NPORT-EX 2 FFTFIF.htm
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.