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
35
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
January
31,
2024
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
$
2,005,280
Total
Management
Investment
Companies
(Cost
$
2,255,733
)
.....................
2,005,280
Principal
Amount
a
a
a
a
Corporate
Bonds
0.4%
Software
0.4%
b
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
35,660,000
35,720,552
Total
Corporate
Bonds
(Cost
$
35,660,000
)
......................................
35,720,552
Senior
Floating
Rate
Interests
0.3%
Real
Estate
Management
&
Development
0.1%
b
,c
TBG
Hillcrest
Senior
II
LP
,
Delayed
Draw
Term
Loan
,
6.89
%
,
(
1-month
USD
LIBOR
+
1.55
%
),
1/01/38
...................................................
8,146,112
8,241,114
Residential
REITs
0.2%
b
,c
Centennial
Gardens
LP
,
Delay
Draw
Term
Loan
,
6.89
%
,
(
1-month
USD
LIBOR
+
1.5
%
),
7/27/24
.........................................................
16,317,314
16,453,711
Total
Senior
Floating
Rate
Interests
(Cost
$
24,463,425
)
..........................
24,694,825
Municipal
Bonds
98.2%
Alabama
2.8%
Alabama
Public
Health
Care
Authority
(The)
,
State
of
Alabama
Department
of
Public
Health
,
Revenue
,
2015
,
Refunding
,
5
%
,
9/01/44
...........................
17,085,000
17,253,393
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
10,000,000
10,126,959
d
Black
Belt
Energy
Gas
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/26
...........................
20,000,000
20,036,288
Revenue
,
2022
B-1
,
Mandatory
Put
,
4
%
,
10/01/27
.........................
10,000,000
9,993,628
Revenue
,
2022
F
,
Mandatory
Put
,
5.5
%
,
12/01/28
.........................
24,715,000
26,315,271
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
17,015,000
18,412,396
Revenue
,
2023
D-1
,
Refunding
,
Mandatory
Put
,
5.5
%
,
2/01/29
................
4,000,000
4,285,708
Chilton
County
Health
Care
Authority
,
County
of
Chilton
Sales
Tax
,
Revenue
,
2015
A
,
5
%
,
11/01/40
.....................................................
8,425,000
8,553,322
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
10/01/49
.......................
15,500,000
16,832,265
Sewer
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
10/01/53
........................
24,100,000
26,732,728
e
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
13,200,000
11,832,807
d
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
25,230,000
27,533,403
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
15,000,000
16,739,348
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
3,397,964
Jacksonville
Public
Educational
Building
Authority
,
Jacksonville
State
University
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.25
%
,
8/01/53
...
8,000,000
8,682,049
Jacksonville
State
University
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
8/01/58
....
2,000,000
2,204,745
d
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/31
...........................
1,000,000
990,988
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
12,850,000
13,937,473
Revenue
,
2023
B
,
Mandatory
Put
,
5
%
,
6/01/30
............................
6,000,000
6,371,990
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
5,000,000
5,190,413
255,423,138
Alaska
0.4%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2015
,
Refunding
,
5.25
%
,
10/01/36
.............................
16,045,000
16,352,738
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)
Alaska
(continued)
Alaska
Municipal
Bond
Bank
Authority,
(continued)
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/39
................................
$
12,950,000
$
13,123,339
Northern
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2021
A
,
1
,
Refunding
,
4
%
,
6/01/50
...................
3,250,000
3,043,450
Revenue,
Senior
Lien
,
2021
B-1
,
2
,
Refunding
,
4
%
,
6/01/50
..................
1,490,000
1,505,993
34,025,520
Arizona
2.6%
Arizona
Industrial
Development
Authority
,
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/32
.............
205,000
211,724
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/33
.............
220,000
227,023
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/34
.............
230,000
230,881
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/35
.............
235,000
235,592
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/36
.............
220,000
220,057
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/41
.............
720,000
684,079
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/51
.............
550,000
484,417
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/61
.............
6,050,000
5,141,748
Leman
Academy
of
Excellence
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4.5
%
,
7/01/54
........................................................
10,000,000
9,154,674
Arizona
State
University
,
Revenue
,
2016
C
,
5
%
,
7/01/42
......................
9,000,000
9,266,791
d
Chandler
Industrial
Development
Authority
,
Intel
Corp.
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
9/01/27
..................................................
9,000,000
9,314,797
City
of
Lake
Havasu
City
,
Wastewater
System
,
Revenue
,
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...............................................
15,000,000
15,193,218
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..................................
10,000,000
10,204,613
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
4
%
,
7/01/40
...............
25,000,000
25,089,705
Airport
,
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
..........................
6,000,000
6,198,118
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
4
%
,
7/01/45
..................................................
14,985,000
14,705,801
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
........................................
10,000,000
8,454,937
Glendale
Municipal
Property
Corp.
,
City
of
Glendale
Excise
Tax
,
Revenue
,
2012
C
,
Refunding
,
5
%
,
7/01/38
.............................................
15,500,000
15,515,099
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
E
,
4
%
,
1/01/45
...............
10,000,000
9,916,481
Banner
Health
Obligated
Group
,
Revenue
,
2019
F
,
4
%
,
1/01/45
...............
25,000,000
24,791,202
Christian
Care
Obligated
Group
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
1/01/36
...
5,000,000
5,155,519
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
A
,
Refunding
,
3.6
%
,
2/01/40
.............
19,500,000
17,667,626
Southern
California
Edison
Co.
,
Revenue
,
2000
A
,
Refunding
,
2.4
%
,
6/01/35
.....
5,000,000
4,047,876
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2023
A
,
5
%
,
1/01/50
.........................................................
6,500,000
7,172,822
State
of
Arizona
,
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/32
.................
6,000,000
7,292,845
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/34
.................
5,000,000
6,206,322
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/35
.................
9,860,000
12,370,106
University
of
Arizona
(The)
,
Revenue
,
2014
,
5
%
,
8/01/44
......................
10,000,000
10,051,533
235,205,606
Arkansas
0.1%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/44
........................
6,100,000
6,131,918
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
7.6%
e
Align
Affordable
Housing
Bond
Fund
LP
,
Coronado
Springs
Tower
LLC
,
Revenue
,
144A,
2020-2
,
A
,
4
%
,
9/01/27
.........................................
$
17,835,000
$
17,708,193
d
ARC70
II
TRUST
,
Revenue
,
2021-1
,
A
,
Mandatory
Put
,
4
%
,
12/01/37
............
11,360,000
9,682,362
d
California
Community
Choice
Financing
Authority
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5
%
,
8/01/29
..........................
5,000,000
5,283,705
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
43,250,000
45,748,665
e
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
22,400,000
19,095,756
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
17,850,000
14,841,843
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
10,000,000
6,489,409
California
Statewide
Communities
Development
Authority
,
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5
%
,
8/15/42
........................................................
425,000
471,051
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.125
%
,
8/15/47
........................................................
620,000
684,280
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.25
%
,
8/15/52
........................................................
7,815,000
8,607,492
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.375
%
,
8/15/57
........................................................
12,495,000
13,844,632
e
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
12,000,000
8,221,584
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
5,300,000
4,528,408
e
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
20,318,062
e
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
19,831,405
Corona-Norco
Unified
School
District
,
GO
,
C
,
AGMC
Insured
,
6.2
%
,
8/01/29
..................................
3,250,000
3,665,822
GO
,
C
,
Pre-Refunded
,
AGMC
Insured
,
6.8
%
,
8/01/39
.......................
8,500,000
9,715,329
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/39
...............................
7,500,000
3,897,915
e
CSCDA
Community
Improvement
Authority
,
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
10,000,000
7,993,702
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,499,114
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
10,972,512
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
13,700,000
11,387,591
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
6,854,223
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
3,010,000
2,649,432
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
7,855,000
6,073,682
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
12,603,253
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
9,453,189
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
1,670,000
1,152,693
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
15,000,000
10,961,836
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
20,158,677
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
25,000,000
18,837,845
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
5.4
%
,
1/15/30
.................
15,475,000
17,784,325
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
20,000,000
24,421,410
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
12,500,000
16,212,324
New
Haven
Unified
School
District
,
GO
,
2009
,
AGMC
Insured
,
Zero
Cpn.,
8/01/31
............................
2,055,000
1,629,654
GO
,
2009
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
............................
7,830,000
5,993,957
GO
,
2009
,
AGMC
Insured
,
Zero
Cpn.,
8/01/33
............................
7,660,000
5,651,802
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/47
......................................................
23,855,000
24,147,548
Oro
Grande
Elementary
School
District
,
COP
,
2020
,
Refunding
,
4
%
,
9/15/24
....................................
2,135,000
2,126,126
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)
Oro
Grande
Elementary
School
District,
(continued)
COP
,
2020
,
Refunding
,
4
%
,
9/15/25
....................................
$
2,120,000
$
2,114,512
COP
,
2020
,
Refunding
,
4
%
,
9/15/27
....................................
2,400,000
2,403,405
COP
,
2020
,
Refunding
,
4
%
,
9/15/28
....................................
2,095,000
2,095,289
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
......
20,000,000
12,048,360
San
Diego
County
Regional
Airport
Authority
,
Revenue,
Senior
Lien
,
2023
B
,
5.25
%
,
7/01/58
.........................................................
15,000,000
16,121,457
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
...............................
26,805,000
27,657,235
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
13,000,000
13,426,828
San
Jose
Unified
School
District
,
GO
,
2018
E
,
4
%
,
8/01/42
....................
10,600,000
10,708,081
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
50,000,000
53,231,310
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
9/01/33
.......................................
6,065,000
5,960,252
GO
,
2011
A
,
Zero
Cpn.,
9/01/41
.......................................
20,000,000
20,857,182
Santa
Ana
Unified
School
District
,
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/35
...........................
10,000,000
6,698,265
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
...........................
18,865,000
12,026,756
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/37
...........................
10,000,000
6,048,349
f
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
5.248
%
,
(
3-month
TSOF
+
1.645
%
),
11/01/38
...........................................
6,000,000
5,561,335
State
of
California
,
GO
,
2002
,
NATL
Insured
,
5
%
,
10/01/32
....................
20,000
20,023
West
Contra
Costa
Unified
School
District
,
GO
,
C-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/29
....................
10,000,000
8,510,773
GO
,
C-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/30
....................
20,845,000
17,220,188
GO
,
C-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/31
....................
20,000,000
16,001,550
GO
,
C-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
....................
10,730,000
8,296,829
685,208,787
Colorado
2.9%
e
Access
25
Metropolitan
District
No.
2
,
GO
,
144A,
2023
,
6.75
%
,
12/01/53
..........
3,555,000
3,736,650
Brighton
Crossing
Metropolitan
District
No.
4
,
GO
,
2017
A
,
5
%
,
12/01/47
..........
2,440,000
2,355,347
e
Broadway
Park
North
Metropolitan
District
No.
2
,
GO
,
144A,
2020
,
Refunding
,
5
%
,
12/01/49
........................................................
1,575,000
1,485,916
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
1992
C
,
NATL
Insured
,
ETM,
6.125
%
,
11/15/25
.......
1,055,000
1,099,588
Airport
System
,
Revenue
,
2013
B
,
Refunding
,
5.25
%
,
11/15/33
...............
16,405,000
16,416,059
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/37
..................
10,000,000
10,459,125
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/43
..................
5,000,000
5,145,731
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
12/01/43
...............
11,045,000
11,569,462
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/48
..................
15,500,000
15,877,972
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/45
...............
10,000,000
11,361,723
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
11/15/53
..................
10,000,000
10,501,409
Pledged
Excise
Tax
,
Revenue
,
2018
A-1
,
5
%
,
8/01/48
......................
39,690,000
40,639,504
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
Zero
Cpn.,
8/01/35
.................
2,000,000
1,253,213
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
Zero
Cpn.,
8/01/36
.................
2,500,000
1,492,677
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
Zero
Cpn.,
8/01/37
.................
2,455,000
1,392,228
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
Zero
Cpn.,
8/01/38
.................
2,000,000
1,066,154
Colorado
Educational
&
Cultural
Facilities
Authority
,
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/62
...................
2,200,000
2,209,602
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/15/41
......
30,505,000
31,146,173
AdventHealth
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
12,000,000
12,435,022
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
4
%
,
8/01/49
13,000,000
12,266,696
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
......
10,500,000
11,132,160
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)
Colorado
Health
Facilities
Authority,
(continued)
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/50
...........................................
$
4,930,000
$
4,249,473
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
9/01/45
...
1,000,000
979,651
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
9/01/50
...
3,000,000
2,856,762
Constitution
Heights
Metropolitan
District
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
.....
1,760,000
1,662,789
e
DIATC
Metropolitan
District
,
GO
,
144A,
2019
,
Refunding
,
5
%
,
12/01/49
...........
2,000,000
1,902,894
Eagle
River
Water
&
Sanitation
District
,
Wastewater
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
12/01/45
.....................................................
1,250,000
1,257,055
Evan's
Place
Metropolitan
District
,
GO
,
2020
A-3
,
5
%
,
12/01/50
.................
1,575,000
1,448,249
e
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,568,095
Hunters
Overlook
Metropolitan
District
No.
5
,
GO
,
2019
A
,
5
%
,
12/01/39
...........................................
746,000
730,646
GO
,
2019
A
,
5
%
,
12/01/49
...........................................
1,000,000
936,839
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.....................................
2,875,000
3,014,271
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
20,000,000
25,201,158
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/39
.............................................
1,000,000
1,032,828
Severance
Shores
Metropolitan
District
No.
4
,
GO
,
2020
A
,
5
%
,
12/01/49
.........
5,745,000
5,473,785
South
Maryland
Creek
Ranch
Metropolitan
District
,
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/48
........................
800,000
856,910
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5.125
%
,
12/01/57
....................
2,150,000
2,305,763
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.75
%
,
12/01/40
.................................................
500,000
441,916
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
.................................................
1,150,000
1,004,623
263,966,118
Connecticut
0.2%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/38
..........
2,200,000
2,226,150
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
..........
6,000,000
5,769,067
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
4
%
,
7/01/41
...
5,000,000
4,857,162
University
of
Hartford
(The)
,
Revenue
,
2022
P
,
5.375
%
,
7/01/52
...............
6,000,000
5,560,318
18,412,697
Delaware
0.1%
County
of
Kent
,
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/40
...........................
1,100,000
1,104,604
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/48
...........................
1,485,000
1,472,907
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/53
...........................
1,100,000
1,080,473
Delaware
State
Economic
Development
Authority
,
Newark
Charter
School,
Inc.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/41
..........
1,600,000
1,517,792
Newark
Charter
School,
Inc.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/51
..........
3,300,000
2,919,178
8,094,954
Florida
8.7%
Alachua
County
Health
Facilities
Authority
,
Oak
Hammock
at
the
University
of
Florida
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/40
...........................................
2,500,000
2,178,310
Oak
Hammock
at
the
University
of
Florida
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/46
...........................................
1,750,000
1,416,068
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)
Ave
Maria
Stewardship
Community
District
,
Assessments
,
Special
Assessment
,
2022
A
,
Refunding
,
4
%
,
5/01/42
...........................................
$
5,020,000
$
4,341,951
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
1,840,000
1,732,640
Assessment
Area
3A
,
Special
Assessment
,
2020
,
4
%
,
5/01/50
................
1,500,000
1,306,534
e
Bannon
Lakes
Community
Development
District
,
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
................................................
700,000
600,701
Brevard
County
Health
Facilities
Authority
,
Health
First,
Inc.
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5
%
,
4/01/39
......
5,000,000
5,009,545
Health
First,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
4/01/52
.....
10,000,000
10,590,994
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/31
......
1,500,000
1,571,304
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/32
......
1,100,000
1,150,044
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/35
......
1,000,000
1,032,004
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/53
.......................................................
2,125,000
2,146,475
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/58
.......................................................
2,000,000
2,011,135
Capital
Trust
Agency,
Inc.
,
e
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
22,800,000
19,462,308
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/31
.................
500,000
505,726
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/41
.................
325,000
309,970
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/51
.................
385,000
340,223
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/56
.................
485,000
419,700
e
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,000,000
1,369,246
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien
,
2016
B
,
Refunding
,
4
%
,
7/01/39
.....................
5,000,000
5,003,343
Revenue,
Senior
Lien
,
2016
B
,
Refunding
,
4
%
,
7/01/40
.....................
5,825,000
5,821,945
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
................................
16,000,000
16,788,922
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/42
.................................
1,140,000
879,488
Special
Assessment
,
2021
,
4
%
,
5/01/52
.................................
1,845,000
1,594,875
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/38
...................................................
1,105,000
1,119,928
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
...................................................
9,235,000
8,768,624
City
of
Cape
Coral
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/39
......
10,000,000
10,491,109
City
of
Cocoa
,
Water
&
Sewer
,
Revenue
,
2018
B
,
5
%
,
10/01/48
.................
10,325,000
11,047,995
City
of
Fort
Myers
,
Utility
System
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
10/01/44
......
7,000,000
7,047,888
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2017
A
,
5
%
,
10/01/37
..........................
5,000,000
5,324,116
Utilities
System
,
Revenue
,
2019
A
,
5
%
,
10/01/47
..........................
28,135,000
29,838,560
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/45
..
5,000,000
4,592,442
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
11/01/50
..
20,000,000
20,674,354
City
of
Lakeland
,
Lakeland
Regional
Health
Systems
Obligated
Group
,
Revenue
,
2015
,
5
%
,
11/15/45
.....................................................
7,300,000
7,353,911
City
of
Melbourne
,
Water
&
Sewer
,
Revenue
,
2000
A
,
FGIC
Insured
,
ETM,
Zero
Cpn.,
10/01/26
......
1,500,000
1,388,750
Water
&
Sewer
,
Revenue
,
2002
B
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
10/01/26
.
4,500,000
4,140,093
City
of
Miami
Beach
,
Revenue
,
2015
A
,
5
%
,
9/01/40
........................................
11,000,000
11,154,327
Stormwater
,
Revenue
,
2015
,
5
%
,
9/01/41
................................
10,000,000
10,111,265
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)
City
of
Palmetto
,
Renaissance
Arts
and
Education,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
6/01/52
...................................................
$
3,000,000
$
3,081,819
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
........................................................
4,730,000
3,689,728
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
9/01/56
.
10,150,000
7,583,475
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/47
........................................................
5,750,000
5,450,223
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/47
........................................................
7,845,000
8,021,620
City
of
St.
Petersburg
,
Public
Utility
,
Revenue
,
2018
,
Refunding
,
4
%
,
10/01/43
......
15,000,000
15,083,043
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/37
.........................................
5,000,000
5,138,637
State
of
Florida
Cigarette
Tax
,
Revenue
,
2020
A
,
Zero
Cpn.,
9/01/35
............
755,000
484,797
State
of
Florida
Cigarette
Tax
,
Revenue
,
2020
A
,
Zero
Cpn.,
9/01/36
............
800,000
487,999
State
of
Florida
Cigarette
Tax
,
Revenue
,
2020
A
,
Zero
Cpn.,
9/01/37
............
800,000
461,841
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
15,000,000
14,235,426
County
of
Lee
,
Airport
,
Revenue
,
2021
B
,
4
%
,
10/01/38
.......................
7,435,000
7,409,479
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2014
B
,
Refunding
,
5
%
,
10/01/37
.......................
5,000,000
5,036,542
Seaport
Department
,
Revenue,
Senior
Lien
,
2022
A
,
Refunding
,
5.25
%
,
10/01/52
..
6,000,000
6,385,960
Transit
System
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/35
....................
7,000,000
7,160,845
Transit
System
,
Revenue
,
2018
,
5
%
,
7/01/43
.............................
10,000,000
10,553,381
Transit
System
,
Revenue
,
2018
,
4
%
,
7/01/47
.............................
5,000,000
4,998,397
Transit
System
,
Revenue
,
2020
A
,
4
%
,
7/01/48
...........................
5,000,000
4,987,553
Water
&
Sewer
System
,
Revenue
,
2019
B
,
4
%
,
10/01/49
....................
27,500,000
27,020,040
County
of
Monroe
,
Airport
,
Revenue
,
2022
,
5.25
%
,
10/01/47
................................
1,000,000
1,046,871
Airport
,
Revenue
,
2022
,
5
%
,
10/01/52
..................................
1,500,000
1,537,541
County
of
Osceola
,
Transportation
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
10/01/49
...
4,500,000
4,604,344
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
1,000,000
868,088
Cypress
Mill
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
560,000
576,823
Special
Assessment
,
2023
,
5
%
,
5/01/53
.................................
1,000,000
1,000,490
e
Downtown
Doral
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2018
,
5
%
,
12/15/48
.................................
4,000,000
3,916,971
e
Epperson
North
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2018
A-1
,
5.5
%
,
11/01/39
.............................
1,500,000
1,532,432
Escambia
County
Health
Facilities
Authority
,
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/36
.
4,165,000
4,356,185
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/37
.
6,000,000
6,236,742
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/40
.
4,000,000
4,086,406
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/45
.
19,465,000
17,746,523
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/50
.
18,985,000
16,608,082
Florida
Development
Finance
Corp.
,
River
City
Education
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/35
..........
325,000
325,402
River
City
Education
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/45
..........
600,000
539,660
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/33
....................................................
1,350,000
1,398,603
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/39
....................................................
5,350,000
5,317,280
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/52
....................................................
7,000,000
6,451,521
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)
Florida
Housing
Finance
Corp.
,
Revenue
,
2020-1
,
GNMA
Insured
,
2.75
%
,
7/01/50
...
$
1,410,000
$
1,042,063
Fort
Pierce
Utilities
Authority
,
Revenue
,
1999
B
,
AMBAC
Insured
,
Zero
Cpn.,
10/01/24
2,560,000
2,501,380
Greater
Orlando
Aviation
Authority
,
Revenue
,
2017
A
,
5
%
,
10/01/47
.......................................
10,925,000
11,111,619
Revenue
,
2019
A
,
4
%
,
10/01/49
.......................................
15,000,000
14,292,814
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
2,500,000
2,552,515
Heritage
Harbour
North
Community
Development
District
,
Special
Assessment
,
2014
,
5.125
%
,
5/01/45
...................................................
2,170,000
2,180,762
Herons
Glen
Recreation
District
,
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
5/01/45
.............
1,515,000
1,523,722
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
5/01/50
.............
1,800,000
1,765,851
Hillsborough
County
Aviation
Authority
,
Revenue
,
2015
A
,
5
%
,
10/01/44
.......................................
5,000,000
5,022,203
Revenue
,
2018
E
,
5
%
,
10/01/48
.......................................
5,000,000
5,139,339
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
8/01/50
.......................
6,500,000
6,006,445
Hollywood
Beach
Community
Development
District
I
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
10/01/45
............................................
4,000,000
3,792,085
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2021
,
3.6
%
,
6/15/41
.........................................................
750,000
654,388
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/44
................................................
6,360,000
6,310,790
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
....................................
320,000
267,573
e
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
27,000,000
23,490,000
Miami
Beach
Redevelopment
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
2/01/40
...............
5,000,000
5,003,640
Tax
Allocation
,
2015
A
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
2/01/44
.........
12,000,000
12,007,312
Miami-Dade
County
Expressway
Authority
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
7/01/29
...............................
10,000,000
10,011,100
Revenue
,
2013
A
,
Refunding
,
5
%
,
7/01/32
...............................
6,375,000
6,382,184
Revenue
,
A
,
Refunding
,
5
%
,
7/01/40
...................................
49,035,000
49,237,250
Miami-Dade
County
Health
Facilities
Authority
,
Variety
Children's
Hospital
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/01/47
...........................
3,500,000
3,445,010
Mid-Bay
Bridge
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
10/01/40
............
5,000,000
5,053,260
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
....................................................
5,000,000
5,208,844
North
Sumter
County
Utility
Dependent
District
,
Revenue,
Senior
Lien
,
2019
,
BAM
Insured
,
5
%
,
10/01/44
....................
4,000,000
4,228,255
Revenue,
Senior
Lien
,
2019
,
5
%
,
10/01/49
...............................
3,635,000
3,779,334
Revenue,
Senior
Lien
,
2019
,
5
%
,
10/01/54
...............................
7,000,000
7,241,346
Palm
Beach
County
Educational
Facilities
Authority
,
Palm
Beach
Atlantic
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/41
.......................................................
3,695,000
3,410,444
Palm
Beach
Atlantic
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/46
.......................................................
7,570,000
6,655,323
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
11/15/41
.......................................................
500,000
471,936
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
B
,
5
%
,
11/15/42
.......................................................
1,000,000
1,039,564
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/36
....
1,235,000
1,101,894
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/41
....
5,060,000
4,255,100
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/47
....
105,000
82,541
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.625
%
,
5/15/58
.................................................
1,500,000
1,555,740
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)
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Senior
Lien
,
2020
A-1
,
Refunding
,
AGMC
Insured
,
2.625
%
,
5/01/34
........................................................
$
1,200,000
$
1,062,657
Special
Assessment,
Senior
Lien
,
2020
A-1
,
Refunding
,
AGMC
Insured
,
2.8
%
,
5/01/37
........................................................
995,000
844,915
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/52
.........................................................
2,500,000
2,510,697
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
.....................................
750,000
641,218
Reunion
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
Refunding
,
3
%
,
5/01/36
..............................
1,250,000
1,075,946
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/42
.....................................
495,000
404,860
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/36
.....................................
750,000
617,166
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/37
........................................................
2,350,000
2,334,446
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/42
........................................................
1,600,000
1,518,234
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/47
........................................................
2,450,000
2,237,845
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/33
..............
600,000
606,408
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/38
..............
1,025,000
1,011,543
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/48
..............
1,850,000
1,698,869
Sarasota
County
Public
Hospital
District
,
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/52
............................
15,000,000
14,445,773
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
........................................................
10,000,000
9,807,137
South
Broward
Hospital
District
,
South
Broward
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/01/45
.........................................
20,715,000
21,520,103
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
6/15/41
....................................
500,000
410,392
South
Fork
East
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/26
.............
100,000
98,141
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/31
.............
246,000
227,855
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/38
.............
597,000
492,436
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
7,250,000
6,049,537
State
of
Florida
,
GO
,
2016
F
,
Refunding
,
4
%
,
6/01/37
........................
8,000,000
8,110,960
Tampa
Sports
Authority
,
Revenue
,
1995
,
NATL
Insured
,
6.1
%
,
10/01/26
...........
1,460,000
1,525,284
Timber
Creek
Southwest
Community
Development
District
,
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................................
1,000,000
885,393
Special
Assessment
,
2020
,
4
%
,
6/15/50
.................................
2,000,000
1,626,937
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/46
..........
5,000,000
5,202,958
Tohoqua
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
......................................................
1,175,000
963,348
Touchstone
Community
Development
District
,
Special
Assessment,
Senior
Lien
,
2022
A-1
,
5.5
%
,
5/01/53
.................................................
1,800,000
1,887,639
Town
of
Palm
Beach
,
GO
,
2018
,
4
%
,
7/01/43
..............................
5,000,000
5,055,317
University
of
North
Florida
Financing
Corp.
(The)
,
University
of
North
Florida
Dormitory
Facilities
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/35
............
5,000,000
5,242,619
e
Village
Community
Development
District
No.
15
,
Phase
I
,
Special
Assessment
,
144A,
2023
,
5
%
,
5/01/43
.....................
1,500,000
1,522,097
Phase
I
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
5/01/54
...................
6,075,000
6,173,278
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/15/47
5,000,000
5,155,949
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)
Florida
(continued)
Volusia
County
Educational
Facility
Authority,
(continued)
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/15/49
.......................................................
$
3,000,000
$
3,146,012
Wildwood
Utility
Dependent
District
,
Revenue
,
2023
,
AGMC
Insured
,
5.5
%
,
10/01/53
.
6,970,000
7,721,370
777,716,547
Georgia
4.2%
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax
,
Revenue
,
2015
A-1
,
5.25
%
,
7/01/44
............
3,000,000
3,051,140
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/25
..
6,955,000
7,008,709
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/26
..
5,000,000
5,096,173
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/27
..
5,000,000
5,164,161
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
15,040,000
14,731,581
City
of
Atlanta
,
Airport
Passenger
Facility
Charge
,
Revenue
,
2023
E
,
5.25
%
,
7/01/43
...........
4,250,000
4,693,525
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2019
D
,
4
%
,
7/01/36
.....
15,800,000
15,939,472
Water
&
Wastewater
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/01/40
...............
29,500,000
29,970,277
Water
&
Wastewater
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
11/01/40
..............
4,655,000
4,917,104
Water
&
Wastewater
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
11/01/47
..............
4,845,000
5,049,896
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/41
...............................
50,000
50,235
Columbia
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
5.125
%
,
4/01/53
....................................
1,875,000
2,010,011
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
10,000,000
10,400,450
Development
Authority
for
Fulton
County
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
20,000,000
19,074,654
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
C
,
Refunding
,
4.125
%
,
11/01/45
.......
2,500,000
2,369,556
Oglethorpe
Power
Corp.
,
Revenue
,
2017
D
,
Refunding
,
4.125
%
,
11/01/45
.......
18,500,000
17,534,714
e
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
39,080,000
31,888,178
Fayette
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/39
........................................................
6,420,000
6,440,983
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
7/01/46
......
15,000,000
15,276,257
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
5,000,000
4,734,740
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
2,250,000
2,263,077
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/28
......................................
5,000,000
5,329,340
d
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
16,500,000
16,546,104
d
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
14,500,000
14,518,122
d,e
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
49,155,000
47,466,801
d
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
33,595,000
35,584,436
d
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
20,000,000
21,403,004
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/63
...............................
7,920,000
8,071,252
Revenue
,
2022
A
,
5.5
%
,
7/01/63
......................................
2,500,000
2,650,684
Revenue
,
2023
A
,
5.5
%
,
7/01/64
......................................
5,000,000
5,315,896
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2013
A
,
5
%
,
10/01/43
........................................................
10,000,000
10,002,100
374,552,632
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)
Hawaii
1.1%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
7/01/47
.........................................................
$
15,000,000
$
15,786,721
State
of
Hawaii
,
Airports
System
,
Revenue
,
2018
A
,
5
%
,
7/01/43
...........................
20,805,000
21,364,236
Airports
System
,
Revenue
,
2018
A
,
5
%
,
7/01/48
...........................
21,315,000
21,794,524
Airports
System
,
Revenue
,
2022
A
,
4
%
,
7/01/47
...........................
10,000,000
9,563,418
Airports
System
,
Revenue
,
2022
A
,
5
%
,
7/01/47
...........................
13,200,000
13,886,672
Department
of
Budget
&
Finance
,
Revenue
,
2019
,
Refunding
,
3.2
%
,
7/01/39
.....
10,000,000
6,780,063
Department
of
Budget
&
Finance
,
Revenue
,
2019
,
3.5
%
,
10/01/49
.............
17,035,000
11,367,813
100,543,447
Idaho
0.2%
Idaho
Health
Facilities
Authority
,
St.
Luke's
Health
System
Ltd.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/01/37
........................................................
7,750,000
8,094,097
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2019
ID
,
4
%
,
12/01/43
.........
6,000,000
5,953,652
Idaho
Housing
&
Finance
Association
,
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.5
%
,
5/01/43
.............
350,000
371,780
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.75
%
,
5/01/48
.............
525,000
559,405
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.75
%
,
5/01/58
.............
1,000,000
1,057,714
16,036,648
Illinois
5.7%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.75
%
,
4/01/48
...................................................
20,000,000
22,144,106
Chicago
Midway
International
Airport
,
Revenue,
Second
Lien
,
2016
B
,
Refunding
,
5
%
,
1/01/46
....................
10,000,000
10,116,417
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
BAM
Insured
,
5.5
%
,
1/01/53
.........
6,000,000
6,561,884
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2016
D
,
5.25
%
,
1/01/42
............................
10,000,000
10,418,723
Revenue,
Senior
Lien
,
2016
D
,
5
%
,
1/01/47
..............................
18,000,000
18,466,236
Revenue,
Senior
Lien
,
2017
D
,
Refunding
,
5
%
,
1/01/52
.....................
6,335,000
6,388,520
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
1/01/53
.....................
10,000,000
10,126,548
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
1/01/55
..............................
36,500,000
37,760,429
Chicago
Park
District
,
GO
,
2020
C
,
BAM
Insured
,
4
%
,
1/01/41
.................................
1,400,000
1,401,183
GO
,
2020
C
,
BAM
Insured
,
4
%
,
1/01/42
.................................
4,300,000
4,273,123
GO
,
2020
D
,
BAM
Insured
,
4
%
,
1/01/37
.................................
1,000,000
1,020,635
GO
,
2020
D
,
BAM
Insured
,
4
%
,
1/01/38
.................................
1,000,000
1,012,321
GO
,
2020
D
,
BAM
Insured
,
4
%
,
1/01/39
.................................
1,000,000
1,007,383
GO
,
2020
F-2
,
Refunding
,
4
%
,
1/01/36
..................................
1,250,000
1,277,776
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
,
Revenue,
Second
Lien
,
2022
A
,
Refunding
,
5
%
,
12/01/57
............................................
15,000,000
15,463,147
City
of
Chicago
,
GO
,
2023
A
,
5.5
%
,
1/01/39
...........................................
1,050,000
1,147,678
GO
,
2023
A
,
5.5
%
,
1/01/40
...........................................
1,300,000
1,412,893
City
of
Galesburg
,
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/46
......
7,000,000
5,891,091
City
of
Granite
City
,
Waste
Management
of
Illinois,
Inc.
,
Revenue
,
2002
,
1.25
%
,
5/01/27
.........................................................
5,750,000
5,155,666
Illinois
Finance
Authority
,
Bradley
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/46
................
2,250,000
2,086,655
Bradley
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/51
................
4,650,000
4,173,514
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/41
.........
3,480,000
1,574,700
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
3.25
%
,
5/15/27
........................................................
1,845,000
834,862
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/41
..............................
750,000
698,080
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)
Illinois
Finance
Authority,
(continued)
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/51
..............................
$
1,000,000
$
862,138
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/56
..............................
750,000
632,224
Mercy
Health
Corp.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/46
...
30,000,000
30,261,033
Illinois
Housing
Development
Authority
,
Revenue
,
2022
G
,
GNMA
Insured
,
5
%
,
10/01/46
........................................................
3,500,000
3,674,168
Macon
County
School
District
No.
61
Decatur
,
GO
,
2020
C
,
Refunding
,
AGMC
Insured
,
4
%
,
1/01/40
.......................
3,700,000
3,714,407
GO
,
2020
C
,
Refunding
,
AGMC
Insured
,
4
%
,
1/01/45
.......................
3,125,000
3,064,328
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
1996
,
ETM,
7
%
,
7/01/26
.....................................
4,835,000
5,077,640
Revenue
,
2002
A
,
NATL
Insured
,
Zero
Cpn.,
12/15/37
......................
10,000,000
5,742,065
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
...............................
8,500,000
8,777,249
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/42
..............................
500,000
488,366
Revenue
,
2022
A
,
Refunding
,
4
%
,
12/15/47
..............................
365,000
347,310
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
...............................
36,000,000
33,023,257
Southwestern
Illinois
Development
Authority
,
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AGMC
Insured
,
Zero
Cpn.,
12/01/24
..................................
1,370,000
1,328,256
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
12/01/24
.............................
2,480,000
2,414,266
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AGMC
Insured
,
Zero
Cpn.,
12/01/26
..................................
2,465,000
2,232,559
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
12/01/26
.............................
5,235,000
4,813,207
State
of
Illinois
,
GO
,
2016
,
5
%
,
11/01/35
.............................................
1,000,000
1,032,960
GO
,
2017
A
,
5
%
,
12/01/36
...........................................
6,070,000
6,374,492
GO
,
2017
A
,
4.25
%
,
12/01/40
.........................................
3,150,000
3,163,195
GO
,
2017
D
,
5
%
,
11/01/28
...........................................
6,425,000
6,857,608
GO
,
2019
A
,
5
%
,
11/01/28
...........................................
10,000,000
10,849,819
GO
,
2019
B
,
4
%
,
11/01/34
...........................................
2,600,000
2,667,618
GO
,
2019
C
,
4
%
,
11/01/40
...........................................
2,500,000
2,484,224
GO
,
2019
C
,
4
%
,
11/01/43
...........................................
4,190,000
4,056,840
GO
,
2020
,
5.75
%
,
5/01/45
...........................................
7,965,000
8,779,686
GO
,
2020
C
,
4
%
,
10/01/38
...........................................
9,750,000
9,762,524
GO
,
2020
C
,
4
%
,
10/01/39
...........................................
4,585,000
4,584,800
GO
,
2021
A
,
4
%
,
3/01/38
............................................
5,000,000
5,012,691
GO
,
2021
B
,
5
%
,
3/01/25
............................................
4,500,000
4,578,669
GO
,
2022
B
,
5
%
,
10/01/30
...........................................
14,650,000
16,343,309
GO
,
2022
B
,
5
%
,
10/01/31
...........................................
26,500,000
29,927,112
GO
,
2022
C
,
5
%
,
10/01/38
...........................................
15,000,000
16,577,316
GO
,
2022
C
,
5.5
%
,
10/01/40
.........................................
18,050,000
20,540,868
GO
,
2022
C
,
5.5
%
,
10/01/41
.........................................
10,000,000
11,331,205
GO
,
2022
C
,
5.5
%
,
10/01/44
.........................................
16,000,000
17,907,274
GO
,
2023
B
,
5.5
%
,
5/01/47
..........................................
2,500,000
2,761,340
Sales
Tax
,
Revenue
,
2016
C
,
Refunding
,
4
%
,
6/15/26
......................
5,000,000
5,104,247
Tri-County
River
Valley
Development
Authority
,
Cedars
of
Lebanon
Affordable
LLC
,
Revenue
,
2021
A
,
Pre-Refunded
,
3.75
%
,
12/01/36
.......................................................
9,970,000
10,402,077
Cedars
of
Lebanon
Affordable
LLC
,
Revenue
,
2021
B
,
Pre-Refunded
,
5.75
%
,
12/01/36
.......................................................
780,000
798,661
e
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
6,262,227
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)
Illinois
(continued)
e
Upper
Illinois
River
Valley
Development
Authority,
(continued)
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
A
,
Refunding
,
4.5
%
,
12/01/50
.........................................
$
34,795,000
$
27,345,822
512,372,627
Indiana
2.4%
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2021
,
3
%
,
11/01/51
.....
10,000,000
7,506,048
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
3,000,000
3,140,138
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2016
A
,
5.25
%
,
11/15/46
.........
11,955,000
12,012,383
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
............
15,000,000
14,350,122
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/41
...
7,250,000
6,457,067
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/53
.....................
2,300,000
2,353,658
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
..................
1,650,000
1,691,539
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.375
%
,
6/01/64
..................
6,010,000
6,227,506
Citizens
Wastewater
of
Westfield
LLC
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/48
16,665,000
17,518,743
CWA
Authority,
Inc.
,
Revenue,
First
Lien
,
2012
A
,
4
%
,
10/01/42
...............
24,690,000
24,693,237
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/43
..
7,000,000
5,612,662
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/51
..
3,000,000
2,199,685
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/37
..
5,000,000
4,365,082
Indianapolis
Power
&
Light
Co.
,
Revenue
,
2021
A
,
Refunding
,
1.4
%
,
8/01/29
.....
5,000,000
4,318,952
Marion
County
Capital
Improvement
Board
,
Revenue
,
2015
A
,
Refunding
,
5.25
%
,
2/01/37
........................................................
10,000,000
10,249,204
Ohio
Valley
Electric
Corp.
,
Revenue
,
2010
B
,
2.5
%
,
11/01/30
.................
3,925,000
3,554,436
University
of
Evansville
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
9/01/57
..........
10,000,000
9,834,563
Indiana
Municipal
Power
Agency
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
1/01/42
...............................
5,860,000
5,883,323
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/42
...............................
20,000,000
20,442,368
Indiana
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
..................
6,500,000
6,562,024
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
1/01/40
...............................
10,000,000
10,563,683
Revenue
,
2019
A
,
4
%
,
2/01/44
........................................
3,000,000
3,015,483
Revenue
,
2019
A
,
5
%
,
2/01/49
........................................
30,000,000
31,422,753
Revenue,
Senior
Lien
,
2023
E
,
6.125
%
,
3/01/57
...........................
2,750,000
2,986,761
216,961,420
Iowa
0.9%
Iowa
Finance
Authority
,
Iowa
Fertilizer
Co.
LLC
,
Revenue
,
2022
,
Refunding
,
5
%
,
12/01/50
.............
9,650,000
10,105,288
Iowa
Health
System
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
2/15/48
..
7,500,000
7,758,094
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/36
....
1,400,000
1,249,110
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/41
....
3,600,000
3,027,344
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
5/15/48
....
3,225,000
2,510,740
d
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
4.267
%
,
5/15/26
.....................................
8,250,000
7,641,718
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
2,000,000
2,091,852
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.25
%
,
5/15/38
........................................................
2,750,000
2,899,566
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.5
%
,
5/15/53
........................................................
4,120,000
4,266,819
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
A-2
,
1
,
Refunding
,
4
%
,
6/01/49
............................
20,730,000
19,470,213
Revenue
,
2021
B-1
,
2
,
Refunding
,
4
%
,
6/01/49
...........................
21,765,000
21,976,835
82,997,579
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)
Kansas
0.2%
Wyandotte
County-Kansas
City
Unified
Government
,
Utility
System
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
9/01/41
...................
$
5,000,000
$
5,139,762
Utility
System
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
9/01/46
...................
16,565,000
17,007,534
22,147,296
Kentucky
1.5%
Campbell
Kenton
&
Boone
Counties
Sanitation
District
No.
1
,
Revenue
,
2019
,
Refunding
,
4
%
,
8/01/34
.............................................
4,310,000
4,443,462
City
of
Hazard
,
Appalachian
Regional
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/46
.............................................
2,000,000
1,518,866
City
of
Owensboro
,
Water
,
Revenue
,
2018
,
Refunding
,
BAM
Insured
,
4
%
,
9/15/45
...
5,000,000
4,963,398
County
of
Boyle
,
Centre
College
of
Kentucky
,
Revenue
,
2017
,
5
%
,
6/01/37
........
2,000,000
2,090,597
County
of
Carroll
,
Kentucky
Utilities
Co.
,
Revenue
,
2008
A
,
Refunding
,
2
%
,
2/01/32
..............
3,000,000
2,502,240
d
Kentucky
Utilities
Co.
,
Revenue
,
2016
A
,
Refunding
,
Mandatory
Put
,
1.55
%
,
9/01/26
2,000,000
1,857,784
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2012
A
,
5
%
,
10/01/33
...............................................
1,000,000
1,000,914
Fayette
County
School
District
Finance
Corp.
,
Fayette
County
School
District
,
Revenue
,
2015
D
,
5
%
,
8/01/34
................
1,985,000
2,024,092
Fayette
County
School
District
,
Revenue
,
2018
A
,
4
%
,
5/01/38
................
1,000,000
1,004,204
Hopkins
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.......
2,340,000
1,654,936
Kentucky
Bond
Development
Corp.
,
Revenue
,
2018
A
,
5
%
,
9/01/48
........................................
2,500,000
2,598,160
Centre
College
of
Kentucky
,
Revenue
,
2021
,
4
%
,
6/01/51
....................
1,350,000
1,308,050
Transylvania
University
,
Revenue
,
2019
B
,
4
%
,
3/01/49
.....................
2,500,000
2,209,565
Transylvania
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/46
.............
735,000
665,123
Transylvania
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/49
.............
330,000
291,662
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/49
........................
21,200,000
21,753,655
Kentucky
Municipal
Power
Agency
,
Revenue
,
2015
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/42
....................
10,000,000
10,035,864
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/35
....................
7,750,000
7,899,928
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/36
....................
8,015,000
8,142,605
Revenue
,
2019
A
,
Refunding
,
4
%
,
9/01/45
...............................
2,000,000
1,829,998
d
Kentucky
Public
Energy
Authority
,
Revenue
,
2022
A-2
,
Mandatory
Put
,
4.758
%
,
(
SOFR
+
1.2
%
),
8/01/30
..................................................
5,000,000
4,827,644
Kentucky
Rural
Water
Finance
Corp.
,
Revenue
,
2001
A
,
5
%
,
2/01/26
.............
125,000
125,178
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet
,
Revenue
,
5
%
,
4/01/38
.......................................
2,500,000
2,628,083
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
7/01/33
.............................................
3,000,000
3,065,594
Lewis
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.........
2,000,000
1,380,051
Louisville
and
Jefferson
County
,
Metropolitan
Sewer
District
,
Revenue
,
2017
A
,
4
%
,
5/15/48
..................
2,750,000
2,678,171
Metropolitan
Sewer
District
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
5/15/38
..........
5,000,000
5,045,295
Louisville/Jefferson
County
Metropolitan
Government
,
Bellarmine
University,
Inc.
,
Revenue
,
2015
,
Refunding
,
5
%
,
5/01/31
............
2,000,000
1,936,079
Bellarmine
University,
Inc.
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
5/01/36
..........
2,715,000
2,528,449
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2003
A
,
Refunding
,
2
%
,
10/01/33
......
4,000,000
3,295,781
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)
Kentucky
(continued)
Morehead
State
University
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
10/01/28
...........
$
1,910,000
$
1,915,454
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/34
........................................................
5,700,000
5,941,218
Scott
County
School
District
Finance
Corp.
,
Scott
County
Board
of
Education
,
Revenue
,
2018
,
4
%
,
6/01/38
.........................................
1,615,000
1,626,393
Shelby
County
School
District
Finance
Corp.
,
Shelby
County
Public
School
District
,
Revenue
,
2018
,
4
%
,
8/01/38
.........................................
3,465,000
3,476,695
University
of
Kentucky
,
Revenue
,
2014
A
,
4
%
,
4/01/44
........................................
2,250,000
2,250,340
Revenue
,
2018
A
,
4
%
,
10/01/32
.......................................
3,250,000
3,310,943
University
of
Louisville
,
Revenue
,
2016
D
,
5
%
,
3/01/30
.......................
4,140,000
4,332,298
130,158,769
Louisiana
2.5%
City
of
Shreveport
,
Water
&
Sewer
,
Revenue
,
2016
B
,
5
%
,
12/01/41
..........................
10,000,000
10,244,536
Water
&
Sewer
,
Revenue,
Junior
Lien
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/44
.....
6,535,000
6,475,013
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
7,065,000
7,073,424
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/30
........................................................
5,000,000
5,141,742
e
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
9,400,000
8,305,863
Parish
of
Assumption
,
Revenue
,
144A,
2021
,
3.875
%
,
11/01/45
...............
4,880,000
4,244,689
Parish
of
St.
Bernard
,
Revenue
,
144A,
2021
,
4
%
,
11/01/45
...................
2,000,000
1,772,990
Parish
of
St.
Charles
,
Revenue
,
144A,
2022
,
4.5
%
,
11/01/47
.................
9,455,000
9,119,956
Parish
of
St.
John
the
Baptist
,
Revenue
,
144A,
2019
,
3.9
%
,
11/01/44
...........
2,110,000
1,849,501
Parish
of
St.
Tammany
LA
GOMESA
,
Revenue
,
144A,
2020
,
3.875
%
,
11/01/45
....
5,820,000
5,062,314
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
10/01/43
...
3,877,088
2,983,075
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4.25
%
,
10/01/48
6,350,000
4,754,714
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4.5
%
,
10/01/53
.
8,000,000
5,999,639
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/61
...
10,000,000
7,916,304
Louisiana
Public
Facilities
Authority
,
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..............................................
10,000,000
10,187,278
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/51
..............................................
9,000,000
9,114,804
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/56
..............................................
17,595,000
17,786,851
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/46
27,500,000
28,173,857
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
5/15/47
..............................................
9,925,000
7,953,267
e
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.375
%
,
1/01/40
2,500,000
2,456,617
e
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
14,000,000
13,367,526
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
B
,
5
%
,
1/01/48
........................................
9,675,000
9,762,685
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
MovEBR
Sales
Tax
,
Revenue
,
2019
,
4
%
,
8/01/44
.........................................
6,000,000
6,029,603
d
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
7,500,000
7,145,724
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2020
E
,
5
%
,
4/01/44
........................................
8,110,000
8,301,535
Revenue
,
2020
E
,
5
%
,
4/01/47
........................................
10,000,000
10,167,277
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/40
.......................
5,065,000
5,084,893
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)
Louisiana
(continued)
Terrebonne
Levee
&
Conservation
District,
(continued)
Sales
Tax
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/41
.......................
$
5,165,000
$
5,181,398
221,657,075
Maryland
1.4%
City
of
Baltimore
,
Wastewater
Utility
Fund
,
Revenue
,
2014
C
,
5
%
,
7/01/39
.....................
10,000,000
10,107,474
Wastewater
Utility
Fund
,
Revenue
,
2014
C
,
5
%
,
7/01/44
.....................
10,000,000
10,082,674
Water
Utility
Fund
,
Revenue
,
2014
A
,
5
%
,
7/01/39
.........................
9,430,000
9,543,219
Water
Utility
Fund
,
Revenue
,
2014
A
,
5
%
,
7/01/44
.........................
5,500,000
5,550,396
Maryland
Economic
Development
Corp.
,
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4.25
%
,
7/01/50
1,000,000
914,888
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
5
%
,
7/01/56
.
1,415,000
1,429,908
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
.............
10,000,000
10,261,743
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/52
...........
10,000,000
10,276,671
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
5.5
%
,
1/01/46
.........
12,500,000
12,728,854
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
1/01/51
..........
23,000,000
19,906,599
LifeBridge
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
7/01/42
.....
3,000,000
3,001,230
MedStar
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/42
.......
13,285,000
13,382,833
MedStar
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/15/45
..............
15,465,000
15,742,077
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/33
...............
3,205,000
3,376,373
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/35
...............
3,555,000
3,467,394
129,772,333
Massachusetts
1.9%
Commonwealth
of
Massachusetts
,
GO
,
2016
G
,
4
%
,
9/01/42
............................................
20,000,000
19,999,864
GO
,
2018
E
,
5.25
%
,
9/01/43
.........................................
10,000,000
10,794,358
Transportation
Fund
,
Revenue
,
2017
A
,
5
%
,
6/01/47
.......................
25,055,000
26,075,651
Transportation
Fund
,
Revenue
,
2018
A
,
5
%
,
6/01/48
.......................
15,000,000
15,759,295
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2005
A
,
5
%
,
7/01/28
10,000,000
11,074,542
Massachusetts
Clean
Water
Trust
(The)
,
Revenue
,
1999
A
,
5.75
%
,
8/01/29
.....................................
450,000
454,804
Revenue
,
2002
A
,
5
%
,
8/01/32
........................................
225,000
227,396
Massachusetts
Development
Finance
Agency
,
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
4
%
,
7/01/41
.......
15,415,000
15,396,732
Springfield
College
,
Revenue
,
2021
A
,
4
%
,
6/01/56
........................
3,000,000
2,485,380
e
Waste
Management
of
Massachusetts,
Inc.
,
Revenue
,
144A,
2002
,
1.25
%
,
5/01/27
3,250,000
2,914,072
Worcester
Polytechnic
Institute
,
Revenue
,
2019
,
5
%
,
9/01/59
.................
10,000,000
10,584,441
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2017
B
,
Refunding
,
4.25
%
,
7/01/46
.............................
2,000,000
1,936,032
Revenue
,
2021
C
,
3
%
,
7/01/51
........................................
3,200,000
2,241,087
Revenue,
Senior
Lien
,
2023
B
,
4.25
%
,
7/01/44
............................
4,500,000
4,490,565
Massachusetts
Port
Authority
,
Revenue
,
2021
E
,
5
%
,
7/01/51
........................................
24,870,000
25,988,021
Bosfuel
Corp.
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/49
....................
7,500,000
7,719,874
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien
,
2014-1
,
5
%
,
11/01/39
........................................................
8,185,000
8,260,513
166,402,627
Michigan
0.6%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2006
B
,
NATL
Insured
,
5
%
,
7/01/36
.......................................
10,000
10,016
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)
City
of
Detroit,
(continued)
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Senior
Lien
,
2003
A
,
NATL
Insured
,
5
%
,
7/01/34
.........................................
$
10,000
$
10,017
Michigan
Finance
Authority
,
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/36
...
1,000,000
1,021,559
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/37
...
2,000,000
2,027,391
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/38
...
1,500,000
1,509,750
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/39
...
250,000
250,582
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/40
...
2,250,000
2,228,592
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/49
...
4,000,000
3,682,280
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
B-1
,
2
,
Refunding
,
5
%
,
6/01/49
..
2,565,000
2,652,292
Michigan
State
Housing
Development
Authority
,
Revenue
,
2023
B
,
Refunding
,
5
%
,
6/01/54
.........................................................
3,500,000
3,611,641
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/48
....
12,415,000
12,684,223
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/15/49
...........................................
7,000,000
5,893,558
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/50
.............................
8,665,000
8,473,380
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2023
B
,
AGMC
Insured
,
5.5
%
,
12/01/48
.................................
5,000,000
5,551,876
49,607,157
Mississippi
0.9%
Medical
Center
Educational
Building
Corp.
,
Mississippi
State
Institutions
of
Higher
Learning
,
Revenue
,
2023
A
,
4
%
,
6/01/53
................................
6,000,000
5,736,156
Mississippi
Business
Finance
Corp.
,
System
Energy
Resources,
Inc.
,
Revenue
,
2021
,
Refunding
,
2.375
%
,
6/01/44
..........................................
7,000,000
4,479,935
Mississippi
Development
Bank
,
City
of
Jackson
Water
&
Sewer
System
,
Revenue
,
2013
,
AGMC
Insured
,
6.875
%
,
12/01/40
.......................................................
3,400,000
3,413,931
e
County
of
Jackson
,
Revenue
,
144A,
2021
,
3.625
%
,
11/01/36
.................
2,800,000
2,582,116
Mississippi
Home
Corp.
,
e
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A-5
,
3.5
%
,
6/01/33
.
584,263
493,330
e
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A-5
,
4
%
,
6/01/46
..
1,000,000
742,223
e
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A-5
,
4.5
%
,
6/01/62
.
17,965,177
13,253,475
e
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
B-5
,
5.2
%
,
6/01/36
5,600,000
4,464,961
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group
,
Revenue
,
2021
D-8
,
4.15
%
,
6/01/46
..................................................
3,464,038
2,634,268
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group
,
Revenue
,
2021
D-8
,
4.65
%
,
6/01/62
..................................................
5,381,952
4,086,769
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
9/01/36
...
6,350,000
6,504,345
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
9/01/46
...
30,000,000
30,282,414
78,673,923
Missouri
0.6%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
BJC
Healthcare
Obligated
Group
,
Revenue
,
2015
A
,
4
%
,
1/01/45
..............
20,005,000
20,006,316
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
2/01/46
........................................................
4,000,000
3,820,231
Mercy
Health
,
Revenue
,
2023
,
5
%
,
12/01/52
.............................
5,000,000
5,392,802
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AGMC
Insured
,
5
%
,
3/01/49
...................................
20,000,000
20,599,970
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/45
.....................................................
5,000,000
5,300,878
55,120,197
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)
Montana
0.2%
Montana
Facility
Finance
Authority
,
Billings
Clinic
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/15/48
.......
$
10,000,000
$
10,348,024
Kalispell
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
....................................................
6,440,000
6,580,020
16,928,044
Nebraska
0.6%
d
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
15,000,000
15,758,958
Gretna
Public
Schools
,
GO
,
2022
,
4
%
,
12/15/47
............................
12,935,000
12,935,363
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2
,
Revenue
,
2015
A
,
Refunding
,
5.25
%
,
2/01/42
.............................
10,000,000
10,120,775
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/01/49
...............................
10,000,000
10,226,579
Public
Power
Generation
Agency
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/39
.......
7,340,000
7,565,428
56,607,103
Nevada
0.3%
Carson
City
,
Carson
Tahoe
Regional
Healthcare
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/47
.............................................
2,775,000
2,814,104
City
of
Henderson
,
GO
,
2020
A-1
,
4
%
,
6/01/45
.............................
10,000,000
9,973,823
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
10,557,558
23,345,485
New
Hampshire
0.2%
New
Hampshire
Business
Finance
Authority
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
7/01/48
.....................................
2,250,000
2,319,315
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Elliot
Hospital
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/38
.......
4,000,000
4,096,774
University
System
of
New
Hampshire
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/45
...
10,350,000
10,426,658
16,842,747
New
Jersey
3.1%
Camden
County
Improvement
Authority
(The)
,
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/62
.........................................
5,075,000
5,493,332
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
6
%
,
11/15/62
........................................................
4,000,000
4,636,835
New
Jersey
Economic
Development
Authority
,
New
Jersey
Transit
Corp.
,
Revenue
,
2020
A
,
5
%
,
11/01/44
...................
15,000,000
15,868,822
New
Jersey
Transit
Corp.
,
Revenue
,
2022
A
,
5
%
,
11/01/52
...................
10,000,000
10,681,940
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
14,000,000
14,573,919
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2021
C
,
Refunding
,
3.25
%
,
12/01/51
...........................
2,000,000
1,543,147
Revenue,
Senior
Lien
,
2018
A
,
4
%
,
12/01/33
.............................
845,000
841,275
Revenue,
Senior
Lien
,
2020
B
,
3.5
%
,
12/01/39
............................
5,245,000
5,068,811
Revenue,
Senior
Lien
,
2023
B
,
4
%
,
12/01/44
.............................
8,000,000
7,928,022
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue
,
2009
A
,
BAM
Insured
,
Zero
Cpn.,
12/15/39
.......................
35,000,000
18,935,700
Revenue
,
2015
AA
,
5
%
,
6/15/45
.......................................
15,000,000
15,168,629
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/36
..............................
7,000,000
7,526,554
Revenue
,
2019
AA
,
5.25
%
,
6/15/43
....................................
5,000,000
5,316,204
Revenue
,
2020
AA
,
5
%
,
6/15/35
.......................................
3,000,000
3,388,725
Revenue
,
2020
AA
,
5
%
,
6/15/37
.......................................
5,220,000
5,824,954
Revenue
,
2020
AA
,
5
%
,
6/15/38
.......................................
1,000,000
1,109,770
Revenue
,
2020
AA
,
5
%
,
6/15/39
.......................................
4,240,000
4,677,273
Revenue
,
2020
AA
,
5
%
,
6/15/40
.......................................
2,500,000
2,743,776
Revenue
,
2020
AA
,
5
%
,
6/15/45
.......................................
20,435,000
21,976,937
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,
(continued)
Revenue
,
2020
AA
,
4
%
,
6/15/50
.......................................
$
39,000,000
$
37,803,882
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/15/31
...............................
7,250,000
8,345,888
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/15/33
...............................
1,250,000
1,435,042
Revenue
,
2022
BB
,
4
%
,
6/15/46
.......................................
17,000,000
16,783,104
Revenue
,
2022
CC
,
5.5
%
,
6/15/50
.....................................
2,000,000
2,227,889
New
Jersey
Turnpike
Authority
,
Revenue
,
2015
E
,
5
%
,
1/01/45
.................
11,475,000
11,613,725
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
6/01/46
....
46,290,000
47,099,543
278,613,698
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
17,940,050
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/01/46
....................................................
15,000,000
15,499,176
San
Juan
Regional
Medical
Center,
Inc.
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/01/33
.
1,000,000
1,009,171
San
Juan
Regional
Medical
Center,
Inc.
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/01/35
.
1,000,000
1,000,416
35,448,813
New
York
8.6%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/40
......................................
2,200,000
1,978,706
City
of
New
York
,
GO
,
2002
D
,
5.5
%
,
6/01/24
..........................................
95,000
95,172
GO
,
2018
E-1
,
5
%
,
3/01/41
..........................................
11,355,000
12,075,629
GO
,
2022
D-1
,
5.5
%
,
5/01/46
.........................................
2,500,000
2,840,531
GO
,
2023
A-1
,
4
%
,
9/01/46
..........................................
6,000,000
6,001,004
Metropolitan
Transportation
Authority
,
Revenue
,
2015
A-1
,
5
%
,
11/15/40
.....................................
7,000,000
7,046,026
Revenue
,
2016
A-1
,
5.25
%
,
11/15/56
...................................
15,000,000
15,358,656
Revenue
,
2016
D
,
Refunding
,
5
%
,
11/15/31
..............................
1,180,000
1,231,238
Revenue
,
2019
A-2
,
5
%
,
11/15/45
.....................................
46,270,000
48,276,660
Revenue
,
2020
A-1
,
4
%
,
11/15/45
.....................................
10,000,000
9,698,262
Revenue
,
2020
A-1
,
5
%
,
11/15/47
.....................................
24,300,000
25,552,655
Revenue
,
2020
D
,
5
%
,
11/15/44
.......................................
35,000,000
37,157,876
Revenue
,
2020
D
,
4
%
,
11/15/50
.......................................
20,000,000
18,919,226
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
..............................
905,000
878,025
Revenue
,
2021
A-1
,
4
%
,
11/15/44
.....................................
6,725,000
6,565,490
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
3/01/45
.................................
6,000,000
5,926,470
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2015
HH
,
Refunding
,
5
%
,
6/15/39
...........
15,000,000
15,257,820
Water
&
Sewer
System
,
Revenue
,
2017
CC-1
,
Refunding
,
5
%
,
6/15/46
.........
32,500,000
33,531,969
Water
&
Sewer
System
,
Revenue
,
2019
DD-1
,
5.25
%
,
6/15/49
................
12,000,000
12,798,763
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2014
A-1
,
Refunding
,
5
%
,
11/01/34
.............
15,000,000
15,044,581
Future
Tax
Secured
,
Revenue
,
2016
E-1
,
5
%
,
2/01/38
......................
10,000,000
10,331,675
Future
Tax
Secured
,
Revenue
,
2017
F-1
,
5
%
,
5/01/42
......................
11,095,000
11,629,162
Future
Tax
Secured
,
Revenue
,
2018
C-2
,
5
%
,
5/01/38
......................
11,945,000
12,819,816
Future
Tax
Secured
,
Revenue
,
2018
C-3
,
4
%
,
5/01/43
......................
19,800,000
19,755,272
Future
Tax
Secured
,
Revenue
,
2020
B-1
,
4
%
,
11/01/47
.....................
10,000,000
9,963,685
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
10,000,000
7,491,481
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
..
40,000,000
47,163,744
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2007
,
5.5
%
,
10/01/37
...........
24,995,000
29,618,663
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)
New
York
State
Dormitory
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2015
B
,
5
%
,
2/15/40
.........
$
20,000,000
$
20,230,186
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2017
B
,
Refunding
,
5
%
,
2/15/42
24,410,000
25,668,055
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
3/15/48
5,000,000
4,941,574
State
of
New
York
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
3/15/43
.................
10,000,000
10,393,166
State
of
New
York
Sales
Tax
,
Revenue
,
2018
A
,
5
%
,
3/15/39
.................
13,270,000
14,141,150
State
of
New
York
Sales
Tax
,
Revenue
,
2018
C
,
Refunding
,
5
%
,
3/15/37
........
23,000,000
24,664,655
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/44
........
16,000,000
16,971,915
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/45
........
60,365,000
63,880,018
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Pre-Refunded
,
5
%
,
3/15/46
......
5,000
5,513
New
York
State
Thruway
Authority
,
Revenue
,
2019
B
,
4
%
,
1/01/50
........................................
20,000,000
19,399,844
Revenue,
Junior
Lien
,
2016
A
,
5
%
,
1/01/46
..............................
9,000,000
9,196,815
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
3/15/44
7,000,000
7,060,136
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
3/15/51
12,115,000
12,059,603
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
4
%
,
3/15/45
........................................
36,905,000
36,753,132
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/32
..........................
5,000,000
5,157,032
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
5,560,000
5,706,714
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
4
%
,
10/01/30
.........................
16,460,000
16,459,597
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
9,360,000
9,581,486
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
5,000,000
5,425,990
JFK
International
Air
Terminal
LLC
,
Revenue
,
2022
,
5
%
,
12/01/33
.............
7,500,000
8,262,811
JFK
NTO
LLC
,
Revenue
,
2023
,
AGMC
Insured
,
5.125
%
,
6/30/60
..............
2,000,000
2,093,816
JFK
NTO
LLC
,
Revenue
,
2023
,
5.375
%
,
6/30/60
..........................
2,500,000
2,617,783
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218
,
4
%
,
11/01/47
...........
13,500,000
13,148,410
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2022
A
,
4
%
,
11/15/52
............
10,000,000
9,777,047
768,604,705
North
Carolina
0.5%
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.5
%
,
7/01/52
.........................................................
5,000,000
5,439,926
North
Carolina
Medical
Care
Commission
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.......................................
2,200,000
2,237,247
North
Carolina
Turnpike
Authority
,
Revenue
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
1/01/33
......................
25,000,000
18,285,740
Revenue
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
1/01/34
......................
15,000,000
10,548,168
Revenue
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
1/01/35
......................
15,215,000
10,262,254
46,773,335
North
Dakota
0.8%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/01/34
..
5,500,000
5,806,600
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/35
..
1,815,000
1,736,791
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/37
..
2,950,000
2,803,431
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/38
..
4,600,000
4,331,483
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/41
..
3,875,000
3,548,299
Altru
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
AGMC
Insured
,
5
%
,
12/01/53
.......................................................
2,440,000
2,580,116
City
of
Horace
,
GO
,
2023
B
,
Refunding
,
5.125
%
,
7/01/25
.....................
14,500,000
14,588,883
State
Board
of
Higher
Education
of
the
State
of
North
Dakota
,
Revenue
,
2019
A
,
AGMC
Insured
,
4
%
,
4/01/44
............................
10,000,000
9,899,324
Revenue
,
2019
A
,
AGMC
Insured
,
4
%
,
4/01/50
............................
9,620,000
9,144,553
University
of
North
Dakota
,
COP
,
2018
A
,
5
%
,
4/01/48
...........................................
5,500,000
5,717,789
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)
North
Dakota
(continued)
University
of
North
Dakota,
(continued)
COP
,
2018
A
,
5
%
,
4/01/57
...........................................
$
10,000,000
$
10,334,430
70,491,699
Ohio
2.0%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/37
3,915,000
3,769,626
Summa
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/38
5,700,000
5,417,224
American
Municipal
Power,
Inc.
,
Combined
Hydroelectric
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/46
............
20,000,000
20,318,030
Prairie
State
Energy
Campus
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
2/15/39
........
5,000,000
5,002,777
Prairie
State
Energy
Campus
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
2/15/42
........
2,500,000
2,501,389
Prairie
State
Energy
Campus
,
Revenue
,
2019
C
,
Refunding
,
4
%
,
2/15/39
........
18,795,000
19,003,098
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
4
%
,
6/01/48
.............................................
4,505,000
4,167,459
Cleveland-Cuyahoga
County
Port
Authority
,
County
of
Cuyahoga
,
Revenue
,
2013
,
5
%
,
7/01/37
.........................................................
6,000,000
6,947,965
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
........................................................
7,500,000
7,349,885
County
of
Franklin
,
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/40
.........................................................
10,410,000
8,775,756
County
of
Hamilton
,
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2023
A
,
5.75
%
,
1/01/53
...
4,530,000
4,656,897
UC
Health
Obligated
Group
,
Revenue
,
2020
,
5
%
,
9/15/50
...................
7,500,000
7,640,796
Northeast
Ohio
Regional
Sewer
District
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/15/38
..
10,000,000
10,230,923
Ohio
Higher
Educational
Facility
Commission
,
Case
Western
Reserve
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/44
....
6,815,000
6,853,253
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,350,000
1,289,636
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,185,000
1,105,860
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,530,000
2,287,877
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
35,000,000
41,850,431
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
B
,
4
%
,
1/01/46
..
10,000,000
9,864,996
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/38
640,000
608,250
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/40
855,000
792,957
Summit
County
Development
Finance
Authority
,
UAkronPark,
Inc.
,
Revenue
,
2023
,
6
%
,
12/01/58
........................................................
9,665,000
10,330,170
180,765,255
Oklahoma
0.3%
Edmond
Public
Works
Authority
,
Revenue
,
2017
,
5
%
,
7/01/42
.........................................
4,000,000
4,169,074
Revenue
,
2017
,
5
%
,
7/01/47
.........................................
4,500,000
4,651,997
Norman
Regional
Hospital
Authority
,
Norman
Regional
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
5
%
,
9/01/45
....................................
3,500,000
3,545,163
Oklahoma
Turnpike
Authority
,
Revenue
,
2023
,
5.5
%
,
1/01/53
...................
6,000,000
6,684,502
Oklahoma
Water
Resources
Board
,
Revenue
,
2023
B
,
4
%
,
10/01/48
.............
4,000,000
3,972,456
23,023,192
Oregon
1.1%
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/50
...
12,210,000
12,255,115
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
10,000,000
10,544,687
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/44
.........................
1,685,000
1,693,300
Port
of
Portland
,
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/44
....................................
2,450,000
2,543,313
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)
Oregon
(continued)
Port
of
Portland,
(continued)
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/38
....................................
$
10,000,000
$
10,771,538
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/45
....................................
10,000,000
10,558,516
Airport
,
Revenue
,
28
,
5
%
,
7/01/52
.....................................
13,755,000
14,532,774
Airport
,
Revenue
,
29
,
5.5
%
,
7/01/48
....................................
18,500,000
20,471,377
State
of
Oregon
,
Housing
&
Community
Services
Department
,
Revenue
,
2018
A
,
3.6
%
,
1/01/33
....
5,080,000
5,078,681
Housing
&
Community
Services
Department
,
Revenue
,
2018
D
,
3.8
%
,
7/01/34
....
4,695,000
4,692,342
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO
,
2018
A
,
Zero
Cpn.,
6/15/42
.......................................
5,900,000
2,619,617
GO
,
2018
A
,
Zero
Cpn.,
6/15/43
.......................................
5,500,000
2,316,864
98,078,124
Pennsylvania
1.4%
Allegheny
County
Sanitary
Authority
,
Revenue
,
2013
,
BAM
Insured
,
5.25
%
,
12/01/44
5,000,000
5,003,005
Allentown
Commercial
and
Industrial
Development
Authority
,
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
6
%
,
6/15/53
.....................
1,600,000
1,669,700
City
of
Philadelphia
,
Airport
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
7/01/45
...........
1,500,000
1,428,623
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/33
..........
4,550,000
4,642,213
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
5,000,000
4,871,553
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/31
........
395,000
374,759
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
........
345,000
305,667
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/56
........
3,300,000
2,394,822
Lehigh
County
General
Purpose
Authority
,
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/52
....
13,785,000
11,606,766
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/57
....
5,000,000
4,111,267
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
4
%
,
11/15/43
.......................................................
600,000
555,739
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
5
%
,
11/15/45
.......................................................
1,000,000
1,030,663
Meadowood
Corp.
Obligated
Group
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/48
.......................................................
9,000,000
8,510,207
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Transportation
,
Revenue
,
2022
,
5.25
%
,
6/30/53
..................................................
4,000,000
4,251,348
Commonwealth
of
Pennsylvania
Department
of
Transportation
,
Revenue
,
2022
,
6
%
,
6/30/61
........................................................
5,000,000
5,655,100
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
B-1
,
5.25
%
,
7/01/49
......
1,000,000
1,028,018
UPMC
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
2/15/40
............
5,240,000
5,268,792
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2022-139
A
,
Refunding
,
4
%
,
10/01/37
...........................
9,100,000
9,141,792
Revenue
,
2023-143
A
,
5.45
%
,
4/01/51
..................................
10,000,000
10,702,281
Pennsylvania
Turnpike
Commission
,
Revenue
,
2020
B
,
5
%
,
12/01/50
.......................................
8,000,000
8,561,674
Revenue
,
2023
A
,
Refunding
,
5
%
,
12/01/53
..............................
7,585,000
8,255,588
Philadelphia
Gas
Works
Co.
,
Revenue
,
16th
A
,
AGMC
Insured
,
4
%
,
8/01/45
.......
4,000,000
4,012,406
School
District
of
Philadelphia
(The)
,
GO
,
2016
F
,
Refunding
,
5
%
,
9/01/33
...................................
6,415,000
6,616,606
GO
,
2016
F
,
Refunding
,
5
%
,
9/01/36
...................................
4,090,000
4,206,353
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
...........................
10,000,000
10,459,212
124,664,154
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)
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Lifespan
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/15/39
.................................
$
5,500,000
$
5,549,381
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
,
Revenue
,
10
A
,
6.5
%
,
4/01/27
........................................
130,000
130,313
Revenue
,
15
A
,
6.85
%
,
10/01/24
......................................
50,000
50,124
Rhode
Island
Student
Loan
Authority
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
12/01/27
.............................
1,000,000
1,046,957
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
12/01/29
.............................
2,025,000
2,204,102
8,980,877
South
Carolina
1.9%
County
of
Greenwood
,
Self
Regional
Healthcare
,
Revenue
,
2017
,
Refunding
,
4
%
,
10/01/37
............
8,465,000
8,569,390
Self
Regional
Healthcare
,
Revenue
,
2017
,
Refunding
,
4
%
,
10/01/39
............
1,195,000
1,201,546
e
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.75
%
,
11/01/36
................................
1,270,000
1,037,010
d
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
10,000,000
10,779,924
South
Carolina
Jobs-Economic
Development
Authority
,
e
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
23,510,000
19,871,771
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
22,470,000
18,992,714
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-2
,
4.75
%
,
12/01/26
...........
2,115,000
1,985,751
e
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
17,900,000
13,493,681
e
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
32,000,000
22,235,882
e
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
A-1
,
I
,
6.5
%
,
2/01/56
................
24,865,000
24,617,088
e
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
A-2
,
I
,
10
%
,
8/01/39
.................
770,000
736,745
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/48
......
25,000,000
25,524,657
South
Carolina
Ports
Authority
,
Revenue
,
2018
,
5
%
,
7/01/48
.........................................
10,000,000
10,184,835
Revenue
,
2018
,
5
%
,
7/01/55
.........................................
10,400,000
10,553,108
Spartanburg
Regional
Health
Services
District
,
Spartanburg
Regional
Health
Services
District
Obligated
Group
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
4/15/39
........
1,410,000
1,421,078
171,205,180
South
Dakota
0.5%
South
Dakota
Health
&
Educational
Facilities
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
8/01/38
...............................
3,475,000
3,553,117
Avera
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
7/01/42
.........
10,000,000
9,757,125
Avera
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/46
.........
15,000,000
15,287,436
Monument
Health
Obligated
Group
,
Revenue
,
2017
,
4
%
,
9/01/37
..............
10,920,000
11,051,820
South
Dakota
State
Building
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/42
...
5,450,000
5,683,297
45,332,795
Tennessee
3.7%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CDFI
Phase
I
LLC
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/35
................................
1,000,000
1,013,492
City
of
Chattanooga
,
Electric
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
9/01/40
..........
2,750,000
2,805,335
City
of
Germantown
,
GO
,
2017
,
4
%
,
8/01/43
.............................................
2,330,000
2,344,095
GO
,
2017
,
4
%
,
8/01/45
.............................................
2,525,000
2,532,902
City
of
Jackson
,
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
5
%
,
4/01/36
......
3,885,000
3,929,423
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
4/01/36
........................................................
115,000
117,167
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
4
%
,
4/01/41
......
24,265,000
23,550,932
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
Pre-Refunded
,
4
%
,
4/01/41
........................................................
735,000
740,537
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)
Tennessee
(continued)
City
of
Jackson,
(continued)
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
4/01/41
....
$
2,255,000
$
2,345,797
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
4/01/41
........................................................
115,000
126,073
City
of
Knoxville
,
Wastewater
System
,
Revenue
,
2015
A
,
Refunding
,
4
%
,
4/01/42
...
5,000,000
5,000,082
City
of
Memphis
,
Electric
System
,
Revenue
,
2020
A
,
3
%
,
12/01/42
..........................
2,470,000
2,091,301
Gas
,
Revenue
,
2020
,
3
%
,
12/01/42
....................................
1,000,000
856,544
City
of
Portland
,
Water
&
Sewer
,
Revenue
,
2020
,
AGMC
Insured
,
3
%
,
4/01/45
......
1,775,000
1,444,282
County
of
Coffee
,
GO
,
2019
,
Refunding
,
4
%
,
6/01/44
........................
2,760,000
2,765,762
County
of
Maury
,
GO
,
2015
,
Refunding
,
4
%
,
4/01/34
.........................
1,775,000
1,784,944
County
of
Wilson
,
GO
,
2017
A
,
4
%
,
4/01/42
................................
5,000,000
5,010,152
Harpeth
Valley
Utilities
District
of
Davidson
and
Williamson
Counties
,
Revenue
,
2014
,
5
%
,
9/01/44
.........................................
4,400,000
4,427,242
Revenue
,
2020
,
4
%
,
9/01/50
.........................................
500,000
495,693
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
2,997,417
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
1998
,
NATL
Insured
,
ETM,
5.25
%
,
7/01/28
.......................
8,500,000
8,811,464
Knox
Chapman
Utility
District
of
Knox
County
,
Revenue
,
2012
,
Refunding
,
4
%
,
1/01/40
4,000,000
3,999,826
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/42
....
18,000,000
18,447,689
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/47
....
22,815,000
23,257,641
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5.5
%
,
7/01/54
........................................................
2,900,000
3,191,399
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5.5
%
,
7/01/59
........................................................
4,750,000
5,196,356
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5
%
,
7/01/64
........................................................
3,735,000
3,898,342
University
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/47
3,000,000
3,002,938
University
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/36
2,250,000
2,309,615
Madison
Suburban
Utility
District
,
Revenue
,
2021
,
3
%
,
2/01/45
.................
1,000,000
814,425
Memphis-Shelby
County
Airport
Authority
,
Revenue
,
2018
,
5
%
,
7/01/47
.........................................
11,000,000
11,236,353
Revenue
,
2021
A
,
5
%
,
7/01/45
........................................
12,235,000
12,865,835
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
2,655,626
Blakeford
at
Green
Hills
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
.......
9,015,000
6,323,375
Trevecca
Nazarene
University
,
Revenue
,
2021
B
,
4
%
,
10/01/41
...............
1,050,000
931,874
Trevecca
Nazarene
University
,
Revenue
,
2021
B
,
4
%
,
10/01/51
...............
6,860,000
5,594,029
Vanderbilt
University
Medical
Center
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
7/01/46
........................................................
5,000,000
5,046,339
Metropolitan
Government
of
Nashville
&
Davidson
County
,
Electric
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
5/15/39
.............................................
4,000,000
4,020,602
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2019
B
,
5
%
,
7/01/44
........................................
20,000,000
20,999,414
Revenue
,
2019
B
,
4
%
,
7/01/49
........................................
3,000,000
2,810,872
Revenue
,
2019
B
,
5
%
,
7/01/49
........................................
17,475,000
18,158,685
Revenue
,
2022
B
,
5.25
%
,
7/01/47
.....................................
10,000,000
10,717,357
Revenue
,
2022
B
,
5.5
%
,
7/01/52
......................................
2,500,000
2,716,277
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/01/36
4,000,000
4,180,012
Rhodes
College
,
Revenue
,
2015
,
5
%
,
8/01/45
............................
1,700,000
1,719,988
Rhodes
College
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/01/40
...................
3,000,000
3,014,338
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)
South
Blount
County
Utility
District
,
Revenue
,
2019
,
Refunding
,
3
%
,
12/01/39
......
$
2,015,000
$
1,782,033
d
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
55,000,000
58,715,976
Tennessee
Housing
Development
Agency
,
Revenue
,
2013-1
C
,
4
%
,
7/01/43
......................................
805,000
792,834
Revenue
,
2017-3
,
3.65
%
,
7/01/47
.....................................
610,000
556,968
Revenue
,
2018-2
,
Refunding
,
3.85
%
,
7/01/42
.............................
1,005,000
980,443
Revenue
,
2018-4
,
Refunding
,
4
%
,
7/01/43
...............................
5,745,000
5,641,850
Revenue
,
2023-3
A
,
GNMA
Insured
,
5.4
%
,
7/01/53
.........................
6,000,000
6,303,568
West
Knox
Utility
District
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/41
..............
1,000,000
1,004,000
West
Wilson
Utility
District
of
Wilson
County
Tennessee
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/40
......................................................
1,545,000
1,571,251
White
House
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
1/01/34
.............
820,000
793,839
Williamson
County
HB
&
TS
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
9/01/44
.
1,200,000
1,001,187
331,443,792
Texas
10.4%
Abilene
Convention
Center
Hotel
Development
Corp.
,
City
of
Abilene
Abilene
Convention
Center
,
Revenue,
First
Lien
,
2021
A
,
4
%
,
10/01/50
................
5,510,000
4,491,114
Aldine
Independent
School
District
,
GO
,
2017
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/42
.........................................................
10,700,000
11,110,898
Aubrey
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
2/15/52
........
7,500,000
7,417,665
Austin
Community
College
District
,
GO
,
2023
,
5.25
%
,
8/01/53
..................
6,000,000
6,724,970
Carrollton-Farmers
Branch
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/53
.........................................................
10,000,000
9,734,226
Central
Texas
Turnpike
System
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
8/15/37
...............................
5,000,000
5,028,778
Revenue
,
2015
C
,
Refunding
,
5
%
,
8/15/42
...............................
36,750,000
36,911,531
City
of
Arlington
,
Special
Tax,
Senior
Lien
,
2018
A
,
AGMC
Insured
,
4
%
,
2/15/44
.....
20,000,000
19,708,282
City
of
Austin
,
Electric
Utility
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/45
...................
10,000,000
10,120,786
e
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2019
,
4.625
%
,
11/01/39
............................
1,405,000
1,363,692
e
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
11/01/48
.............................
2,450,000
2,324,481
e
City
of
Celina
,
Sutton
Fields
II
Public
Improvement
District
,
Special
Assessment
,
144A,
2019
,
4.25
%
,
9/01/49
...............................................
3,065,000
2,682,473
City
of
Corpus
Christi
,
Utility
System
,
Revenue
,
2023
,
Refunding
,
4
%
,
7/15/48
.....................
9,000,000
8,989,761
Utility
System
,
Revenue,
Junior
Lien
,
2015
A
,
5
%
,
7/15/40
...................
13,200,000
13,446,509
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
19,000,000
19,283,911
e
City
of
Dallas
Housing
Finance
Corp.
,
DHFC
-
Dylan
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
6
%
,
12/01/62
................................
18,040,000
17,797,535
City
of
Houston
,
Airport
System
,
Revenue,
Sub.
Lien
,
2023
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
7/01/48
.............................................
5,000,000
5,415,803
City
of
Laredo
,
Waterworks
&
Sewer
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
3/01/41
9,690,000
9,710,891
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/38
..................................................
1,275,000
1,056,566
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/44
..................................................
1,460,000
1,114,431
e
City
of
Mesquite
,
Heartland
Town
Center
Public
Improvement
District
Phase
2
,
Special
Assessment
,
144A,
2023
,
5
%
,
9/01/43
...........................................
816,000
820,886
Heartland
Town
Center
Public
Improvement
District
Phase
2
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
9/01/52
.......................................
373,000
373,607
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
Pflugerville
,
GO
,
2023
,
4
%
,
8/01/49
................................
$
3,500,000
$
3,421,075
e
City
of
Princeton
,
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/52
.........................
1,376,000
1,321,271
e
City
of
Royse
City
,
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/15/48
................................
2,700,000
2,664,936
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
Phase
1B
,
Special
Assessment
,
144A,
2019
,
4.375
%
,
9/15/39
.............................
610,000
575,079
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
Phase
1B
,
Special
Assessment
,
144A,
2019
,
4.5
%
,
9/15/48
...............................
1,260,000
1,147,573
Clifton
Higher
Education
Finance
Corp.
,
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2022
,
PSF
Guaranty
,
4
%
,
8/15/42
2,150,000
2,119,623
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2022
,
PSF
Guaranty
,
5
%
,
8/15/47
11,500,000
12,597,695
YES
Prep
Public
Schools,
Inc.
,
Revenue
,
2023
,
PSF
Guaranty
,
4.25
%
,
4/01/53
...
5,500,000
5,311,673
Comal
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/01/46
........
3,345,000
3,336,557
Community
Independent
School
District
,
GO
,
2022
B
,
PSF
Guaranty
,
4
%
,
2/15/50
...
2,750,000
2,713,115
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
First
Lien
,
2021
A
,
4
%
,
10/01/50
.....
1,640,000
1,336,738
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/32
....
90,000
102,642
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/33
....
100,000
113,821
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/34
....
100,000
114,301
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/35
....
85,000
96,628
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/36
....
85,000
95,928
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/41
....
600,000
601,784
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/46
....
700,000
674,591
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/50
....
650,000
607,311
Crowley
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
5.25
%
,
2/01/53
....
7,500,000
8,353,884
Del
Valle
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
6/15/47
......
7,500,000
7,442,855
e
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
33,200,000
25,067,418
Forney
Independent
School
District
,
GO
,
2015
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/37
15,000,000
15,295,017
Frisco
Independent
School
District
,
GO
,
2016
,
PSF
Guaranty
,
5
%
,
8/15/46
........
20,000,000
20,555,956
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
5.8
%
,
10/01/45
..........
10,000,000
10,908,124
Gulf
Coast
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2003
B
,
1.5
%
,
5/01/28
....
2,000,000
1,756,832
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Houston
Methodist
Hospital
Obligated
Group
,
Revenue
,
2015
,
5
%
,
12/01/45
...........................
30,000,000
30,360,633
Harris
County-Houston
Sports
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
AGMC
Insured
,
3.125
%
,
11/15/56
.....................................
5,000,000
3,830,943
Harris-Waller
Counties
Municipal
Utility
District
No.
4
,
GO
,
2022
,
5
%
,
11/01/34
.............................................
795,000
824,067
GO
,
2022
,
5
%
,
11/01/38
.............................................
840,000
849,220
GO
,
2022
,
5.25
%
,
11/01/41
..........................................
1,435,000
1,455,956
GO
,
2022
,
5.5
%
,
11/01/44
...........................................
2,010,000
2,049,920
GO
,
2022
,
5.5
%
,
11/01/48
...........................................
5,445,000
5,499,944
Highland
Park
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/48
..
5,500,000
5,446,509
Humble
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
.......
10,000,000
10,441,554
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2.375
%
,
9/01/31
..........................................
165,000
142,397
GO
,
2021
,
2.375
%
,
9/01/32
..........................................
170,000
144,588
GO
,
2021
,
2.375
%
,
9/01/33
..........................................
170,000
142,675
GO
,
2021
,
2.5
%
,
9/01/34
............................................
180,000
149,695
GO
,
2021
,
2.5
%
,
9/01/36
............................................
370,000
291,869
GO
,
2021
,
2.625
%
,
9/01/38
..........................................
385,000
286,939
GO
,
2021
,
3
%
,
9/01/41
.............................................
375,000
285,296
GO
,
2021
,
3
%
,
9/01/46
.............................................
750,000
526,779
GO
,
2021
,
3
%
,
9/01/51
.............................................
1,265,000
838,187
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)
e
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
$
12,605,529
$
9,576,312
Lamar
Consolidated
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
..................................
6,800,000
7,096,266
GO
,
2023
,
4
%
,
2/15/53
.............................................
5,000,000
4,850,694
GO
,
2023
A
,
PSF
Guaranty
,
5
%
,
2/15/58
................................
7,000,000
7,600,265
Lubbock-Cooper
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4.375
%
,
2/15/53
.........................................................
15,000,000
15,219,819
Medina
Valley
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/53
..
15,000,000
14,576,681
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
NCCD-Cain
Hall
Redevelopment
I
LLC
,
Revenue
,
2016
A-1
,
5
%
,
4/01/46
........
6,000,000
6,158,971
NCCD-College
Station
Properties
LLC
,
Revenue
,
A
,
5
%
,
7/01/47
..............
10,000,000
9,075,000
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/39
.......................................................
5,650,000
5,434,364
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/49
.......................................................
11,470,000
10,262,363
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/54
.......................................................
230,000
201,915
Westminster
Manor
,
Revenue
,
2021
,
4
%
,
11/01/49
.........................
14,400,000
12,514,735
Newark
Higher
Education
Finance
Corp.
,
Abilene
Christian
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/57
...........................................
5,000,000
4,452,291
North
Harris
County
Regional
Water
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
4
%
,
12/15/41
......................
10,000,000
10,034,680
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/15/46
......................
18,460,000
19,009,862
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/35
.........
10,000,000
10,136,211
North
Texas
Tollway
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/38
.........
10,000,000
10,107,032
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
2017
A
,
Refunding
,
5
%
,
1/01/43
.
10,000,000
10,518,655
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
I
,
Pre-Refunded
,
6.5
%
,
1/01/43
..
25,000,000
25,746,353
North
Texas
Tollway
System
,
Revenue,
Second
Tier
,
2017
B
,
Refunding
,
5
%
,
1/01/48
5,000,000
5,150,031
North
Texas
Tollway
System
,
Revenue,
Second
Tier
,
2018
,
Refunding
,
5
%
,
1/01/48
25,250,000
26,342,083
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
Zero
Cpn.,
9/01/37
....
7,500,000
3,815,261
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
Zero
Cpn.,
9/01/43
....
7,500,000
2,431,648
Special
Projects
System
,
Revenue
,
2011
C
,
Pre-Refunded
,
6.75
%
,
9/01/45
......
25,000,000
31,733,677
Northwest
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/48
.....
7,000,000
7,007,697
Port
Freeport
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
6/01/49
.....................
4,000,000
4,098,492
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/46
......
13,705,000
11,934,979
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
......
3,765,000
3,156,963
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/54
......
1,035,000
855,550
San
Antonio
Public
Facilities
Corp.
,
City
of
San
Antonio
,
Revenue
,
2012
,
Refunding
,
4
%
,
9/15/42
......................................................
36,500,000
36,265,542
San
Jacinto
River
Authority
,
Revenue
,
2011
,
AGMC
Insured
,
5
%
,
10/01/32
............................
5,000,000
5,004,192
Revenue
,
2011
,
AGMC
Insured
,
5
%
,
10/01/37
............................
3,000,000
3,001,395
Sherman
Independent
School
District
,
GO
,
2023
B
,
PSF
Guaranty
,
5
%
,
2/15/53
....
5,000,000
5,451,831
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2018
B
,
5
%
,
7/01/43
...........
10,000,000
10,468,569
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
7/01/53
............
3,100,000
2,874,520
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/53
............
15,000,000
15,685,236
Texas
Health
Resources
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/41
15,165,000
15,579,964
Tarrant
County
Health
Facilities
Development
Corp.
,
Texas
Health
Resources
Obligated
Group
,
Revenue
,
1994
,
FGIC
Insured
,
ETM,
6
%
,
9/01/24
........................................................
935,000
950,045
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)
Texas
Department
of
Housing
&
Community
Affairs
,
Revenue
,
2023
A
,
GNMA
Insured
,
5.25
%
,
1/01/53
...................................................
$
14,000,000
$
14,762,572
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/29
................................
12,715,000
13,410,463
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/32
................................
10,350,000
11,084,434
d
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
B
,
Mandatory
Put
,
5.5
%
,
1/01/34
....................................................
13,000,000
14,553,098
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
,
NTE
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2023
,
5.5
%
,
12/31/58
.............................
6,000,000
6,502,145
Texas
Transportation
Commission
,
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
Zero
Cpn.,
8/01/48
......
6,250,000
1,879,796
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
Zero
Cpn.,
8/01/49
......
5,000,000
1,427,968
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
Zero
Cpn.,
8/01/50
......
5,500,000
1,482,201
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2018
B
,
4
%
,
10/15/43
.......................................................
25,000,000
25,137,137
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2019
A
,
4
%
,
10/15/49
.......................................................
20,000,000
19,730,496
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2022
,
5
%
,
10/15/47
16,050,000
17,725,248
e
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/41
.......................................
708,000
536,298
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/47
...........................................
831,000
705,613
Town
of
Ponder
,
Ponder
Public
Improvement
District
No.
1
,
Special
Assessment
,
2017
,
5
%
,
9/01/45
500,000
495,480
Ponder
Public
Improvement
District
No.
1
,
Special
Assessment
,
2017
,
5
%
,
9/01/47
865,000
854,607
Viridian
Municipal
Management
District
,
GO
,
2023
,
AGMC
Insured
,
5
%
,
12/01/49
...
1,000,000
1,028,689
West
Travis
County
Public
Utility
Agency
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
......................................................
5,000,000
4,931,732
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/41
.....................................
790,000
635,158
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/45
.....................................
615,000
465,602
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/51
.....................................
1,570,000
1,113,273
GO,
Sub.
Lien
,
2022
,
5.625
%
,
8/15/52
..................................
1,065,000
1,097,219
Ysleta
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
5
%
,
8/15/56
........
23,445,000
25,349,712
936,817,479
Utah
1.1%
Central
Utah
Water
Conservancy
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
10/01/38
10,000,000
10,180,179
City
of
Bountiful
,
Sales
Tax
,
Revenue
,
2023
,
4
%
,
7/01/53
......................
6,840,000
6,740,326
City
of
Salt
Lake
City
,
Airport
,
Revenue
,
2018
A
,
5
%
,
7/01/48
..................................
25,110,000
25,614,377
Airport
,
Revenue
,
2021
A
,
5
%
,
7/01/51
..................................
10,000,000
10,391,587
Airport
,
Revenue
,
2023
A
,
5.25
%
,
7/01/53
...............................
10,000,000
10,666,814
Jordan
Valley
Water
Conservancy
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
10/01/41
6,000,000
6,046,412
University
of
Utah
(The)
,
Revenue
,
2022
A
,
5
%
,
8/01/46
......................
9,645,000
10,563,544
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
3
%
,
10/15/26
........................................
550,000
533,718
Revenue
,
2021
,
4
%
,
10/15/28
........................................
350,000
348,189
Revenue
,
2021
,
4
%
,
10/15/32
........................................
540,000
537,263
Revenue
,
2021
,
4
%
,
10/15/38
........................................
500,000
467,957
Revenue
,
2021
,
4
%
,
10/15/41
........................................
1,450,000
1,304,063
e
Revenue
,
144A,
2021
,
3
%
,
10/15/45
...................................
2,000,000
1,410,189
Revenue
,
2022
,
5
%
,
10/15/37
........................................
1,200,000
1,240,911
Revenue
,
2022
,
5
%
,
10/15/46
........................................
3,650,000
3,652,663
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)
Utah
(continued)
Utah
Municipal
Power
Agency
,
Revenue
,
2016
B
,
5
%
,
7/01/38
..................
$
10,000,000
$
10,375,108
100,073,300
Vermont
0.1%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
President
&
Fellows
of
Middlebury
College
,
Revenue
,
2020
,
Refunding
,
5
%
,
11/01/49
4,000,000
4,227,814
University
of
Vermont
Health
Network
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/01/36
...........................................
5,000,000
5,139,620
9,367,434
Virginia
0.6%
Amelia
County
Industrial
Development
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2002
,
Refunding
,
1.45
%
,
4/01/27
......................................
2,350,000
2,126,545
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
7/01/60
................................................
19,000,000
20,179,339
Virginia
Housing
Development
Authority
,
Revenue
,
2023
F
,
FHA
Insured
,
5
%
,
11/01/43
11,120,000
11,770,281
Virginia
Resources
Authority
,
Revenue
,
2012
A
,
5
%
,
11/01/39
..................
70,000
70,056
Virginia
Small
Business
Financing
Authority
,
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/52
3,730,000
3,814,687
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/57
6,270,000
6,388,790
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/39
........................................................
5,520,000
5,345,612
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/51
....................................................
4,000,000
3,560,628
53,255,938
Washington
2.5%
d
Align
Capital
Trust
,
Revenue
,
2020-4
A
,
Mandatory
Put
,
3.75
%
,
1/01/26
..........
10,139,330
9,819,498
City
of
Seattle
,
Municipal
Light
&
Power
,
Revenue
,
2017
C
,
Refunding
,
4
%
,
9/01/36
............
15,000,000
15,425,382
Municipal
Light
&
Power
,
Revenue
,
2018
A
,
4
%
,
1/01/42
.....................
10,855,000
10,991,241
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
34,480,000
34,100,072
Grant
County
Public
Hospital
District
No.
1
,
GO
,
2023
,
5.125
%
,
12/01/52
.........
4,500,000
4,625,709
NJB
Properties
,
Revenue
,
2006
A
,
5
%
,
12/01/36
............................
5,000
5,006
Port
of
Seattle
,
Revenue
,
2018
A
,
5
%
,
5/01/38
........................................
15,000,000
15,467,241
Revenue
,
2019
,
4
%
,
4/01/44
.........................................
4,000,000
3,847,781
g
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/54
.......
3,050,000
3,226,065
University
of
Washington
,
Revenue
,
2018
,
5
%
,
4/01/48
.......................
29,450,000
30,644,789
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/45
........................................................
2,610,000
2,518,683
e
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/29
.......................................................
250,000
272,388
e
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/30
.......................................................
265,000
291,537
e
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/33
.......................................................
250,000
276,480
e
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
3
%
,
12/01/34
.......................................................
300,000
285,457
e
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
4
%
,
12/01/45
.......................................................
1,200,000
1,140,854
e
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
4
%
,
12/01/48
.......................................................
910,000
852,745
Multicare
Health
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
8/15/41
25,000,000
24,312,015
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2012
A
,
5
%
,
10/01/42
..
10,175,000
10,177,903
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)
Washington
Health
Care
Facilities
Authority,
(continued)
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
D
,
Refunding
,
5
%
,
10/01/38
.......................................................
$
8,000,000
$
8,000,962
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
D
,
Pre-Refunded
,
5
%
,
10/01/41
...................................................
315,000
318,516
Washington
Higher
Education
Facilities
Authority
,
Seattle
Pacific
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/42
......................................
3,800,000
3,710,010
Washington
State
Convention
Center
Public
Facilities
District
,
Lodging
Tax
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
7/01/43
.......................................
14,855,000
14,513,845
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
21,133,365
19,918,078
e
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
2,965,000
2,504,135
e
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.375
%
,
7/01/63
........................................................
7,625,000
8,370,958
225,617,350
West
Virginia
0.7%
d
West
Virginia
Economic
Development
Authority
,
Kentucky
Power
Co.
,
Revenue
,
2014
A
,
Refunding
,
Mandatory
Put
,
4.7
%
,
6/17/26
.............................
6,000,000
6,034,509
West
Virginia
Hospital
Finance
Authority
,
Cabell
Huntington
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/43
........................................................
13,250,000
13,068,375
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/38
.
3,040,000
3,151,529
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6
%
,
9/01/53
.
3,000,000
3,445,802
West
Virginia
United
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
6/01/47
7,000,000
7,207,280
West
Virginia
United
Health
System
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
6/01/52
20,700,000
21,379,366
West
Virginia
Water
Development
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/36
..............................
5,000,000
5,215,919
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/45
..............................
5,435,000
5,642,950
65,145,730
Wisconsin
4.5%
Public
Finance
Authority
,
Revenue
,
2023-1
,
A
,
5.75
%
,
7/01/62
...................................
25,000,000
25,944,815
e
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
21,085,631
16,959,403
2017
IAVF
Rubix
LLC
,
Revenue
,
2020
A
,
4.25
%
,
12/01/50
...................
3,750,000
2,925,913
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
11/15/41
.......................................................
1,205,000
1,256,996
e
AL-FL
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
A
,
3.4
%
,
12/01/36
.......
39,000,000
32,387,901
Appalachian
Regional
Healthcare
System
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
........................................................
5,075,000
4,216,968
Appalachian
Regional
Healthcare
System
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/51
........................................................
5,705,000
4,483,400
Appalachian
Regional
Healthcare
System
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/56
........................................................
2,250,000
1,723,571
Blue
Ridge
Healthcare
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
1/01/50
2,185,000
1,610,318
CFC-SA
LLC
,
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
2/01/62
...................
10,000,000
10,035,038
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/41
..........
1,000,000
869,479
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/61
..........
10,000,000
7,385,733
d
Duke
Energy
Progress
LLC
,
Revenue
,
2022
B
,
Refunding
,
Mandatory
Put
,
4
%
,
10/01/30
.......................................................
2,200,000
2,249,612
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.5
%
,
7/01/52
......
5,000,000
5,518,056
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.625
%
,
7/01/55
....
6,620,000
7,368,700
e
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
22,945,000
23,049,657
e
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
26,950,000
28,092,063
e
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
,
5.25
%
,
6/01/24
.....
42,800,000
42,800,000
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
(continued)
Public
Finance
Authority,
(continued)
e
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
A
,
3.8
%
,
12/01/37
$
24,375,000
$
20,544,223
e
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
22,565,000
22,895,070
e
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
B
,
7.5
%
,
12/01/29
.....
2,645,000
2,645,489
RED
River
Valley
Alliance
LLC
,
Revenue
,
2021
,
4
%
,
9/30/51
.................
730,000
615,880
RED
River
Valley
Alliance
LLC
,
Revenue
,
2021
,
4
%
,
3/31/56
.................
30,185,000
24,811,961
Southeastern
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/39
............................................
4,755,000
3,969,066
Southeastern
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/41
............................................
5,145,000
4,174,963
Southeastern
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/46
............................................
11,980,000
9,260,435
Triad
Educational
Services,
Inc.
,
Revenue
,
2022
,
5.25
%
,
6/15/52
..............
1,610,000
1,533,573
Triad
Educational
Services,
Inc.
,
Revenue
,
2022
,
5.375
%
,
6/15/57
.............
1,550,000
1,496,024
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/41
............
1,280,000
1,109,190
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/51
............
10,000
7,813
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/61
............
6,000,000
4,468,571
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/41
...........................................
1,010,000
886,966
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
...........................................
2,185,000
1,740,158
d,e
WV
2020
Holdings
LLC
Obligated
Group
,
Revenue
,
144A,
2020
A-2
,
Mandatory
Put
,
4
%
,
12/01/35
...................................................
29,600,000
25,184,538
Wisconsin
Center
District
,
Revenue,
Junior
Lien
,
2020
D
,
AGMC
Insured
,
Zero
Cpn.,
12/15/45
........................................................
20,000,000
7,535,740
Wisconsin
Health
&
Educational
Facilities
Authority
,
Children's
Hospital
of
Wisconsin
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/42
........................................................
15,000,000
14,635,833
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
2/15/47
........................................................
20,000,000
20,012,194
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/47
....................................................
5,200,000
3,320,387
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/57
....................................................
1,400,000
812,191
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
9/15/36
........................................................
530,000
482,673
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
9/15/41
........................................................
510,000
435,174
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
9/15/45
........................................................
475,000
381,402
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/36
........................................................
775,000
705,795
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/41
........................................................
770,000
657,027
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/45
........................................................
650,000
521,918
Thedacare,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
4
%
,
12/15/37
......
5,135,000
5,156,102
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/46
......
895,000
714,876
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/51
......
1,335,000
1,026,104
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/55
......
1,760,000
1,322,178
401,941,137
U.S.
Territories
3.1%
District
of
Columbia
2.1%
District
of
Columbia
,
Revenue
,
2006
B-1
,
BHAC,
FGIC
Insured
,
5
%
,
2/01/24
.....................
12,120,000
12,120,000
Revenue
,
2006
B-1
,
BHAC,
FGIC
Insured
,
5
%
,
2/01/25
.....................
7,000,000
7,009,181
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)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
District
of
Columbia,
(continued)
Revenue
,
2006
B-1
,
BHAC,
FGIC
Insured
,
5
%
,
2/01/26
.....................
$
9,950,000
$
9,961,041
Catholic
University
of
America
(The)
,
Revenue
,
2017
B
,
5
%
,
10/01/42
..........
20,535,000
21,101,144
Catholic
University
of
America
(The)
,
Revenue
,
2017
B
,
5
%
,
10/01/47
..........
25,110,000
25,612,644
Catholic
University
of
America
(The)
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/43
...
4,000,000
4,128,659
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/49
............
1,000,000
996,393
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/54
............
1,905,000
1,870,900
Water
&
Sewer
Authority
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
10/01/49
..........
25,000,000
26,248,483
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
10/01/48
.......................
10,275,000
10,539,523
Aviation
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
.......................
10,000,000
10,350,551
Aviation
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/53
.....................
6,000,000
6,445,318
Dulles
Toll
Road
,
Revenue,
Second
Lien
,
2009
C
,
Pre-Refunded
,
AGMC
Insured
,
6.5
%
,
10/01/41
..................................................
25,000,000
27,341,270
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/49
........
13,555,000
12,656,166
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2021
A
,
4
%
,
7/15/43
.........................................................
12,775,000
12,826,097
189,207,370
Puerto
Rico
1.0%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/34
....................................
458,954
460,544
Revenue
,
2007
CC
,
5.25
%
,
7/01/36
....................................
2,305,353
2,315,542
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
11,899,431
11,679,536
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
2,238,588
2,248,483
Revenue
,
2007
N
,
5.25
%
,
7/01/39
.....................................
86,797
87,297
Puerto
Rico
Electric
Power
Authority
,
b,g
Revenue
,
6
%
,
7/01/41
..............................................
3,809,333
3,809,333
b,g
Revenue
,
7.125
%
,
7/01/59
...........................................
18,500,231
18,500,231
h
Revenue
,
2013
A
,
5
%
,
7/01/42
........................................
18,925,000
5,866,750
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
5,780,000
5,720,166
h
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
15,000,000
4,650,000
h
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
2,450,000
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
27,576,000
27,665,313
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
5,593,000
5,489,954
90,943,149
Total
U.S.
Territories
....................................................................
280,150,519
Total
Municipal
Bonds
(Cost
$
8,928,514,255
)
...................................
8,810,706,900
Shares
Escrows
and
Litigation
Trusts
0.0%
†
b
,i
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
1,723,393
1,378,715
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
1,378,715
Total
Long
Term
Investments
(Cost
$
8,990,893,413
)
.............................
8,874,506,272
a
a
a
a
a
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
34
See
Abbreviations
on
page
38
.
Short
Term
Investments
0.4%
a
a
Principal
Amount
a
Value
Municipal
Bonds
0.4%
Massachusetts
0.0%
†
j
Massachusetts
Health
&
Educational
Facilities
Authority
,
President
and
Fellows
of
Harvard
College
,
Revenue
,
R
,
Daily
VRDN
and
Put
,
2
%
,
11/01/49
.............
$
800,000
$
800,000
New
York
0.3%
j
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
4.5
%
,
6/15/33
........................................................
5,630,000
5,630,000
Water
&
Sewer
System
,
Revenue
,
BB-1
A
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
3.18
%
,
6/15/49
......................................
17,045,000
17,045,000
j
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2019
B-4
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
8/01/42
...........
700,000
700,000
23,375,000
North
Carolina
0.1%
j
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2007
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.1
%
,
1/15/38
....................................................
10,000,000
10,000,000
Ohio
0.0%
†
j
County
of
Allen
Hospital
Facilities
,
Bon
Secours
Mercy
Health,
Inc.
,
Revenue
,
2010
C
,
LOC
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
3.2
%
,
6/01/34
..................
2,310,000
2,310,000
Total
Municipal
Bonds
(Cost
$
36,485,000
)
......................................
36,485,000
Total
Short
Term
Investments
(Cost
$
36,485,000
)
................................
36,485,000
a
Total
Investments
(Cost
$
9,027,378,413
)
99.3
%
..................................
$8,910,991,272
Other
Assets,
less
Liabilities
0.7
%
.............................................
63,062,359
Net
Assets
100.0%
...........................................................
$8,974,053,631
†
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
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
d
The
maturity
date
shown
represents
the
mandatory
put
date.
e
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,
2024,
the
aggregate
value
of
these
securities
was
$903,384,635,
representing
10.1%
of
net
assets.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Security
purchased
on
a
when-issued
basis.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
i
Non-income
producing.
j
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
35
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
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,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
36
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,
2024,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    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
...................
$1,981,210
$—
$—
$—
$24,070
$2,005,280
83,000
$52,778
Total
Affiliated
Securities
...
$1,981,210
$—
$—
$—
$24,070
$2,005,280
$52,778
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
$
2,005,280
$
—
$
—
$
2,005,280
Corporate
Bonds
........................
—
—
35,720,552
35,720,552
Senior
Floating
Rate
Interests
...............
—
—
24,694,825
24,694,825
Municipal
Bonds
:
—
Alabama
.............................
—
255,423,138
—
255,423,138
Alaska
...............................
—
34,025,520
—
34,025,520
Arizona
..............................
—
235,205,606
—
235,205,606
Arkansas
.............................
—
6,131,918
—
6,131,918
California
.............................
—
685,208,787
—
685,208,787
Colorado
.............................
—
263,966,118
—
263,966,118
Connecticut
...........................
—
18,412,697
—
18,412,697
Delaware
.............................
—
8,094,954
—
8,094,954
Florida
...............................
—
777,716,547
—
777,716,547
Georgia
..............................
—
374,552,632
—
374,552,632
Hawaii
...............................
—
100,543,447
—
100,543,447
Idaho
................................
—
16,036,648
—
16,036,648
Illinois
...............................
—
512,372,627
—
512,372,627
Indiana
..............................
—
216,961,420
—
216,961,420
Iowa
................................
—
82,997,579
—
82,997,579
Kansas
..............................
—
22,147,296
—
22,147,296
3.
Investments
in
Affiliated
Management
Investment
Companies 
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
37
Quarterly
Schedule
of
Investments
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.
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
Municipal
Bonds:
Kentucky
.............................
$
—
$
130,158,769
$
—
$
130,158,769
Louisiana
.............................
—
221,657,075
—
221,657,075
Maryland
.............................
—
129,772,333
—
129,772,333
Massachusetts
........................
—
166,402,627
—
166,402,627
Michigan
.............................
—
49,607,157
—
49,607,157
Mississippi
............................
—
78,673,923
—
78,673,923
Missouri
..............................
—
55,120,197
—
55,120,197
Montana
.............................
—
16,928,044
—
16,928,044
Nebraska
.............................
—
56,607,103
—
56,607,103
Nevada
..............................
—
23,345,485
—
23,345,485
New
Hampshire
........................
—
16,842,747
—
16,842,747
New
Jersey
...........................
—
278,613,698
—
278,613,698
New
Mexico
...........................
—
35,448,813
—
35,448,813
New
York
.............................
—
768,604,705
—
768,604,705
North
Carolina
.........................
—
46,773,335
—
46,773,335
North
Dakota
..........................
—
70,491,699
—
70,491,699
Ohio
................................
—
180,765,255
—
180,765,255
Oklahoma
............................
—
23,023,192
—
23,023,192
Oregon
..............................
—
98,078,124
—
98,078,124
Pennsylvania
..........................
—
124,664,154
—
124,664,154
Rhode
Island
..........................
—
8,980,877
—
8,980,877
South
Carolina
.........................
—
171,205,180
—
171,205,180
South
Dakota
..........................
—
45,332,795
—
45,332,795
Tennessee
............................
—
331,443,792
—
331,443,792
Texas
...............................
—
936,817,479
—
936,817,479
Utah
................................
—
100,073,300
—
100,073,300
Vermont
..............................
—
9,367,434
—
9,367,434
Virginia
..............................
—
53,255,938
—
53,255,938
Washington
...........................
—
225,617,350
—
225,617,350
West
Virginia
..........................
—
65,145,730
—
65,145,730
Wisconsin
............................
—
401,941,137
—
401,941,137
U.S.
Territories
..........................
District
of
Columbia
.....................
—
189,207,370
—
189,207,370
Puerto
Rico
...........................
—
68,633,585
22,309,564
90,943,149
Escrows
and
Litigation
Trusts
...............
—
—
1,378,715
1,378,715
Short
Term
Investments
...................
—
36,485,000
—
36,485,000
Total
Investments
in
Securities
...........
$2,005,280
$8,824,882,336
$84,103,656
$8,910,991,272
4. Fair
Value
Measurements 
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
38
Quarterly
Schedule
of
Investments
Abbreviations
Cu
r
rency
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.
FHA
Federal
Housing
Administration
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LIBOR
London
Interbank
Offered
Rate
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
SPA
Standby
Purchase
Agreement
TSOF
Term
SOFR
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.