Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1116-Q3PH
1
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Schedule
of
Investments
(unaudited)
Franklin
Federal
Tax-Free
Income
Fund
2
Notes
to
Schedule
of
Investments
32
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
January
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
53,204
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
Principal
Amount
a
a
a
a
Corporate
Bonds
0.5%
Software
0.5%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
35,660,000
37,443,056
Total
Corporate
Bonds
(Cost
$
35,660,000
)
......................................
37,443,056
Municipal
Bonds
98.0%
Alabama
3.7%
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
10,000,000
10,006,433
Black
Belt
Energy
Gas
District
,
c
Revenue
,
2022
F
,
Mandatory
Put
,
5.5
%
,
12/01/28
.........................
24,715,000
26,135,917
c
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
17,015,000
18,353,938
c
Revenue
,
2023
D-1
,
Refunding
,
Mandatory
Put
,
5.5
%
,
2/01/29
................
4,000,000
4,243,422
c
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
4,500,000
4,857,334
Revenue
,
2025
G
,
5
%
,
10/01/35
.......................................
12,000,000
12,907,999
Chilton
County
Health
Care
Authority
,
County
of
Chilton
Sales
Tax
,
Revenue
,
2015
A
,
5
%
,
11/01/40
.....................................................
8,425,000
8,428,446
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
10/01/53
..........
39,600,000
41,563,645
d
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
12,200,000
11,202,011
c
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
25,230,000
27,530,545
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
15,000,000
16,570,630
Jacksonville
Public
Educational
Building
Authority
,
Jacksonville
State
University
,
Revenue
,
2023
A
,
AG
Insured
,
5.25
%
,
8/01/53
.....
8,000,000
8,226,855
Jacksonville
State
University
,
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
8/01/58
......
2,000,000
2,081,874
Southeast
Energy
Authority
A
Cooperative
District
,
c
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
12,850,000
13,744,158
c
Revenue
,
2023
B
,
Mandatory
Put
,
5
%
,
6/01/30
............................
6,000,000
6,359,909
Revenue
,
2024
A
,
5
%
,
11/01/35
.......................................
20,000,000
21,308,328
c
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/35
............................
19,500,000
20,316,054
c
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
.........................
14,000,000
14,825,135
Revenue
,
2025
H
,
5
%
,
11/01/35
.......................................
16,000,000
17,277,043
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
5,000,000
5,083,501
291,023,177
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2015-3
,
5
%
,
10/01/39
...........
200,000
200,298
Alaska
Railroad
Corp.
,
Revenue
,
2025
,
AG
Insured
,
6
%
,
10/01/50
...............
2,800,000
3,037,700
Northern
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2021
A
,
1
,
Refunding
,
4
%
,
6/01/50
...................
3,250,000
2,707,039
Revenue,
Senior
Lien
,
2021
B-1
,
2
,
Refunding
,
4
%
,
6/01/50
..................
705,000
682,771
6,627,808
Arizona
2.0%
Arizona
Industrial
Development
Authority
,
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/32
.............
205,000
206,086
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/33
.............
220,000
221,072
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/34
.............
230,000
230,018
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/35
.............
235,000
234,162
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/36
.............
220,000
217,655
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
Industrial
Development
Authority,
(continued)
Leman
Academy
of
Excellence
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4.5
%
,
7/01/54
........................................................
$
10,000,000
$
8,267,556
c
Chandler
Industrial
Development
Authority
,
Intel
Corp.
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
9/01/27
..................................................
9,000,000
9,184,074
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..................................
10,000,000
10,023,141
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
4
%
,
7/01/40
...............
25,000,000
25,098,447
Airport
,
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
..........................
6,000,000
6,038,309
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
4
%
,
7/01/45
..................................................
3,235,000
3,011,338
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/32
.....
6,000,000
7,054,822
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/34
.....
5,000,000
6,044,389
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/35
.....
9,860,000
12,035,223
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
........................................
10,000,000
8,605,425
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
E
,
4
%
,
1/01/45
...............
10,000,000
9,234,625
Banner
Health
Obligated
Group
,
Revenue
,
2019
F
,
4
%
,
1/01/45
...............
25,000,000
22,997,490
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
A
,
Refunding
,
3.6
%
,
2/01/40
.............
19,500,000
18,572,902
Southern
California
Edison
Co.
,
Revenue
,
2000
A
,
Refunding
,
2.4
%
,
6/01/35
.....
5,000,000
4,400,751
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2023
A
,
5
%
,
1/01/47
.........................................................
6,245,000
6,561,570
158,239,055
Arkansas
0.1%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/44
........................
3,600,000
3,621,924
City
of
Centerton
,
Sales
&
Use
Tax
,
Revenue
,
2024
,
AG
Insured
,
4
%
,
11/01/44
.................
2,250,000
2,183,346
Sales
&
Use
Tax
,
Revenue
,
2024
,
AG
Insured
,
4.125
%
,
11/01/49
..............
1,400,000
1,354,057
Sales
&
Use
Tax
,
Revenue
,
2024
,
AG
Insured
,
4
%
,
11/01/54
.................
1,455,000
1,466,160
8,625,487
California
8.7%
d
Align
Affordable
Housing
Bond
Fund
LP
,
Coronado
Springs
Tower
LLC
,
Revenue
,
144A,
2020-2
,
A
,
4
%
,
9/01/27
.........................................
17,835,000
17,882,441
c
ARC70
II
TRUST
,
Revenue
,
2021-1
,
A
,
Mandatory
Put
,
4
%
,
12/01/37
............
11,360,000
9,635,258
c
California
Community
Choice
Financing
Authority
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5
%
,
8/01/29
..........................
5,000,000
5,261,056
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
43,250,000
46,037,095
Revenue
,
2026
A-1
,
Mandatory
Put
,
5
%
,
2/01/36
..........................
5,000,000
5,444,236
d
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
22,400,000
18,652,691
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
17,850,000
14,721,405
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
10,000,000
6,777,110
California
Statewide
Communities
Development
Authority
,
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5
%
,
8/15/42
425,000
445,266
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.125
%
,
8/15/47
........................................................
620,000
632,029
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.25
%
,
8/15/52
........................................................
7,815,000
7,964,762
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.375
%
,
8/15/57
........................................................
12,495,000
12,799,298
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
d
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
$
12,000,000
$
7,784,488
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
5,300,000
4,545,826
d
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
20,077,163
d
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
19,671,655
Corona-Norco
Unified
School
District
,
GO
,
C
,
AG
Insured
,
6.2
%
,
8/01/29
.....................................
3,250,000
3,444,621
GO
,
C
,
Pre-Refunded
,
AG
Insured
,
6.8
%
,
8/01/39
.........................
8,500,000
9,071,926
e
GO
,
C
,
AG
Insured
,
4.14
%,
8/01/39
....................................
7,500,000
4,338,338
d
CSCDA
Community
Improvement
Authority
,
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
10,000,000
8,250,835
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,586,930
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
10,665,158
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
13,700,000
10,910,317
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
7,015,175
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
2,620,000
2,464,255
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
7,855,000
6,280,311
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
12,855,780
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
9,859,646
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
1,670,000
1,138,724
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
15,000,000
10,558,735
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
21,162,369
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
25,000,000
19,069,045
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
5.4
%
,
1/15/30
....................
15,475,000
17,377,927
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
20,000,000
24,154,264
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
12,500,000
15,533,099
e
New
Haven
Unified
School
District
,
GO
,
2009
,
AG
Insured
,
2.57
%,
8/01/31
..................................
2,055,000
1,787,350
GO
,
2009
,
AG
Insured
,
2.68
%,
8/01/32
..................................
7,830,000
6,595,504
GO
,
2009
,
AG
Insured
,
2.78
%,
8/01/33
..................................
7,660,000
6,236,044
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/47
......................................................
23,855,000
23,877,448
e
Rialto
Unified
School
District
,
GO
,
2011
A
,
AG
Insured
,
3.93
%,
8/01/36
...........
20,000,000
13,346,868
San
Diego
County
Regional
Airport
Authority
,
Revenue,
Senior
Lien
,
2023
B
,
5.25
%
,
7/01/58
.........................................................
15,000,000
15,478,431
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
5
%
,
5/01/49
........................................
26,805,000
27,032,671
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
13,000,000
13,101,101
San
Jose
Unified
School
District
,
GO
,
2018
E
,
4
%
,
8/01/42
....................
5,000,000
5,009,278
e
San
Mateo
Foster
City
School
District
,
GO
,
A
,
5.342
%,
8/01/42
.................
50,000,000
56,433,585
e
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
6.131
%,
9/01/33
.........................................
6,065,000
6,286,047
GO
,
2011
A
,
6.476
%,
9/01/41
.........................................
20,000,000
22,020,560
e
Santa
Ana
Unified
School
District
,
GO
,
2009
B
,
AG
Insured
,
3.09
%,
8/01/35
................................
10,000,000
7,492,405
GO
,
2009
B
,
AG
Insured
,
3.22
%,
8/01/36
................................
18,865,000
13,521,611
GO
,
2009
B
,
AG
Insured
,
3.36
%,
8/01/37
................................
10,000,000
6,841,305
f
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
4.227
%
,
(
3-month
TSOF
+
1.645
%
),
11/01/38
...........................................
6,000,000
5,948,462
State
of
California
,
GO
,
2002
,
NATL
Insured
,
5
%
,
10/01/32
....................
20,000
20,044
e
West
Contra
Costa
Unified
School
District
,
GO
,
C-1
,
Refunding
,
AG
Insured
,
2.56
%,
8/01/29
..........................
10,000,000
9,154,200
GO
,
C-1
,
Refunding
,
AG
Insured
,
2.59
%,
8/01/30
..........................
20,845,000
18,578,926
GO
,
C-1
,
Refunding
,
AG
Insured
,
2.67
%,
8/01/31
..........................
20,000,000
17,300,998
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)
e
West
Contra
Costa
Unified
School
District,
(continued)
GO
,
C-1
,
Refunding
,
AG
Insured
,
2.78
%,
8/01/32
..........................
$
10,730,000
$
8,980,530
686,112,602
Colorado
2.7%
d
Access
25
Metropolitan
District
No.
2
,
GO
,
144A,
2023
,
6.75
%
,
12/01/53
..........
3,555,000
3,667,969
e
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO
,
2025
A-1
,
Refunding
,
0.396
%,
12/01/55
.............................
8,250,000
7,384,661
GO
,
2025
A-2
,
Refunding
,
0.41
%,
12/01/55
..............................
7,750,000
6,901,724
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
12/01/46
2,000,000
1,897,349
d
Broadway
Park
North
Metropolitan
District
No.
2
,
GO
,
144A,
2020
,
Refunding
,
5
%
,
12/01/49
........................................................
1,575,000
1,484,464
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/45
...............
10,000,000
10,819,706
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
11/15/53
..................
10,000,000
10,140,856
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5
%
,
12/01/37
..........
10,000,000
10,378,166
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5
%
,
12/01/43
..........
5,000,000
5,099,738
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5.25
%
,
12/01/43
.......
11,045,000
11,373,868
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5
%
,
12/01/48
..........
15,500,000
15,561,713
Pledged
Excise
Tax
,
Revenue
,
2018
A-1
,
5
%
,
8/01/48
......................
29,690,000
29,844,943
e
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
4.16
%,
8/01/35
....................
2,000,000
1,358,504
e
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
4.21
%,
8/01/36
....................
2,500,000
1,620,879
e
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
4.26
%,
8/01/37
....................
2,455,000
1,519,537
e
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
4.31
%,
8/01/38
....................
2,000,000
1,180,406
Colorado
Educational
&
Cultural
Facilities
Authority
,
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/62
...................
2,200,000
2,082,174
Colorado
Health
Facilities
Authority
,
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.625
%
,
9/15/59
........
6,505,000
6,533,719
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
4
%
,
8/01/49
13,000,000
11,135,296
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
......
10,500,000
10,749,958
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/50
...........................................
4,930,000
4,136,451
Constitution
Heights
Metropolitan
District
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
.....
1,736,000
1,638,423
d
DIATC
Metropolitan
District
,
GO
,
144A,
2019
,
Refunding
,
5
%
,
12/01/49
...........
2,000,000
1,958,296
Evan's
Place
Metropolitan
District
,
GO
,
2020
A-3
,
5
%
,
12/01/50
.................
1,575,000
1,478,464
d
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,545,933
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.....................................
2,875,000
2,915,590
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
5.875
%
,
12/15/46
.
1,375,000
1,440,007
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
20,000,000
24,402,128
South
Maryland
Creek
Ranch
Metropolitan
District
,
GO
,
2023
,
Refunding
,
AG
Insured
,
5
%
,
12/01/48
..........................
800,000
816,297
GO
,
2023
,
Refunding
,
AG
Insured
,
5.125
%
,
12/01/57
.......................
2,150,000
2,193,026
Westminster
Public
Schools
,
GO
,
2024
A
,
5
%
,
12/01/49
......................
15,000,000
15,783,667
211,043,912
Connecticut
0.2%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/38
..........
2,200,000
2,203,653
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
..........
6,000,000
5,446,624
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
4
%
,
7/01/41
...
5,000,000
4,897,652
University
of
Hartford
(The)
,
Revenue
,
2022
P
,
5.375
%
,
7/01/52
...............
6,000,000
5,455,993
18,003,922
Delaware
0.1%
County
of
Kent
,
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/40
...........................
1,100,000
1,106,451
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)
Delaware
(continued)
County
of
Kent,
(continued)
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/48
...........................
$
1,485,000
$
1,396,014
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/53
...........................
1,100,000
1,011,227
Delaware
State
Economic
Development
Authority
,
Newark
Charter
School,
Inc.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/41
..........
600,000
560,808
Newark
Charter
School,
Inc.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/51
..........
3,300,000
2,731,742
6,806,242
Florida
8.2%
Abbott
Square
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/55
.........................................................
1,300,000
1,327,380
Alachua
County
Health
Facilities
Authority
,
Oak
Hammock
at
the
University
of
Florida
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/40
...........................................
2,500,000
2,424,980
Oak
Hammock
at
the
University
of
Florida
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/46
...........................................
1,750,000
1,491,827
Ave
Maria
Stewardship
Community
District
,
Assessments
,
Special
Assessment
,
2022
A
,
Refunding
,
4
%
,
5/01/42
...........................................
5,015,000
4,642,983
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
1,840,000
1,815,977
Assessment
Area
3A
,
Special
Assessment
,
2020
,
4
%
,
5/01/50
................
1,500,000
1,278,410
d
Bannon
Lakes
Community
Development
District
,
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
................................................
700,000
637,360
Brevard
County
Health
Facilities
Authority
,
Health
First,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
4/01/52
.......................................
10,000,000
10,091,646
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/31
......
1,500,000
1,605,691
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/53
.......................................................
2,125,000
1,996,488
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/58
.......................................................
2,000,000
1,856,147
Capital
Trust
Agency,
Inc.
,
d
Kingdom
Kensington
LLC
,
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..........
22,800,000
20,953,964
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/31
.................
500,000
507,548
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/41
.................
325,000
304,682
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/51
.................
385,000
317,130
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/56
.................
485,000
390,715
d
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,000,000
1,390,627
Capital
Trust
Authority
,
d,e
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
5.31
%,
3/01/29
........................................................
55,385,000
47,234,228
Seaside
School
Consortium,
Inc.
,
Revenue
,
2024
A
,
5.125
%
,
6/15/59
...........
1,485,000
1,390,731
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien
,
2016
B
,
Refunding
,
4
%
,
7/01/39
.....................
5,000,000
5,006,996
Revenue,
Senior
Lien
,
2016
B
,
Refunding
,
4
%
,
7/01/40
.....................
5,825,000
5,829,684
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
................................
16,000,000
16,280,557
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/42
.................................
1,140,000
984,895
Special
Assessment
,
2021
,
4
%
,
5/01/52
.................................
1,845,000
1,580,999
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/38
...................................................
1,105,000
1,129,464
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
...................................................
9,235,000
8,805,934
City
of
Cocoa
,
Water
&
Sewer
,
Revenue
,
2018
B
,
5
%
,
10/01/48
.................
10,325,000
10,527,043
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2019
A
,
5
%
,
10/01/47
..........................
18,010,000
18,424,688
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)
City
of
Gainesville,
(continued)
Utilities
System
,
Revenue
,
2019
A
,
Pre-Refunded
,
5
%
,
10/01/47
...............
$
125,000
$
136,483
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/45
.....................................................
5,000,000
4,468,609
e
City
of
Melbourne
,
Water
&
Sewer
,
Revenue
,
2000
A
,
FGIC
Insured
,
ETM,
2.62
%,
10/01/26
........
1,500,000
1,474,318
Water
&
Sewer
,
Revenue
,
2002
B
,
Refunding
,
NATL
Insured
,
2.62
%,
10/01/26
....
4,500,000
4,422,954
City
of
Miami
Beach
,
Stormwater
,
Revenue
,
2015
,
5
%
,
9/01/41
.................
10,000,000
10,013,986
City
of
Palmetto
,
Renaissance
Arts
and
Education,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
6/01/52
...................................................
3,000,000
3,005,134
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
........................................................
4,730,000
3,950,250
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
9/01/56
.
10,150,000
8,196,615
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/47
........................................................
5,750,000
5,100,028
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/47
........................................................
7,845,000
7,899,310
City
of
St.
Petersburg
,
Public
Utility
,
Revenue
,
2018
,
Refunding
,
4
%
,
10/01/43
......
15,000,000
15,004,131
e
City
of
Tampa
,
State
of
Florida
Cigarette
Tax
,
Revenue
,
2020
A
,
3.62
%,
9/01/35
..............
755,000
536,823
State
of
Florida
Cigarette
Tax
,
Revenue
,
2020
A
,
3.72
%,
9/01/36
..............
800,000
543,499
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
15,000,000
12,749,828
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2025
A
,
5.25
%
,
10/01/50
.............................
6,740,000
6,939,782
Seaport
Department
,
Revenue,
Senior
Lien
,
2022
A
,
Refunding
,
5.25
%
,
10/01/52
..
6,000,000
6,083,652
Transit
System
,
Revenue
,
2018
,
4
%
,
7/01/47
.............................
5,000,000
4,564,781
Transit
System
,
Revenue
,
2020
A
,
4
%
,
7/01/48
...........................
5,000,000
4,538,760
Water
&
Sewer
System
,
Revenue
,
2019
B
,
4
%
,
10/01/49
....................
27,500,000
24,958,912
County
of
Monroe
,
Airport
,
Revenue
,
2022
,
5.25
%
,
10/01/47
................................
1,000,000
1,010,248
Airport
,
Revenue
,
2022
,
5
%
,
10/01/52
..................................
1,500,000
1,464,621
County
of
Osceola
,
Transportation
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
10/01/49
...
4,500,000
4,515,762
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
1,000,000
888,013
Cypress
Mill
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
560,000
570,106
Special
Assessment
,
2023
,
5
%
,
5/01/53
.................................
1,000,000
984,411
d
Downtown
Doral
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2018
,
5
%
,
12/15/48
.................................
4,000,000
4,002,285
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
6/15/54
...................................
750,000
751,393
d
Epperson
North
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2018
A-1
,
5.5
%
,
11/01/39
.............................
1,490,000
1,547,989
Escambia
County
Health
Facilities
Authority
,
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/36
.
4,165,000
4,353,156
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/37
.
6,000,000
6,242,090
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/40
.
4,000,000
4,101,942
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/45
.
19,465,000
17,074,683
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/50
.
18,985,000
15,924,766
Everlands
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.55
%
,
6/15/54
...............................................
1,000,000
1,004,081
Florida
Development
Finance
Corp.
,
Brightline
Trains
Florida
LLC
,
Revenue
,
2024
,
Refunding
,
AG
Insured
,
5.25
%
,
7/01/47
........................................................
28,000,000
27,624,624
River
City
Education
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/35
..........
325,000
319,593
River
City
Education
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/45
..........
600,000
501,545
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)
Florida
Development
Finance
Corp.,
(continued)
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/33
....................................................
$
1,350,000
$
1,455,787
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/38
....................................................
1,400,000
1,474,028
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/39
....................................................
2,750,000
2,883,601
Florida
Housing
Finance
Corp.
,
Revenue
,
2020-1
,
GNMA
Insured
,
2.75
%
,
7/01/50
.........................
1,410,000
1,028,260
Revenue
,
2025-3
,
GNMA
Insured
,
5.05
%
,
7/01/50
.........................
2,825,000
2,854,515
Florida
Municipal
Loan
Council
,
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/54
...............
820,000
826,647
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
4
%
,
10/01/49
.......................................
15,000,000
13,269,442
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
10/01/47
...............................
10,925,000
10,952,669
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
2,500,000
2,511,023
Heritage
Harbour
North
Community
Development
District
,
Special
Assessment
,
2014
,
5.125
%
,
5/01/45
...................................................
2,170,000
2,197,212
Herons
Glen
Recreation
District
,
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
5/01/45
.............
1,515,000
1,489,321
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
5/01/50
.............
1,800,000
1,655,140
Hillsborough
County
Aviation
Authority
,
Revenue
,
2018
E
,
5
%
,
10/01/48
..........
5,000,000
5,031,205
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
8/01/50
.......................
6,500,000
5,533,527
Hollywood
Beach
Community
Development
District
I
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
10/01/45
............................................
4,000,000
3,571,419
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/55
..............................................
1,000,000
973,837
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2021
,
3.6
%
,
6/15/41
.........................................................
750,000
718,412
d
Knightsbridge
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
6/15/44
....................................................
245,000
252,521
Lakes
by
the
Bay
South
Community
Development
District
,
Special
Assessment
,
2024
,
Refunding
,
5
%
,
5/01/34
.............................................
2,000,000
2,198,971
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.................................
7,210,000
7,428,781
Assessment
Calusa
,
Special
Assessment
,
2025
,
5.9
%
,
5/01/55
...............
1,000,000
1,025,214
Assessments
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/54
...................
530,000
535,320
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/44
................................................
6,360,000
6,405,756
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
....................................
250,000
223,987
Los
Cayos
Community
Development
District
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
..............................
850,000
867,228
Special
Assessment
,
2024
,
5.55
%
,
6/15/54
..............................
800,000
804,864
Miami-Dade
County
Expressway
Authority
,
Revenue
,
A
,
Refunding
,
5
%
,
7/01/40
....
40,000,000
40,197,120
Miami-Dade
County
Health
Facilities
Authority
,
Variety
Children's
Hospital
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/01/47
...........................
3,500,000
3,092,513
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
....................................................
4,700,000
4,895,808
d
Newton
Road
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
6/15/55
...................................................
875,000
883,614
Pacific
Ace
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/55
.........................................................
750,000
753,363
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)
Palm
Beach
County
Educational
Facilities
Authority
,
Palm
Beach
Atlantic
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/41
.......................................................
$
3,695,000
$
3,382,908
Palm
Beach
Atlantic
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/46
.......................................................
7,570,000
6,369,897
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
B
,
5
%
,
11/15/42
.......................................................
1,000,000
1,034,528
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/36
....
1,235,000
1,238,367
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/41
....
5,060,000
5,065,109
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/47
....
130,000
123,771
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.625
%
,
5/15/58
.................................................
1,620,000
1,801,102
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Senior
Lien
,
2020
A-1
,
Refunding
,
AG
Insured
,
2.625
%
,
5/01/34
1,200,000
1,082,069
Special
Assessment,
Senior
Lien
,
2020
A-1
,
Refunding
,
AG
Insured
,
2.8
%
,
5/01/37
995,000
855,969
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/52
.........................................................
2,500,000
2,512,362
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
.....................................
750,000
715,220
Reunion
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
Refunding
,
3
%
,
5/01/36
..............................
1,250,000
1,165,919
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/42
.....................................
495,000
431,963
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/36
.....................................
750,000
678,680
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/37
........................................................
2,350,000
2,364,107
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/42
........................................................
1,600,000
1,602,695
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/47
........................................................
2,450,000
2,322,275
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/33
..............
600,000
617,420
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/38
..............
1,025,000
1,043,566
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/48
..............
1,850,000
1,800,606
Sarasota
County
Public
Hospital
District
,
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/52
............................
15,000,000
13,064,753
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
........................................................
10,000,000
8,873,049
South
Broward
Hospital
District
,
South
Broward
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/01/45
.........................................
20,715,000
21,007,510
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
6/15/41
....................................
500,000
435,817
South
Fork
East
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/26
.............
100,000
99,950
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/31
.............
246,000
241,737
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/38
.............
597,000
538,301
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
7,250,000
6,060,597
Tampa
Sports
Authority
,
Revenue
,
1995
,
NATL
Insured
,
6.1
%
,
10/01/26
...........
515,000
522,564
Timber
Creek
Southwest
Community
Development
District
,
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................................
1,000,000
953,761
Special
Assessment
,
2020
,
4
%
,
6/15/50
.................................
2,000,000
1,630,308
Tohoqua
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
......................................................
1,165,000
974,744
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)
Touchstone
Community
Development
District
,
Special
Assessment,
Senior
Lien
,
2022
A-1
,
5.5
%
,
5/01/53
.................................................
$
1,800,000
$
1,831,839
Town
of
Palm
Beach
,
GO
,
2018
,
4
%
,
7/01/43
..............................
5,000,000
5,038,832
Two
Lakes
Community
Development
District
,
Special
Assessment
,
2024
,
5
%
,
5/01/55
1,720,000
1,705,824
University
of
North
Florida
Financing
Corp.
(The)
,
University
of
North
Florida
Dormitory
Facilities
,
Revenue
,
2016
,
Refunding
,
AG
Insured
,
5
%
,
11/01/35
...............
5,000,000
5,070,959
d
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4.55
%
,
5/01/44
.........................
750,000
729,094
Special
Assessment
,
144A,
2024
,
4.8
%
,
5/01/55
..........................
1,745,000
1,669,233
Phase
I
,
Special
Assessment
,
144A,
2023
,
5
%
,
5/01/43
.....................
1,500,000
1,533,052
Phase
I
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
5/01/54
...................
5,975,000
5,997,263
Village
Community
Development
District
No.
16
,
Special
Assessment
,
2025
,
5.125
%
,
5/01/56
.........................................................
5,500,000
5,475,114
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/15/49
..........................
3,000,000
3,058,701
West
Lake
Community
Development
District
,
Special
Assessment
,
2025
,
5.5
%
,
6/15/55
885,000
871,290
Wildwood
Utility
Dependent
District
,
Revenue
,
2023
,
AG
Insured
,
5.5
%
,
10/01/53
...
6,970,000
7,418,561
646,700,428
Georgia
3.5%
Atlanta
Development
Authority
(The)
,
d
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/50
.............
1,650,000
1,711,169
d
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
.............
1,550,000
1,598,444
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/27
..
5,000,000
5,081,142
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
15,040,000
13,786,372
City
of
Atlanta
,
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2019
D
,
4
%
,
7/01/36
.....
10,000,000
10,115,430
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2023
E
,
5.25
%
,
7/01/43
...
4,250,000
4,570,153
Water
&
Wastewater
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
11/01/47
..............
4,845,000
4,902,355
Columbia
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
5.125
%
,
4/01/53
....................................
1,875,000
1,922,279
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
10,000,000
10,261,624
Development
Authority
for
Fulton
County
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
20,000,000
17,856,930
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
C
,
Refunding
,
4.125
%
,
11/01/45
.......
2,500,000
2,357,263
Oglethorpe
Power
Corp.
,
Revenue
,
2017
D
,
Refunding
,
4.125
%
,
11/01/45
.......
18,500,000
17,443,748
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
7,985,000
8,404,990
e
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.77
%,
12/01/45
..................
40,517,316
19,451,736
Fayette
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
7/01/46
........................................
15,000,000
15,034,436
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
5,065,000
5,073,734
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2025
C
,
5.125
%
,
12/01/50
........
10,250,000
10,457,645
Main
Street
Energy,
Inc.
,
Revenue
,
2025
D
,
5
%
,
12/01/33
.....................
7,500,000
8,100,024
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/28
......................................
5,000,000
5,303,857
c
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
10,000,000
10,191,836
c
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
5,000,000
5,111,516
c
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
33,595,000
35,605,953
c
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
20,000,000
21,433,608
Metropolitan
Atlanta
Rapid
Transit
Authority
,
Revenue
,
2025
A
,
5
%
,
7/01/55
........
12,500,000
13,044,122
Municipal
Electric
Authority
of
Georgia
,
PowerSouth
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/63
.....
7,920,000
7,822,105
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Municipal
Electric
Authority
of
Georgia,
(continued)
PowerSouth
Energy
Cooperative
,
Revenue
,
2022
A
,
5.5
%
,
7/01/63
............
$
2,500,000
$
2,574,084
PowerSouth
Energy
Cooperative
,
Revenue
,
2023
A
,
5.5
%
,
7/01/64
............
5,000,000
5,157,898
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2013
A
,
5
%
,
10/01/43
........................................................
10,000,000
10,003,721
Savannah
Georgia
Convention
Center
Authority
,
Revenue
,
2025
A
,
5.25
%
,
6/01/61
..
4,325,000
4,273,837
278,652,011
Hawaii
1.4%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2024
A
,
5
%
,
7/01/49
..............
15,400,000
16,128,905
Wastewater
System
,
Revenue,
Senior
Lien
,
2024
A
,
5.25
%
,
7/01/54
............
7,000,000
7,486,552
State
of
Hawaii
,
Airports
System
,
Revenue
,
2018
A
,
5
%
,
7/01/43
...........................
20,805,000
21,186,154
Airports
System
,
Revenue
,
2018
A
,
5
%
,
7/01/48
...........................
21,315,000
21,436,606
Airports
System
,
Revenue
,
2022
A
,
4
%
,
7/01/47
...........................
10,000,000
9,028,999
Airports
System
,
Revenue
,
2022
A
,
5
%
,
7/01/47
...........................
13,200,000
13,463,732
Airports
System
,
Revenue
,
2025
C
,
Refunding
,
5
%
,
7/01/45
..................
2,390,000
2,489,890
Department
of
Budget
&
Finance
,
Revenue
,
2019
,
Refunding
,
3.2
%
,
7/01/39
.....
10,000,000
9,112,829
Department
of
Budget
&
Finance
,
Revenue
,
2019
,
3.5
%
,
10/01/49
.............
17,035,000
13,656,902
113,990,569
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
8,139,666
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2019
ID
,
4
%
,
12/01/43
.........
6,000,000
5,772,275
Idaho
Housing
&
Finance
Association
,
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.5
%
,
5/01/43
.............
350,000
364,967
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.75
%
,
5/01/48
.............
525,000
545,255
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.75
%
,
5/01/58
.............
1,000,000
1,029,314
15,851,477
Illinois
5.7%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.75
%
,
4/01/48
...................................................
20,000,000
21,027,722
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
BAM
Insured
,
5.5
%
,
1/01/53
..............................................
6,000,000
6,239,549
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2016
D
,
5.25
%
,
1/01/42
............................
10,000,000
10,154,022
Revenue,
Senior
Lien
,
2016
D
,
5
%
,
1/01/47
..............................
6,500,000
6,517,232
Revenue,
Senior
Lien
,
2017
D
,
Refunding
,
5
%
,
1/01/52
.....................
6,335,000
6,277,120
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
1/01/53
.....................
10,000,000
9,877,871
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
1/01/55
..............................
36,500,000
36,201,915
Revenue,
Senior
Lien
,
2024
A
,
5.5
%
,
1/01/53
.............................
13,115,000
13,666,107
Revenue,
Senior
Lien
,
2025
E
,
BAM
Insured
,
5
%
,
1/01/60
...................
6,000,000
5,956,907
Chicago
Park
District
,
GO
,
2020
C
,
BAM
Insured
,
4
%
,
1/01/41
.................................
1,400,000
1,382,726
GO
,
2020
C
,
BAM
Insured
,
4
%
,
1/01/42
.................................
4,300,000
4,167,275
City
of
Chicago
,
GO
,
2023
A
,
5.5
%
,
1/01/39
...........................................
4,210,000
4,486,929
GO
,
2023
A
,
5.5
%
,
1/01/40
...........................................
15,555,000
16,495,752
GO
,
2024
A
,
5
%
,
1/01/45
............................................
3,130,000
3,066,828
GO
,
2024
A
,
5.25
%
,
1/01/45
..........................................
5,690,000
5,726,386
GO
,
2025
A
,
6
%
,
1/01/50
............................................
24,280,000
25,422,529
City
of
Galesburg
,
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/46
......
7,000,000
5,538,214
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)
Illinois
(continued)
Illinois
Finance
Authority
,
Bradley
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/46
................
$
2,250,000
$
1,872,722
Bradley
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/51
................
4,650,000
3,755,341
g
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/41
.........
1,116,452
55,823
g
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
3.25
%
,
5/15/27
........................................................
526,387
26,319
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/41
..............................
750,000
716,033
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/51
..............................
1,000,000
844,738
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/56
..............................
750,000
621,146
Moorings
of
Arlington
Heights
LLC
Obligated
Group
(The)
,
Revenue
,
2025
A
,
Refunding
,
5.375
%
,
11/01/50
.......................................
1,435,000
1,444,401
Moorings
of
Arlington
Heights
LLC
Obligated
Group
(The)
,
Revenue
,
2025
A
,
Refunding
,
5.375
%
,
11/01/55
.......................................
1,305,000
1,311,361
Illinois
Housing
Development
Authority
,
Revenue
,
2022
G
,
GNMA
Insured
,
5
%
,
10/01/46
........................................................
2,780,000
2,806,252
Macon
County
School
District
No.
61
Decatur
,
GO
,
2020
C
,
Refunding
,
AG
Insured
,
4
%
,
1/01/40
.........................
3,700,000
3,706,517
GO
,
2020
C
,
Refunding
,
AG
Insured
,
4
%
,
1/01/45
.........................
3,125,000
3,000,266
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
1996
,
ETM,
7
%
,
7/01/26
.....................................
1,725,000
1,756,450
e
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2002
A
,
NATL
Insured
,
3.8
%,
12/15/37
...........................................
10,000,000
6,422,229
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
............................................
8,500,000
8,491,958
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
36,000,000
30,506,724
e
Southwestern
Illinois
Development
Authority
,
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AG
Insured
,
3.16
%,
12/01/26
.......................................
2,465,000
2,401,773
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AG
Insured
,
ETM,
2.62
%,
12/01/26
...................................
5,235,000
5,123,325
State
of
Illinois
,
GO
,
2016
,
5
%
,
11/01/35
.............................................
1,000,000
1,012,967
GO
,
2017
A
,
5
%
,
12/01/36
...........................................
6,070,000
6,241,530
GO
,
2017
A
,
4.25
%
,
12/01/40
.........................................
3,150,000
3,146,326
GO
,
2017
D
,
5
%
,
11/01/28
...........................................
6,425,000
6,683,981
GO
,
2019
A
,
5
%
,
11/01/28
...........................................
10,000,000
10,639,570
GO
,
2019
C
,
4
%
,
11/01/40
...........................................
2,500,000
2,431,808
GO
,
2020
,
5.75
%
,
5/01/45
...........................................
7,965,000
8,423,039
GO
,
2020
C
,
4
%
,
10/01/38
...........................................
9,750,000
9,706,543
GO
,
2020
C
,
4
%
,
10/01/39
...........................................
4,585,000
4,513,146
GO
,
2021
A
,
4
%
,
3/01/38
............................................
5,000,000
5,009,905
GO
,
2022
B
,
5
%
,
10/01/30
...........................................
14,650,000
16,152,913
GO
,
2022
B
,
5
%
,
10/01/31
...........................................
26,500,000
29,640,425
GO
,
2022
C
,
5
%
,
10/01/38
...........................................
15,000,000
16,238,409
GO
,
2022
C
,
5.5
%
,
10/01/40
.........................................
18,050,000
19,851,112
GO
,
2022
C
,
5.5
%
,
10/01/41
.........................................
10,000,000
10,935,381
GO
,
2022
C
,
5.5
%
,
10/01/44
.........................................
16,000,000
17,090,565
GO
,
2023
B
,
5.5
%
,
5/01/47
..........................................
2,500,000
2,627,221
Tri-County
River
Valley
Development
Authority
,
Cedars
of
Lebanon
Affordable
LLC
,
Revenue
,
2021
A
,
Pre-Refunded
,
3.75
%
,
12/01/36
.......................................................
9,725,000
10,089,405
Cedars
of
Lebanon
Affordable
LLC
,
Revenue
,
2021
B
,
Pre-Refunded
,
5.75
%
,
12/01/36
.......................................................
770,000
797,742
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)
d
Upper
Illinois
River
Valley
Development
Authority
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
................
$
6,885,000
$
7,025,542
445,325,992
Indiana
1.8%
City
of
Carmel
,
Waterworks
,
Revenue
,
2024
C
,
Refunding
,
BAM
Insured
,
5.25
%
,
5/01/51
.........................................................
2,150,000
2,233,481
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2021
,
3
%
,
11/01/51
.....
10,000,000
7,299,170
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2016
A
,
5.25
%
,
11/15/46
.........
11,955,000
11,975,938
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
............
15,000,000
14,450,501
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/41
...
7,250,000
6,912,196
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/53
.....................
2,300,000
2,278,358
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
..................
1,650,000
1,629,549
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.375
%
,
6/01/64
..................
6,010,000
6,049,615
Citizens
Wastewater
of
Westfield
LLC
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/48
16,665,000
16,954,654
CWA
Authority,
Inc.
,
Revenue,
First
Lien
,
2012
A
,
4
%
,
10/01/42
...............
24,690,000
24,162,278
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/43
..
7,000,000
6,244,404
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/51
..
3,000,000
2,408,852
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/37
..
5,000,000
4,928,230
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.375
%
,
5/01/50
.
5,400,000
5,427,121
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.5
%
,
5/01/54
...
5,400,000
5,447,727
Indianapolis
Power
&
Light
Co.
,
Revenue
,
2021
A
,
Refunding
,
1.4
%
,
8/01/29
.....
5,000,000
4,634,377
Westminster
Village
Greenwood,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
5.75
%
,
5/15/55
........................................................
7,765,000
7,945,453
Westminster
Village
Greenwood,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
5.75
%
,
5/15/60
........................................................
2,000,000
2,027,927
Indiana
Municipal
Power
Agency
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
1/01/42
.......
5,860,000
5,865,713
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue,
Senior
Lien
,
2023
E
,
6.125
%
,
3/01/57
...................................................
2,750,000
2,878,362
141,753,906
Iowa
0.6%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/36
....
1,400,000
1,403,816
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/41
....
3,600,000
3,603,635
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
5/15/48
....
3,225,000
3,045,465
c
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.098
%
,
5/15/26
.....................................
8,250,000
8,169,927
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
2,000,000
2,315,007
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.25
%
,
5/15/38
........................................................
2,750,000
3,174,342
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.5
%
,
5/15/53
........................................................
4,120,000
4,569,099
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
A-2
,
1
,
Refunding
,
4
%
,
6/01/49
..
20,730,000
17,534,777
43,816,068
Kansas
0.3%
Wyandotte
County-Kansas
City
Unified
Government
,
Utility
System
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
9/01/41
...................
5,000,000
5,034,851
Utility
System
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
9/01/46
...................
16,565,000
16,615,149
21,650,000
Kentucky
1.5%
City
of
Hazard
,
Appalachian
Regional
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/46
.............................................
2,000,000
1,527,782
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)
Kentucky
(continued)
City
of
Owensboro
,
Water
,
Revenue
,
2018
,
Refunding
,
BAM
Insured
,
4
%
,
9/15/45
...
$
5,000,000
$
4,797,195
County
of
Boyle
,
Centre
College
of
Kentucky
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
6/01/37
.........................................................
2,000,000
2,034,226
County
of
Carroll
,
Kentucky
Utilities
Co.
,
Revenue
,
2008
A
,
Refunding
,
2
%
,
2/01/32
..
3,000,000
2,730,819
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2012
A
,
5
%
,
10/01/33
...............................................
1,000,000
1,000,960
Hopkins
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.......
2,340,000
1,652,219
Kentucky
Bond
Development
Corp.
,
Revenue
,
2018
A
,
5
%
,
9/01/48
........................................
2,500,000
2,507,870
Centre
College
of
Kentucky
,
Revenue
,
2021
,
4
%
,
6/01/51
....................
1,350,000
1,084,760
Transylvania
University
,
Revenue
,
2019
B
,
4
%
,
3/01/49
.....................
2,500,000
2,184,917
Transylvania
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/46
.............
735,000
652,763
Transylvania
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/49
.............
330,000
286,053
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/49
........................
21,200,000
21,474,843
Kentucky
Municipal
Power
Agency
,
Revenue
,
2015
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/42
....................
10,000,000
10,005,481
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/35
....................
7,750,000
7,815,495
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/36
....................
8,015,000
8,079,509
Revenue
,
2019
A
,
Refunding
,
4
%
,
9/01/45
...............................
2,000,000
1,764,496
Kentucky
Public
Energy
Authority
,
c
Revenue
,
2022
A-2
,
Mandatory
Put
,
3.645
%
,
8/01/30
.......................
5,000,000
5,053,649
Revenue
,
2025
B
,
5
%
,
12/01/33
.......................................
19,880,000
20,850,261
Revenue
,
2025
C
,
Refunding
,
5
%
,
5/01/36
...............................
14,830,000
16,089,994
Kentucky
Rural
Water
Finance
Corp.
,
Revenue
,
2001
A
,
5
%
,
2/01/26
.............
10,000
10,000
Lewis
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.........
2,000,000
1,412,153
Louisville
and
Jefferson
County
,
Metropolitan
Sewer
District
,
Revenue
,
2017
A
,
4
%
,
5/15/48
.........................................................
2,750,000
2,534,189
Louisville/Jefferson
County
Metropolitan
Government
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2003
A
,
Refunding
,
2
%
,
10/01/33
..............................
4,000,000
3,541,409
University
of
Kentucky
,
Revenue
,
2014
A
,
4
%
,
4/01/44
........................
2,250,000
2,181,554
121,272,597
Louisiana
3.3%
City
of
Shreveport
,
Water
&
Sewer
,
Revenue
,
2016
B
,
5
%
,
12/01/41
..........................
10,000,000
10,078,764
Water
&
Sewer
,
Revenue,
Junior
Lien
,
2019
B
,
AG
Insured
,
4
%
,
12/01/44
........
6,535,000
6,308,346
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
8,500,000
7,678,386
Parish
of
Assumption
,
Revenue
,
144A,
2021
,
3.875
%
,
11/01/45
...............
4,255,000
3,818,240
Parish
of
Jefferson
,
Revenue
,
144A,
2019
,
4
%
,
11/01/44
....................
2,150,000
2,001,515
Parish
of
Lafourche
,
Revenue
,
144A,
2019
,
3.95
%
,
11/01/43
.................
1,867,545
1,762,377
Parish
of
St.
Bernard
,
Revenue
,
144A,
2021
,
4
%
,
11/01/45
...................
1,900,000
1,735,370
Parish
of
St.
Charles
,
Revenue
,
144A,
2022
,
4.5
%
,
11/01/47
.................
8,180,000
7,847,299
Parish
of
St.
John
the
Baptist
,
Revenue
,
144A,
2019
,
3.9
%
,
11/01/44
...........
3,510,000
3,223,645
Parish
of
St.
Tammany
LA
GOMESA
,
Revenue
,
144A,
2020
,
3.875
%
,
11/01/45
....
5,135,000
4,607,911
e
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
59,310,000
38,377,212
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/59
......
50,725,000
51,435,150
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
2,000,000
2,062,121
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/51
..............................................
9,000,000
8,899,885
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/56
..............................................
17,595,000
17,366,226
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/46
27,500,000
27,598,665
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)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
3
%
,
5/15/47
..............................................
$
9,925,000
$
7,847,782
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
5/15/55
........................................................
17,500,000
18,100,673
d
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.375
%
,
1/01/40
2,500,000
2,043,907
d
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
14,000,000
10,767,886
South
Quad
L3C
,
Revenue
,
2025
,
AG
Insured
,
5.25
%
,
7/01/65
................
5,000,000
5,174,670
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
B
,
5
%
,
1/01/48
........................................
9,675,000
9,679,260
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
MovEBR
Sales
Tax
,
Revenue
,
2019
,
4
%
,
8/01/44
.........................................
6,000,000
5,887,974
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/40
......................................................
5,065,000
5,072,898
259,376,162
Maine
0.0%
†
Finance
Authority
of
Maine
,
University
of
New
England
,
Revenue
,
2025
,
5.5
%
,
7/01/55
2,500,000
2,629,622
Maryland
1.8%
Maryland
Economic
Development
Corp.
,
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4.25
%
,
7/01/50
1,000,000
872,397
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
5
%
,
7/01/56
.
1,415,000
1,377,380
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
.............
10,000,000
10,064,582
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/52
...........
10,000,000
9,980,522
University
of
Maryland
Leonardtown
Project
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
7/01/54
........................................................
10,000,000
10,145,462
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
5.5
%
,
1/01/46
.........
12,500,000
12,601,490
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
1/01/51
..........
23,000,000
19,202,270
Loyola
University
Maryland,
Inc.
,
Revenue
,
2025
,
Refunding
,
5
%
,
10/01/54
......
28,325,000
28,606,004
MedStar
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/42
.......
13,285,000
13,290,265
MedStar
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/15/45
..............
15,465,000
15,599,177
Maryland
Stadium
Authority
,
State
of
Maryland
Built
to
Learn
,
Revenue
,
2024
,
4
%
,
6/01/49
.........................................................
11,750,000
10,759,178
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/33
...............
3,205,000
3,253,051
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/35
...............
3,455,000
3,221,788
138,973,566
Massachusetts
1.6%
Commonwealth
of
Massachusetts
,
GO
,
2016
G
,
4
%
,
9/01/42
............................................
10,000,000
9,952,965
GO
,
2018
E
,
5.25
%
,
9/01/43
.........................................
10,000,000
10,417,268
Transportation
Fund
,
Revenue
,
2017
A
,
5
%
,
6/01/47
.......................
25,055,000
25,295,568
Transportation
Fund
,
Revenue
,
2018
A
,
5
%
,
6/01/48
.......................
5,000,000
5,077,066
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2005
A
,
5
%
,
7/01/28
10,000,000
10,679,225
Massachusetts
Development
Finance
Agency
,
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
4
%
,
7/01/41
.......
15,415,000
15,431,015
Springfield
College
,
Revenue
,
2021
A
,
4
%
,
6/01/56
........................
3,000,000
2,224,904
d
Waste
Management
of
Massachusetts,
Inc.
,
Revenue
,
144A,
2002
,
1.25
%
,
5/01/27
3,250,000
3,172,664
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2021
C
,
3
%
,
7/01/51
........................................
3,200,000
2,154,169
Revenue
,
2025
B
,
5.5
%
,
7/01/55
......................................
6,000,000
6,170,340
Revenue,
Sub.
Lien
,
2017
B
,
Refunding
,
4.25
%
,
7/01/46
....................
1,835,000
1,641,126
Massachusetts
Port
Authority
,
Revenue
,
2021
E
,
5
%
,
7/01/51
..................
24,870,000
25,082,290
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)
Massachusetts
(continued)
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien
,
2014-1
,
5
%
,
11/01/39
........................................................
$
8,185,000
$
8,189,196
125,487,796
Michigan
0.8%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2006
B
,
NATL
Insured
,
5
%
,
7/01/36
.......................................
10,000
10,023
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Senior
Lien
,
2003
A
,
NATL
Insured
,
5
%
,
7/01/34
.........................................
10,000
10,023
Michigan
Finance
Authority
,
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/36
...
1,000,000
1,013,134
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/37
...
2,000,000
2,015,625
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/38
...
1,500,000
1,504,497
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/39
...
250,000
249,172
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/40
...
2,250,000
2,216,439
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/49
...
4,000,000
3,448,774
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
B-1
,
2
,
Refunding
,
5
%
,
6/01/49
..
825,000
824,041
Michigan
State
Housing
Development
Authority
,
Revenue
,
2023
B
,
Refunding
,
5
%
,
6/01/54
...............................
3,500,000
3,550,911
Revenue
,
2025
C
,
5
%
,
6/01/46
........................................
7,950,000
8,015,766
Revenue
,
2025
C
,
5.05
%
,
6/01/51
.....................................
10,000,000
10,072,228
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/48
....
13,345,000
13,001,784
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/15/49
...........................................
7,000,000
6,589,929
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/50
.............................
8,665,000
7,919,144
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2023
B
,
AG
Insured
,
5.5
%
,
12/01/48
....................................
5,000,000
5,297,736
65,739,226
Mississippi
1.1%
Medical
Center
Educational
Building
Corp.
,
Mississippi
State
Institutions
of
Higher
Learning
,
Revenue
,
2023
A
,
4
%
,
6/01/53
................................
6,000,000
5,542,241
Mississippi
Business
Finance
Corp.
,
System
Energy
Resources,
Inc.
,
Revenue
,
2021
,
Refunding
,
2.375
%
,
6/01/44
..........................................
7,000,000
4,577,594
Mississippi
Development
Bank
,
City
of
Jackson
Water
&
Sewer
System
,
Revenue
,
2013
,
AG
Insured
,
6.875
%
,
12/01/40
.......................................................
3,400,000
3,460,121
d
County
of
Jackson
,
Revenue
,
144A,
2021
,
3.625
%
,
11/01/36
.................
2,310,000
2,241,497
d
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
7,595,000
7,750,035
e
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
51,565,000
33,365,721
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
9/01/36
...
6,350,000
6,401,253
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
9/01/46
...
20,000,000
19,776,898
83,115,360
Missouri
0.7%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
BJC
Healthcare
Obligated
Group
,
Revenue
,
2015
A
,
4
%
,
1/01/45
..............
20,005,000
18,884,536
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
2/01/46
........................................................
4,000,000
3,996,004
Mercy
Health
,
Revenue
,
2023
,
5
%
,
12/01/52
.............................
5,000,000
5,142,596
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)
Missouri
(continued)
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AG
Insured
,
5
%
,
3/01/49
......................................
$
20,000,000
$
20,111,118
Missouri
Housing
Development
Commission
,
Revenue
,
2025
D
,
GNMA
Insured
,
5.05
%
,
11/01/45
...................................................
5,000,000
5,136,299
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AG
Insured
,
5
%
,
10/01/45
........................................................
5,000,000
5,126,527
58,397,080
Montana
0.1%
Montana
Facility
Finance
Authority
,
Kalispell
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
...............................
6,440,000
6,594,914
Nebraska
0.5%
c
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
10,000,000
10,519,797
Gretna
Public
Schools
,
GO
,
2022
,
4
%
,
12/15/47
............................
12,935,000
12,116,376
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/01/49
.............................................
10,000,000
10,000,000
Public
Power
Generation
Agency
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/39
.......
7,340,000
7,393,574
40,029,747
Nevada
0.1%
Carson
City
,
Carson
Tahoe
Regional
Healthcare
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/47
.............................................
2,775,000
2,740,727
City
of
Las
Vegas
,
Special
Improvement
District
No.
819
,
Special
Assessment
,
2025
,
5.5
%
,
6/01/55
....................................................
850,000
860,618
Reno-Tahoe
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
7/01/54
................
1,860,000
1,907,766
5,509,111
New
Hampshire
0.7%
New
Hampshire
Business
Finance
Authority
,
f
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
.............................
4,953,690
4,999,538
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
6
%
,
8/01/65
.....
10,000,000
9,963,722
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
7/01/48
........
2,250,000
2,271,025
Roseville
Sustainable
Energy
Partner
LLC
,
Revenue
,
2024
C
,
5.25
%
,
7/01/54
....
21,315,000
21,023,950
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Elliot
Hospital
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/38
.......
4,000,000
4,029,163
University
System
of
New
Hampshire
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/45
...
10,350,000
10,355,164
52,642,562
New
Jersey
3.1%
Camden
County
Improvement
Authority
(The)
,
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/62
.........................................
5,075,000
5,231,009
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AG
Insured
,
6
%
,
11/15/62
.
4,000,000
4,412,545
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
,
Revenue
,
2020
A
,
5
%
,
11/01/44
.......................
15,000,000
15,493,784
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/52
.......................
10,000,000
10,294,560
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
14,000,000
14,150,304
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2021
C
,
Refunding
,
3.25
%
,
12/01/51
...........................
2,000,000
1,416,801
Revenue
,
2025
1-C
,
Refunding
,
5.5
%
,
12/01/55
...........................
5,500,000
5,662,992
Revenue,
Senior
Lien
,
2018
A
,
4
%
,
12/01/33
.............................
410,000
410,194
Revenue,
Senior
Lien
,
2020
B
,
3.5
%
,
12/01/39
............................
3,890,000
3,800,638
Revenue,
Senior
Lien
,
2023
B
,
4
%
,
12/01/44
.............................
6,880,000
6,691,870
New
Jersey
Transportation
Trust
Fund
Authority
,
e
State
of
New
Jersey
,
Revenue
,
2009
A
,
BAM
Insured
,
3.74
%,
12/15/39
.........
25,000,000
15,023,778
State
of
New
Jersey
,
Revenue
,
2015
AA
,
5
%
,
6/15/45
......................
15,000,000
15,005,616
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/36
..............
7,000,000
7,391,588
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)
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
(continued)
State
of
New
Jersey
,
Revenue
,
2019
AA
,
5.25
%
,
6/15/43
....................
$
5,000,000
$
5,196,273
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/35
......................
3,000,000
3,296,722
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/37
......................
5,220,000
5,674,768
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/38
......................
1,000,000
1,081,314
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/39
......................
4,240,000
4,557,981
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/40
......................
2,500,000
2,672,585
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/45
......................
12,000,000
12,440,550
State
of
New
Jersey
,
Revenue
,
2020
AA
,
4
%
,
6/15/50
......................
39,000,000
35,721,765
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/15/31
...............
7,250,000
8,178,874
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/15/33
...............
1,250,000
1,399,643
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/46
......................
17,000,000
16,148,451
State
of
New
Jersey
,
Revenue
,
2022
CC
,
Pre-Refunded
,
5.5
%
,
6/15/50
.........
2,000,000
2,398,424
Tobacco
Settlement
Financing
Corp.
,
Revenue,
Sub.
Lien
,
2018
B
,
Refunding
,
5
%
,
6/01/46
......................................................
37,665,000
36,617,566
240,370,595
New
Mexico
0.5%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
B
,
Refunding
,
2.15
%
,
4/01/33
...................................................
21,800,000
19,331,582
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/01/46
....................................................
15,000,000
15,094,344
San
Juan
Regional
Medical
Center,
Inc.
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/01/35
.
1,000,000
1,002,547
35,428,473
New
York
7.8%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/40
..............................
2,200,000
1,928,586
City
of
New
York
,
GO
,
2018
E-1
,
5
%
,
3/01/41
..........................................
11,355,000
11,702,524
GO
,
2022
D-1
,
5.5
%
,
5/01/46
.........................................
2,500,000
2,655,935
GO
,
2023
A-1
,
4
%
,
9/01/46
..........................................
6,000,000
5,571,177
GO
,
2025
G-1
,
5.25
%
,
2/01/53
........................................
4,250,000
4,456,136
Empire
State
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
4
%
,
3/15/45
................................................
36,905,000
35,588,669
Genesee
County
Funding
Corp.
(The)
,
Monroe
Sustainable
Energy
Partners
LLC
,
Revenue
,
2025
A
,
5.5
%
,
12/01/55
.....................................
3,500,000
3,630,560
Metropolitan
Transportation
Authority
,
Revenue
,
2016
A-1
,
5.25
%
,
11/15/56
...................................
15,000,000
15,010,166
Revenue
,
2016
D
,
Refunding
,
5
%
,
11/15/31
..............................
1,180,000
1,199,604
Revenue
,
2019
A-2
,
5
%
,
11/15/45
.....................................
46,270,000
47,144,031
Revenue
,
2020
A-1
,
4
%
,
11/15/45
.....................................
10,000,000
9,067,435
Revenue
,
2020
A-1
,
5
%
,
11/15/47
.....................................
24,300,000
24,724,003
Revenue
,
2020
D
,
5
%
,
11/15/44
.......................................
35,000,000
36,278,540
Revenue
,
2020
D
,
4
%
,
11/15/50
.......................................
20,000,000
17,350,210
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
..............................
905,000
821,008
Revenue
,
2021
A-1
,
4
%
,
11/15/44
.....................................
6,725,000
6,226,326
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2017
CC-1
,
Refunding
,
5
%
,
6/15/46
....................................
22,500,000
22,593,074
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2018
C-3
,
4
%
,
5/01/43
......................
19,800,000
19,228,831
Future
Tax
Secured
,
Revenue
,
2026
A-1
,
5
%
,
5/01/42
......................
12,025,000
13,294,882
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2020
B-1
,
4
%
,
11/01/47
.............
10,000,000
9,166,958
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2024
F-1
,
5.25
%
,
2/01/53
............
10,000,000
10,421,653
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
10,000,000
7,203,999
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)
New
York
(continued)
New
York
Liberty
Development
Corp.,
(continued)
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
..
$
40,000,000
$
47,281,876
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2007
,
5.5
%
,
10/01/37
...........
24,995,000
30,273,507
New
York
State
Dormitory
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
3/15/48
5,000,000
4,565,048
State
of
New
York
Sales
Tax
,
Revenue
,
2018
A
,
5
%
,
3/15/39
.................
13,270,000
13,851,736
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/44
........
16,000,000
16,608,491
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/45
........
60,365,000
62,265,085
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Pre-Refunded
,
5
%
,
3/15/46
......
5,000
5,347
New
York
State
Thruway
Authority
,
Revenue
,
2019
B
,
4
%
,
1/01/50
........................................
20,000,000
17,725,724
Revenue,
Junior
Lien
,
2016
A
,
5
%
,
1/01/46
..............................
9,000,000
9,011,780
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
3/15/44
7,000,000
6,834,572
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
3/15/51
12,115,000
11,174,199
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/32
..........................
5,000,000
5,172,086
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
5,560,000
5,705,648
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
9,360,000
9,639,798
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
5,000,000
5,310,987
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
5.25
%
,
12/31/54
.......................................................
12,500,000
12,709,665
JFK
NTO
LLC
,
Revenue
,
2023
,
AG
Insured
,
5.125
%
,
6/30/60
.................
2,000,000
1,999,984
JFK
NTO
LLC
,
Revenue
,
2023
,
5.375
%
,
6/30/60
..........................
10,390,000
10,342,348
JFK
NTO
LLC
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
6/30/54
....................
13,500,000
13,451,404
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218
,
4
%
,
11/01/47
...........
13,500,000
12,057,043
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2022
A
,
4
%
,
11/15/52
............
10,000,000
9,018,920
610,269,555
North
Carolina
0.6%
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2022
A
,
AG
Insured
,
5.5
%
,
7/01/52
.........................................................
5,000,000
5,190,089
North
Carolina
Medical
Care
Commission
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.......................................
2,200,000
2,146,149
e
North
Carolina
Turnpike
Authority
,
Revenue
,
2009
B
,
AG
Insured
,
3.18
%,
1/01/33
............................
25,000,000
20,126,905
Revenue
,
2009
B
,
AG
Insured
,
3.29
%,
1/01/34
............................
15,000,000
11,609,859
Revenue
,
2009
B
,
AG
Insured
,
3.41
%,
1/01/35
............................
15,215,000
11,283,598
50,356,600
North
Dakota
0.6%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/38
..
2,300,000
2,233,775
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/41
..
2,000,000
1,850,867
Altru
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
12/01/53
2,440,000
2,462,897
North
Dakota
Housing
Finance
Agency
,
Revenue
,
2025
A
,
5
%
,
7/01/50
...........
5,500,000
5,550,747
State
Board
of
Higher
Education
of
the
State
of
North
Dakota
,
Revenue
,
2019
A
,
AG
Insured
,
4
%
,
4/01/44
..............................
10,000,000
9,573,442
Revenue
,
2019
A
,
AG
Insured
,
4
%
,
4/01/50
..............................
9,620,000
8,500,411
University
of
North
Dakota
,
COP
,
2018
A
,
5
%
,
4/01/48
...........................................
5,500,000
5,572,576
COP
,
2018
A
,
5
%
,
4/01/57
...........................................
10,000,000
10,084,119
45,828,834
Ohio
1.6%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
4
%
,
6/01/48
.............................................
4,505,000
3,886,278
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)
Ohio
(continued)
Cleveland-Cuyahoga
County
Port
Authority
,
County
of
Cuyahoga
,
Revenue
,
2013
,
5
%
,
7/01/37
.........................................................
$
6,000,000
$
6,898,886
Columbus
Regional
Airport
Authority
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
1/01/55
...
17,835,000
18,660,206
County
of
Franklin
,
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/40
...................
10,405,000
9,874,443
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/40
.......
5,000
5,332
County
of
Hamilton
,
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2023
A
,
5.75
%
,
1/01/53
...
4,530,000
4,682,832
UC
Health
Obligated
Group
,
Revenue
,
2020
,
5
%
,
9/15/50
...................
7,500,000
7,215,733
Ohio
Higher
Educational
Facility
Commission
,
Case
Western
Reserve
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/44
....
6,815,000
6,727,733
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,350,000
1,360,134
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,185,000
1,151,950
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,530,000
2,374,930
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
35,000,000
40,055,992
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
B
,
4
%
,
1/01/46
..
9,445,000
8,700,173
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
B
,
Pre-Refunded
,
4
%
,
1/01/46
....................................................
555,000
580,430
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/38
640,000
634,276
Summit
County
Development
Finance
Authority
,
UAkronPark,
Inc.
,
Revenue
,
2023
,
6
%
,
12/01/58
........................................................
9,665,000
10,268,602
West
Central
Ohio
Port
Authority
,
Global
Impact
STEM
Academy
,
Revenue
,
2025
A
,
5.5
%
,
12/01/62
...................................................
3,500,000
3,512,038
126,589,968
Oklahoma
0.1%
Oklahoma
Turnpike
Authority
,
Revenue
,
2023
,
5.5
%
,
1/01/53
...................
6,000,000
6,371,362
Oklahoma
Water
Resources
Board
,
Revenue
,
2023
B
,
4
%
,
10/01/48
.............
4,000,000
3,764,429
10,135,791
Oregon
0.8%
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/50
...
12,210,000
11,256,801
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
10,000,000
10,171,902
Port
of
Portland
,
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/44
....................................
2,450,000
2,497,656
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/38
....................................
10,000,000
10,555,203
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/45
....................................
10,000,000
10,201,297
Airport
,
Revenue
,
29
,
5.5
%
,
7/01/48
....................................
18,500,000
19,505,192
64,188,051
Pennsylvania
1.4%
Allentown
Commercial
and
Industrial
Development
Authority
,
d
Executive
Education
Academy
Charter
School
,
Revenue
,
144A,
2024
,
Refunding
,
5
%
,
7/01/59
....................................................
5,000,000
4,566,773
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
6
%
,
6/15/53
.......
1,600,000
1,636,377
Cumberland
County
Municipal
Authority
,
Messiah
Village
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.5
%
,
6/01/56
.....................................
4,000,000
4,032,870
d
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
A
,
6.75
%
,
9/01/61
.................................................
10,000,000
9,821,882
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
5,000,000
4,525,666
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/31
........
305,000
308,560
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
........
345,000
345,647
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/56
........
3,300,000
2,645,160
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)
Pennsylvania
(continued)
Lehigh
County
General
Purpose
Authority
,
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/52
....
$
13,785,000
$
11,199,757
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/57
....
5,000,000
3,963,936
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
4
%
,
11/15/43
.......................................................
600,000
570,081
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
5
%
,
11/15/45
.......................................................
1,000,000
1,013,864
Meadowood
Corp.
Obligated
Group
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/48
.......................................................
9,000,000
8,929,222
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.25
%
,
6/30/53
........................................................
4,000,000
4,042,863
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
6
%
,
6/30/61
5,020,000
5,311,800
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
B-1
,
5.25
%
,
7/01/49
......
1,000,000
1,007,939
UPMC
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
2/15/40
............
5,240,000
5,210,370
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2022-139
A
,
Refunding
,
4
%
,
10/01/37
...........................
9,100,000
9,252,352
Revenue
,
2023-143
A
,
5.45
%
,
4/01/51
..................................
10,000,000
10,350,145
Revenue
,
2025-149
A
,
Refunding
,
5.2
%
,
4/01/53
..........................
2,815,000
2,865,490
Pennsylvania
Turnpike
Commission
,
Revenue
,
2020
B
,
5
%
,
12/01/50
.......................................
8,000,000
8,226,382
Revenue
,
2023
A
,
Refunding
,
5
%
,
12/01/53
..............................
7,585,000
7,806,280
School
District
of
Philadelphia
(The)
,
GO
,
2016
F
,
Refunding
,
5
%
,
9/01/36
.........
4,090,000
4,139,246
111,772,662
Rhode
Island
0.1%
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
,
Revenue
,
10
A
,
6.5
%
,
4/01/27
...
130,000
130,352
Rhode
Island
Student
Loan
Authority
,
Revenue,
Senior
Lien
,
2024
A
,
4.125
%
,
12/01/43
..........................
2,265,000
2,226,907
Revenue,
Senior
Lien
,
2025
A
,
5
%
,
12/01/44
.............................
5,155,000
5,241,397
7,598,656
South
Carolina
1.1%
County
of
Greenwood
,
Self
Regional
Healthcare
,
Revenue
,
2017
,
Refunding
,
4
%
,
10/01/37
........................................................
8,465,000
8,503,487
d
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.75
%
,
11/01/36
................................
1,265,000
1,087,441
c
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
10,000,000
10,760,953
South
Carolina
Jobs-Economic
Development
Authority
,
d
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
A-1
,
I
,
6.5
%
,
2/01/56
................
24,865,000
25,432,887
d
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
A-2
,
I
,
10
%
,
8/01/39
.................
770,000
729,885
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/48
......
15,000,000
15,086,002
South
Carolina
Ports
Authority
,
Revenue
,
2018
,
5
%
,
7/01/48
.........................................
10,000,000
10,032,180
Revenue
,
2018
,
5
%
,
7/01/55
.........................................
10,400,000
10,401,007
South
Carolina
Public
Service
Authority
,
Revenue
,
2025
A
,
5
%
,
12/01/55
..........
5,000,000
5,084,055
87,117,897
South
Dakota
0.5%
South
Dakota
Health
&
Educational
Facilities
Authority
,
Avera
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
7/01/42
.........
10,000,000
9,720,789
Avera
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/46
.........
15,000,000
15,100,963
Monument
Health
Obligated
Group
,
Revenue
,
2017
,
4
%
,
9/01/37
..............
10,920,000
10,934,384
35,756,136
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)
Tennessee
3.8%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CDFI
Phase
I
LLC
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/35
................................
$
1,000,000
$
1,000,491
City
of
Germantown
,
GO
,
2017
,
4
%
,
8/01/45
...............................
2,525,000
2,497,622
City
of
Jackson
,
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
5
%
,
4/01/36
......
3,885,000
3,887,147
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
4
%
,
4/01/41
......
25,075,000
23,276,686
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
4/01/41
....
2,255,000
2,298,298
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
4/01/41
........................................................
115,000
122,773
City
of
Knoxville
,
Wastewater
System
,
Revenue
,
2015
A
,
Refunding
,
4
%
,
4/01/42
...
5,000,000
4,999,925
City
of
Memphis
,
Memphis
Light
Gas
&
Water
Division
Electric
System
,
Revenue
,
2020
A
,
3
%
,
12/01/42
.......................................................
2,470,000
2,062,305
Memphis
Light
Gas
&
Water
Division
Gas
,
Revenue
,
2020
,
3
%
,
12/01/42
........
1,000,000
849,188
City
of
Portland
,
Water
&
Sewer
,
Revenue
,
2020
,
AG
Insured
,
3
%
,
4/01/45
........
1,775,000
1,373,462
County
of
Coffee
,
GO
,
2019
,
Refunding
,
4
%
,
6/01/44
........................
2,760,000
2,672,916
County
of
Wilson
,
GO
,
2017
A
,
4
%
,
4/01/42
................................
5,000,000
5,001,221
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
1998
,
NATL
Insured
,
ETM,
5.25
%
,
7/01/28
.......................
8,500,000
8,782,117
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/42
....
18,000,000
18,164,772
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/47
....
22,815,000
22,894,985
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5.5
%
,
7/01/54
........................................................
2,900,000
3,050,434
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5.5
%
,
7/01/59
........................................................
4,750,000
4,975,018
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5
%
,
7/01/64
........................................................
3,735,000
3,747,654
University
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/47
3,000,000
2,997,680
University
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/36
2,250,000
2,271,255
Madison
Suburban
Utility
District
,
Revenue
,
2021
,
3
%
,
2/01/45
.................
1,000,000
759,017
Memphis-Shelby
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
7/01/45
.........
12,235,000
12,454,283
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
3,037,351
Blakeford
at
Green
Hills
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
.......
9,015,000
7,143,185
Trevecca
Nazarene
University
,
Revenue
,
2021
B
,
4
%
,
10/01/51
...............
8,690,000
6,731,595
Vanderbilt
University
Medical
Center
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
7/01/46
........................................................
5,000,000
5,003,223
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2019
B
,
5
%
,
7/01/44
........................................
20,000,000
20,388,180
Revenue
,
2019
B
,
4
%
,
7/01/49
........................................
3,000,000
2,644,406
Revenue
,
2019
B
,
5
%
,
7/01/49
........................................
17,475,000
17,630,889
Revenue
,
2019
B
,
5
%
,
7/01/54
........................................
11,495,000
11,551,578
Revenue
,
2022
B
,
5.25
%
,
7/01/47
.....................................
10,000,000
10,365,185
Revenue
,
2022
B
,
5.5
%
,
7/01/52
......................................
2,500,000
2,616,099
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/01/36
.................
4,000,000
4,060,233
South
Blount
County
Utility
District
,
Revenue
,
2019
,
Refunding
,
3
%
,
12/01/39
......
2,015,000
1,824,969
c
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
55,000,000
58,867,110
Tennessee
Housing
Development
Agency
,
Revenue
,
2013-1
C
,
4
%
,
7/01/43
......................................
600,000
579,105
Revenue
,
2017-3
,
3.65
%
,
7/01/47
.....................................
610,000
547,436
Revenue
,
2018-2
,
Refunding
,
3.85
%
,
7/01/42
.............................
1,005,000
992,519
Revenue
,
2018-4
,
Refunding
,
4
%
,
7/01/43
...............................
5,745,000
5,604,063
Revenue
,
2023-3
A
,
5.4
%
,
7/01/53
.....................................
6,000,000
6,160,570
Revenue
,
2025-2A
,
Refunding
,
5.1
%
,
7/01/45
............................
1,250,000
1,293,662
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)
Tennessee
(continued)
White
House
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
1/01/34
.............
$
820,000
$
819,779
Williamson
County
HB
&
TS
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
9/01/44
.
1,200,000
959,856
298,960,242
Texas
10.2%
Abilene
Convention
Center
Hotel
Development
Corp.
,
City
of
Abilene
Abilene
Convention
Center
,
Revenue,
First
Lien
,
2021
A
,
4
%
,
10/01/50
................
5,510,000
4,346,243
Aldine
Independent
School
District
,
GO
,
2017
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/42
.........................................................
2,445,000
2,478,534
Arlington
Higher
Education
Finance
Corp.
,
Harmony
Public
Schools
,
Revenue
,
2024
,
PSF
Guaranty
,
4
%
,
2/15/54
..........
5,000,000
4,469,073
Riverwalk
Education
Foundation,
Inc.
,
Revenue
,
2025
,
PSF
Guaranty
,
4.5
%
,
8/15/55
5,500,000
5,266,448
Riverwalk
Education
Foundation,
Inc.
,
Revenue
,
2025
,
PSF
Guaranty
,
4.5
%
,
8/15/60
5,500,000
5,237,053
Aubrey
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
2/15/52
........
7,500,000
6,827,522
Austin
Community
College
District
,
GO
,
2023
,
5.25
%
,
8/01/53
..................
6,000,000
6,295,583
Carrollton-Farmers
Branch
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/53
.........................................................
10,000,000
9,172,605
Cedar
Hill
Independent
School
District
,
GO
,
2024
,
PSF
Guaranty
,
4
%
,
2/15/50
.....
8,000,000
7,452,329
City
of
Arlington
,
Special
Tax,
Senior
Lien
,
2018
A
,
AG
Insured
,
4
%
,
2/15/44
.......
20,000,000
19,475,572
City
of
Austin
,
Airport
System
,
Revenue
,
2019
B
,
5
%
,
11/15/44
...........................
8,110,000
8,283,390
d
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2019
,
4.625
%
,
11/01/39
............................
1,405,000
1,412,309
d
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
11/01/48
.............................
2,450,000
2,259,025
d
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/53
.................................................
500,000
501,777
Sutton
Fields
II
Public
Improvement
District
,
Special
Assessment
,
144A,
2019
,
4.25
%
,
9/01/49
..................................................
3,065,000
2,624,797
City
of
Corpus
Christi
,
Utility
System
,
Revenue
,
2023
,
Refunding
,
4
%
,
7/15/48
.....................
9,000,000
8,228,407
Utility
System
,
Revenue,
Senior
Lien
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
7/15/55
..
7,500,000
7,684,203
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
19,000,000
17,865,700
d
City
of
Dallas
Housing
Finance
Corp.
,
DHFC
-
Dylan
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
6
%
,
12/01/62
................................
18,285,000
16,350,527
City
of
Houston
,
Airport
System
,
Revenue,
Sub.
Lien
,
2023
A
,
Refunding
,
AG
Insured
,
5.25
%
,
7/01/48
...................................................
5,000,000
5,165,455
d
City
of
Kyle
,
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3B
,
Special
Assessment
,
144A,
2025
,
5.125
%
,
9/01/46
...............................
891,000
891,887
City
of
Laredo
,
Waterworks
&
Sewer
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
3/01/41
9,690,000
9,690,307
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/38
..................................................
1,275,000
1,100,069
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/44
..................................................
1,460,000
1,122,787
d
City
of
Manor
,
Lagos
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/52
..................................
975,000
998,552
d
City
of
Mesquite
,
Heartland
Town
Center
Public
Improvement
District
Phase
2
,
Special
Assessment
,
144A,
2023
,
5
%
,
9/01/43
...........................................
816,000
816,977
Heartland
Town
Center
Public
Improvement
District
Phase
2
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
9/01/52
.......................................
373,000
356,102
City
of
Pflugerville
,
GO
,
2023
,
4
%
,
8/01/49
................................
3,500,000
3,225,101
d
City
of
Princeton
,
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/52
.........................
1,376,000
1,382,066
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)
Texas
(continued)
d
City
of
Royse
City
,
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/15/48
................................
$
2,700,000
$
2,634,724
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
Phase
1B
,
Special
Assessment
,
144A,
2019
,
4.375
%
,
9/15/39
.............................
610,000
607,366
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
Phase
1B
,
Special
Assessment
,
144A,
2019
,
4.5
%
,
9/15/48
...............................
1,260,000
1,146,191
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools
,
Revenue
,
2024
,
Refunding
,
PSF
Guaranty
,
4
%
,
8/15/54
....
4,425,000
3,960,692
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2022
,
PSF
Guaranty
,
4
%
,
8/15/42
2,150,000
2,145,391
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2022
,
PSF
Guaranty
,
5
%
,
8/15/47
11,500,000
11,787,888
YES
Prep
Public
Schools,
Inc.
,
Revenue
,
2023
,
PSF
Guaranty
,
4.25
%
,
4/01/53
...
5,500,000
5,158,128
Comal
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/01/46
........
3,345,000
3,220,896
Community
Independent
School
District
,
GO
,
2022
B
,
PSF
Guaranty
,
4
%
,
2/15/50
...
2,750,000
2,554,074
Conroe
Independent
School
District
,
GO
,
2025
,
PSF
Guaranty
,
4
%
,
2/15/50
.......
15,000,000
13,972,123
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/32
....
90,000
100,819
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/33
....
100,000
111,325
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/34
....
100,000
110,595
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/35
....
85,000
93,475
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/36
....
85,000
92,879
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/41
....
600,000
600,121
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/46
....
700,000
647,245
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/50
....
650,000
569,293
County
of
Harris
,
Toll
Road
,
Revenue,
First
Lien
,
2024
A
,
Refunding
,
4
%
,
8/15/54
...
7,500,000
6,849,433
Crowley
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
5.25
%
,
2/01/53
....
8,030,000
8,405,987
Del
Valle
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
6/15/47
......
7,500,000
7,076,377
FW
Texas
Street
Public
Facility
Corp.
,
Revenue
,
2025
,
5
%
,
5/01/38
..............
15,000,000
16,048,056
Galena
Park
Independent
School
District
,
GO
,
2024
,
PSF
Guaranty
,
3
%
,
8/15/49
...
1,350,000
1,065,314
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
5.8
%
,
10/01/45
..........
10,000,000
10,523,120
Gulf
Coast
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2003
B
,
1.5
%
,
5/01/28
....
2,000,000
1,926,668
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Houston
Methodist
Hospital
Obligated
Group
,
Revenue
,
2015
,
5
%
,
12/01/45
...........................
30,000,000
30,005,988
Harris
County-Houston
Sports
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
AG
Insured
,
3.125
%
,
11/15/56
...........................................
5,000,000
3,494,006
Harris-Waller
Counties
Municipal
Utility
District
No.
4
,
GO
,
2022
,
5
%
,
11/01/34
.............................................
795,000
844,821
GO
,
2022
,
5
%
,
11/01/38
.............................................
840,000
878,274
GO
,
2022
,
5.25
%
,
11/01/41
..........................................
1,435,000
1,495,640
GO
,
2022
,
5.5
%
,
11/01/44
...........................................
2,010,000
2,081,861
GO
,
2022
,
5.5
%
,
11/01/48
...........................................
5,445,000
5,577,549
Highland
Park
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/48
..
5,500,000
5,194,166
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2025
,
5.25
%
,
10/01/54
...................................................
1,500,000
1,434,931
Humble
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
.......
10,000,000
10,118,618
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2.375
%
,
9/01/31
..........................................
165,000
149,192
GO
,
2021
,
2.375
%
,
9/01/32
..........................................
170,000
150,622
GO
,
2021
,
2.375
%
,
9/01/33
..........................................
170,000
147,449
GO
,
2021
,
2.5
%
,
9/01/34
............................................
180,000
154,575
GO
,
2021
,
2.5
%
,
9/01/36
............................................
370,000
302,362
GO
,
2021
,
2.625
%
,
9/01/38
..........................................
385,000
303,575
GO
,
2021
,
3
%
,
9/01/41
.............................................
375,000
286,231
GO
,
2021
,
3
%
,
9/01/46
.............................................
750,000
503,424
GO
,
2021
,
3
%
,
9/01/51
.............................................
1,265,000
786,899
GO
,
2024
,
AG
Insured
,
4.375
%
,
9/01/48
.................................
1,685,000
1,603,696
GO
,
2024
,
AG
Insured
,
4.5
%
,
9/01/54
...................................
3,695,000
3,477,789
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)
Texas
(continued)
d
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
$
12,183,357
$
9,570,055
Lamar
Consolidated
Independent
School
District
,
GO
,
2023
,
4
%
,
2/15/53
.............................................
5,000,000
4,486,028
GO
,
2024
,
Refunding
,
PSF
Guaranty
,
4
%
,
2/15/54
.........................
9,500,000
8,657,015
Lubbock-Cooper
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4.375
%
,
2/15/53
.........................................................
15,000,000
14,630,353
Medina
Valley
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/53
..
15,000,000
13,671,723
New
Caney
Independent
School
District
,
GO
,
2023
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/53
.........................................................
5,555,000
5,743,689
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
NCCD-Cain
Hall
Redevelopment
I
LLC
,
Revenue
,
2016
A-1
,
5
%
,
4/01/46
........
6,000,000
6,004,248
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/39
.......................................................
5,650,000
5,698,583
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/49
.......................................................
11,470,000
10,454,032
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/54
.......................................................
230,000
204,299
Westminster
Manor
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/01/49
............
12,400,000
10,532,907
Newark
Higher
Education
Finance
Corp.
,
Abilene
Christian
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/57
...........................................
5,000,000
4,118,528
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
Second
Tier
,
2018
,
Refunding
,
5
%
,
1/01/48
10,000,000
10,118,894
e
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
5.36
%,
9/01/37
......
7,500,000
4,094,443
e
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
6.19
%,
9/01/43
......
7,500,000
2,609,584
Special
Projects
System
,
Revenue
,
2011
C
,
Pre-Refunded
,
6.75
%
,
9/01/45
......
25,000,000
30,488,660
Northwest
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/48
..................................
7,000,000
6,592,320
GO
,
2025
,
PSF
Guaranty
,
5.25
%
,
2/15/55
...............................
4,750,000
5,010,676
Port
Freeport
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
6/01/49
.....................
4,000,000
4,003,952
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/46
......
14,205,000
11,585,725
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
......
3,765,000
2,936,640
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/54
......
1,035,000
791,595
San
Antonio
Public
Facilities
Corp.
,
City
of
San
Antonio
,
Revenue
,
2012
,
Refunding
,
4
%
,
9/15/42
......................................................
36,500,000
35,513,190
San
Jacinto
River
Authority
,
Revenue
,
2011
,
AG
Insured
,
5
%
,
10/01/32
...............................
5,000,000
5,007,290
Revenue
,
2011
,
AG
Insured
,
5
%
,
10/01/37
...............................
3,000,000
3,003,763
Southeast
Regional
Management
District
,
GO
,
2024
A
,
AG
Insured
,
4.25
%
,
4/01/49
................................
1,175,000
1,097,264
GO
,
2024
A
,
AG
Insured
,
4.25
%
,
4/01/53
................................
1,755,000
1,615,879
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2018
B
,
5
%
,
7/01/43
...........
10,000,000
10,268,263
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
7/01/53
............
3,100,000
2,696,907
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/53
............
15,000,000
15,206,510
Texas
Health
Resources
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/41
15,165,000
15,275,733
Texas
Department
of
Housing
&
Community
Affairs
,
Revenue
,
2023
A
,
GNMA
Insured
,
5.25
%
,
1/01/53
.........................
14,000,000
14,256,520
Revenue
,
2024
A
,
GNMA
Insured
,
5.125
%
,
1/01/54
........................
3,000,000
3,092,852
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/29
................................
12,715,000
13,575,595
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/32
................................
10,350,000
11,279,235
c
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
B
,
Mandatory
Put
,
5.5
%
,
1/01/34
....................................................
13,000,000
14,645,056
c
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
,
Revenue
,
2024
,
Mandatory
Put
,
5
%
,
1/01/34
......................................................
12,500,000
13,533,279
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)
Texas
(continued)
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
VI
,
Revenue
,
2025
,
5
%
,
1/01/36
...
$
15,000,000
$
16,273,245
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
,
NTE
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2023
,
5.5
%
,
12/31/58
.............................
6,000,000
6,192,106
e
Texas
Transportation
Commission
,
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
5.2
%,
8/01/48
.........
6,250,000
1,997,471
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
5.21
%,
8/01/49
........
5,000,000
1,516,475
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
5.21
%,
8/01/50
........
5,500,000
1,584,051
Texas
Water
Development
Board
,
State
Revolving
Fund
,
Revenue
,
2025
,
4.8
%
,
10/15/56
......................
12,860,000
12,944,304
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2018
B
,
4
%
,
10/15/43
.......................................................
25,000,000
25,016,300
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2019
A
,
4
%
,
10/15/49
.......................................................
20,000,000
18,434,834
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2022
,
5
%
,
10/15/47
16,050,000
16,734,434
d
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/41
.......................................
708,000
565,121
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/47
...........................................
811,000
692,710
Town
of
Ponder
,
Ponder
Public
Improvement
District
No.
1
,
Special
Assessment
,
2017
,
5
%
,
9/01/45
500,000
501,671
Ponder
Public
Improvement
District
No.
1
,
Special
Assessment
,
2017
,
5
%
,
9/01/47
865,000
866,204
Travis
County
Development
Authority
,
Special
Assessment
,
2025
,
5.25
%
,
9/01/54
...
1,400,000
1,361,669
Viridian
Municipal
Management
District
,
GO
,
2023
,
AG
Insured
,
5
%
,
12/01/49
......
1,000,000
1,015,626
West
Travis
County
Public
Utility
Agency
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
......................................................
5,000,000
5,003,022
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/41
.....................................
790,000
624,248
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/45
.....................................
615,000
435,833
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/51
.....................................
1,570,000
1,021,232
GO,
Sub.
Lien
,
2022
,
5.625
%
,
8/15/52
..................................
1,065,000
1,067,149
Ysleta
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
5
%
,
8/15/56
........
23,445,000
23,879,342
801,178,580
Utah
1.4%
City
of
Bountiful
,
Sales
Tax
,
Revenue
,
2023
,
4
%
,
7/01/53
......................
6,840,000
6,226,149
City
of
Salt
Lake
City
,
Airport
,
Revenue
,
2018
A
,
5
%
,
7/01/48
..................................
25,110,000
25,236,206
Airport
,
Revenue
,
2021
A
,
5
%
,
7/01/51
..................................
20,455,000
20,619,910
Airport
,
Revenue
,
2023
A
,
5.25
%
,
7/01/53
...............................
10,000,000
10,237,746
County
of
Utah
,
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/50
......................................................
15,725,000
16,085,387
Downtown
Revitalization
Public
Infrastructure
District
,
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.5
%
,
6/01/55
3,750,000
4,010,133
University
of
Utah
(The)
,
Revenue
,
2022
A
,
5
%
,
8/01/46
......................
9,645,000
10,026,554
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
3
%
,
10/15/26
........................................
550,000
549,012
Revenue
,
2021
,
4
%
,
10/15/28
........................................
350,000
354,996
Revenue
,
2021
,
4
%
,
10/15/32
........................................
540,000
544,817
Revenue
,
2021
,
4
%
,
10/15/41
........................................
1,450,000
1,364,640
Revenue
,
2021
,
3
%
,
10/15/45
........................................
2,000,000
1,465,303
Revenue
,
2022
,
5
%
,
10/15/37
........................................
1,200,000
1,264,672
Revenue
,
2022
,
5
%
,
10/15/46
........................................
3,650,000
3,620,444
Revenue
,
2024
,
5.5
%
,
10/15/44
.......................................
650,000
679,460
Revenue
,
2024
,
5.5
%
,
10/15/48
.......................................
750,000
767,925
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)
Utah
(continued)
Utah
State
University
,
Student
Fee
&
Housing
,
Revenue
,
2023
,
5
%
,
4/01/56
.......
$
10,120,000
$
10,405,008
113,458,362
Virginia
0.6%
Hampton
Roads
Transportation
Accountability
Commission
,
Transportation
Fund
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
7/01/60
..............................
19,000,000
19,418,338
Virginia
Housing
Development
Authority
,
Revenue
,
2023
F
,
FHA
Insured
,
5
%
,
11/01/43
11,120,000
11,509,789
Virginia
Resources
Authority
,
Revenue
,
2012
A
,
5
%
,
11/01/39
..................
70,000
70,077
Virginia
Small
Business
Financing
Authority
,
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/52
10,000,000
9,979,895
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/51
....................................................
4,000,000
3,475,716
44,453,815
Washington
2.6%
Central
Puget
Sound
Regional
Transit
Authority
,
Sales
Motor
Vehicle
&
Rental
Car
Tax
,
Revenue
,
2021
S-1
,
Refunding
,
4
%
,
11/01/46
.............................
20,000,000
19,478,918
City
of
Seattle
,
Municipal
Light
&
Power
,
Revenue
,
2018
A
,
4
%
,
1/01/42
..........
10,855,000
10,875,438
County
of
Spokane
,
Airport
,
Revenue
,
2024
B
,
5.25
%
,
1/01/49
.................
11,690,000
12,053,905
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
34,480,000
34,390,618
Grant
County
Public
Hospital
District
No.
1
,
GO
,
2023
,
5.125
%
,
12/01/52
.........
4,500,000
4,461,824
NJB
Properties
,
Revenue
,
2006
A
,
5
%
,
12/01/36
............................
5,000
5,009
Port
of
Seattle
,
Revenue
,
2018
A
,
5
%
,
5/01/38
........................................
15,000,000
15,266,308
Revenue
,
2019
,
4
%
,
4/01/44
.........................................
4,000,000
3,757,427
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/54
.......
3,050,000
3,113,189
Vancouver
Housing
Authority
,
Revenue
,
2024
,
4
%
,
8/01/34
.........................................
6,000,000
6,029,794
Revenue
,
2025
,
5
%
,
8/01/40
.........................................
3,400,000
3,548,939
Washington
Health
Care
Facilities
Authority
,
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/29
.......................................................
250,000
271,087
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/33
.......................................................
250,000
274,527
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
3
%
,
12/01/34
.......................................................
300,000
294,362
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
4
%
,
12/01/45
.......................................................
1,200,000
1,099,811
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
4
%
,
12/01/48
.......................................................
910,000
816,493
Multicare
Health
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
8/15/41
25,000,000
24,084,522
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2012
A
,
5
%
,
10/01/42
..
10,175,000
10,182,067
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
D
,
Refunding
,
5
%
,
10/01/38
.......................................................
8,000,000
8,010,377
Washington
Higher
Education
Facilities
Authority
,
Seattle
Pacific
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/42
......................................
3,800,000
3,459,179
Washington
State
Convention
Center
Public
Facilities
District
,
Lodging
Tax
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
7/01/43
.......................................
14,855,000
13,882,271
d
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
2,840,000
2,485,717
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5.25
%
,
7/01/64
..................................................
17,500,000
17,316,043
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.375
%
,
7/01/63
........................................................
5,220,000
5,582,804
200,740,629
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)
West
Virginia
0.6%
County
of
Ohio
,
Tax
Allocation
,
2024
,
Refunding
,
5.25
%
,
6/01/53
................
$
1,500,000
$
1,473,507
c
West
Virginia
Economic
Development
Authority
,
Kentucky
Power
Co.
,
Revenue
,
2014
A
,
Refunding
,
Mandatory
Put
,
4.7
%
,
6/17/26
.............................
6,000,000
6,022,677
West
Virginia
Hospital
Finance
Authority
,
Cabell
Huntington
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/43
........................................................
8,250,000
7,771,067
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/38
.
3,040,000
3,132,043
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6
%
,
9/01/53
.
3,000,000
3,215,847
West
Virginia
United
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
6/01/47
7,000,000
7,022,240
West
Virginia
United
Health
System
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
6/01/52
10,000,000
10,043,648
West
Virginia
Water
Development
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/36
..............................
5,000,000
5,051,867
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/45
..............................
5,435,000
5,454,036
49,186,932
Wisconsin
6.5%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
37,350,000
39,282,179
Revenue
,
2023-1
,
A
,
5.75
%
,
7/01/62
...................................
23,625,524
24,682,705
d
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
21,085,631
17,163,056
e
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
184,234,136
88,743,888
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
11/15/41
.......................................................
1,205,000
1,255,216
Blue
Ridge
Healthcare
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
1/01/50
2,185,000
1,600,133
CFC-SA
LLC
,
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
2/01/62
...................
10,000,000
9,732,824
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/41
..........
1,000,000
917,497
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/61
..........
10,000,000
7,717,196
d
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
10,000,000
10,358,749
c
Duke
Energy
Progress
LLC
,
Revenue
,
2022
B
,
Refunding
,
Mandatory
Put
,
4
%
,
10/01/30
.......................................................
2,200,000
2,272,039
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.5
%
,
7/01/52
......
5,000,000
5,232,199
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.625
%
,
7/01/55
....
6,620,000
6,965,232
d
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
22,945,000
20,734,137
d
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
20,525,000
21,491,526
d
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
A
,
3.8
%
,
12/01/37
24,375,000
21,805,982
NC
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2024
A
,
5.25
%
,
6/01/54
........
2,325,000
2,336,720
d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
11,975,000
12,225,674
d,e
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
122,250,000
79,103,256
d
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
22,565,000
22,609,367
d
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
B
,
7.5
%
,
12/01/29
.....
2,645,000
2,757,266
RED
River
Valley
Alliance
LLC
,
Revenue
,
2021
,
4
%
,
9/30/51
.................
730,000
601,402
RED
River
Valley
Alliance
LLC
,
Revenue
,
2021
,
4
%
,
3/31/56
.................
30,185,000
24,253,331
Southeastern
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/39
............................................
4,755,000
4,267,159
Southeastern
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/46
............................................
11,980,000
9,546,625
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
5.75
%
,
12/31/65
......
13,775,000
14,255,621
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
12/31/65
.......
7,980,000
8,816,338
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/41
............
1,280,000
1,148,712
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/51
............
10,000
7,769
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/61
............
6,000,000
4,459,559
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2022
,
5.25
%
,
6/15/52
...........
1,610,000
1,502,650
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2022
,
5.375
%
,
6/15/57
..........
1,550,000
1,456,444
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
6/15/55
...
2,135,000
2,064,349
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)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
6/15/65
..
$
2,125,000
$
1,940,249
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
.......
5,075,000
4,058,632
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/51
.......
5,705,000
4,387,051
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/56
.......
2,250,000
1,650,407
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/41
...........................................
1,010,000
993,751
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
...........................................
2,185,000
1,861,081
Wisconsin
Health
&
Educational
Facilities
Authority
,
Children's
Hospital
of
Wisconsin
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/42
........................................................
15,000,000
14,526,826
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/47
....................................................
5,200,000
4,357,658
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/57
....................................................
1,400,000
1,092,211
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
9/15/45
........................................................
475,000
411,169
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/46
......
895,000
755,404
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/51
......
1,335,000
1,075,770
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/55
......
1,760,000
1,387,505
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
A
,
5.75
%
,
8/15/59
....
1,940,000
1,994,694
511,859,208
U.S.
Territories
2.6%
District
of
Columbia
2.1%
District
of
Columbia
,
Catholic
University
of
America
(The)
,
Revenue
,
2017
B
,
5
%
,
10/01/42
..........
20,535,000
20,683,975
Catholic
University
of
America
(The)
,
Revenue
,
2017
B
,
5
%
,
10/01/47
..........
25,110,000
24,731,088
Catholic
University
of
America
(The)
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/43
...
4,000,000
4,039,371
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/49
............
1,000,000
982,033
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/54
............
1,905,000
1,844,940
Water
&
Sewer
Authority
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
10/01/49
..........
25,000,000
25,304,017
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
10/01/48
.......................
10,275,000
10,339,126
Aviation
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
.......................
10,000,000
10,048,341
Aviation
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/53
.....................
6,000,000
6,168,054
Dulles
Toll
Road
,
Revenue,
Second
Lien
,
2009
C
,
Pre-Refunded
,
AG
Insured
,
6.5
%
,
10/01/41
.......................................................
25,000,000
25,682,090
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/49
........
13,555,000
11,886,793
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2021
A
,
4
%
,
7/15/43
...............................
12,775,000
12,718,682
Dedicated
,
Revenue,
Second
Lien
,
2025
A
,
5
%
,
7/15/60
.....................
12,000,000
12,314,186
166,742,696
Puerto
Rico
0.5%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
5,780,000
5,887,175
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
317,172
316,659
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
2,419,017
2,416,471
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
27,546,000
27,006,795
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
See
Abbreviations
on
page
33
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
$
5,593,000
$
5,344,517
40,971,617
Total
U.S.
Territories
....................................................................
207,714,313
Total
Municipal
Bonds
(Cost
$
7,773,990,023
)
...................................
7,706,955,698
Total
Long
Term
Investments
(Cost
$
7,809,650,023
)
.............................
7,744,398,754
a
a
a
a
a
Short
Term
Investments
0.6%
Municipal
Bonds
0.6%
Georgia
0.2%
h
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
3.15
%
,
4/01/47
...............
14,845,000
14,845,000
Minnesota
0.1%
h
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.5
%
,
11/15/64
.............................................
6,500,000
6,500,000
Missouri
0.0%
†
h
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
SSM
Health
Care
Obligated
Group
,
Revenue
,
2014
F
,
Daily
VRDN
and
Put
,
3.15
%
,
6/01/44
........
450,000
450,000
Pennsylvania
0.3%
h
Allegheny
County
Higher
Education
Building
Authority
,
Carnegie
Mellon
University
,
Revenue
,
2008
A
,
Refunding
,
SPA
Bank
of
New
York
Mellon
(The)
,
Daily
VRDN
and
Put
,
3
%
,
12/01/37
.................................................
4,600,000
4,600,000
h
Philadelphia
Authority
for
Industrial
Development
,
Children's
Hospital
of
Philadelphia
Obligated
Group
,
Revenue
,
2024
B-1
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3.25
%
,
7/01/54
.............................................
19,700,000
19,700,000
24,300,000
Total
Municipal
Bonds
(Cost
$
46,095,000
)
......................................
46,095,000
Total
Short
Term
Investments
(Cost
$
46,095,000
)
................................
46,095,000
a
Total
Investments
(Cost
$
7,855,745,023
)
99.1
%
..................................
$7,790,493,754
Other
Assets,
less
Liabilities
0.9
%
.............................................
72,852,357
Net
Assets
100.0%
...........................................................
$7,863,346,111
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
3
regarding
fair
value
measurements.
b
Non-income
producing.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
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,
2026,
the
aggregate
value
of
these
securities
was
$809,187,693,
representing
10.3%
of
net
assets.
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
e
The
rate
shown
represents
the
yield
at
period
end.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
Variable
rate
demand
notes
(VRDN)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
pay-
ment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
32
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Federal
Tax-Free
Income
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3. 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.)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
33
Quarterly
Schedule
of
Investments
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,
2026,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
$
—
$
—
$
—
b
$
—
Corporate
Bonds
........................
—
—
37,443,056
37,443,056
Municipal
Bonds
.........................
—
7,706,955,698
—
7,706,955,698
Short
Term
Investments
...................
—
46,095,000
—
46,095,000
Total
Investments
in
Securities
...........
$—
$7,753,050,698
$37,443,056
$7,790,493,754
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
b
Includes
financial
instruments
determined
to
have
no
value.
Selected
Portfolio
AG
Assured
Guaranty,
Inc.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
COP
Certificate
of
Participation
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
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
SPA
Standby
Purchase
Agreement
TSOF
Term
SOFR
3. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.