Inc.,

Revenue,

2015,

Refunding,

5%,

5/01/31

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

2,000,000

2,009,062

Bellarmine

University,

Inc.,

Revenue,

2017

A,

Refunding,

5%,

5/01/36

..........

2,715,000

2,654,446

Louisville

Gas

and

Electric

Co.,

Revenue,

2003

A,

Refunding,

2%,

10/01/33

......

4,000,000

3,323,326

Norton

Healthcare

Obligated

Group,

Revenue,

2020

A,

4%,

10/01/39

...........

4,000,000

3,938,498

Morehead

State

University

,

Revenue

,

2014

A

,

Refunding

,

5

%

,

10/01/28

...........

1,910,000

1,962,251

Paducah

Electric

Plant

Board

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

10/01/34

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

5,700,000

6,131,436

Scott

County

School

District

Finance

Corp.

,

Scott

County

Board

of

Education

,

Revenue

,

2018

,

4

%

,

6/01/38

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

1,615,000

1,631,085

Shelby

County

School

District

Finance

Corp.

,

Shelby

County

Public

School

District

,

Revenue

,

2018

,

4

%

,

8/01/38

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

3,465,000

3,500,268

University

of

Kentucky

,

Revenue,

2014

A,

4%,

4/01/44

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

2,250,000

2,252,942

Revenue,

2018

A,

4%,

10/01/32

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

4,000,000

4,174,811

University

of

Louisville

,

Revenue

,

2016

D

,

5

%

,

3/01/30

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

4,140,000

4,477,555

180,967,030

Louisiana

2.5%

City

of

Shreveport

,

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

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

10,000,000

10,715,457

Water

&

Sewer,

Revenue,

Junior

Lien,

2019

B,

AGMC

Insured,

4%,

12/01/44

.....

6,535,000

6,390,259

East

Baton

Rouge

Sewerage

Commission

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

2/01/45

7,065,000

7,052,992

Lafayette

Consolidated

Government

,

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

5

%

,

11/01/30

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

5,000,000

5,296,463

f

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

9,800,000

8,657,540

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Louisiana

(continued)

f

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

(continued)

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

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

$

4,880,000

$

4,192,292

Parish

of

St.

Bernard,

Revenue,

144A,

2021,

4%,

11/01/45

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

2,000,000

1,777,322

Parish

of

St.

Charles,

Revenue,

144A,

2022,

4.5%,

11/01/47

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

9,455,000

8,967,414

Parish

of

St.

John

the

Baptist,

Revenue,

144A,

2019,

3.9%,

11/01/44

...........

2,265,000

1,983,221

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

6,100,000

5,240,365

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4%,

10/01/43

...

3,877,088

3,045,793

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.25%,

10/01/48

6,350,000

4,875,919

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

4.5%,

10/01/53

.

8,000,000

6,153,730

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A,

5%,

10/01/61

...

10,000,000

8,142,703

Louisiana

Public

Facilities

Authority

,

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group,

Revenue,

2017

A,

5%,

7/01/47

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

20,000,000

20,479,174

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/51

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

15,000,000

15,318,402

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/56

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

11,295,000

11,514,639

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

27,500,000

28,518,663

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

A,

Refunding,

AGMC

Insured,

3%,

5/15/47

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

9,925,000

7,942,426

f

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

2,500,000

2,513,484

f

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

14,000,000

14,007,224

Tulane

University,

Revenue,

2020

A,

Refunding,

4%,

4/01/40

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

3,750,000

3,769,161

Tulane

University,

Revenue,

2020

A,

Refunding,

5%,

4/01/45

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

3,500,000

3,779,579

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

B

,

5

%

,

1/01/48

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

9,675,000

9,920,448

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

Revenue

,

2019

,

4

%

,

8/01/44

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

6,000,000

6,058,090

e

Parish

of

St.

John

the

Baptist

,

Marathon

Oil

Corp.

,

Revenue

,

2017

B-2

,

Refunding

,

Mandatory

Put

,

2.375

%

,

7/01/26

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

7,500,000

7,103,065

Port

New

Orleans

Board

of

Commissioners

,

Revenue,

2020

E,

5%,

4/01/44

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

8,110,000

8,405,627

Revenue,

2020

E,

5%,

4/01/47

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

10,000,000

10,311,386

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax,

Revenue,

2020

B,

Refunding,

4%,

6/01/40

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

5,065,000

5,127,845

Sales

Tax,

Revenue,

2020

B,

Refunding,

4%,

6/01/41

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

5,165,000

5,229,997

242,490,680

Maine

0.2%

Maine

Health

&

Higher

Educational

Facilities

Authority

,

MaineHealth

Obligated

Group

,

Revenue

,

2018

A

,

5

%

,

7/01/43

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

3,000,000

3,126,319

Maine

Turnpike

Authority

,

Revenue

,

2018

,

5

%

,

7/01/47

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

15,500,000

16,569,381

19,695,700

Maryland

1.1%

City

of

Baltimore

,

Wastewater

Utility

Fund,

Revenue,

2014

C,

5%,

7/01/39

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

10,000,000

10,350,507

Wastewater

Utility

Fund,

Revenue,

2014

C,

5%,

7/01/44

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

10,000,000

10,280,611

Water

Utility

Fund,

Revenue,

2014

A,

5%,

7/01/39

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

9,430,000

9,751,638

Water

Utility

Fund,

Revenue,

2014

A,

5%,

7/01/44

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

5,500,000

5,654,336

Maryland

Economic

Development

Corp.

,

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

4.25%,

7/01/50

1,000,000

950,233

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

5%,

7/01/56

.

1,415,000

1,452,843

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

A,

5%,

11/12/28

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

10,000,000

10,368,084

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/52

...........

10,000,000

10,290,412

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Maryland

(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

$

12,500,000

$

12,750,961

Adventist

Healthcare

Obligated

Group,

Revenue,

2021

B,

4%,

1/01/51

..........

23,000,000

20,270,551

LifeBridge

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

7/01/42

.....

3,000,000

2,998,242

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

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

5,465,000

5,658,641

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/33

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

3,205,000

3,477,129

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/34

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

3,420,000

3,406,001

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/35

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

3,555,000

3,493,235

111,153,424

Massachusetts

2.1%

Commonwealth

of

Massachusetts

,

GO,

2016

G,

4%,

9/01/42

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

20,000,000

20,096,168

GO,

2017

B,

5%,

4/01/47

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

12,335,000

13,096,694

GO,

2018

E,

5.25%,

9/01/43

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

10,000,000

11,011,098

Transportation

Fund,

Revenue,

2017

A,

5%,

6/01/47

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

25,055,000

26,659,712

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

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

15,000,000

16,146,819

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2005

A

,

5

%

,

7/01/28

10,000,000

11,462,557

Massachusetts

Clean

Water

Trust

(The)

,

Revenue,

1999

A,

5.75%,

8/01/29

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

450,000

451,397

Revenue,

2002

A,

5%,

8/01/32

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

225,000

225,533

Massachusetts

Development

Finance

Agency

,

Dana-Farber

Cancer

Institute

Obligated

Group,

Revenue,

2016

N,

5%,

12/01/41

..

10,135,000

10,532,165

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

15,415,000

15,477,772

Southcoast

Health

System

Obligated

Group,

Revenue,

2021

G,

Refunding,

5%,

7/01/34

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

625,000

700,491

Springfield

College,

Revenue,

2021

A,

4%,

6/01/56

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

3,000,000

2,580,809

f

Waste

Management

of

Massachusetts,

Inc.,

Revenue,

144A,

2002,

1.25%,

5/01/27

3,250,000

2,884,037

Worcester

Polytechnic

Institute,

Revenue,

2019,

5%,

9/01/59

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

10,000,000

10,473,428

Massachusetts

Educational

Financing

Authority

,

Revenue,

2017

B,

Refunding,

4.25%,

7/01/46

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

2,000,000

1,911,195

Revenue,

2021

C,

3%,

7/01/51

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

3,200,000

2,271,179

Massachusetts

Port

Authority

,

Revenue,

2021

E,

5%,

7/01/51

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

24,870,000

26,207,026

Bosfuel

Corp.,

Revenue,

2019

A,

Refunding,

5%,

7/01/49

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

7,500,000

7,819,800

Massachusetts

School

Building

Authority

,

Revenue

,

2018

A

,

4

%

,

2/15/43

..........

10,750,000

10,787,111

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien

,

2014-1

,

5

%

,

11/01/39

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

8,185,000

8,434,690

199,229,681

Michigan

1.1%

City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006

B,

NATL

Insured,

5%,

7/01/36

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

10,000

10,022

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

2003

A,

NATL

Insured,

5%,

7/01/34

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

10,000

10,024

Michigan

Finance

Authority

,

BHSH

System

Obligated

Group,

Revenue,

2016

A,

5%,

11/01/44

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

10,000,000

10,259,673

Bronson

Health

Care

Group

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

5/15/54

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

10,000,000

10,129,350

Henry

Ford

Health

System

Obligated

Group,

Revenue,

2019

A,

5%,

11/15/48

.....

20,000,000

20,730,796

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/36

...

1,000,000

994,054

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/37

...

2,000,000

1,971,749

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/38

...

1,500,000

1,471,588

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/39

...

1,500,000

1,460,371

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/40

...

1,000,000

964,748

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Michigan

(continued)

Michigan

Finance

Authority,

(continued)

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

$

4,000,000

$

3,618,600

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

3,635,000

3,746,350

Michigan

State

Building

Authority

,

Revenue

,

2013

1-A

,

Refunding

,

5.25

%

,

10/15/44

..

20,655,000

20,951,657

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/48

....

10,025,000

10,169,036

United

Methodist

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

11/15/49

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

7,000,000

6,549,000

Pontiac

School

District

,

GO

,

2020

,

4

%

,

5/01/50

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

8,665,000

8,703,516

101,740,534

Mississippi

1.0%

Medical

Center

Educational

Building

Corp.

,

Mississippi

State

Institutions

of

Higher

Learning

,

Revenue

,

2017

,

Refunding

,

5

%

,

6/01/47

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

25,000,000

26,078,713

Mississippi

Business

Finance

Corp.

,

System

Energy

Resources,

Inc.

,

Revenue

,

2021

,

Refunding

,

2.375

%

,

6/01/44

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

7,000,000

4,919,872

Mississippi

Development

Bank

,

City

of

Jackson

Water

&

Sewer

System,

Revenue,

2013,

AGMC

Insured,

6.875%,

12/01/40

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

3,400,000

3,485,941

f

County

of

Jackson,

Revenue,

144A,

2021,

3.625%,

11/01/36

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

3,000,000

2,741,576

Mississippi

Home

Corp.

,

f

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

3.5%,

6/01/33

.

584,263

498,200

f

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4%,

6/01/46

..

1,000,000

759,541

f

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

A-5,

4.5%,

6/01/62

.

17,965,177

13,683,439

f

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2021

B-5,

5.2%,

6/01/36

5,600,000

4,532,822

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.15%,

6/01/46

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

3,464,038

2,696,839

Patriot

Services

Group

Pascagoula

Portfolio

II

Obligated

Group,

Revenue,

2021

D-8,

4.65%,

6/01/62

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

5,381,952

4,219,496

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2016

A,

5%,

9/01/36

...

6,350,000

6,530,682

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2016

A,

5%,

9/01/46

...

30,000,000

30,244,731

100,391,852

Missouri

0.9%

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

BJC

Healthcare

Obligated

Group,

Revenue,

2015

A,

4%,

1/01/45

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

20,005,000

19,466,341

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

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

4,000,000

3,846,709

Mercy

Health,

Revenue,

2014

F,

5%,

11/15/45

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

25,000,000

25,399,965

SSM

Health

Care

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/48

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

7,500,000

7,784,221

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AGMC

Insured

,

5

%

,

3/01/49

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

20,000,000

20,846,560

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

5

%

,

10/01/45

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

5,000,000

5,357,652

82,701,448

Montana

0.2%

Montana

Facility

Finance

Authority

,

Billings

Clinic

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

8/15/48

.......

10,000,000

10,397,395

Kalispell

Regional

Medical

Center

Obligated

Group,

Revenue,

2018

B,

Refunding,

5%,

7/01/43

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

6,440,000

6,585,648

16,983,043

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Nebraska

0.8%

e

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

5

%

,

10/01/29

.....

$

15,000,000

$

15,858,064

Douglas

County

Hospital

Authority

No.

2

,

Children's

Hospital

Obligated

Group

,

Revenue

,

2017

A

,

5

%

,

11/15/47

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

10,000,000

10,319,722

Gretna

Public

Schools

,

GO

,

2022

,

4

%

,

12/15/47

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

12,935,000

12,847,201

Omaha

Public

Power

District

Nebraska

City

Station

Unit

2

,

Revenue,

2015

A,

Refunding,

5.25%,

2/01/42

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

10,000,000

10,390,354

Revenue,

2016

A,

Refunding,

5%,

2/01/49

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

10,000,000

10,486,549

Public

Power

Generation

Agency

,

Revenue,

2016

A,

Refunding,

5%,

1/01/39

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

7,340,000

7,745,663

Revenue,

2016

A,

Refunding,

5%,

1/01/41

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

5,140,000

5,403,699

73,051,252

Nevada

0.3%

Carson

City

,

Carson

Tahoe

Regional

Healthcare

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

5

%

,

9/01/47

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

2,775,000

2,858,849

City

of

Henderson

,

GO

,

2020

A-1

,

4

%

,

6/01/45

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

10,000,000

10,099,574

Clark

County

School

District

,

GO,

2020

A,

AGMC

Insured,

4%,

6/15/37

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

875,000

900,744

GO,

2020

A,

AGMC

Insured,

4%,

6/15/38

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

850,000

869,537

GO,

2020

A,

AGMC

Insured,

4%,

6/15/39

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

1,000,000

1,019,237

GO,

2020

A,

AGMC

Insured,

4%,

6/15/40

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

725,000

735,708

Las

Vegas

Convention

&

Visitors

Authority

,

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax

,

Revenue

,

2018

B

,

5

%

,

7/01/43

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

10,000,000

10,540,105

27,023,754

New

Hampshire

0.2%

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Concord

Hospital

Obligated

Group,

Revenue,

2017,

5%,

10/01/47

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

5,000,000

5,179,128

Elliot

Hospital

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

10/01/38

.......

4,000,000

4,103,795

University

System

of

New

Hampshire,

Revenue,

2015,

Refunding,

5%,

7/01/45

...

10,350,000

10,680,738

19,963,661

New

Jersey

3.2%

Camden

County

Improvement

Authority

(The)

,

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

6

%

,

6/15/62

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

5,075,000

5,378,016

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

6

%

,

11/15/62

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

4,000,000

4,565,935

New

Jersey

Economic

Development

Authority

,

New

Jersey

Transit

Corp.,

Revenue,

2020

A,

5%,

11/01/44

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

18,450,000

19,363,251

New

Jersey

Transit

Corp.,

Revenue,

2022

A,

5%,

11/01/52

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

10,000,000

10,600,034

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

Pre-

Refunded,

5%,

6/15/36

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

6,850,000

7,933,891

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2018

EEE,

4.625%,

6/15/48

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

2,000,000

2,030,411

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

2019

LLL,

4%,

6/15/44

2,725,000

2,648,420

State

of

New

Jersey

Department

of

the

Treasury,

Revenue,

AAA,

5%,

6/15/41

....

26,000,000

26,877,560

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/34

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

4,600,000

4,977,919

State

of

New

Jersey

Division

of

Property

Management

&

Construction,

Revenue,

2018

C,

5%,

6/15/35

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

4,800,000

5,160,736

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

5

%

,

9/01/36

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

14,000,000

14,673,730

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2021

C,

Refunding,

3.25%,

12/01/51

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

2,000,000

1,505,004

Revenue,

Senior

Lien,

2018

A,

4%,

12/01/33

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

1,335,000

1,341,400

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

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

6,410,000

6,286,034

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority

,

Revenue,

2009

A,

Zero

Cpn.,

12/15/36

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

$

500,000

$

281,630

Revenue,

2009

A,

BAM

Insured,

Zero

Cpn.,

12/15/39

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

49,830,000

24,398,637

Revenue,

2009

A,

Zero

Cpn.,

12/15/39

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

22,000,000

10,456,633

Revenue,

2010

A,

Zero

Cpn.,

12/15/40

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

4,750,000

2,123,369

Revenue,

2013

AA,

5%,

6/15/44

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

1,000,000

1,002,993

Revenue,

2014

BB-1,

5%,

6/15/31

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

3,000,000

3,354,497

Revenue,

2015

AA,

5%,

6/15/45

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

15,000,000

15,277,815

Revenue,

2018

A,

Refunding,

5%,

12/15/36

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

7,000,000

7,521,018

Revenue,

2019

A,

Refunding,

5%,

12/15/39

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

785,000

836,166

Revenue,

2019

AA,

5.25%,

6/15/43

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

5,000,000

5,301,429

Revenue,

2019

BB,

5%,

6/15/32

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

6,135,000

6,828,776

Revenue,

2019

BB,

5%,

6/15/33

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

3,250,000

3,594,030

Revenue,

2019

BB,

4%,

6/15/38

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

2,000,000

2,010,707

Revenue,

2020

AA,

5%,

6/15/35

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

3,000,000

3,347,490

Revenue,

2020

AA,

5%,

6/15/37

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

5,220,000

5,684,300

Revenue,

2020

AA,

5%,

6/15/38

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

1,000,000

1,081,176

Revenue,

2020

AA,

5%,

6/15/39

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

4,240,000

4,550,831

Revenue,

2020

AA,

5%,

6/15/40

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

2,500,000

2,671,277

Revenue,

2020

AA,

5%,

6/15/45

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

20,435,000

21,563,668

Revenue,

2020

AA,

4%,

6/15/50

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

39,000,000

37,137,863

Revenue,

2021

A,

Refunding,

5%,

6/15/31

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

7,250,000

8,431,289

Revenue,

2021

A,

Refunding,

5%,

6/15/33

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

1,250,000

1,432,004

Revenue,

2022

BB,

4%,

6/15/46

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

17,000,000

16,353,220

Revenue,

2022

CC,

5.5%,

6/15/50

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

2,000,000

2,213,626

New

Jersey

Turnpike

Authority

,

Revenue

,

2015

E

,

5

%

,

1/01/45

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

11,475,000

11,805,908

312,602,693

New

Mexico

0.4%

City

of

Farmington

,

Public

Service

Co.

of

New

Mexico

,

Revenue

,

2016

B

,

Refunding

,

2.15

%

,

4/01/33

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

21,800,000

18,318,231

New

Mexico

Hospital

Equipment

Loan

Council

,

Presbyterian

Healthcare

Services

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/01/46

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

15,000,000

15,808,705

San

Juan

Regional

Medical

Center,

Inc.,

Revenue,

2020,

Refunding,

4%,

6/01/33

.

1,000,000

1,021,944

San

Juan

Regional

Medical

Center,

Inc.,

Revenue,

2020,

Refunding,

4%,

6/01/35

.

1,000,000

998,233

36,147,113

New

York

9.7%

Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

College

,

Revenue

,

2020

A

,

Refunding

,

4

%

,

11/01/40

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

2,200,000

2,148,773

City

of

New

York

,

GO,

2002

D,

5.5%,

6/01/24

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

180,000

180,590

GO,

2018

E-1,

5%,

3/01/40

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

3,215,000

3,476,953

GO,

2018

E-1,

5%,

3/01/41

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

11,355,000

12,252,214

GO,

2022

D-1,

5.5%,

5/01/46

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

2,500,000

2,894,446

GO,

2023

A-1,

4%,

9/01/46

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

6,000,000

5,918,382

Long

Island

Power

Authority

,

Revenue

,

2016

B

,

Refunding

,

5

%

,

9/01/46

..........

13,000,000

13,631,827

Metropolitan

Transportation

Authority

,

Revenue,

2012

A-1,

5%,

11/15/40

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

30,000,000

30,031,434

Revenue,

2013

A,

5%,

11/15/38

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

11,800,000

11,822,289

Revenue,

2013

B,

5%,

11/15/43

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

8,000,000

8,003,859

Revenue,

2015

A,

5%,

11/15/40

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

7,000,000

7,052,067

Revenue,

2015

D-1,

Refunding,

5%,

11/15/32

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

1,250,000

1,285,701

Revenue,

2016

A-1,

5.25%,

11/15/56

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

15,000,000

15,203,183

Revenue,

2016

D,

Refunding,

5%,

11/15/31

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

1,180,000

1,232,169

Revenue,

2017

A-2,

Refunding,

5%,

11/15/26

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

4,425,000

4,714,924

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Metropolitan

Transportation

Authority,

(continued)

Revenue,

2017

C-1,

Refunding,

5%,

11/15/33

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

$

1,780,000

$

1,880,869

Revenue,

2017

C-2,

Refunding,

Zero

Cpn.,

11/15/29

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

2,090,000

1,648,745

Revenue,

2019

A-2,

5%,

11/15/45

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

46,270,000

47,530,196

Revenue,

2020

A-1,

4%,

11/15/45

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

10,000,000

9,142,364

Revenue,

2020

A-1,

5%,

11/15/47

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

24,300,000

24,989,530

Revenue,

2020

D,

5%,

11/15/44

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

50,000,000

51,820,360

Revenue,

2020

D,

4%,

11/15/50

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

20,000,000

17,839,408

Revenue,

2021

A-1,

4%,

11/15/44

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

6,725,000

6,188,492

New

York

City

Industrial

Development

Agency

,

Yankee

Stadium

LLC

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

4

%

,

3/01/45

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

6,000,000

5,996,066

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System,

Revenue,

2013

DD,

5%,

6/15/35

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

30,705,000

30,944,560

Water

&

Sewer

System,

Revenue,

2015

HH,

Refunding,

5%,

6/15/39

...........

15,000,000

15,733,478

Water

&

Sewer

System,

Revenue,

2017

CC,

Refunding,

5%,

6/15/46

...........

32,500,000

34,145,722

Water

&

Sewer

System,

Revenue,

2019

DD-1,

5.25%,

6/15/49

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

12,000,000

13,084,841

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2014

A-1,

5%,

11/01/34

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

15,000,000

15,231,802

Future

Tax

Secured,

Revenue,

2016

E-1,

5%,

2/01/38

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

10,000,000

10,612,811

Future

Tax

Secured,

Revenue,

2017

F-1,

5%,

5/01/42

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

11,095,000

11,843,417

Future

Tax

Secured,

Revenue,

2018

C-2,

5%,

5/01/38

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

11,945,000

13,013,760

Future

Tax

Secured,

Revenue,

2018

C-3,

4%,

5/01/43

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

19,800,000

19,762,208

Future

Tax

Secured,

Revenue,

2020

B-1,

4%,

11/01/47

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

10,000,000

9,805,353

New

York

Liberty

Development

Corp.

,

Revenue,

2021

A,

Refunding,

3%,

11/15/51

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

10,000,000

7,459,101

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

40,000,000

46,108,488

Goldman

Sachs

Headquarters

LLC,

Revenue,

2007,

5.5%,

10/01/37

...........

24,995,000

29,227,816

New

York

State

Dormitory

Authority

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2015

B,

5%,

2/15/40

.........

20,000,000

20,731,638

State

of

New

York

Personal

Income

Tax,

Revenue,

2017

B,

Refunding,

5%,

2/15/42

24,410,000

26,161,508

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

A,

Refunding,

4%,

3/15/48

5,000,000

4,915,743

State

of

New

York

Sales

Tax,

Revenue,

2017

A,

5%,

3/15/43

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

10,000,000

10,612,401

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

5%,

3/15/39

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

13,270,000

14,396,951

State

of

New

York

Sales

Tax,

Revenue,

2018

C,

Refunding,

5%,

3/15/37

........

25,000,000

27,391,835

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/44

........

16,000,000

17,273,194

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

5%,

3/15/46

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

73,125,000

78,873,715

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Pre-Refunded,

5%,

3/15/46

......

5,000

5,748

New

York

State

Thruway

Authority

,

Revenue,

2019

B,

4%,

1/01/50

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

20,000,000

19,338,232

Revenue,

Junior

Lien,

2016

A,

5%,

1/01/51

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

9,000,000

9,276,839

State

of

New

York

Personal

Income

Tax,

Revenue,

2022

A,

Refunding,

4%,

3/15/44

7,000,000

7,005,160

State

of

New

York

Personal

Income

Tax,

Revenue,

2022

A,

Refunding,

4%,

3/15/51

12,115,000

11,887,017

New

York

State

Urban

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

4

%

,

3/15/45

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

36,905,000

36,535,817

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.,

Revenue,

2018,

5%,

1/01/32

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

5,000,000

5,225,996

Delta

Air

Lines,

Inc.,

Revenue,

2018,

5%,

1/01/36

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

5,560,000

5,715,663

Delta

Air

Lines,

Inc.,

Revenue,

2020,

4%,

10/01/30

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

21,460,000

21,556,105

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

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

9,360,000

9,580,718

JFK

International

Air

Terminal

LLC,

Revenue,

2022,

5%,

12/01/33

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

7,500,000

8,242,073

Port

Authority

of

New

York

&

New

Jersey

,

Revenue,

179,

5%,

12/01/38

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

20,000,000

20,343,794

Revenue,

218,

4%,

11/01/47

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

13,500,000

12,973,771

Triborough

Bridge

&

Tunnel

Authority

,

Revenue,

2022

A,

4%,

11/15/52

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

10,000,000

9,809,540

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

New

York

(continued)

Triborough

Bridge

&

Tunnel

Authority,

(continued)

Metropolitan

Transportation

Authority

Payroll

Mobility

Tax,

Revenue,

Senior

Lien,

2022

A,

Refunding,

5%,

5/15/57

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

$

8,375,000

$

9,148,332

930,859,988

North

Carolina

0.5%

Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2022

A

,

AGMC

Insured

,

5.5

%

,

7/01/52

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

5,000,000

5,500,458

North

Carolina

Medical

Care

Commission

,

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

5

%

,

10/01/50

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

2,200,000

2,173,851

North

Carolina

Turnpike

Authority

,

Revenue,

2009

B,

AGMC

Insured,

Zero

Cpn.,

1/01/33

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

25,000,000

17,598,750

Revenue,

2009

B,

AGMC

Insured,

Zero

Cpn.,

1/01/34

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

15,000,000

10,097,235

Revenue,

2009

B,

AGMC

Insured,

Zero

Cpn.,

1/01/35

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

15,215,000

9,695,238

45,065,532

North

Dakota

0.6%

City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/33

..

2,000,000

2,222,147

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

5%,

12/01/34

..

3,500,000

3,868,447

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/35

..

1,815,000

1,826,375

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/37

..

2,950,000

2,912,172

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/38

..

3,400,000

3,323,184

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/40

..

3,375,000

3,234,689

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

..

1,875,000

1,760,125

State

Board

of

Higher

Education

of

the

State

of

North

Dakota

,

Revenue,

2019

A,

AGMC

Insured,

4%,

4/01/44

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

10,000,000

9,931,652

Revenue,

2019

A,

AGMC

Insured,

4%,

4/01/50

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

9,620,000

9,304,794

University

of

North

Dakota

,

COP,

2018

A,

5%,

4/01/48

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

5,500,000

5,830,915

COP,

2018

A,

5%,

4/01/57

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

10,000,000

10,572,096

54,786,596

Ohio

2.6%

Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/37

3,915,000

3,726,064

Summa

Health

System

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/38

5,700,000

5,374,826

American

Municipal

Power,

Inc.

,

Revenue,

2015

A,

Refunding,

5%,

2/15/39

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

5,000,000

5,073,769

Revenue,

2015

A,

Refunding,

5%,

2/15/42

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

2,500,000

2,531,537

Revenue,

2016

A,

Refunding,

5%,

2/15/46

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

20,000,000

20,623,064

Revenue,

2019

C,

Refunding,

4%,

2/15/39

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

18,795,000

18,976,469

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

A-2

,

1

,

Refunding

,

4

%

,

6/01/48

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

4,505,000

4,147,168

Cleveland-Cuyahoga

County

Port

Authority

,

County

of

Cuyahoga

,

Revenue

,

2013

,

5

%

,

7/01/37

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

6,000,000

7,120,838

County

of

Butler

,

UC

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

11/15/45

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

7,500,000

7,579,590

County

of

Franklin

,

Ohio

Living

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

7/01/40

..........

10,410,000

9,130,074

OhioHealth

Obligated

Group,

Revenue,

2015,

5%,

5/15/40

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

10,000,000

10,212,114

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017,

5%,

12/01/46

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

10,000,000

10,250,148

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2017

A-OH,

5%,

12/01/47

.......

10,800,000

11,089,966

County

of

Hamilton

,

UC

Health

Obligated

Group

,

Revenue

,

2020

,

5

%

,

9/15/50

.....

7,500,000

7,585,480

Northeast

Ohio

Regional

Sewer

District

,

Revenue,

2017,

Refunding,

4%,

11/15/38

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

10,000,000

10,269,920

Revenue,

2017,

Refunding,

4%,

11/15/43

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

10,000,000

10,107,173

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Ohio

(continued)

Ohio

Higher

Educational

Facility

Commission

,

Case

Western

Reserve

University,

Revenue,

2021

A,

Refunding,

4%,

12/01/44

....

$

6,815,000

$

6,827,288

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,350,000

1,310,239

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,185,000

1,133,622

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,530,000

2,381,476

Ohio

State

University

(The)

,

Revenue

,

2013

A

,

5

%

,

6/01/38

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

10,000,000

10,066,695

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

2018

A,

5%,

2/15/43

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

20,000,000

21,629,574

Revenue,

Junior

Lien,

2013

A-4,

Zero

Cpn.,

2/15/35

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

35,000,000

42,122,493

State

of

Ohio

,

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2017

A,

Refunding,

4%,

1/01/36

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

6,500,000

6,743,780

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2019

B,

4%,

1/01/46

..

10,000,000

10,021,494

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/38

640,000

615,543

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/40

855,000

810,354

247,460,758

Oklahoma

0.1%

Edmond

Public

Works

Authority

,

Revenue,

2017,

5%,

7/01/42

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

4,000,000

4,331,053

Revenue,

2017,

5%,

7/01/47

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

4,500,000

4,843,140

Norman

Regional

Hospital

Authority

,

Norman

Regional

Hospital

Authority

Obligated

Group

,

Revenue

,

2019

,

5

%

,

9/01/45

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

3,500,000

3,600,848

12,775,041

Oregon

0.9%

County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/50

...

12,210,000

12,539,035

Oregon

City

School

District

No.

62

,

GO

,

2018

B

,

Refunding

,

5

%

,

6/15/49

..........

20,000,000

21,625,758

Oregon

Health

&

Science

University

,

Oregon

Health

&

Science

University

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

4

%

,

7/01/44

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

1,685,000

1,697,300

Port

of

Portland

,

Airport,

Revenue,

Twenty-Eight,

5%,

7/01/52

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

13,755,000

14,557,705

Airport,

Revenue,

Twenty-Five

B,

5%,

7/01/44

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

2,450,000

2,578,782

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/38

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

10,000,000

10,818,121

Airport,

Revenue,

Twenty-Seven

A,

5%,

7/01/45

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

10,000,000

10,570,840

State

of

Oregon

,

Housing

&

Community

Services

Department,

Revenue,

2018

A,

3.6%,

1/01/33

....

5,080,000

5,191,832

Housing

&

Community

Services

Department,

Revenue,

2018

D,

3.8%,

7/01/34

....

4,695,000

4,622,878

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO,

2018

A,

Zero

Cpn.,

6/15/41

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

5,725,000

2,584,145

GO,

2018

A,

Zero

Cpn.,

6/15/42

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

5,900,000

2,518,259

GO,

2018

A,

Zero

Cpn.,

6/15/43

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

5,500,000

2,233,484

91,538,139

Pennsylvania

1.3%

Allegheny

County

Sanitary

Authority

,

Revenue

,

2013

,

BAM

Insured

,

5.25

%

,

12/01/44

5,000,000

5,082,064

City

of

Philadelphia

,

Airport

,

Revenue

,

2020

C

,

Refunding

,

4

%

,

7/01/45

...........

1,500,000

1,435,889

Commonwealth

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Community

&

Economic

Development

,

Revenue

,

2015

A

,

5

%

,

6/01/33

..........

4,550,000

4,770,483

Delaware

County

Regional

Water

Quality

Control

Authority

,

Revenue

,

2016

,

5

%

,

11/01/41

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

5,000,000

5,309,945

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

TT-3

,

Refunding

,

5

%

,

10/01/51

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

5,000,000

5,143,686

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/31

........

440,000

411,214

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/37

........

345,000

304,323

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Pennsylvania

(continued)

Lancaster

Industrial

Development

Authority,

(continued)

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/56

........

$

3,300,000

$

2,526,208

Lehigh

County

General

Purpose

Authority

,

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/52

....

13,785,000

12,055,998

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/57

....

5,000,000

4,256,140

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

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

600,000

519,453

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

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

1,000,000

999,924

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/48

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

9,000,000

9,010,851

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Department

of

Transportation,

Revenue,

2022,

5.25%,

6/30/53

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

4,000,000

4,208,218

Commonwealth

of

Pennsylvania

Department

of

Transportation,

Revenue,

2022,

6%,

6/30/61

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

5,000,000

5,556,249

UPMC

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

2/15/40

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

5,240,000

5,229,132

Pennsylvania

Turnpike

Commission

,

Revenue,

2009

C,

AGMC

Insured,

6.25%,

6/01/33

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

5,000,000

5,645,778

Revenue,

2020

B,

5%,

12/01/50

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

8,000,000

8,600,695

Philadelphia

Gas

Works

Co.

,

Revenue

,

Sixteenth

A

,

AGMC

Insured

,

4

%

,

8/01/45

...

4,000,000

4,016,112

School

District

of

Philadelphia

(The)

,

GO,

2016

F,

Refunding,

5%,

9/01/33

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

6,415,000

6,831,210

GO,

2016

F,

Refunding,

5%,

9/01/36

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

4,090,000

4,304,255

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

5

%

,

6/01/32

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

10,000,000

10,704,232

Westmoreland

County

Municipal

Authority

,

Revenue

,

2016

,

Refunding

,

BAM

Insured

,

5

%

,

8/15/42

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

17,205,000

17,864,395

124,786,454

Rhode

Island

0.1%

Rhode

Island

Health

and

Educational

Building

Corp.

,

Lifespan

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

5

%

,

5/15/39

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

5,500,000

5,586,434

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

,

Revenue,

10A,

6.5%,

4/01/27

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

130,000

130,375

Revenue,

15A,

6.85%,

10/01/24

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

120,000

120,380

Rhode

Island

Student

Loan

Authority

,

Revenue,

Senior

Lien,

2021

A,

5%,

12/01/27

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

1,000,000

1,088,128

Revenue,

Senior

Lien,

2021

A,

5%,

12/01/29

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

2,025,000

2,267,247

9,192,564

South

Carolina

1.5%

City

of

Rock

Hill

,

Combined

Utility

System,

Revenue,

2016,

5%,

1/01/41

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

7,690,000

8,031,095

Combined

Utility

System,

Revenue,

2016,

5%,

1/01/47

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

5,000,000

5,182,600

County

of

Greenwood

,

Self

Regional

Healthcare,

Revenue,

2017,

Refunding,

4%,

10/01/37

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

8,465,000

8,603,251

Self

Regional

Healthcare,

Revenue,

2017,

Refunding,

4%,

10/01/39

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

1,195,000

1,206,700

f

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.75

%

,

11/01/36

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

1,270,000

1,014,169

South

Carolina

Jobs-Economic

Development

Authority

,

f

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

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

23,630,000

19,473,639

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-1,

3.65%,

12/01/36

...........

22,470,000

18,460,289

AHPC

Vista

Towers

2021

LLC,

Revenue,

2021

A-2,

4.75%,

12/01/26

...........

2,115,000

1,942,162

f

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-1,

Zero

Cpn.,

6/01/37

17,900,000

12,103,334

f

Columbia

Portfolio

Obligated

Group,

Revenue,

144A,

2022

A-2,

Zero

Cpn.,

6/01/52

32,000,000

21,017,946

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

South

Carolina

(continued)

South

Carolina

Jobs-Economic

Development

Authority,

(continued)

Prisma

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/43

......

$

10,000,000

$

10,428,332

Prisma

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

......

15,000,000

15,531,790

South

Carolina

Ports

Authority

,

Revenue,

2018,

5%,

7/01/48

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

10,000,000

10,374,657

Revenue,

2019

B,

5%,

7/01/54

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

10,365,000

10,785,641

Spartanburg

Regional

Health

Services

District

,

Spartanburg

Regional

Health

Services

District

Obligated

Group,

Revenue,

2020

A,

AGMC

Insured,

4%,

4/15/37

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

1,415,000

1,452,714

Spartanburg

Regional

Health

Services

District

Obligated

Group,

Revenue,

2020

A,

AGMC

Insured,

4%,

4/15/39

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

1,410,000

1,434,848

147,043,167

South

Dakota

0.8%

County

of

Lincoln

,

Augustana

College

Association

(The)

,

Revenue

,

2021

A

,

Refunding

,

4

%

,

8/01/61

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

4,855,000

3,810,407

South

Dakota

Health

&

Educational

Facilities

Authority

,

Revenue,

2015

A,

Refunding,

5%,

8/01/38

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

3,475,000

3,652,648

Avera

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

7/01/42

.........

10,000,000

9,821,822

Avera

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/46

.........

36,050,000

36,794,230

Monument

Health

Obligated

Group,

Revenue,

2017,

4%,

9/01/37

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

10,920,000

11,029,019

Monument

Health

Obligated

Group,

Revenue,

2017,

5%,

9/01/40

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

10,000,000

10,259,942

South

Dakota

State

Building

Authority

,

Revenue

,

2017

A

,

Refunding

,

5

%

,

6/01/42

...

5,450,000

5,859,414

81,227,482

Tennessee

3.1%

Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CDFI

Phase

I

LLC

,

Revenue

,

2015

,

Refunding

,

5

%

,

10/01/35

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

1,000,000

1,010,859

City

of

Chattanooga

,

Electric

,

Revenue

,

2015

C

,

Refunding

,

5

%

,

9/01/40

..........

2,750,000

2,874,601

City

of

Germantown

,

GO,

2017,

4%,

8/01/43

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

2,330,000

2,360,305

GO,

2017,

4%,

8/01/45

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

2,525,000

2,544,783

City

of

Jackson

,

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2015,

5%,

4/01/36

......

3,885,000

3,958,220

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

5%,

4/01/36

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

115,000

121,151

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2015,

4%,

4/01/41

......

24,265,000

23,449,247

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2015,

Pre-Refunded,

4%,

4/01/41

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

735,000

758,918

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2018

A,

5%,

4/01/41

....

2,255,000

2,291,799

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2018

A,

Pre-Refunded,

5%,

4/01/41

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

115,000

131,285

City

of

Knoxville

,

Wastewater

System

,

Revenue

,

2015

A

,

Refunding

,

4

%

,

4/01/42

...

5,000,000

5,001,591

City

of

Memphis

,

Electric

System,

Revenue,

2020

A,

3%,

12/01/42

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

2,470,000

2,093,404

Gas,

Revenue,

2017,

4%,

12/01/36

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

1,000,000

1,035,136

Gas,

Revenue,

2020,

3%,

12/01/42

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

1,000,000

859,183

City

of

Portland

,

Water

&

Sewer

,

Revenue

,

2020

,

AGMC

Insured

,

3

%

,

4/01/45

......

1,775,000

1,448,393

County

of

Coffee

,

GO

,

2019

,

Refunding

,

4

%

,

6/01/44

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

2,760,000

2,772,115

County

of

Maury

,

GO

,

2015

,

Refunding

,

4

%

,

4/01/34

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

1,775,000

1,821,356

County

of

Wilson

,

GO

,

2017

A

,

4

%

,

4/01/42

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

5,000,000

5,036,144

Hallsdale-Powell

Utility

District

,

Revenue

,

2019

,

Refunding

,

4

%

,

4/01/39

..........

1,380,000

1,411,126

Harpeth

Valley

Utilities

District

of

Davidson

and

Williamson

Counties

,

Revenue,

2014,

5%,

9/01/44

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

4,400,000

4,514,141

Revenue,

2020,

4%,

9/01/50

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

500,000

496,008

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Tennessee

(continued)

Industrial

Development

Board

of

The

City

of

Kingsport

Tennessee

(The)

,

Model

City

II

LP

,

Revenue

,

2009

,

GNMA

Insured

,

5.5

%

,

7/20/39

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

$

2,995,000

$

2,996,569

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group

,

Revenue

,

1998

,

NATL

Insured

,

ETM,

5.25

%

,

7/01/28

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

8,500,000

8,953,972

Knox

Chapman

Utility

District

of

Knox

County

,

Revenue

,

2012

,

Refunding

,

4

%

,

1/01/40

4,000,000

4,000,587

Knox

County

Health

Educational

&

Housing

Facility

Board

,

Covenant

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/01/42

....

18,000,000

18,550,681

Covenant

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/01/47

....

22,815,000

23,469,982

University

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

9/01/47

3,000,000

3,014,905

University

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

4/01/36

2,250,000

2,347,812

Madison

Suburban

Utility

District

,

Revenue

,

2021

,

3

%

,

2/01/45

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

1,000,000

816,685

Memphis-Shelby

County

Airport

Authority

,

Revenue,

2018,

5%,

7/01/43

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

10,000,000

10,416,139

Revenue,

2018,

5%,

7/01/47

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

11,000,000

11,386,279

Revenue,

2021

A,

5%,

7/01/40

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

3,000,000

3,230,920

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Blakeford

at

Green

Hills

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

.......

3,500,000

2,894,398

Blakeford

at

Green

Hills

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/55

.......

9,015,000

7,028,209

Trevecca

Nazarene

University,

Revenue,

2021

B,

4%,

10/01/41

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

1,050,000

940,268

Trevecca

Nazarene

University,

Revenue,

2021

B,

4%,

10/01/51

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

6,860,000

5,771,744

Vanderbilt

University

Medical

Center

Obligated

Group,

Revenue,

2016

A,

5%,

7/01/40

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

5,000,000

5,187,518

Metropolitan

Government

of

Nashville

&

Davidson

County

,

Electric

,

Revenue

,

2014

A

,

5

%

,

5/15/39

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

4,000,000

4,103,170

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue,

2019

B,

5%,

7/01/44

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

20,000,000

21,113,564

Revenue,

2019

B,

4%,

7/01/49

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

3,000,000

2,848,086

Revenue,

2019

B,

5%,

7/01/49

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

17,475,000

18,251,538

Revenue,

2022

B,

5.5%,

7/01/52

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

2,500,000

2,752,272

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group,

Revenue,

2017

A,

5%,

5/01/36

4,000,000

4,253,208

Rhodes

College,

Revenue,

2015,

5%,

8/01/45

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

1,700,000

1,769,390

Rhodes

College,

Revenue,

2017,

Refunding,

4%,

8/01/40

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

3,000,000

3,061,214

South

Blount

County

Utility

District

,

Revenue

,

2019

,

Refunding

,

3

%

,

12/01/39

......

2,015,000

1,793,384

e

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5

%

,

12/01/30

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

41,730,000

45,251,557

Tennessee

Housing

Development

Agency

,

Revenue,

2013

1-C,

4%,

7/01/43

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

805,000

807,704

Revenue,

2017-3,

3.65%,

7/01/47

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

610,000

595,267

Revenue,

2018-2,

Refunding,

3.85%,

7/01/42

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

1,005,000

996,973

Revenue,

2018-4,

Refunding,

4%,

7/01/43

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

5,745,000

5,609,062

West

Knox

Utility

District

,

Revenue

,

2016

,

Refunding

,

5

%

,

6/01/41

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

1,000,000

1,024,175

West

Wilson

Utility

District

of

Wilson

County

Tennessee

,

Revenue

,

2015

,

Refunding

,

5

%

,

6/01/40

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

1,545,000

1,609,850

White

House

Utility

District

,

Revenue

,

2020

,

Refunding

,

3

%

,

1/01/34

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

820,000

821,333

Williamson

County

HB

&

TS

Utility

District

,

Revenue

,

2020

,

Refunding

,

3

%

,

9/01/44

.

1,200,000

995,633

294,653,813

Texas

9.7%

Abilene

Convention

Center

Hotel

Development

Corp.

,

City

of

Abilene

Abilene

Convention

Center

,

Revenue,

First

Lien

,

2021

A

,

4

%

,

10/01/50

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

5,510,000

4,470,536

Aubrey

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

4

%

,

2/15/52

........

7,500,000

7,467,290

Central

Texas

Turnpike

System

,

Revenue,

2015

B,

Refunding,

5%,

8/15/37

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

10,000,000

10,271,025

Revenue,

2015

C,

Refunding,

5%,

8/15/37

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

5,000,000

5,106,081

Revenue,

2015

C,

Refunding,

5%,

8/15/42

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

20,000,000

20,323,388

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

City

of

Arlington

,

Special

Tax,

Senior

Lien

,

2018

A

,

AGMC

Insured

,

4

%

,

2/15/44

.....

$

20,000,000

$

19,878,428

City

of

Austin

,

Electric

Utility,

Revenue,

2015

A,

Refunding,

5%,

11/15/45

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

10,000,000

10,378,541

Water

&

Wastewater

System,

Revenue,

2013

A,

Refunding,

5%,

11/15/38

.......

20,000,000

20,145,622

f

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.625%,

11/01/39

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

1,405,000

1,364,086

f

Whisper

Valley

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.75%,

11/01/48

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

2,450,000

2,333,974

f

City

of

Celina

,

Sutton

Fields

II

Public

Improvement

District

,

Special

Assessment

,

144A,

2019

,

4.25

%

,

9/01/49

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

3,065,000

2,664,699

City

of

Corpus

Christi

,

Utility

System

,

Revenue,

Junior

Lien

,

2015

A

,

5

%

,

7/15/40

...

13,200,000

13,798,316

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

6

%

,

12/01/62

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

19,000,000

20,012,316

f

City

of

Dallas

Housing

Finance

Corp.

,

DHFC

-

Dylan

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

6

%

,

12/01/62

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

18,040,000

18,268,374

City

of

Laredo

,

Waterworks

&

Sewer

System

,

Revenue

,

2016

,

Refunding

,

4

%

,

3/01/41

9,690,000

9,758,041

City

of

Leander

,

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/38

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

1,275,000

1,049,870

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/44

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

1,460,000

1,113,278

f

City

of

Royse

City

,

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2017,

5%,

9/15/48

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

2,700,000

2,667,230

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.375%,

9/15/39

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

610,000

578,765

Waterscape

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.5%,

9/15/48

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

1,260,000

1,159,037

Clifton

Higher

Education

Finance

Corp.

,

International

Leadership

of

Texas,

Inc.,

Revenue,

2022,

PSF

Guaranty,

4%,

8/15/42

2,150,000

2,146,181

International

Leadership

of

Texas,

Inc.,

Revenue,

2022,

PSF

Guaranty,

5%,

8/15/47

11,500,000

12,686,164

Community

Independent

School

District

,

GO

,

2022

B

,

PSF

Guaranty

,

4

%

,

2/15/50

...

2,750,000

2,752,113

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

First

Lien,

2021

A,

4%,

10/01/50

.....

1,640,000

1,376,540

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/32

....

90,000

105,268

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/33

....

100,000

116,358

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/34

....

100,000

115,860

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/35

....

85,000

97,284

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/36

....

85,000

96,540

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

4%,

10/01/41

....

600,000

610,524

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

4%,

10/01/46

....

700,000

693,606

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

4%,

10/01/50

....

650,000

636,199

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2013

D

,

Refunding

,

5.25

%

,

11/01/32

10,000,000

10,212,742

Del

Valle

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

4

%

,

6/15/47

......

7,500,000

7,580,186

f

EP

Cimarron

Ventanas

PFC

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

4

%

,

12/01/51

....

33,600,000

26,110,258

Forney

Independent

School

District

,

GO

,

2015

,

Refunding

,

PSF

Guaranty

,

5

%

,

8/15/37

15,000,000

15,878,218

Frisco

Independent

School

District

,

GO

,

2016

,

PSF

Guaranty

,

5

%

,

8/15/46

........

20,000,000

21,448,582

Goose

Creek

Consolidated

Independent

School

District

,

GO

,

2013

,

Pre-Refunded

,

PSF

Guaranty

,

5

%

,

2/15/38

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

45,000

45,042

Grand

Parkway

Transportation

Corp.

,

Revenue,

2013

B,

Zero

Cpn.,

10/01/45

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

10,000,000

10,736,317

Revenue,

2018

A,

5%,

10/01/48

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

7,720,000

8,203,132

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

28

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Gulf

Coast

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2003

B

,

1.5

%

,

5/01/28

....

$

2,000,000

$

1,746,289

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Houston

Methodist

Hospital

Obligated

Group

,

Revenue

,

2015

,

5

%

,

12/01/45

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

30,000,000

30,620,232

Harris

County-Houston

Sports

Authority

,

Revenue,

Senior

Lien,

2020

A,

Refunding,

AGMC

Insured,

3.125%,

11/15/56

.....

5,000,000

3,887,316

Revenue,

Third

Lien,

2004

A-3,

NATL

Insured,

Zero

Cpn.,

11/15/37

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

6,300,000

2,691,168

Harris-Waller

Counties

Municipal

Utility

District

No.

4

,

GO,

2022,

5%,

11/01/34

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

795,000

832,171

GO,

2022,

5%,

11/01/38

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

840,000

855,516

GO,

2022,

5.25%,

11/01/41

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

1,435,000

1,467,791

GO,

2022,

5.5%,

11/01/44

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

2,010,000

2,072,564

GO,

2022,

5.5%,

11/01/48

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

2,645,000

2,701,819

GO,

2022,

5.5%,

11/01/48

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

2,800,000

2,861,751

Houston

Higher

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2021

,

4

%

,

10/01/51

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

3,800,000

3,222,614

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2.375%,

9/01/31

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

165,000

144,661

GO,

2021,

2.375%,

9/01/32

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

170,000

146,955

GO,

2021,

2.375%,

9/01/33

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

170,000

144,749

GO,

2021,

2.5%,

9/01/34

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

180,000

150,121

GO,

2021,

2.5%,

9/01/36

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

370,000

288,970

GO,

2021,

2.625%,

9/01/38

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

385,000

290,280

GO,

2021,

3%,

9/01/41

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

375,000

284,856

GO,

2021,

3%,

9/01/46

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

750,000

534,502

GO,

2021,

3%,

9/01/51

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

1,265,000

862,484

f

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48

%

,

12/15/39

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

12,625,000

9,754,713

Lamar

Consolidated

Independent

School

District

,

GO

,

2018

,

PSF

Guaranty

,

5

%

,

2/15/43

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

30,000,000

32,224,908

Lower

Colorado

River

Authority

,

LCRA

Transmission

Services

Corp.,

Revenue,

2013

A,

Refunding,

5%,

5/15/36

...

10,000,000

10,043,159

LCRA

Transmission

Services

Corp.,

Revenue,

2018,

Refunding,

5%,

5/15/43

.....

10,000,000

10,621,646

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

NCCD-Cain

Hall

Redevelopment

I

LLC,

Revenue,

2016

A-1,

5%,

4/01/46

........

6,000,000

6,322,403

NCCD-College

Station

Properties

LLC,

Revenue,

A,

5%,

7/01/47

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

10,000,000

8,500,000

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/39

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

5,650,000

5,336,104

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/49

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

11,470,000

10,357,768

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/54

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

230,000

204,613

Westminster

Manor,

Revenue,

2021,

4%,

11/01/49

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

14,400,000

11,408,832

Newark

Higher

Education

Finance

Corp.

,

Abilene

Christian

University

,

Revenue

,

2022

A

,

Refunding

,

4

%

,

4/01/57

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

5,000,000

4,590,685

North

East

Texas

Regional

Mobility

Authority

,

Revenue,

Senior

Lien

,

2016

A

,

5

%

,

1/01/41

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

16,750,000

16,890,342

North

Harris

County

Regional

Water

Authority

,

Revenue,

Senior

Lien,

2016,

Refunding,

4%,

12/15/41

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

10,000,000

10,101,187

Revenue,

Senior

Lien,

2016,

Refunding,

5%,

12/15/46

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

18,460,000

19,440,654

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System,

Revenue,

2015

A,

Refunding,

5%,

1/01/35

.........

10,000,000

10,393,947

North

Texas

Tollway

System,

Revenue,

2015

A,

Refunding,

5%,

1/01/38

.........

10,000,000

10,330,117

North

Texas

Tollway

System,

Revenue,

First

Tier,

2017

A,

Refunding,

5%,

1/01/43

.

20,000,000

21,265,452

North

Texas

Tollway

System,

Revenue,

First

Tier,

2017

A,

Refunding,

5%,

1/01/48

.

33,500,000

35,380,837

North

Texas

Tollway

System,

Revenue,

First

Tier,

I,

Pre-Refunded,

6.5%,

1/01/43

..

25,000,000

26,879,505

North

Texas

Tollway

System,

Revenue,

Second

Tier,

2017

B,

Refunding,

5%,

1/01/48

10,000,000

10,455,253

North

Texas

Tollway

System,

Revenue,

Second

Tier,

2018,

Refunding,

5%,

1/01/48

25,250,000

26,563,411

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

29

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

North

Texas

Tollway

Authority,

(continued)

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/37

....

$

7,500,000

$

3,843,325

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

Zero

Cpn.,

9/01/43

....

7,500,000

2,449,534

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

6.75%,

9/01/45

......

25,000,000

33,671,790

Port

Freeport

,

Revenue,

Senior

Lien

,

2019

A

,

5

%

,

6/01/49

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

4,000,000

4,150,538

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/46

......

13,705,000

11,805,441

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/51

......

3,765,000

3,142,789

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/54

......

1,035,000

845,789

San

Antonio

Public

Facilities

Corp.

,

City

of

San

Antonio

,

Revenue

,

2012

,

Refunding

,

4

%

,

9/15/42

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

36,500,000

36,428,956

San

Antonio

Water

System

,

Revenue,

Junior

Lien

,

2018

A

,

Refunding

,

5

%

,

5/15/48

..

10,000,000

10,654,061

San

Jacinto

River

Authority

,

Revenue,

2011,

AGMC

Insured,

5%,

10/01/32

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

5,000,000

5,004,396

Revenue,

2011,

AGMC

Insured,

5%,

10/01/37

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

3,000,000

3,002,375

Southwest

Higher

Education

Authority,

Inc.

,

Southern

Methodist

University

,

Revenue

,

2013

A

,

5

%

,

10/01/38

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

24,380,000

24,672,743

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

B,

5%,

7/01/43

...........

10,000,000

10,434,158

CHRISTUS

Health

Obligated

Group,

Revenue,

2022

A,

4%,

7/01/53

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

3,100,000

3,015,115

CHRISTUS

Health

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/53

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

15,000,000

16,094,345

Cook

Children's

Medical

Center

Obligated

Group,

Revenue,

2013

A,

Refunding,

5.25%,

12/01/39

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

10,000,000

10,141,884

Texas

Health

Resources

Obligated

Group,

Revenue,

2015

A,

5%,

11/15/52

......

5,000,000

5,081,521

Texas

Health

Resources

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

2/15/41

15,165,000

15,727,306

Tarrant

County

Health

Facilities

Development

Corp.

,

Texas

Health

Resources

Obligated

Group

,

Revenue

,

1994

,

FGIC

Insured

,

ETM,

6

%

,

9/01/24

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

1,825,000

1,894,041

Tarrant

County

Health

Facilities

Development

Corp.

,

Texas

Health

Resources

Obligated

Group,

Revenue,

1994,

FGIC

Insured,

ETM,

6%,

9/01/24

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

1,825,000

1,894,041

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/29

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

12,715,000

13,521,049

Revenue,

2021,

Refunding,

5%,

12/15/31

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

7,250,000

7,762,550

Revenue,

2021,

Refunding,

5%,

12/15/32

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

2,750,000

2,953,547

Texas

Transportation

Commission

,

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/48

......

6,250,000

1,643,539

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/49

......

5,000,000

1,246,023

State

Highway

249

System,

Revenue,

First

Tier,

2019

A,

Zero

Cpn.,

8/01/50

......

5,500,000

1,295,415

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2018

B,

4%,

10/15/43

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

25,000,000

25,133,830

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2022,

5%,

10/15/47

16,050,000

18,077,397

f

Town

of

Little

Elm

,

Valencia

Public

Improvement

District,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

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

708,000

532,598

Valencia

Public

Improvement

District,

Special

Assessment,

144A,

2021,

4%,

9/01/47

831,000

703,714

Town

of

Ponder

,

Ponder

Public

Improvement

District

No.

1,

Special

Assessment,

2017,

5%,

9/01/45

500,000

495,968

Ponder

Public

Improvement

District

No.

1,

Special

Assessment,

2017,

5%,

9/01/47

865,000

856,069

West

Travis

County

Public

Utility

Agency

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

4

%

,

8/15/41

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

5,000,000

5,028,396

Westside

211

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

3%,

8/15/41

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

790,000

639,375

GO,

Sub.

Lien,

2021,

3%,

8/15/45

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

615,000

479,307

GO,

Sub.

Lien,

2021,

3%,

8/15/51

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

1,570,000

1,172,205

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

30

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Texas

(continued)

Westside

211

Special

Improvement

District,

(continued)

GO,

Sub.

Lien,

2022,

5.625%,

8/15/52

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

$

1,065,000

$

1,113,063

932,042,508

Utah

1.0%

Central

Utah

Water

Conservancy

District

,

Revenue,

2017

B,

Refunding,

4%,

10/01/37

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

2,600,000

2,664,925

Revenue,

2017

B,

Refunding,

4%,

10/01/38

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

10,000,000

10,218,954

City

of

Salt

Lake

City

,

Airport,

Revenue,

2017

A,

5%,

7/01/47

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

11,140,000

11,465,433

Airport,

Revenue,

2018

A,

5%,

7/01/48

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

13,860,000

14,331,816

Airport,

Revenue,

2018

A,

5.25%,

7/01/48

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

10,000,000

10,484,659

Airport,

Revenue,

2021

A,

5%,

7/01/51

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

10,000,000

10,465,505

Jordan

Valley

Water

Conservancy

District

,

Revenue

,

2017

B

,

Refunding

,

4

%

,

10/01/41

6,000,000

6,079,430

University

of

Utah

(The)

,

Revenue

,

2022

A

,

5

%

,

8/01/46

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

9,645,000

10,799,504

Utah

Infrastructure

Agency

,

Revenue,

2021,

3%,

10/15/26

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

550,000

527,023

Revenue,

2021,

4%,

10/15/28

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

350,000

344,244

Revenue,

2021,

4%,

10/15/32

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

540,000

516,714

Revenue,

2021,

4%,

10/15/38

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

500,000

436,781

Revenue,

2021,

4%,

10/15/41

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

1,450,000

1,228,337

Revenue,

2021,

3%,

10/15/45

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

2,000,000

1,319,154

Revenue,

2022,

5%,

10/15/37

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

1,200,000

1,213,593

Revenue,

2022,

5%,

10/15/46

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

3,650,000

3,561,430

Utah

Municipal

Power

Agency

,

Revenue

,

2016

B

,

5

%

,

7/01/38

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

10,000,000

10,686,112

96,343,614

Vermont

0.1%

Vermont

Educational

&

Health

Buildings

Financing

Agency

,

President

&

Fellows

of

Middlebury

College,

Revenue,

2020,

Refunding,

5%,

11/01/49

4,000,000

4,336,777

University

of

Vermont

Health

Network

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

12/01/36

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

5,000,000

5,253,182

9,589,959

Virginia

0.6%

Amelia

County

Industrial

Development

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2002

,

Refunding

,

1.45

%

,

4/01/27

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

2,350,000

2,112,118

Hampton

Roads

Transportation

Accountability

Commission

,

Revenue,

Senior

Lien

,

2020

A

,

5

%

,

7/01/60

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

19,000,000

20,873,275

Virginia

Commonwealth

Transportation

Board

,

Revenue

,

2019

,

4

%

,

5/15/41

.......

13,585,000

13,943,497

Virginia

Resources

Authority

,

Revenue

,

2012

A

,

5

%

,

11/01/39

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

70,000

70,130

Virginia

Small

Business

Financing

Authority

,

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/57

7,500,000

7,730,770

Elizabeth

River

Crossings

OpCo

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

4%,

1/01/39

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

5,520,000

5,356,337

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/51

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

4,000,000

3,570,825

53,656,952

Washington

2.5%

e

Align

Capital

Trust

,

Revenue

,

2020-4A

,

Mandatory

Put

,

3.75

%

,

1/01/26

...........

10,482,247

10,063,796

City

of

Seattle

,

Municipal

Light

&

Power,

Revenue,

2017

C,

Refunding,

4%,

9/01/36

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

22,170,000

22,790,953

Municipal

Light

&

Power,

Revenue,

2018

A,

4%,

1/01/42

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

10,855,000

10,926,875

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

31

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Washington

(continued)

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

4

%

,

7/01/37

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

$

34,480,000

$

34,480,079

NJB

Properties

,

Revenue

,

2006

A

,

5

%

,

12/01/36

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

5,000

5,010

Port

of

Seattle

,

Revenue,

2018

A,

5%,

5/01/38

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

15,000,000

15,740,145

Revenue,

2019,

4%,

4/01/44

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

4,000,000

3,793,906

Revenue,

2021

C,

Refunding,

5%,

8/01/46

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

11,915,000

12,600,462

University

of

Washington

,

Revenue

,

2018

,

5

%

,

4/01/48

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

29,450,000

31,336,841

Washington

Health

Care

Facilities

Authority

,

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/45

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

2,610,000

2,545,886

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

2020,

Refunding,

5%,

9/01/50

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

3,000,000

3,162,674

f

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

5%,

12/01/29

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

250,000

280,234

f

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

5%,

12/01/30

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

265,000

299,108

f

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

5%,

12/01/33

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

250,000

278,656

f

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/34

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

300,000

287,594

f

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

4%,

12/01/40

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

870,000

871,889

f

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

4%,

12/01/45

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

1,200,000

1,170,304

f

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

4%,

12/01/48

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

910,000

881,722

Multicare

Health

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

4%,

8/15/41

25,000,000

24,180,132

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2012

A,

5%,

10/01/42

..

10,175,000

10,176,866

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2014

D,

5%,

10/01/41

..

9,685,000

9,795,674

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2014

D,

Pre-Refunded,

5%,

10/01/41

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

315,000

327,253

Washington

Higher

Education

Facilities

Authority

,

Seattle

Pacific

University

,

Revenue

,

2020

A

,

Refunding

,

5

%

,

10/01/42

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

3,800,000

3,918,744

Washington

State

Convention

Center

Public

Facilities

District

,

Lodging

Tax

,

Revenue

,

2021

B

,

Refunding

,

4

%

,

7/01/43

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

14,855,000

13,492,755

Washington

State

Housing

Finance

Commission

,

Revenue,

2021-1,

A,

3.5%,

12/20/35

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

21,470,459

20,249,341

f

Madison

at

Rivers

Edge

Apartments

LLC,

Revenue,

144A,

2021

A,

3.65%,

1/01/37

2,965,000

2,443,968

236,100,867

West

Virginia

0.7%

Berkeley

County

Public

Service

Sewer

District

,

Revenue

,

2016

B

,

Refunding

,

BAM

Insured

,

5

%

,

6/01/36

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

1,000,000

1,075,853

West

Virginia

Hospital

Finance

Authority

,

Cabell

Huntington

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

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

13,250,000

13,615,412

Charleston

Area

Medical

Center,

Inc.

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/38

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

3,040,000

3,189,801

West

Virginia

United

Health

System

Obligated

Group,

Revenue,

2017

A,

5%,

6/01/47

17,190,000

17,553,603

West

Virginia

United

Health

System

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/52

20,700,000

21,045,891

West

Virginia

Water

Development

Authority

,

Revenue,

2016

A,

Refunding,

5%,

10/01/36

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

5,000,000

5,403,815

Revenue,

2016

A,

Refunding,

5%,

10/01/45

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

5,435,000

5,844,415

67,728,790

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

32

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

3.9%

Public

Finance

Authority

,

f

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

$

21,085,631

$

17,372,019

2017

IAVF

Rubix

LLC,

Revenue,

2020

A,

4.25%,

12/01/50

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

3,750,000

3,009,872

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

5%,

11/15/41

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

1,205,000

1,212,633

f

AL-FL

Portfolio

Obligated

Group,

Revenue,

144A,

2021

A,

3.4%,

12/01/36

.......

39,000,000

32,169,205

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

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

5,075,000

4,355,143

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/51

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

5,705,000

4,736,204

Appalachian

Regional

Healthcare

System

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/56

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

2,250,000

1,806,234

Blue

Ridge

Healthcare

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/01/50

2,185,000

1,654,018

CFC-SA

LLC,

Revenue,

Senior

Lien,

2022

A,

5%,

2/01/62

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

10,000,000

9,603,982

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/41

..........

1,000,000

885,213

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/61

..........

10,000,000

7,931,110

e

Duke

Energy

Progress

LLC,

Revenue,

2022

B,

Refunding,

Mandatory

Put,

4%,

10/01/30

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

2,200,000

2,324,479

EMU

Campus

Living

LLC,

Revenue,

2022

A-1,

BAM

Insured,

5.5%,

7/01/52

......

5,000,000

5,587,021

EMU

Campus

Living

LLC,

Revenue,

2022

A-1,

BAM

Insured,

5.625%,

7/01/55

....

6,620,000

7,391,051

f

FAH

Tree

House

LLC,

Revenue,

144A,

2023

A,

6.5%,

8/01/53

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

22,945,000

23,543,082

f

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2021,

5.25%,

12/01/22

....

42,800,000

42,800,000

f

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

A,

3.8%,

12/01/37

24,375,000

20,428,414

f

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

22,565,000

22,905,998

f

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

B,

7.5%,

12/01/29

.....

2,645,000

2,644,499

RED

River

Valley

Alliance

LLC,

Revenue,

2021,

4%,

9/30/51

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

730,000

613,229

RED

River

Valley

Alliance

LLC,

Revenue,

2021,

4%,

3/31/56

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

25,185,000

20,569,322

Renown

Regional

Medical

Center,

Revenue,

2020

A,

Refunding,

4%,

6/01/45

.....

14,000,000

13,578,881

Southeastern

Regional

Medical

Center

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/39

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

4,755,000

4,629,796

Southeastern

Regional

Medical

Center

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/41

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

5,145,000

4,954,526

Southeastern

Regional

Medical

Center

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/46

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

11,980,000

11,081,005

Southeastern

Regional

Medical

Center

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/51

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

2,000,000

1,806,679

Triad

Educational

Services,

Inc.,

Revenue,

2022,

5.25%,

6/15/52

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

1,610,000

1,628,390

Triad

Educational

Services,

Inc.,

Revenue,

2022,

5.375%,

6/15/57

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

1,550,000

1,568,299

Triad

Math

&

Science

Academy

Co.,

Revenue,

2021

A,

4%,

6/15/41

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

1,280,000

1,120,621

Triad

Math

&

Science

Academy

Co.,

Revenue,

2021

A,

4%,

6/15/51

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

10,000

8,111

Triad

Math

&

Science

Academy

Co.,

Revenue,

2021

A,

4%,

6/15/61

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

6,000,000

4,638,128

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/41

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

1,010,000

860,881

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/51

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

2,185,000

1,725,350

e,f

WV

2020

Holdings

LLC

Obligated

Group,

Revenue,

144A,

2020

A-2,

Mandatory

Put,

4%,

12/01/35

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

29,600,000

25,519,788

Wisconsin

Center

District

,

Revenue,

Junior

Lien

,

2020

D

,

AGMC

Insured

,

Zero

Cpn.,

12/15/45

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

20,000,000

6,945,186

Wisconsin

Health

&

Educational

Facilities

Authority

,

Ascension

Health

Credit

Group,

Revenue,

2013

B-2,

4%,

11/15/43

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

12,045,000

12,054,600

Children's

Hospital

of

Wisconsin

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/15/42

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

15,000,000

15,114,921

Marshfield

Clinic

Health

System

Obligated

Group,

Revenue,

2017

C,

Refunding,

5%,

2/15/47

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

20,000,000

20,264,852

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/47

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

5,200,000

3,986,085

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

33

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

Wisconsin

(continued)

Wisconsin

Health

&

Educational

Facilities

Authority,

(continued)

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/57

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

$

1,400,000

$

1,010,255

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2021

B,

Refunding,

4%,

9/15/36

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

530,000

480,520

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2021

B,

Refunding,

4%,

9/15/41

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

510,000

445,834

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2021

B,

Refunding,

4%,

9/15/45

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

475,000

398,570

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

9/15/36

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

775,000

691,995

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

9/15/41

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

770,000

660,593

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

9/15/45

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

650,000

534,154

Thedacare,

Inc.

Obligated

Group,

Revenue,

2019,

Refunding,

4%,

12/15/37

......

5,135,000

5,224,852

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/46

......

895,000

758,771

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/51

......

1,335,000

1,101,537

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/55

......

1,760,000

1,425,553

377,761,461

U.S.

Territories

3.1%

District

of

Columbia

2.2%

District

of

Columbia

,

Revenue,

2006

B-1,

BHAC,

FGIC

Insured,

5%,

2/01/24

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

12,120,000

12,147,528

Revenue,

2006

B-1,

BHAC,

FGIC

Insured,

5%,

2/01/25

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

7,000,000

7,012,596

Revenue,

2006

B-1,

BHAC,

FGIC

Insured,

5%,

2/01/26

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

9,950,000

9,967,131

Catholic

University

of

America

(The),

Revenue,

2017

B,

5%,

10/01/42

..........

20,535,000

21,254,629

Catholic

University

of

America

(The),

Revenue,

2017

B,

5%,

10/01/47

..........

25,110,000

25,837,861

Catholic

University

of

America

(The),

Revenue,

2018,

Refunding,

5%,

10/01/43

...

4,000,000

4,160,918

Children's

National

Medical

Center

Obligated

Group,

Revenue,

2015,

Refunding,

5%,

7/15/40

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

6,830,000

7,013,169

International

School

Obligated

Group,

Revenue,

2019,

5%,

7/01/49

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

1,000,000

1,014,016

International

School

Obligated

Group,

Revenue,

2019,

5%,

7/01/54

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

1,905,000

1,923,717

Tobacco

Settlement

Financing

Corp.,

Revenue,

2001,

6.5%,

5/15/33

...........

4,590,000

4,723,220

Water

&

Sewer

Authority,

Revenue,

Senior

Lien,

2018

A,

5%,

10/01/49

..........

25,000,000

26,789,040

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2018

A,

Refunding,

5%,

10/01/48

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

10,275,000

10,696,539

Aviation,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

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

24,750,000

25,899,051

Dulles

Toll

Road,

Revenue,

Second

Lien,

2009

C,

Pre-Refunded,

AGMC

Insured,

6.5%,

10/01/41

..................................................

25,000,000

28,696,355

Dulles

Toll

Road,

Revenue,

Sub.

Lien,

2019

B,

Refunding,

4%,

10/01/49

........

13,555,000

12,906,148

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2021

A

,

4

%

,

7/15/43

.........................................................

12,775,000

12,843,199

212,885,117

Puerto

Rico

0.9%

HTA

HRRB

Custodial

Trust

,

Revenue,

2007

CC,

5.5%,

7/01/28

.....................................

2,500,000

2,581,161

Revenue,

2007

CC,

5.25%,

7/01/34

....................................

2,385,000

2,402,107

Revenue,

2007

CC,

5.25%,

7/01/36

....................................

11,980,000

12,075,938

HTA

TRRB

Custodial

Trust

,

Revenue,

2005

L,

5.25%,

7/01/41

.....................................

14,485,000

14,627,804

Revenue,

2007

N,

5.25%,

7/01/36

.....................................

2,725,000

2,746,822

Revenue,

2007

N,

5.25%,

7/01/39

.....................................

160,000

161,468

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

34

a

a

Principal

Amount

a

Value

a

a

a

a

a

Municipal

Bonds

(continued)

U.S.

Territories

(continued)

Puerto

Rico

(continued)

PR

Custodial

Trust

,

Revenue

,

2002

A

,

5.5

%

,

7/01/29

.........................

$

3,613,933

$

3,577,874

Puerto

Rico

Electric

Power

Authority

,

h

Revenue,

2012

A,

5%,

7/01/42

........................................

18,925,000

13,247,500

Revenue,

VV,

Refunding,

NATL

Insured,

5.25%,

7/01/32

....................

5,780,000

5,820,918

h

Revenue,

XX,

5.25%,

7/01/40

........................................

15,000,000

10,537,500

Puerto

Rico

Highway

&

Transportation

Authority

,

Revenue,

2022

A,

5%,

7/01/62

........................................

698,767

674,310

Revenue,

2022

B,

Zero

Cpn.,

7/01/32

...................................

454,104

286,086

Revenue,

2022

C,

Zero

Cpn.,

7/01/53

..................................

776,785

452,476

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

AES

Puerto

Rico

LP

,

Revenue

,

2000

A

,

6.625

%

,

6/01/26

.....

3,500,000

3,558,450

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

7,346,000

7,256,002

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

5,593,000

5,348,533

85,354,949

Total

U.S.

Territories

....................................................................

298,240,066

Total

Municipal

Bonds

(Cost

$9,551,846,078)

...................................

9,393,348,099

Total

Long

Term

Investments

(Cost

$9,605,808,858)

.............................

9,448,467,583

a

a

a

a

a

Short

Term

Investments

0.9%

Municipal

Bonds

0.9%

Georgia

0.0%

†

i

Development

Authority

of

Monroe

County

(The)

,

Florida

Power

&

Light

Co.

,

Revenue

,

2002

,

Refunding

,

Daily

VRDN

and

Put

,

1.3

%

,

9/01/37

......................

6,800,000

6,800,000

New

York

0.5%

i

City

of

New

York

,

GO

,

2020

B-3

,

Daily

VRDN

and

Put

,

1.5

%

,

10/01/46

...........

8,620,000

8,620,000

i

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System,

Revenue,

2022

DD,

Refunding,

Daily

VRDN

and

Put,

1.5%,

6/15/33

........................................................

19,660,000

19,660,000

Water

&

Sewer

System,

Revenue,

BB-1A,

SPA

State

Street

Bank

&

Trust

Co.,

Daily

VRDN

and

Put,

1.2%,

6/15/49

.......................................

20,000,000

20,000,000

48,280,000

Ohio

0.2%

i

County

of

Allen

Hospital

Facilities

,

Bon

Secours

Mercy

Health,

Inc.

,

Revenue

,

2010

C

,

LOC

Bank

of

Montreal

,

Daily

VRDN

and

Put

,

1.16

%

,

6/01/34

.................

16,235,000

16,235,000

Wisconsin

0.2%

i

University

of

Wisconsin

Hospitals

&

Clinics

,

Authority

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.2

%

,

4/01/48

19,810,000

19,810,000

Total

Municipal

Bonds

(Cost

$91,125,000)

......................................

91,125,000

Total

Short

Term

Investments

(Cost

$91,125,000

)

................................

91,125,000

a

Total

Investments

(Cost

$9,696,933,858)

99.3%

..................................

$9,539,592,583

Other

Assets,

less

Liabilities

0.7%

.............................................

65,334,284

Net

Assets

100.0%

...........................................................

$9,604,926,867

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

35

See

Abbreviations

on

page

38

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

c

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

d

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

e

The

maturity

date

shown

represents

the

mandatory

put

date.

f

Security

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,

2023,

the

aggregate

value

of

these

securities

was

$836,088,896,

representing

8.7%

of

net

assets.

g

Security

purchased

on

a

when-issued

basis.

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

i

Variable

rate

demand

notes

(VRDNs)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

payment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

36

Quarterly

Schedule

of

Investments

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.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. 

2. Financial

Instrument

Valuation

The

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

Board

has

designated

the

Fund’s

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund’s

administrator

in

performing

this

responsibility,

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

and

exchange

traded

funds

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The 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,

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.

Investments

in

Affiliated

Management

Investment

Companies 

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

“Controlled

Affiliate”

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund’s

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

January

31,

2022,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows: 

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

37

Quarterly

Schedule

of

Investments

4. 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.

A

summary

of

inputs

used

as

of

January

31,

2023,

in

valuing

the

Fund's

assets

carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the period.

    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

Municipal

Green

Bond

ETF

...................

$

1,993,245

$

—

$

—

$

—

$

13,695

$

2,006,940

83,000

$

39,408

Total

Affiliated

Securities

...

$1,993,245

$—

$—

$—

$13,695

$2,006,940

$39,408

Level

1

Level

2

Level

3

Total

Franklin

Federal

Tax-Free

Income

Fund

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

$

2,006,940

$

—

$

—

$

2,006,940

Corporate

Bonds

........................

—

—

36,920,191

36,920,191

Senior

Floating

Rate

Interests

...............

—

—

16,192,353

16,192,353

Municipal

Bonds

.........................

—

9,393,348,099

—

9,393,348,099

Short

Term

Investments

...................

—

91,125,000

—

91,125,000

Total

Investments

in

Securities

...........

$2,006,940

$9,484,473,099

$53,112,544

$9,539,592,583

3.

Investments

in

Affiliated

Management

Investment

Companies 

(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Schedule

of

Investments

(unaudited)

38

Quarterly

Schedule

of

Investments

Abbreviations

Currency

USD

United

States

Dollar

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.

GNMA

Government

National

Mortgage

Association

GO

General

Obligation

LIBOR

London

Inter-Bank

Offered

Rate

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.