Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
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Schedule
of
Investments
(unaudited)
Franklin
Federal
Tax-Free
Income
Fund
2
Notes
to
Schedule
of
Investments
31
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
July
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%
Residential
REITs
0.5%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
35,660,000
36,724,999
Total
Corporate
Bonds
(Cost
$
35,660,000
)
......................................
36,724,999
Municipal
Bonds
97.9%
Alabama
3.9%
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
10,000,000
10,003,428
Black
Belt
Energy
Gas
District
,
c
Revenue
,
2022
F
,
Mandatory
Put
,
5.5
%
,
12/01/28
.........................
24,715,000
25,697,661
c
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
17,015,000
18,099,213
c
Revenue
,
2023
D-1
,
Refunding
,
Mandatory
Put
,
5.5
%
,
2/01/29
................
4,000,000
4,170,678
c
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
4,500,000
4,602,725
Revenue
,
2025
G
,
5
%
,
10/01/35
.......................................
12,000,000
12,378,240
Chilton
County
Health
Care
Authority
,
County
of
Chilton
Sales
Tax
,
Revenue
,
2015
A
,
5
%
,
11/01/40
.....................................................
8,425,000
8,426,613
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
10/01/53
..........
39,600,000
41,162,141
d
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
12,200,000
11,052,196
Energy
Southeast
A
Cooperative
District
,
c
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
25,230,000
26,657,531
c
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
15,000,000
16,293,231
e
Revenue
,
2026
A-1
,
5
%
,
4/01/34
......................................
7,950,000
8,214,682
Jacksonville
Public
Educational
Building
Authority
,
Jacksonville
State
University
,
Revenue
,
2023
A
,
AG
Insured
,
5.25
%
,
8/01/53
.....
8,000,000
8,075,094
Jacksonville
State
University
,
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
8/01/58
......
2,000,000
2,044,380
Southeast
Energy
Authority
A
Cooperative
District
,
c
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
12,850,000
13,586,355
c
Revenue
,
2023
B
,
Mandatory
Put
,
5
%
,
6/01/30
............................
6,000,000
6,284,891
Revenue
,
2024
A
,
5
%
,
11/01/35
.......................................
20,000,000
20,392,310
c
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/35
............................
25,660,000
25,777,661
c
Revenue
,
2025
B
,
Mandatory
Put
,
5.25
%
,
1/01/33
.........................
14,000,000
14,280,394
Revenue
,
2025
H
,
5
%
,
11/01/35
.......................................
16,000,000
16,570,853
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
5,000,000
5,049,320
298,819,597
Alaska
0.1%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2015-3
,
5
%
,
10/01/39
...........
200,000
200,177
Alaska
Railroad
Corp.
,
Revenue
,
2025
,
AG
Insured
,
6
%
,
10/01/50
...............
2,800,000
3,029,790
Northern
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2021
A
,
1
,
Refunding
,
4
%
,
6/01/50
...................
3,250,000
2,728,352
Revenue,
Senior
Lien
,
2021
B-1
,
2
,
Refunding
,
4
%
,
6/01/50
..................
480,000
461,411
6,419,730
Arizona
2.0%
Arizona
Industrial
Development
Authority
,
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/32
.............
205,000
205,046
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/33
.............
220,000
220,035
Leman
Academy
of
Excellence
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4.5
%
,
7/01/54
........................................................
10,000,000
8,002,423
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)
c
Chandler
Industrial
Development
Authority
,
Intel
Corp.
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
9/01/27
..................................................
$
9,000,000
$
9,084,964
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..................................
10,000,000
10,018,992
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
4
%
,
7/01/40
...............
25,000,000
23,867,963
Airport
,
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
..........................
6,000,000
6,006,297
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/32
.....
6,000,000
6,758,367
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/34
.....
5,000,000
5,763,488
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/35
.....
9,860,000
11,456,611
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
........................................
10,000,000
8,792,128
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
E
,
4
%
,
1/01/45
...............
10,000,000
9,198,643
Banner
Health
Obligated
Group
,
Revenue
,
2019
F
,
4
%
,
1/01/45
...............
25,000,000
22,996,608
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
A
,
Refunding
,
3.6
%
,
2/01/40
.............
19,500,000
17,614,114
Southern
California
Edison
Co.
,
Revenue
,
2000
A
,
Refunding
,
2.4
%
,
6/01/35
.....
5,000,000
4,314,538
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2023
A
,
5
%
,
1/01/47
.........................................................
6,245,000
6,480,102
150,780,319
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
3,627,050
City
of
Centerton
,
Sales
&
Use
Tax
,
Revenue
,
2024
,
AG
Insured
,
4
%
,
11/01/44
.................
2,250,000
2,150,930
Sales
&
Use
Tax
,
Revenue
,
2024
,
AG
Insured
,
4.125
%
,
11/01/49
..............
1,400,000
1,338,032
Sales
&
Use
Tax
,
Revenue
,
2024
,
AG
Insured
,
4
%
,
11/01/54
.................
1,280,000
1,291,638
8,407,650
California
9.1%
d
Align
Affordable
Housing
Bond
Fund
LP
,
Coronado
Springs
Tower
LLC
,
Revenue
,
144A,
2020-2
,
A
,
4
%
,
9/01/27
.........................................
17,835,000
17,798,260
c
ARC70
II
TRUST
,
Revenue
,
2021-1
,
A
,
Mandatory
Put
,
4
%
,
12/01/37
............
11,360,000
9,686,993
California
Community
Choice
Financing
Authority
,
c
Revenue
,
2023
A-1
,
Mandatory
Put
,
5
%
,
8/01/29
..........................
5,000,000
5,176,581
c
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
43,250,000
45,351,530
c
Revenue
,
2025
A
,
Mandatory
Put
,
5
%
,
5/01/35
............................
1,750,000
1,767,859
c
Revenue
,
2026
A-1
,
Mandatory
Put
,
5
%
,
2/01/36
..........................
5,000,000
5,244,893
Revenue
,
2026
B
,
5
%
,
3/01/36
........................................
16,000,000
16,432,965
d
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
22,400,000
18,490,893
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
17,850,000
14,187,917
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
10,000,000
6,798,963
California
Statewide
Communities
Development
Authority
,
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5
%
,
8/15/42
425,000
433,680
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.125
%
,
8/15/47
........................................................
620,000
626,566
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.25
%
,
8/15/52
........................................................
7,815,000
7,864,704
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AG
Insured
,
5.375
%
,
8/15/57
........................................................
12,495,000
12,629,711
d
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
12,000,000
7,772,493
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
5,300,000
4,441,795
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
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
$
26,500,000
$
19,798,243
d
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
19,070,981
Corona-Norco
Unified
School
District
,
GO
,
C
,
AG
Insured
,
6.2
%
,
8/01/29
.....................................
3,250,000
3,364,144
GO
,
C
,
Pre-Refunded
,
AG
Insured
,
6.8
%
,
8/01/39
.........................
8,500,000
8,846,048
f
GO
,
C
,
AG
Insured
,
4.12
%,
8/01/39
....................................
7,500,000
4,435,589
d
CSCDA
Community
Improvement
Authority
,
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
10,000,000
8,310,247
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,469,440
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
10,528,417
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
13,700,000
10,755,381
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
7,109,155
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
2,520,000
2,254,408
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
7,855,000
6,098,714
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
12,565,367
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
9,682,740
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
1,670,000
1,122,998
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
15,000,000
10,642,528
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
21,164,022
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
25,000,000
18,770,890
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AG
Insured
,
5.4
%
,
1/15/30
....................
15,475,000
16,819,897
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
20,000,000
23,340,874
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
12,500,000
14,756,960
f
New
Haven
Unified
School
District
,
GO
,
2009
,
AG
Insured
,
3.37
%,
8/01/31
..................................
2,055,000
1,741,076
GO
,
2009
,
AG
Insured
,
3.49
%,
8/01/32
..................................
7,830,000
6,372,433
GO
,
2009
,
AG
Insured
,
3.56
%,
8/01/33
..................................
7,660,000
5,995,740
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/47
......................................................
23,855,000
23,882,338
f
Rialto
Unified
School
District
,
GO
,
2011
A
,
AG
Insured
,
4.36
%,
8/01/36
...........
20,000,000
13,046,498
San
Diego
County
Regional
Airport
Authority
,
Revenue,
Senior
Lien
,
2023
B
,
5.25
%
,
7/01/58
.........................................................
15,000,000
15,317,780
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
5
%
,
5/01/49
........................................
26,805,000
26,898,849
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
13,000,000
13,032,885
San
Jose
Unified
School
District
,
GO
,
2018
E
,
4
%
,
8/01/42
....................
2,500,000
2,428,493
f
San
Mateo
Foster
City
School
District
,
GO
,
A
,
5.454
%,
8/01/42
.................
50,000,000
56,285,020
f
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
6.037
%,
9/01/33
.........................................
6,065,000
6,219,603
GO
,
2011
A
,
6.376
%,
9/01/41
.........................................
20,000,000
21,863,168
f
Santa
Ana
Unified
School
District
,
GO
,
2009
B
,
AG
Insured
,
3.55
%,
8/01/35
................................
10,000,000
7,302,382
GO
,
2009
B
,
AG
Insured
,
3.66
%,
8/01/36
................................
18,865,000
13,171,420
GO
,
2009
B
,
AG
Insured
,
3.76
%,
8/01/37
................................
10,000,000
6,660,825
g
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
4.1
%
,
(
3-month
TSOF
+
1.645
%
),
11/01/38
...........................................
6,000,000
5,836,810
State
of
California
,
GO
,
2002
,
NATL
Insured
,
5
%
,
10/01/32
....................
20,000
20,038
f
West
Contra
Costa
Unified
School
District
,
GO
,
C-1
,
Refunding
,
AG
Insured
,
3.07
%,
8/01/29
..........................
10,000,000
9,130,978
GO
,
C-1
,
Refunding
,
AG
Insured
,
3.2
%,
8/01/30
...........................
20,845,000
18,375,209
GO
,
C-1
,
Refunding
,
AG
Insured
,
3.32
%,
8/01/31
..........................
20,000,000
16,986,452
GO
,
C-1
,
Refunding
,
AG
Insured
,
3.44
%,
8/01/32
..........................
10,730,000
8,758,362
691,939,205
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)
Colorado
2.8%
d
Access
25
Metropolitan
District
No.
2
,
GO
,
144A,
2023
,
6.75
%
,
12/01/53
..........
$
3,555,000
$
3,659,617
f
Aurora
Crossroads
Metropolitan
District
No.
2
,
GO
,
2025
A-1
,
Refunding
,
0.396
%,
12/01/55
.............................
8,250,000
7,755,536
GO
,
2025
A-2
,
Refunding
,
0.41
%,
12/01/55
..............................
7,750,000
7,261,223
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
A
,
Refunding
,
AG
Insured
,
4
%
,
12/01/46
2,000,000
1,836,356
d
Broadway
Park
North
Metropolitan
District
No.
2
,
GO
,
144A,
2020
,
Refunding
,
5
%
,
12/01/49
........................................................
1,575,000
1,491,463
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/45
...............
10,000,000
10,757,125
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
11/15/53
..................
10,000,000
10,059,006
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5
%
,
12/01/37
..........
10,000,000
10,212,280
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5
%
,
12/01/43
..........
5,000,000
5,059,381
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5.25
%
,
12/01/43
.......
11,045,000
11,246,340
Airport
System
,
Revenue,
Sub.
Lien
,
2018
A
,
Refunding
,
5
%
,
12/01/48
..........
15,500,000
15,417,799
Pledged
Excise
Tax
,
Revenue
,
2018
A-1
,
5
%
,
8/01/48
......................
29,690,000
29,697,494
f
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
4.16
%,
8/01/35
....................
2,000,000
1,385,441
f
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
4.21
%,
8/01/36
....................
2,500,000
1,654,214
f
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
4.26
%,
8/01/37
....................
2,455,000
1,551,801
f
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
4.28
%,
8/01/38
....................
2,000,000
1,209,547
Colorado
Educational
&
Cultural
Facilities
Authority
,
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/62
...................
2,200,000
2,017,131
Colorado
Health
Facilities
Authority
,
BSLC
II
Obligated
Group
,
Revenue,
Second
Tier
,
2025
,
5.625
%
,
9/15/59
........
6,505,000
6,541,712
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
4
%
,
8/01/49
13,000,000
11,220,288
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
......
10,500,000
10,757,840
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/50
...........................................
4,930,000
4,174,193
Constitution
Heights
Metropolitan
District
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
.....
1,736,000
1,646,128
d
DIATC
Metropolitan
District
,
GO
,
144A,
2019
,
Refunding
,
5
%
,
12/01/49
...........
2,000,000
1,893,922
Evan's
Place
Metropolitan
District
,
GO
,
2020
A-3
,
5
%
,
12/01/50
.................
1,575,000
1,480,013
d
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,550,298
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.....................................
2,875,000
2,906,743
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
5.875
%
,
12/15/46
.
1,375,000
1,442,881
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
20,000,000
23,225,368
South
Maryland
Creek
Ranch
Metropolitan
District
,
GO
,
2023
,
Refunding
,
AG
Insured
,
5
%
,
12/01/48
..........................
800,000
807,307
GO
,
2023
,
Refunding
,
AG
Insured
,
5.125
%
,
12/01/57
.......................
2,150,000
2,160,361
Westminster
Public
Schools
,
GO
,
2024
A
,
5
%
,
12/01/49
......................
15,000,000
15,544,652
209,623,460
Connecticut
0.2%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/38
..........
2,200,000
2,179,619
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
..........
6,000,000
5,531,747
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
4
%
,
7/01/41
...
5,000,000
4,646,156
University
of
Hartford
(The)
,
Revenue
,
2022
P
,
5.375
%
,
7/01/52
...............
6,000,000
5,478,664
17,836,186
Delaware
0.1%
County
of
Kent
,
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/40
...........................
1,100,000
1,097,911
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/48
...........................
1,485,000
1,401,201
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/53
...........................
1,100,000
1,004,850
Delaware
State
Economic
Development
Authority
,
Newark
Charter
School,
Inc.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/41
..........
600,000
531,504
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)
Delaware
State
Economic
Development
Authority,
(continued)
Newark
Charter
School,
Inc.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/51
..........
$
3,300,000
$
2,675,210
6,710,676
Florida
8.5%
Abbott
Square
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/55
.........................................................
1,300,000
1,304,841
Alachua
County
Health
Facilities
Authority
,
Oak
Hammock
at
the
University
of
Florida
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/40
...........................................
2,500,000
2,335,638
Oak
Hammock
at
the
University
of
Florida
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/46
...........................................
1,750,000
1,518,431
Ave
Maria
Stewardship
Community
District
,
Assessments
,
Special
Assessment
,
2022
A
,
Refunding
,
4
%
,
5/01/42
...........................................
5,015,000
4,542,842
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
1,840,000
1,709,435
Assessment
Area
3A
,
Special
Assessment
,
2020
,
4
%
,
5/01/50
................
1,500,000
1,256,421
d
Bannon
Lakes
Community
Development
District
,
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
................................................
700,000
607,675
Brevard
County
Health
Facilities
Authority
,
Health
First,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
4/01/52
.......................................
10,000,000
9,977,221
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/31
......
1,500,000
1,556,695
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/53
.......................................................
3,310,000
2,979,160
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/58
.......................................................
3,895,000
3,450,500
Capital
Trust
Agency,
Inc.
,
d
Kingdom
Kensington
LLC
,
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..........
22,800,000
20,397,739
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/31
.................
425,000
424,161
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/41
.................
325,000
288,927
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/51
.................
385,000
310,642
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/56
.................
485,000
380,437
d
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,000,000
1,376,991
Capital
Trust
Authority
,
d,f
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
6.33
%,
3/01/29
........................................................
55,185,000
47,098,074
Seaside
School
Consortium,
Inc.
,
Revenue
,
2024
A
,
5.125
%
,
6/15/59
...........
1,485,000
1,349,679
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien
,
2016
B
,
Refunding
,
4
%
,
7/01/39
.....................
5,000,000
5,003,125
Revenue,
Senior
Lien
,
2016
B
,
Refunding
,
4
%
,
7/01/40
.....................
5,825,000
5,828,640
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
................................
16,000,000
16,201,928
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/42
.................................
1,140,000
963,682
Special
Assessment
,
2021
,
4
%
,
5/01/52
.................................
2,870,000
2,375,782
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/38
...................................................
1,105,000
1,115,025
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
...................................................
9,235,000
8,925,042
City
of
Cocoa
,
Water
&
Sewer
,
Revenue
,
2018
B
,
5
%
,
10/01/48
.................
10,325,000
10,472,161
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2019
A
,
5
%
,
10/01/47
..........................
18,010,000
18,319,426
Utilities
System
,
Revenue
,
2019
A
,
Pre-Refunded
,
5
%
,
10/01/47
...............
125,000
132,773
f
City
of
Melbourne
,
Water
&
Sewer
,
Revenue
,
2000
A
,
FGIC
Insured
,
ETM,
2.85
%,
10/01/26
........
1,500,000
1,492,782
Water
&
Sewer
,
Revenue
,
2002
B
,
Refunding
,
NATL
Insured
,
2.85
%,
10/01/26
....
4,500,000
4,478,344
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
Miami
Beach
,
Stormwater
,
Revenue
,
2015
,
5
%
,
9/01/41
.................
$
10,000,000
$
10,058,798
City
of
Palmetto
,
Renaissance
Arts
and
Education,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
6/01/52
...................................................
3,000,000
2,939,232
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
........................................................
4,730,000
3,955,088
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
9/01/56
.
10,150,000
8,157,689
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/47
........................................................
5,750,000
5,115,716
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/47
........................................................
7,845,000
7,896,470
City
of
St.
Petersburg
,
Public
Utility
,
Revenue
,
2018
,
Refunding
,
4
%
,
10/01/43
......
15,000,000
14,505,219
f
City
of
Tampa
,
State
of
Florida
Cigarette
Tax
,
Revenue
,
2020
A
,
4.21
%,
9/01/35
..............
755,000
518,821
State
of
Florida
Cigarette
Tax
,
Revenue
,
2020
A
,
4.32
%,
9/01/36
..............
800,000
522,248
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
15,000,000
12,845,953
County
of
Miami-Dade
,
Aviation
,
Revenue
,
2025
A
,
5.25
%
,
10/01/50
.............................
6,740,000
6,897,841
Seaport
Department
,
Revenue,
Senior
Lien
,
2022
A
,
Refunding
,
5.25
%
,
10/01/52
..
6,000,000
6,053,628
Transit
System
,
Revenue
,
2018
,
4
%
,
7/01/47
.............................
5,000,000
4,594,249
Transit
System
,
Revenue
,
2020
A
,
4
%
,
7/01/48
...........................
5,000,000
4,538,085
Water
&
Sewer
System
,
Revenue
,
2019
B
,
4
%
,
10/01/49
....................
27,500,000
24,457,326
County
of
Monroe
,
Airport
,
Revenue
,
2022
,
5.25
%
,
10/01/47
................................
1,000,000
1,008,320
Airport
,
Revenue
,
2022
,
5
%
,
10/01/52
..................................
1,500,000
1,462,349
County
of
Osceola
,
Transportation
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
10/01/49
...
4,500,000
4,451,459
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
1,000,000
876,442
Cypress
Mill
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
560,000
561,531
Special
Assessment
,
2023
,
5
%
,
5/01/53
.................................
1,000,000
960,701
d
Downtown
Doral
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2018
,
5
%
,
12/15/48
.................................
4,000,000
3,963,552
East
Palm
Drive
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
6/15/54
...................................
750,000
729,512
d
Epperson
North
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2018
A-1
,
5.5
%
,
11/01/39
.............................
1,490,000
1,516,412
Escambia
County
Health
Facilities
Authority
,
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/36
.
4,165,000
4,249,645
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/37
.
6,000,000
6,101,915
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/40
.
4,000,000
4,032,418
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/45
.
19,465,000
16,944,767
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/50
.
10,000,000
8,464,574
Everlands
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.55
%
,
6/15/54
...............................................
1,000,000
991,711
Florida
Development
Finance
Corp.
,
Brightline
Trains
Florida
LLC
,
Revenue
,
2024
,
Refunding
,
AG
Insured
,
5.25
%
,
7/01/47
........................................................
28,000,000
27,824,258
River
City
Education
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/35
..........
325,000
306,545
River
City
Education
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/45
..........
600,000
495,723
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/33
....................................................
1,350,000
1,401,777
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/38
....................................................
1,400,000
1,422,222
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/39
....................................................
2,750,000
2,779,651
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
Housing
Finance
Corp.
,
Revenue
,
2020-1
,
GNMA
Insured
,
2.75
%
,
7/01/50
.........................
$
1,410,000
$
1,037,067
Revenue
,
2025-3
,
GNMA
Insured
,
5.05
%
,
7/01/50
.........................
2,745,000
2,782,533
Florida
Municipal
Loan
Council
,
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/54
...............
820,000
817,917
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
4
%
,
10/01/49
.......................................
15,000,000
13,030,761
Revenue,
Sub.
Lien
,
2017
A
,
5
%
,
10/01/47
...............................
10,925,000
10,937,732
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
2,500,000
2,501,440
Heritage
Harbour
North
Community
Development
District
,
Special
Assessment
,
2014
,
5.125
%
,
5/01/45
...................................................
2,170,000
2,178,088
Herons
Glen
Recreation
District
,
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
5/01/45
.............
1,515,000
1,470,670
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
5/01/50
.............
1,800,000
1,610,370
Hillsborough
County
Aviation
Authority
,
Revenue
,
2018
E
,
5
%
,
10/01/48
..........
5,000,000
5,005,815
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
8/01/50
.......................
6,500,000
5,599,587
Hollywood
Beach
Community
Development
District
I
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
10/01/45
............................................
4,000,000
3,639,765
Jacksonville
Aviation
Authority
,
Revenue
,
2026
,
5.25
%
,
10/01/55
................
5,000,000
5,081,723
Keys
Edge
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2024
,
5.375
%
,
5/01/55
..............
1,000,000
966,735
d,e
Assessment
Area
2
,
Special
Assessment
,
144A,
2026
,
5.8
%
,
5/01/56
...........
660,000
658,895
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2021
,
3.6
%
,
6/15/41
.........................................................
750,000
665,832
d
Knightsbridge
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
6/15/44
....................................................
245,000
246,156
Lakes
by
the
Bay
South
Community
Development
District
,
Special
Assessment
,
2024
,
Refunding
,
5
%
,
5/01/34
.............................................
2,000,000
2,106,756
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.................................
7,210,000
7,481,621
Assessments
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/54
...................
530,000
534,356
Calusa
,
Special
Assessment
,
2025
,
5.9
%
,
5/01/55
.........................
1,000,000
1,032,368
Saddlestone
Project
Phase
1/2
,
Special
Assessment
,
2026
,
5.5
%
,
5/01/56
.......
1,800,000
1,807,761
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/44
..................
6,360,000
6,441,528
Shell
Point
Obligated
Group
,
Revenue
,
2024
C
,
5
%
,
11/15/54
.................
2,715,000
2,672,994
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
....................................
250,000
213,562
Los
Cayos
Community
Development
District
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
..............................
850,000
865,543
Special
Assessment
,
2024
,
5.55
%
,
6/15/54
..............................
800,000
802,032
Miami-Dade
County
Expressway
Authority
,
Revenue
,
A
,
Refunding
,
5
%
,
7/01/40
....
40,000,000
40,164,912
Miami-Dade
County
Health
Facilities
Authority
,
Variety
Children's
Hospital
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/01/47
...........................
3,500,000
3,102,527
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
....................................................
4,700,000
4,852,082
d
Newton
Road
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.75
%
,
6/15/55
...................................................
875,000
877,433
Pacific
Ace
Community
Development
District
,
Special
Assessment
,
2024
,
5.5
%
,
5/01/55
.........................................................
750,000
741,523
Palm
Beach
County
Educational
Facilities
Authority
,
Palm
Beach
Atlantic
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/41
.......................................................
3,695,000
3,207,764
Palm
Beach
Atlantic
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/46
.......................................................
7,570,000
6,319,729
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
Health
Facilities
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/36
....
$
1,235,000
$
1,235,282
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/41
....
5,060,000
5,059,981
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/47
....
130,000
126,056
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.625
%
,
5/15/58
.................................................
1,620,000
1,789,382
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2026
B
,
5.625
%
,
5/15/61
.
2,825,000
2,830,680
PBR
Community
Development
District
,
User
Fee
,
Special
Assessment
,
2026
A-2
,
Refunding
,
5.125
%
,
3/01/56
..........................................
1,000,000
956,853
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Senior
Lien
,
2020
A-1
,
Refunding
,
AG
Insured
,
2.625
%
,
5/01/34
1,200,000
997,123
Special
Assessment,
Senior
Lien
,
2020
A-1
,
Refunding
,
AG
Insured
,
2.8
%
,
5/01/37
995,000
782,364
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/52
.........................................................
2,500,000
2,452,885
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
.....................................
750,000
680,805
Reunion
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
Refunding
,
3
%
,
5/01/36
..............................
1,250,000
1,110,812
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/42
.....................................
495,000
416,414
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/36
.....................................
750,000
651,299
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/37
........................................................
2,350,000
2,352,406
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/42
........................................................
1,600,000
1,591,323
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/47
........................................................
2,450,000
2,356,951
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/33
..............
600,000
608,868
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/38
..............
1,025,000
1,032,654
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/48
..............
1,850,000
1,817,363
Sarasota
County
Public
Hospital
District
,
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/52
............................
15,000,000
12,808,271
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
........................................................
10,000,000
8,695,112
South
Broward
Hospital
District
,
South
Broward
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/01/45
.........................................
20,715,000
20,947,965
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
6/15/41
....................................
500,000
416,217
South
Fork
East
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/31
.............
246,000
236,074
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/38
.............
597,000
513,458
Southern
Groves
Community
Development
District
No.
5
,
Assessment
Area
,
Special
Assessment
,
2026
,
5.7
%
,
5/01/52
.....................................
1,350,000
1,330,946
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
7,250,000
5,934,367
Tampa
Sports
Authority
,
Revenue
,
1995
,
NATL
Insured
,
6.1
%
,
10/01/26
...........
260,000
261,296
Timber
Creek
Southwest
Community
Development
District
,
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................................
1,000,000
920,043
Special
Assessment
,
2020
,
4
%
,
6/15/50
.................................
2,000,000
1,628,427
Tohoqua
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
......................................................
1,165,000
960,926
Touchstone
Community
Development
District
,
Special
Assessment,
Senior
Lien
,
2022
A-1
,
5.5
%
,
5/01/53
.................................................
1,800,000
1,809,646
Town
of
Palm
Beach
,
GO
,
2018
,
4
%
,
7/01/43
..............................
5,000,000
4,981,179
Two
Lakes
Community
Development
District
,
Special
Assessment
,
2024
,
5
%
,
5/01/55
1,720,000
1,648,658
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)
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
$
5,016,527
d
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4.55
%
,
5/01/44
.........................
745,000
714,556
Special
Assessment
,
144A,
2024
,
4.8
%
,
5/01/55
..........................
1,730,000
1,608,065
Phase
I
,
Special
Assessment
,
144A,
2023
,
5
%
,
5/01/43
.....................
1,500,000
1,517,528
Phase
I
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
5/01/54
...................
5,975,000
5,933,756
Village
Community
Development
District
No.
16
,
Special
Assessment
,
2025
,
5.125
%
,
5/01/56
.........................................................
5,500,000
5,371,402
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/15/49
..........................
3,000,000
3,046,970
West
Lake
Community
Development
District
,
Special
Assessment
,
2025
,
5.5
%
,
6/15/55
885,000
864,892
Wildwood
Utility
Dependent
District
,
Revenue
,
2023
,
AG
Insured
,
5.5
%
,
10/01/53
...
6,970,000
7,301,346
646,548,771
Georgia
3.6%
Atlanta
Development
Authority
(The)
,
d
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/50
.............
1,650,000
1,695,208
d
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/55
.............
1,550,000
1,578,725
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/27
..
5,000,000
5,028,903
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
15,040,000
13,558,820
City
of
Atlanta
,
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2019
D
,
4
%
,
7/01/36
.....
10,000,000
9,951,200
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2023
E
,
5.25
%
,
7/01/43
...
4,250,000
4,482,677
Columbia
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
5.125
%
,
4/01/53
....................................
1,875,000
1,906,680
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
10,000,000
10,181,275
Development
Authority
for
Fulton
County
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
20,000,000
17,620,856
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
C
,
Refunding
,
4.125
%
,
11/01/45
.......
2,500,000
2,352,068
Oglethorpe
Power
Corp.
,
Revenue
,
2017
D
,
Refunding
,
4.125
%
,
11/01/45
.......
18,500,000
17,360,239
Development
Authority
of
Rockdale
County
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
7,985,000
8,155,298
f
Revenue,
Sub.
Lien
,
2025
A-1
,
Refunding
,
3.67
%,
12/01/45
..................
40,517,316
20,191,869
Fayette
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
7/01/46
........................................
15,000,000
15,002,013
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
5,065,000
5,065,591
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2025
C
,
5.125
%
,
12/01/50
........
10,250,000
10,399,644
Main
Street
Energy,
Inc.
,
Revenue
,
2025
D
,
5
%
,
12/01/33
.....................
7,500,000
7,791,979
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/28
......................................
5,000,000
5,220,001
c
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
10,000,000
10,053,548
c
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
5,000,000
5,022,116
c
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
33,595,000
34,980,202
c
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
20,000,000
21,065,862
Metropolitan
Atlanta
Rapid
Transit
Authority
,
Revenue
,
2025
A
,
5
%
,
7/01/55
........
12,500,000
12,922,921
Municipal
Electric
Authority
of
Georgia
,
PowerSouth
Energy
Cooperative
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/63
.....
7,920,000
7,569,577
PowerSouth
Energy
Cooperative
,
Revenue
,
2022
A
,
5.5
%
,
7/01/63
............
2,500,000
2,539,612
PowerSouth
Energy
Cooperative
,
Revenue
,
2023
A
,
5.5
%
,
7/01/64
............
5,000,000
5,084,909
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2013
A
,
5
%
,
10/01/43
........................................................
10,000,000
10,005,879
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)
Savannah
Georgia
Convention
Center
Authority
,
Revenue
,
2025
A
,
5.25
%
,
6/01/61
..
$
4,325,000
$
4,194,055
270,981,727
Hawaii
1.5%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2024
A
,
5
%
,
7/01/49
..............
15,400,000
15,932,848
Wastewater
System
,
Revenue,
Senior
Lien
,
2024
A
,
5.25
%
,
7/01/54
............
7,000,000
7,317,898
State
of
Hawaii
,
Airports
System
,
Revenue
,
2018
A
,
5
%
,
7/01/43
...........................
20,805,000
21,040,338
Airports
System
,
Revenue
,
2018
A
,
5
%
,
7/01/48
...........................
21,315,000
21,337,370
Airports
System
,
Revenue
,
2022
A
,
4
%
,
7/01/47
...........................
10,000,000
9,025,098
Airports
System
,
Revenue
,
2022
A
,
5
%
,
7/01/47
...........................
13,200,000
13,408,832
Airports
System
,
Revenue
,
2025
C
,
Refunding
,
5
%
,
7/01/45
..................
2,390,000
2,466,537
Department
of
Budget
&
Finance
,
Revenue
,
2019
,
Refunding
,
3.2
%
,
7/01/39
.....
10,000,000
8,472,294
Department
of
Budget
&
Finance
,
Revenue
,
2019
,
3.5
%
,
10/01/49
.............
17,035,000
13,721,318
112,722,533
Idaho
0.1%
Idaho
Health
Facilities
Authority
,
St.
Luke's
Health
System
Ltd.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/01/37
...............................
7,750,000
7,927,979
Idaho
Housing
&
Finance
Association
,
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.5
%
,
5/01/43
.............
350,000
359,147
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.75
%
,
5/01/48
.............
525,000
540,525
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.75
%
,
5/01/58
.............
1,000,000
1,018,385
9,846,036
Illinois
5.9%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.75
%
,
4/01/48
...................................................
20,000,000
20,935,944
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
BAM
Insured
,
5.5
%
,
1/01/53
..............................................
6,000,000
6,192,935
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2016
D
,
5.25
%
,
1/01/42
............................
10,000,000
10,051,106
Revenue,
Senior
Lien
,
2016
D
,
5
%
,
1/01/47
..............................
6,500,000
6,514,716
Revenue,
Senior
Lien
,
2017
D
,
Refunding
,
5
%
,
1/01/52
.....................
6,335,000
6,266,659
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
1/01/53
.....................
10,000,000
9,900,551
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
1/01/55
..............................
36,500,000
35,999,275
Revenue,
Senior
Lien
,
2024
A
,
5.5
%
,
1/01/53
.............................
13,115,000
13,493,083
Revenue,
Senior
Lien
,
2025
E
,
BAM
Insured
,
5
%
,
1/01/60
...................
6,000,000
5,976,212
City
of
Chicago
,
GO
,
2023
A
,
5.5
%
,
1/01/39
...........................................
4,210,000
4,314,681
GO
,
2023
A
,
5.5
%
,
1/01/40
...........................................
15,555,000
15,873,307
GO
,
2024
A
,
5
%
,
1/01/45
............................................
3,130,000
2,956,726
GO
,
2024
A
,
5.25
%
,
1/01/45
..........................................
5,690,000
5,538,623
GO
,
2025
A
,
6
%
,
1/01/50
............................................
24,280,000
25,180,861
Waterworks
,
Revenue
,
2026
A
,
BAM
Insured
,
5.25
%
,
11/01/61
................
5,000,000
5,175,709
Illinois
Finance
Authority
,
Bradley
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/51
................
4,650,000
3,771,164
a,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/41
.........
1,049,554
—
a,h
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
3.25
%
,
5/15/27
........................................................
494,846
—
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/41
..............................
750,000
680,043
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/51
..............................
1,000,000
832,986
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/56
..............................
750,000
609,181
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,
(continued)
Memorial
Health
System
,
Revenue
,
2026
,
5.5
%
,
4/01/56
....................
$
7,000,000
$
7,270,460
Moorings
of
Arlington
Heights
LLC
Obligated
Group
(The)
,
Revenue
,
2025
A
,
Refunding
,
5.375
%
,
11/01/50
.......................................
1,435,000
1,430,671
Moorings
of
Arlington
Heights
LLC
Obligated
Group
(The)
,
Revenue
,
2025
A
,
Refunding
,
5.375
%
,
11/01/55
.......................................
1,305,000
1,278,541
Illinois
Housing
Development
Authority
,
Revenue
,
2022
G
,
GNMA
Insured
,
5
%
,
10/01/46
........................................................
2,590,000
2,607,120
Macon
County
School
District
No.
61
Decatur
,
GO
,
2020
C
,
Refunding
,
AG
Insured
,
4
%
,
1/01/40
.........................
3,700,000
3,504,616
GO
,
2020
C
,
Refunding
,
AG
Insured
,
4
%
,
1/01/45
.........................
3,125,000
2,898,553
Metropolitan
Pier
&
Exposition
Authority
,
f
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2002
A
,
NATL
Insured
,
4.33
%,
12/15/37
..........................................
10,000,000
6,174,754
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
............................................
8,500,000
8,437,736
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
36,000,000
29,978,910
Sangamon
County
School
District
No.
186
Springfield
,
GO
,
2026
D
,
BAM
Insured
,
5.5
%
,
6/01/66
....................................................
4,400,000
4,598,638
f
Southwestern
Illinois
Development
Authority
,
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AG
Insured
,
3.44
%,
12/01/26
.......................................
2,465,000
2,436,792
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AG
Insured
,
ETM,
2.91
%,
12/01/26
...................................
5,235,000
5,184,166
State
of
Illinois
,
GO
,
2016
,
5
%
,
11/01/35
.............................................
1,000,000
1,002,574
GO
,
2017
A
,
5
%
,
12/01/36
...........................................
6,070,000
6,158,024
GO
,
2017
A
,
4.25
%
,
12/01/40
.........................................
3,150,000
3,025,122
GO
,
2017
D
,
5
%
,
11/01/28
...........................................
6,425,000
6,581,255
GO
,
2019
A
,
5
%
,
11/01/28
...........................................
10,000,000
10,430,363
GO
,
2019
C
,
4
%
,
11/01/40
...........................................
2,500,000
2,338,388
GO
,
2020
,
5.75
%
,
5/01/45
...........................................
7,965,000
8,340,717
GO
,
2020
C
,
4
%
,
10/01/38
...........................................
9,750,000
9,387,564
GO
,
2020
C
,
4
%
,
10/01/39
...........................................
4,585,000
4,353,499
GO
,
2021
A
,
4
%
,
3/01/38
............................................
5,000,000
4,838,250
GO
,
2022
B
,
5
%
,
10/01/30
...........................................
14,650,000
15,628,897
GO
,
2022
B
,
5
%
,
10/01/31
...........................................
26,500,000
28,509,469
GO
,
2022
C
,
5
%
,
10/01/38
...........................................
15,000,000
15,763,137
GO
,
2022
C
,
5.5
%
,
10/01/40
.........................................
18,050,000
19,364,742
GO
,
2022
C
,
5.5
%
,
10/01/41
.........................................
10,000,000
10,683,072
GO
,
2022
C
,
5.5
%
,
10/01/44
.........................................
16,000,000
16,894,723
GO
,
2023
B
,
5.5
%
,
5/01/47
..........................................
2,500,000
2,600,212
GO
,
2026
C
,
5.5
%
,
4/01/51
..........................................
6,220,000
6,511,683
Tri-County
River
Valley
Development
Authority
,
Cedars
of
Lebanon
Affordable
LLC
,
Revenue
,
2021
A
,
Pre-Refunded
,
3.75
%
,
12/01/36
.......................................................
9,660,000
9,859,661
Cedars
of
Lebanon
Affordable
LLC
,
Revenue
,
2021
B
,
Pre-Refunded
,
5.75
%
,
12/01/36
.......................................................
770,000
780,774
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
6,866,893
445,983,738
Indiana
1.8%
City
of
Carmel
,
Waterworks
,
Revenue
,
2024
C
,
Refunding
,
BAM
Insured
,
5.25
%
,
5/01/51
.........................................................
2,150,000
2,210,450
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2021
,
3
%
,
11/01/51
.....
10,000,000
7,008,985
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)
Indiana
(continued)
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2016
A
,
5.25
%
,
11/15/46
.........
$
11,955,000
$
11,965,335
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
............
15,000,000
14,391,412
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/41
...
7,250,000
6,766,350
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/53
.....................
2,300,000
2,173,852
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
..................
1,650,000
1,565,833
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.375
%
,
6/01/64
..................
6,010,000
5,867,725
Citizens
Wastewater
of
Westfield
LLC
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/48
16,665,000
16,859,206
CWA
Authority,
Inc.
,
Revenue,
First
Lien
,
2012
A
,
4
%
,
10/01/42
...............
24,515,000
22,191,248
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/43
..
7,000,000
6,229,522
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/51
..
3,000,000
2,418,328
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/37
..
5,000,000
4,758,375
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.375
%
,
5/01/50
.
5,400,000
5,432,097
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.5
%
,
5/01/54
...
5,400,000
5,449,050
Indianapolis
Power
&
Light
Co.
,
Revenue
,
2021
A
,
Refunding
,
1.4
%
,
8/01/29
.....
5,000,000
4,585,434
Westminster
Village
Greenwood,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
5.75
%
,
5/15/55
........................................................
7,765,000
7,941,923
Westminster
Village
Greenwood,
Inc.
Obligated
Group
,
Revenue
,
2025
A
,
5.75
%
,
5/15/60
........................................................
2,000,000
2,026,719
Indiana
Municipal
Power
Agency
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
1/01/42
.......
5,860,000
5,709,613
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue,
Senior
Lien
,
2023
E
,
6.125
%
,
3/01/57
...................................................
2,750,000
2,842,984
138,394,441
Iowa
0.5%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/36
....
1,400,000
1,400,319
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/41
....
3,600,000
3,599,987
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
5/15/48
....
3,225,000
3,098,637
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
2,000,000
2,238,779
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.25
%
,
5/15/38
........................................................
2,750,000
3,094,757
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.5
%
,
5/15/53
........................................................
4,120,000
4,542,105
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
A-2
,
1
,
Refunding
,
4
%
,
6/01/49
..
20,730,000
17,633,786
35,608,370
Kansas
0.3%
Wyandotte
County-Kansas
City
Unified
Government
,
Utility
System
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
9/01/41
...................
5,000,000
5,004,876
Utility
System
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
9/01/46
...................
16,565,000
16,577,871
21,582,747
Kentucky
1.8%
City
of
Hazard
,
Appalachian
Regional
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/46
.............................................
2,000,000
1,442,091
City
of
Owensboro
,
Water
,
Revenue
,
2018
,
Refunding
,
BAM
Insured
,
4
%
,
9/15/45
...
5,000,000
4,712,519
County
of
Boyle
,
Centre
College
of
Kentucky
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
6/01/37
.........................................................
2,000,000
2,010,443
County
of
Carroll
,
Kentucky
Utilities
Co.
,
Revenue
,
2008
A
,
Refunding
,
2
%
,
2/01/32
..
3,000,000
2,622,880
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2012
A
,
5
%
,
10/01/33
...............................................
1,000,000
1,000,403
Hopkins
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.......
2,340,000
1,537,416
Kentucky
Bond
Development
Corp.
,
Revenue
,
2018
A
,
5
%
,
9/01/48
........................................
2,500,000
2,501,186
Centre
College
of
Kentucky
,
Revenue
,
2021
,
4
%
,
6/01/51
....................
1,350,000
1,079,988
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)
Kentucky
Bond
Development
Corp.,
(continued)
Collegiate
Housing
Foundation
-
Bowling
Green
LLC
,
Revenue
,
2026
A
,
AG
Insured
,
5.25
%
,
7/01/61
..................................................
$
5,800,000
$
5,932,761
PRG
Wildcats
LLC
,
Revenue
,
2026
A
,
5.5
%
,
10/31/56
......................
4,080,000
4,266,817
PRG
Wildcats
LLC
,
Revenue
,
2026
A
,
5
%
,
10/31/58
........................
6,660,000
6,550,154
Transylvania
University
,
Revenue
,
2019
B
,
4
%
,
3/01/49
.....................
2,500,000
2,126,070
Transylvania
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/46
.............
735,000
641,316
Transylvania
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/49
.............
330,000
276,704
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/49
........................
21,200,000
21,323,146
Kentucky
Municipal
Power
Agency
,
Revenue
,
2015
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/42
....................
10,000,000
10,000,000
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/35
....................
7,750,000
7,763,324
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/36
....................
8,015,000
8,028,779
Revenue
,
2019
A
,
Refunding
,
4
%
,
9/01/45
...............................
2,000,000
1,785,702
Kentucky
Public
Energy
Authority
,
c
Revenue
,
2022
A-2
,
Mandatory
Put
,
3.645
%
,
8/01/30
.......................
5,000,000
5,027,243
Revenue
,
2025
B
,
5
%
,
12/01/33
.......................................
23,465,000
23,834,011
Revenue
,
2025
C
,
Refunding
,
5
%
,
5/01/36
...............................
14,830,000
15,369,533
Lewis
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.........
2,000,000
1,314,031
Louisville
and
Jefferson
County
,
Metropolitan
Sewer
District
,
Revenue
,
2017
A
,
4
%
,
5/15/48
.........................................................
2,750,000
2,463,258
Louisville/Jefferson
County
Metropolitan
Government
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2003
A
,
Refunding
,
2
%
,
10/01/33
..............................
4,000,000
3,374,528
University
of
Kentucky
,
Revenue
,
2014
A
,
4
%
,
4/01/44
........................
2,250,000
2,124,962
139,109,265
Louisiana
3.3%
City
of
Shreveport
,
Water
&
Sewer
,
Revenue
,
2016
B
,
5
%
,
12/01/41
..........................
10,000,000
10,018,644
Water
&
Sewer
,
Revenue,
Junior
Lien
,
2019
B
,
AG
Insured
,
4
%
,
12/01/44
........
6,535,000
6,148,083
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
8,500,000
7,532,908
Parish
of
Assumption
,
Revenue
,
144A,
2021
,
3.875
%
,
11/01/45
...............
4,255,000
3,763,474
Parish
of
Jefferson
,
Revenue
,
144A,
2019
,
4
%
,
11/01/44
....................
2,150,000
1,944,761
Parish
of
Lafourche
,
Revenue
,
144A,
2019
,
3.95
%
,
11/01/43
.................
1,867,545
1,678,215
Parish
of
St.
Bernard
,
Revenue
,
144A,
2021
,
4
%
,
11/01/45
...................
1,900,000
1,710,130
Parish
of
St.
Charles
,
Revenue
,
144A,
2022
,
4.5
%
,
11/01/47
.................
8,180,000
7,660,909
Parish
of
St.
John
the
Baptist
,
Revenue
,
144A,
2019
,
3.9
%
,
11/01/44
...........
3,510,000
3,132,559
Parish
of
St.
Tammany
LA
GOMESA
,
Revenue
,
144A,
2020
,
3.875
%
,
11/01/45
....
5,135,000
4,541,819
f
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.43
%,
12/01/44
.................................................
59,310,000
38,218,409
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/59
......
50,725,000
51,401,124
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
2,000,000
2,059,173
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/51
..............................................
9,000,000
8,707,625
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/56
..............................................
17,595,000
17,026,050
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/46
27,500,000
27,502,626
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AG
Insured
,
3
%
,
5/15/47
..............................................
9,925,000
7,437,562
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2025
A
,
Refunding
,
5.25
%
,
5/15/55
........................................................
17,500,000
17,892,402
d
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.375
%
,
1/01/40
2,500,000
2,024,387
d
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
14,000,000
10,595,423
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)
South
Quad
L3C
,
Revenue
,
2025
,
AG
Insured
,
5.25
%
,
7/01/65
................
$
5,000,000
$
5,083,614
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
B
,
5
%
,
1/01/48
........................................
9,675,000
9,625,089
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
MovEBR
Sales
Tax
,
Revenue
,
2019
,
4
%
,
8/01/44
.........................................
2,000,000
1,926,812
247,631,798
Maine
0.0%
†
Finance
Authority
of
Maine
,
University
of
New
England
,
Revenue
,
2025
,
5.5
%
,
7/01/55
2,500,000
2,605,192
Maryland
1.6%
Maryland
Economic
Development
Corp.
,
Morgan
State
University
Student
Housing
,
Revenue
,
2020
,
4.25
%
,
7/01/50
.......
1,000,000
872,361
Morgan
State
University
Student
Housing
,
Revenue
,
2020
,
5
%
,
7/01/56
.........
1,415,000
1,360,960
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
.............
10,000,000
10,006,695
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/52
...........
10,000,000
9,824,800
University
of
Maryland
Leonardtown
Project
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
7/01/54
........................................................
10,000,000
10,019,809
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
5.5
%
,
1/01/46
.........
12,500,000
12,541,807
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
1/01/51
..........
23,000,000
19,138,979
Loyola
University
Maryland,
Inc.
,
Revenue
,
2025
,
Refunding
,
5
%
,
10/01/54
......
28,325,000
28,394,051
MedStar
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/15/45
..............
15,465,000
15,537,636
Maryland
Stadium
Authority
,
State
of
Maryland
Built
to
Learn
,
Revenue
,
2024
,
4
%
,
6/01/49
.........................................................
11,750,000
10,776,243
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/33
...............
3,205,000
3,215,744
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/35
...............
3,455,000
3,175,342
124,864,427
Massachusetts
1.1%
Commonwealth
of
Massachusetts
,
GO
,
2016
G
,
4
%
,
9/01/42
............................................
10,000,000
9,499,981
GO
,
2018
E
,
5.25
%
,
9/01/43
.........................................
10,000,000
10,283,848
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2005
A
,
5
%
,
7/01/28
10,000,000
10,450,372
Massachusetts
Development
Finance
Agency
,
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
4
%
,
7/01/41
.......
15,415,000
14,747,383
Springfield
College
,
Revenue
,
2021
A
,
4
%
,
6/01/56
........................
3,000,000
2,193,522
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2021
C
,
3
%
,
7/01/51
........................................
3,200,000
2,077,163
Revenue
,
2025
B
,
5.5
%
,
7/01/55
......................................
6,000,000
5,870,882
Revenue
,
2026
B
,
Refunding
,
5.25
%
,
7/01/56
.............................
4,000,000
3,879,912
Revenue,
Sub.
Lien
,
2017
B
,
Refunding
,
4.25
%
,
7/01/46
....................
1,835,000
1,620,691
Massachusetts
Port
Authority
,
Revenue
,
2021
E
,
5
%
,
7/01/51
..................
24,870,000
25,036,099
85,659,853
Michigan
0.9%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2006
B
,
NATL
Insured
,
5
%
,
7/01/36
.......................................
10,000
10,018
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Senior
Lien
,
2003
A
,
NATL
Insured
,
5
%
,
7/01/34
.........................................
10,000
10,018
Michigan
Finance
Authority
,
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/36
...
1,000,000
1,005,006
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/37
...
2,000,000
2,001,780
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/38
...
1,500,000
1,498,489
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)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/39
...
$
250,000
$
246,518
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/40
...
2,250,000
2,194,740
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/49
...
4,000,000
3,382,078
Michigan
State
Housing
Development
Authority
,
Revenue
,
2023
B
,
Refunding
,
5
%
,
6/01/54
...............................
3,500,000
3,522,745
Revenue
,
2025
C
,
5
%
,
6/01/46
........................................
7,950,000
8,044,244
Revenue
,
2025
C
,
5.05
%
,
6/01/51
.....................................
10,000,000
10,054,977
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/48
....
13,345,000
13,118,859
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/15/49
...........................................
7,000,000
6,612,737
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/50
.............................
8,665,000
7,654,432
Southfield
Public
Schools
,
GO
,
2026
,
5
%
,
5/01/56
...........................
2,350,000
2,381,621
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2023
B
,
AG
Insured
,
5.5
%
,
12/01/48
....................................
5,000,000
5,229,646
66,967,908
Mississippi
1.1%
Medical
Center
Educational
Building
Corp.
,
Mississippi
State
Institutions
of
Higher
Learning
,
Revenue
,
2023
A
,
4
%
,
6/01/53
................................
6,000,000
5,340,946
Mississippi
Business
Finance
Corp.
,
System
Energy
Resources,
Inc.
,
Revenue
,
2021
,
Refunding
,
2.375
%
,
6/01/44
..........................................
7,000,000
4,550,908
Mississippi
Development
Bank
,
City
of
Jackson
Water
&
Sewer
System
,
Revenue
,
2013
,
AG
Insured
,
6.875
%
,
12/01/40
.......................................................
3,400,000
3,493,856
d
County
of
Jackson
,
Revenue
,
144A,
2021
,
3.625
%
,
11/01/36
.................
2,310,000
2,180,606
d
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
7,595,000
7,575,026
f
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024-2
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
51,565,000
33,227,656
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
9/01/36
........................................................
6,350,000
6,360,917
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
9/01/46
........................................................
20,000,000
20,034,384
82,764,299
Missouri
0.8%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
BJC
Healthcare
Obligated
Group
,
Revenue
,
2015
A
,
4
%
,
1/01/45
..............
20,005,000
18,731,568
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
2/01/46
........................................................
4,000,000
4,000,007
Mercy
Health
,
Revenue
,
2023
,
5
%
,
12/01/52
.............................
5,000,000
5,091,763
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AG
Insured
,
5
%
,
3/01/49
......................................
20,000,000
19,999,552
Missouri
Housing
Development
Commission
,
Revenue
,
2025
D
,
GNMA
Insured
,
5.05
%
,
11/01/45
...................................................
4,990,000
5,100,086
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AG
Insured
,
5
%
,
10/01/45
........................................................
5,000,000
5,115,495
58,038,471
Montana
0.1%
Montana
Facility
Finance
Authority
,
Kalispell
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
...............................
6,440,000
6,519,463
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)
Nebraska
0.3%
c
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
$
10,000,000
$
10,358,671
Gretna
Public
Schools
,
GO
,
2022
,
4
%
,
12/15/47
............................
12,935,000
11,803,754
22,162,425
Nevada
0.1%
Carson
City
,
Carson
Tahoe
Regional
Healthcare
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/47
.............................................
2,775,000
2,716,279
City
of
Las
Vegas
,
Special
Improvement
District
No.
819
,
Special
Assessment
,
2025
,
5.5
%
,
6/01/55
....................................................
850,000
861,813
Reno-Tahoe
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
7/01/54
................
1,860,000
1,883,922
5,462,014
New
Hampshire
0.6%
New
Hampshire
Business
Finance
Authority
,
Adventist
Health
System/West
Obligated
Group
,
Revenue
,
2024
C
,
5.25
%
,
7/01/54
21,315,000
20,855,511
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
6
%
,
8/01/65
.....
10,000,000
9,816,260
e
Maine
Sustainable
Energy
Partners
LLC
,
Revenue
,
2026
A
,
5
%
,
8/01/56
........
5,405,000
5,368,121
g
National
Finance
Authority
,
Revenue
,
FRN
,
2024-3
,
A
,
4.162
%
,
10/20/41
........
4,932,777
4,711,033
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
7/01/48
........
2,250,000
2,274,511
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Elliot
Hospital
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/38
..........................
4,000,000
4,003,633
47,029,069
New
Jersey
2.8%
Camden
County
Improvement
Authority
(The)
,
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/62
.........................................
5,075,000
5,178,952
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AG
Insured
,
6
%
,
11/15/62
.
4,000,000
4,344,426
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
,
Revenue
,
2020
A
,
5
%
,
11/01/44
.......................
10,000,000
10,251,088
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/52
.......................
10,000,000
10,148,246
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
14,000,000
14,011,963
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2021
C
,
Refunding
,
3.25
%
,
12/01/51
...........................
2,000,000
1,377,208
Revenue
,
2025
1-C
,
Refunding
,
5.5
%
,
12/01/55
...........................
5,500,000
5,519,053
Revenue,
Senior
Lien
,
2018
A
,
4
%
,
12/01/33
.............................
200,000
199,922
Revenue,
Senior
Lien
,
2020
B
,
3.5
%
,
12/01/39
............................
3,890,000
3,765,398
Revenue,
Senior
Lien
,
2023
B
,
4
%
,
12/01/44
.............................
5,875,000
5,616,559
New
Jersey
Transportation
Trust
Fund
Authority
,
f
State
of
New
Jersey
,
Revenue
,
2009
A
,
BAM
Insured
,
4.34
%,
12/15/39
.........
25,000,000
14,166,258
State
of
New
Jersey
,
Revenue
,
2015
AA
,
5
%
,
6/15/45
......................
15,000,000
15,004,034
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/36
..............
7,000,000
7,212,563
State
of
New
Jersey
,
Revenue
,
2019
AA
,
5.25
%
,
6/15/43
....................
5,000,000
5,121,942
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/35
......................
3,000,000
3,173,714
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/37
......................
5,220,000
5,480,698
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/38
......................
1,000,000
1,045,870
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/39
......................
4,240,000
4,416,264
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/40
......................
2,500,000
2,596,421
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/45
......................
12,000,000
12,292,091
State
of
New
Jersey
,
Revenue
,
2020
AA
,
4
%
,
6/15/50
......................
39,000,000
35,612,171
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/15/31
...............
7,250,000
7,837,801
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/15/33
...............
1,250,000
1,340,843
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/46
......................
17,000,000
15,627,219
State
of
New
Jersey
,
Revenue
,
2022
CC
,
Pre-Refunded
,
5.5
%
,
6/15/50
.........
2,000,000
2,286,551
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)
Tobacco
Settlement
Financing
Corp.
,
Revenue,
Sub.
Lien
,
2018
B
,
Refunding
,
5
%
,
6/01/46
......................................................
$
20,000,000
$
19,343,946
212,971,201
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
18,585,381
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/01/46
....................................................
15,000,000
15,052,969
San
Juan
Regional
Medical
Center,
Inc.
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/01/35
.
1,000,000
959,453
34,597,803
New
York
7.3%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/40
..............................
2,200,000
1,864,324
City
of
New
York
,
GO
,
2018
E-1
,
5
%
,
3/01/41
..........................................
11,355,000
11,560,267
GO
,
2022
D-1
,
5.5
%
,
5/01/46
.........................................
2,500,000
2,640,903
GO
,
2023
A-1
,
4
%
,
9/01/46
..........................................
6,000,000
5,466,425
GO
,
2025
G-1
,
5.25
%
,
2/01/53
........................................
4,250,000
4,391,996
Empire
State
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
4
%
,
3/15/45
................................................
36,905,000
34,117,215
Genesee
County
Funding
Corp.
(The)
,
Monroe
Sustainable
Energy
Partners
LLC
,
Revenue
,
2025
A
,
5.5
%
,
12/01/55
.....................................
3,500,000
3,607,458
Metropolitan
Transportation
Authority
,
Revenue
,
2016
D
,
Refunding
,
5
%
,
11/15/31
..............................
1,180,000
1,185,834
Revenue
,
2019
A-2
,
5
%
,
11/15/45
.....................................
46,270,000
46,885,743
Revenue
,
2020
A-1
,
4
%
,
11/15/45
.....................................
10,000,000
8,946,660
Revenue
,
2020
A-1
,
5
%
,
11/15/47
.....................................
24,300,000
24,556,980
Revenue
,
2020
D
,
5
%
,
11/15/44
.......................................
35,000,000
35,735,570
Revenue
,
2020
D
,
4
%
,
11/15/50
.......................................
20,000,000
17,144,320
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
..............................
905,000
810,074
Revenue
,
2021
A-1
,
4
%
,
11/15/44
.....................................
6,725,000
6,082,635
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2018
C-3
,
4
%
,
5/01/43
......................
19,800,000
18,352,618
Future
Tax
Secured
,
Revenue
,
2026
A-1
,
5
%
,
5/01/42
......................
12,025,000
12,794,706
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2020
B-1
,
4
%
,
11/01/47
.............
10,000,000
9,161,998
Future
Tax
Secured
,
Revenue,
Sub.
Lien
,
2024
F-1
,
5.25
%
,
2/01/53
............
10,000,000
10,336,312
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
10,000,000
6,883,569
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
..
40,000,000
44,963,044
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2007
,
5.5
%
,
10/01/37
...........
24,995,000
28,714,938
New
York
State
Dormitory
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
3/15/48
5,000,000
4,479,246
State
of
New
York
Sales
Tax
,
Revenue
,
2018
A
,
5
%
,
3/15/39
.................
13,270,000
13,584,223
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/44
........
16,000,000
16,358,742
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/45
........
60,365,000
61,587,681
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Pre-Refunded
,
5
%
,
3/15/46
......
5,000
5,242
New
York
State
Thruway
Authority
,
Revenue
,
2019
B
,
4
%
,
1/01/50
........................................
20,000,000
17,441,250
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
3/15/51
12,115,000
10,959,938
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/32
..........................
5,000,000
5,101,095
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
5,560,000
5,640,717
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
9,360,000
9,542,623
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
5,000,000
5,301,758
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
Transportation
Development
Corp.,
(continued)
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
A
,
Refunding
,
AG
Insured
,
5.25
%
,
12/31/54
.......................................................
$
12,500,000
$
12,703,167
JFK
NTO
LLC
,
Revenue
,
2023
,
AG
Insured
,
5.125
%
,
6/30/60
.................
2,000,000
1,990,549
JFK
NTO
LLC
,
Revenue
,
2023
,
5.375
%
,
6/30/60
..........................
10,390,000
10,326,306
JFK
NTO
LLC
,
Revenue
,
2024
,
AG
Insured
,
5
%
,
6/30/54
....................
13,500,000
13,398,850
JFK
NTO
LLC
,
Revenue
,
2024
,
5.5
%
,
6/30/60
............................
4,350,000
4,383,461
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218
,
4
%
,
11/01/47
...........
13,500,000
11,969,029
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2022
A
,
4
%
,
11/15/52
............
10,000,000
8,977,945
549,955,411
North
Carolina
0.7%
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2022
A
,
AG
Insured
,
5.5
%
,
7/01/52
.........................................................
5,000,000
5,132,587
North
Carolina
Medical
Care
Commission
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.......................................
2,200,000
2,108,363
f
North
Carolina
Turnpike
Authority
,
Revenue
,
2009
B
,
AG
Insured
,
3.77
%,
1/01/33
............................
25,000,000
19,707,307
Revenue
,
2009
B
,
AG
Insured
,
3.85
%,
1/01/34
............................
15,000,000
11,332,350
Revenue
,
2009
B
,
AG
Insured
,
3.94
%,
1/01/35
............................
15,215,000
10,989,679
49,270,286
North
Dakota
0.6%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/38
..
2,300,000
2,114,914
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/41
..
2,000,000
1,743,939
Altru
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
12/01/53
2,440,000
2,446,003
City
of
Horace
,
GO
,
2026
B
,
Refunding
,
BAM
Insured
,
4.9
%
,
5/01/51
.............
3,250,000
3,242,655
North
Dakota
Housing
Finance
Agency
,
Revenue
,
2025
A
,
5
%
,
7/01/50
...........
5,500,000
5,565,647
State
Board
of
Higher
Education
of
the
State
of
North
Dakota
,
Revenue
,
2019
A
,
AG
Insured
,
4
%
,
4/01/44
..............................
9,000,000
8,294,035
Revenue
,
2019
A
,
AG
Insured
,
4
%
,
4/01/50
..............................
9,620,000
8,226,150
University
of
North
Dakota
,
COP
,
2018
A
,
5
%
,
4/01/48
...........................................
5,500,000
5,552,606
COP
,
2018
A
,
5
%
,
4/01/57
...........................................
10,000,000
10,055,606
47,241,555
Ohio
1.5%
Cleveland-Cuyahoga
County
Port
Authority
,
County
of
Cuyahoga
,
Revenue
,
2013
,
5
%
,
7/01/37
.........................................................
6,000,000
6,614,097
Columbus
Regional
Airport
Authority
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
1/01/55
...
17,835,000
18,475,582
County
of
Franklin
,
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/40
...................
10,405,000
9,548,371
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/40
.......
5,000
5,255
County
of
Hamilton
,
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2023
A
,
5.75
%
,
1/01/53
...
4,530,000
4,656,416
UC
Health
Obligated
Group
,
Revenue
,
2020
,
5
%
,
9/15/50
...................
7,500,000
7,100,204
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,350,000
1,351,622
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,185,000
1,169,256
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,530,000
2,383,914
e
Ohio
Housing
Finance
Agency
,
Revenue
,
2026
C
,
Refunding
,
GNMA
Insured
,
5
%
,
9/01/56
.........................................................
2,000,000
1,998,586
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
35,000,000
38,525,704
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
B
,
4
%
,
1/01/46
..
9,445,000
8,555,677
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)
State
of
Ohio,
(continued)
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
B
,
Pre-Refunded
,
4
%
,
1/01/46
....................................................
$
555,000
$
569,954
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/38
640,000
598,467
Summit
County
Development
Finance
Authority
,
UAkronPark,
Inc.
,
Revenue
,
2023
,
6
%
,
12/01/58
........................................................
9,665,000
10,242,412
West
Central
Ohio
Port
Authority
,
Global
Impact
STEM
Academy
,
Revenue
,
2025
A
,
5.5
%
,
12/01/62
...................................................
3,500,000
3,422,050
115,217,567
Oklahoma
0.1%
Oklahoma
Turnpike
Authority
,
Revenue
,
2023
,
5.5
%
,
1/01/53
...................
6,000,000
6,311,229
Oklahoma
Water
Resources
Board
,
Revenue
,
2023
B
,
4
%
,
10/01/48
.............
4,000,000
3,717,909
10,029,138
Oregon
0.8%
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/50
...
12,210,000
11,010,391
Multnomah
County
School
District
No.
1J
Portland
,
GO
,
2026
,
5
%
,
6/15/51
........
10,000,000
10,358,372
Port
of
Portland
,
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/44
....................................
2,450,000
2,489,400
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/38
....................................
10,000,000
10,336,588
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/45
....................................
10,000,000
10,156,257
Airport
,
Revenue
,
29
,
5.5
%
,
7/01/48
....................................
18,500,000
19,298,155
63,649,163
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
4,506,625
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
6
%
,
6/15/53
.......
1,600,000
1,621,482
Cumberland
County
Municipal
Authority
,
Messiah
Village
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5.5
%
,
6/01/56
.....................................
4,000,000
4,032,223
d
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
A
,
6.75
%
,
9/01/61
.................................................
10,000,000
9,693,920
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/31
........
255,000
255,903
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
........
345,000
334,554
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/56
........
3,300,000
2,568,122
Lehigh
County
General
Purpose
Authority
,
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/52
....
13,785,000
10,941,292
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/57
....
5,000,000
3,858,944
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
4
%
,
11/15/43
.......................................................
600,000
562,487
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
5
%
,
11/15/45
.......................................................
1,000,000
1,009,336
Meadowood
Corp.
Obligated
Group
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/48
.......................................................
9,000,000
8,826,022
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.25
%
,
6/30/53
........................................................
4,000,000
4,034,773
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
6
%
,
6/30/61
5,020,000
5,260,067
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
B-1
,
5.25
%
,
7/01/49
......
1,000,000
1,008,782
UPMC
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
2/15/40
............
5,240,000
4,900,527
UPMC
Obligated
Group
,
Revenue
,
2026
A
,
Refunding
,
5
%
,
12/15/56
...........
12,000,000
11,954,045
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2022-139
A
,
Refunding
,
4
%
,
10/01/37
...........................
9,100,000
8,946,660
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)
Pennsylvania
Housing
Finance
Agency,
(continued)
Revenue
,
2023-143
A
,
5.45
%
,
4/01/51
..................................
$
5,510,000
$
5,626,000
Revenue
,
2025-149
A
,
Refunding
,
5.2
%
,
4/01/53
..........................
2,815,000
2,840,887
Pennsylvania
Turnpike
Commission
,
Revenue
,
2020
B
,
5
%
,
12/01/50
.......................................
8,000,000
8,139,513
Revenue
,
2023
A
,
Refunding
,
5
%
,
12/01/53
..............................
7,585,000
7,737,238
108,659,402
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/55
..............................
2,375,000
2,303,711
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
,
Revenue
,
10
A
,
6.5
%
,
4/01/27
...
90,000
90,196
Rhode
Island
Student
Loan
Authority
,
Revenue,
Senior
Lien
,
2024
A
,
4.125
%
,
12/01/43
..........................
1,970,000
1,886,766
Revenue,
Senior
Lien
,
2025
A
,
5
%
,
12/01/44
.............................
4,795,000
4,747,072
9,027,745
South
Carolina
1.2%
County
of
Greenwood
,
Self
Regional
Healthcare
,
Revenue
,
2017
,
Refunding
,
4
%
,
10/01/37
........................................................
8,465,000
8,242,558
d
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.75
%
,
11/01/36
................................
1,265,000
1,067,898
Medical
University
Hospital
Authority
,
Revenue
,
2026
,
FHA
Insured
,
5.25
%
,
11/15/54
.
2,900,000
2,961,421
c
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
10,000,000
10,588,976
South
Carolina
Jobs-Economic
Development
Authority
,
d
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
A-1
,
I
,
6.5
%
,
2/01/56
................
24,865,000
24,172,970
d
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
A-2
,
I
,
10
%
,
8/01/39
.................
770,000
743,022
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/48
......
15,000,000
15,061,717
South
Carolina
Ports
Authority
,
Revenue
,
2018
,
5
%
,
7/01/48
.........................................
10,000,000
9,974,059
Revenue
,
2018
,
5
%
,
7/01/55
.........................................
10,400,000
10,057,652
South
Carolina
Public
Service
Authority
,
Revenue
,
2025
A
,
5
%
,
12/01/55
..........
5,000,000
5,045,294
87,915,567
South
Dakota
0.5%
South
Dakota
Health
&
Educational
Facilities
Authority
,
Avera
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
7/01/42
.........
10,000,000
9,322,235
Avera
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/46
.........
15,000,000
15,033,617
Monument
Health
Obligated
Group
,
Revenue
,
2017
,
4
%
,
9/01/37
..............
10,920,000
10,447,987
34,803,839
Tennessee
3.7%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CDFI
Phase
I
LLC
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/35
................................
1,000,000
999,971
City
of
Jackson
,
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
5
%
,
4/01/36
......
3,885,000
3,886,101
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
4
%
,
4/01/41
......
25,075,000
22,003,628
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
4/01/41
....
2,255,000
2,268,262
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
4/01/41
........................................................
115,000
120,257
City
of
Knoxville
,
Wastewater
System
,
Revenue
,
2015
A
,
Refunding
,
4
%
,
4/01/42
...
5,000,000
4,792,584
City
of
Memphis
,
Memphis
Light
Gas
&
Water
Division
Electric
System
,
Revenue
,
2020
A
,
3
%
,
12/01/42
...................................................
2,470,000
1,967,242
City
of
Portland
,
Water
&
Sewer
,
Revenue
,
2020
,
AG
Insured
,
3
%
,
4/01/45
........
1,775,000
1,351,470
County
of
Wilson
,
GO
,
2017
A
,
4
%
,
4/01/42
................................
5,000,000
4,792,584
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
(continued)
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
1998
,
NATL
Insured
,
ETM,
5.25
%
,
7/01/28
.......................
$
5,810,000
$
5,964,663
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/42
....
18,000,000
18,049,464
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/47
....
22,815,000
22,847,872
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5.5
%
,
7/01/54
........................................................
2,900,000
2,992,250
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5.5
%
,
7/01/59
........................................................
4,750,000
4,880,322
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5
%
,
7/01/64
........................................................
3,735,000
3,688,305
University
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/47
3,000,000
2,927,488
University
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/36
2,250,000
2,255,151
Madison
Suburban
Utility
District
,
Revenue
,
2021
,
3
%
,
2/01/45
.................
1,000,000
747,304
Memphis-Shelby
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
7/01/45
.........
12,235,000
12,309,503
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
3,089,843
Blakeford
at
Green
Hills
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
.......
9,015,000
7,108,376
Trevecca
Nazarene
University
,
Revenue
,
2021
B
,
4
%
,
10/01/51
...............
8,890,000
6,829,209
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2019
B
,
5
%
,
7/01/44
........................................
20,000,000
20,286,940
Revenue
,
2019
B
,
4
%
,
7/01/49
........................................
3,000,000
2,627,162
Revenue
,
2019
B
,
5
%
,
7/01/49
........................................
17,475,000
17,474,682
Revenue
,
2019
B
,
5
%
,
7/01/54
........................................
11,495,000
11,341,124
Revenue
,
2022
B
,
5.25
%
,
7/01/47
.....................................
10,000,000
10,270,375
Revenue
,
2022
B
,
5.5
%
,
7/01/52
......................................
2,500,000
2,576,613
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/01/36
.................
4,000,000
4,017,902
South
Blount
County
Utility
District
,
Revenue
,
2019
,
Refunding
,
3
%
,
12/01/39
......
2,015,000
1,701,095
c
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
55,000,000
57,953,924
Tennessee
Housing
Development
Agency
,
Revenue
,
2013-1
C
,
4
%
,
7/01/43
......................................
545,000
505,076
Revenue
,
2017-3
,
3.65
%
,
7/01/47
.....................................
610,000
547,078
Revenue
,
2018-2
,
Refunding
,
3.85
%
,
7/01/42
.............................
1,005,000
914,010
Revenue
,
2018-4
,
Refunding
,
4
%
,
7/01/43
...............................
5,745,000
5,408,869
Revenue
,
2023-3
A
,
5.4
%
,
7/01/53
.....................................
6,000,000
6,097,489
Revenue
,
2025-2A
,
Refunding
,
5.1
%
,
7/01/45
............................
1,250,000
1,275,996
West
Wilson
Utility
District
of
Wilson
County
Tennessee
,
Revenue
,
2026
,
Refunding
,
4.5
%
,
6/01/56
....................................................
2,000,000
1,891,818
Williamson
County
HB
&
TS
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
9/01/44
.
1,200,000
931,515
281,693,517
Texas
10.3%
Abilene
Convention
Center
Hotel
Development
Corp.
,
City
of
Abilene
Abilene
Convention
Center
,
Revenue,
First
Lien
,
2021
A
,
4
%
,
10/01/50
................
5,510,000
4,274,726
Aldine
Independent
School
District
,
GO
,
2017
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/42
.........................................................
2,445,000
2,460,267
Arlington
Higher
Education
Finance
Corp.
,
Harmony
Public
Schools
,
Revenue
,
2024
,
PSF
Guaranty
,
4
%
,
2/15/54
..........
5,000,000
4,243,866
Riverwalk
Education
Foundation,
Inc.
,
Revenue
,
2025
,
PSF
Guaranty
,
4.5
%
,
8/15/55
5,500,000
5,257,725
Riverwalk
Education
Foundation,
Inc.
,
Revenue
,
2025
,
PSF
Guaranty
,
4.5
%
,
8/15/60
5,500,000
5,203,155
Aubrey
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
2/15/52
........
7,500,000
6,661,089
Carrollton-Farmers
Branch
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/53
.........................................................
10,000,000
8,900,570
Cedar
Hill
Independent
School
District
,
GO
,
2024
,
PSF
Guaranty
,
4
%
,
2/15/50
.....
8,000,000
7,171,252
City
of
Arlington
,
Special
Tax,
Senior
Lien
,
2018
A
,
AG
Insured
,
4
%
,
2/15/44
.......
20,000,000
18,201,012
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)
Texas
(continued)
City
of
Austin
,
Airport
System
,
Revenue
,
2019
B
,
5
%
,
11/15/44
...........................
$
8,110,000
$
8,221,098
d
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2019
,
4.625
%
,
11/01/39
............................
1,405,000
1,398,768
d
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
11/01/48
.............................
2,450,000
2,280,448
d
City
of
Celina
,
Mosaic
Public
Improvement
District
Phase
No.
1B
,
Special
Assessment
,
144A,
2024
,
5.375
%
,
9/01/53
.................................................
500,000
499,663
Sutton
Fields
II
Public
Improvement
District
,
Special
Assessment
,
144A,
2019
,
4.25
%
,
9/01/49
..................................................
3,065,000
2,645,655
City
of
Corpus
Christi
,
Utility
System
,
Revenue
,
2023
,
Refunding
,
4
%
,
7/15/48
.....................
9,000,000
7,881,344
Utility
System
,
Revenue,
Senior
Lien
,
2025
,
Refunding
,
AG
Insured
,
5
%
,
7/15/55
..
7,500,000
7,596,195
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
19,000,000
17,619,224
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
16,135,006
City
of
Houston
,
Airport
System
,
Revenue,
Sub.
Lien
,
2023
A
,
Refunding
,
AG
Insured
,
5.25
%
,
7/01/48
...................................................
5,000,000
5,145,805
d
City
of
Kyle
,
6
Creeks
Public
Improvement
District
Improvement
Area
No.
3B
,
Special
Assessment
,
144A,
2025
,
5.125
%
,
9/01/46
...............................
891,000
895,663
City
of
Laredo
,
Waterworks
&
Sewer
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
3/01/41
9,690,000
9,066,735
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/38
..................................................
1,275,000
1,077,803
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/44
..................................................
1,460,000
1,147,941
d
City
of
Manor
,
Lagos
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/52
..................................
975,000
996,381
d
City
of
Mesquite
,
Heartland
Town
Center
Public
Improvement
District
Phase
2
,
Special
Assessment
,
144A,
2023
,
5
%
,
9/01/43
...........................................
816,000
815,917
Heartland
Town
Center
Public
Improvement
District
Phase
2
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
9/01/52
.......................................
373,000
350,451
City
of
Pflugerville
,
GO
,
2023
,
4
%
,
8/01/49
................................
3,500,000
3,081,373
d
City
of
Princeton
,
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/52
.........................
1,376,000
1,381,134
d
City
of
Royse
City
,
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/15/48
................................
2,700,000
2,658,766
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
Phase
1B
,
Special
Assessment
,
144A,
2019
,
4.375
%
,
9/15/39
.............................
610,000
597,721
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
Phase
1B
,
Special
Assessment
,
144A,
2019
,
4.5
%
,
9/15/48
...............................
1,260,000
1,157,908
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools
,
Revenue
,
2024
,
Refunding
,
PSF
Guaranty
,
4
%
,
8/15/54
....
4,425,000
3,827,118
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2022
,
PSF
Guaranty
,
4
%
,
8/15/42
2,150,000
2,028,100
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2022
,
PSF
Guaranty
,
5
%
,
8/15/47
11,500,000
11,695,755
YES
Prep
Public
Schools,
Inc.
,
Revenue
,
2023
,
PSF
Guaranty
,
4.25
%
,
4/01/53
...
5,500,000
4,922,462
Comal
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/01/46
........
3,345,000
3,087,088
Community
Independent
School
District
,
GO
,
2022
B
,
PSF
Guaranty
,
4
%
,
2/15/50
...
2,750,000
2,450,767
Conroe
Independent
School
District
,
GO
,
2025
,
PSF
Guaranty
,
4
%
,
2/15/50
.......
15,000,000
13,664,570
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/32
....
90,000
96,530
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/33
....
100,000
106,673
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/34
....
100,000
106,039
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)
Conroe
Local
Government
Corp.,
(continued)
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/35
....
$
85,000
$
89,753
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/36
....
85,000
89,347
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/46
....
700,000
625,523
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/50
....
650,000
546,300
County
of
Harris
,
Toll
Road
,
Revenue,
First
Lien
,
2024
A
,
Refunding
,
4
%
,
8/15/54
...
7,500,000
6,388,537
Crowley
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
5.25
%
,
2/01/53
....
8,030,000
8,305,534
Del
Valle
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
6/15/47
......
7,500,000
6,870,976
Fort
Bend
Independent
School
District
,
GO
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5.25
%
,
8/15/55
.........................................................
6,000,000
6,274,897
FW
Texas
Street
Public
Facility
Corp.
,
Revenue
,
2025
,
5
%
,
5/01/38
..............
15,000,000
15,590,231
Galena
Park
Independent
School
District
,
GO
,
2024
,
PSF
Guaranty
,
3
%
,
8/15/49
...
1,350,000
1,014,087
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
5.8
%
,
10/01/45
..........
10,000,000
10,386,875
Gulf
Coast
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2003
B
,
1.5
%
,
5/01/28
....
2,000,000
1,902,608
Harris
County-Houston
Sports
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
AG
Insured
,
3.125
%
,
11/15/56
...........................................
5,000,000
3,450,828
Harris-Waller
Counties
Municipal
Utility
District
No.
4
,
GO
,
2022
,
5
%
,
11/01/34
.............................................
795,000
822,055
GO
,
2022
,
5
%
,
11/01/38
.............................................
840,000
857,672
GO
,
2022
,
5.25
%
,
11/01/41
..........................................
1,435,000
1,462,810
GO
,
2022
,
5.5
%
,
11/01/44
...........................................
2,010,000
2,058,941
GO
,
2022
,
5.5
%
,
11/01/48
...........................................
5,445,000
5,538,714
Highland
Park
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/48
..
5,500,000
5,029,295
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2025
,
5.25
%
,
10/01/54
...................................................
1,500,000
1,432,040
Humble
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
.......
10,000,000
10,073,221
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2.375
%
,
9/01/31
..........................................
165,000
144,261
GO
,
2021
,
2.375
%
,
9/01/32
..........................................
170,000
144,673
GO
,
2021
,
2.375
%
,
9/01/33
..........................................
170,000
141,136
GO
,
2021
,
2.5
%
,
9/01/34
............................................
180,000
147,257
GO
,
2021
,
2.5
%
,
9/01/36
............................................
370,000
288,040
GO
,
2021
,
2.625
%
,
9/01/38
..........................................
385,000
287,695
GO
,
2021
,
3
%
,
9/01/41
.............................................
375,000
278,726
GO
,
2021
,
3
%
,
9/01/46
.............................................
750,000
521,161
GO
,
2021
,
3
%
,
9/01/51
.............................................
1,265,000
804,449
GO
,
2024
,
AG
Insured
,
4.375
%
,
9/01/48
.................................
1,685,000
1,574,646
GO
,
2024
,
AG
Insured
,
4.5
%
,
9/01/54
...................................
3,695,000
3,413,305
d
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
12,183,357
9,253,074
Lamar
Consolidated
Independent
School
District
,
GO
,
2023
,
4
%
,
2/15/53
.............................................
5,000,000
4,279,756
GO
,
2024
,
Refunding
,
PSF
Guaranty
,
4
%
,
2/15/54
.........................
9,500,000
8,412,641
Lubbock-Cooper
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4.375
%
,
2/15/53
.........................................................
15,000,000
14,066,627
Medina
Valley
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/53
..
15,000,000
13,288,689
New
Caney
Independent
School
District
,
GO
,
2023
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/53
.........................................................
5,555,000
5,662,840
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
NCCD-Cain
Hall
Redevelopment
I
LLC
,
Revenue
,
2016
A-1
,
5
%
,
4/01/46
........
6,000,000
6,000,106
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/39
.......................................................
5,650,000
5,664,066
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/49
.......................................................
11,470,000
10,876,201
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/54
.......................................................
230,000
212,519
Westminster
Manor
Obligated
Group
,
Revenue
,
2021
,
4
%
,
11/01/49
............
12,400,000
10,586,106
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)
Newark
Higher
Education
Finance
Corp.
,
Abilene
Christian
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/57
...........................................
$
5,000,000
$
4,087,025
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue,
Second
Tier
,
2018
,
Refunding
,
5
%
,
1/01/48
10,000,000
10,090,619
f
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
5.97
%,
9/01/37
......
7,500,000
3,942,533
f
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
6.61
%,
9/01/43
......
7,500,000
2,512,765
Special
Projects
System
,
Revenue
,
2011
C
,
Pre-Refunded
,
6.75
%
,
9/01/45
......
25,000,000
29,184,283
Northwest
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/48
..................................
7,000,000
6,463,847
GO
,
2025
,
PSF
Guaranty
,
5.25
%
,
2/15/55
...............................
4,750,000
4,980,716
Port
Freeport
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
6/01/49
.....................
4,000,000
4,000,948
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/46
......
14,205,000
12,014,818
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
......
3,765,000
3,027,074
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/54
......
1,035,000
813,132
San
Antonio
Public
Facilities
Corp.
,
City
of
San
Antonio
,
Revenue
,
2012
,
Refunding
,
4
%
,
9/15/42
......................................................
36,500,000
34,313,219
San
Jacinto
River
Authority
,
Revenue
,
2011
,
AG
Insured
,
5
%
,
10/01/32
...............................
5,000,000
5,005,159
Revenue
,
2011
,
AG
Insured
,
5
%
,
10/01/37
...............................
3,000,000
3,002,545
Southeast
Regional
Management
District
,
GO
,
2024
A
,
AG
Insured
,
4.25
%
,
4/01/49
................................
1,175,000
1,061,899
GO
,
2024
A
,
AG
Insured
,
4.25
%
,
4/01/53
................................
1,755,000
1,546,282
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2018
B
,
5
%
,
7/01/43
...........
10,000,000
10,188,553
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
7/01/53
............
3,100,000
2,653,270
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/53
............
15,000,000
15,069,871
Texas
Health
Resources
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/41
15,165,000
15,172,410
Texas
Department
of
Housing
&
Community
Affairs
,
Revenue
,
2023
A
,
GNMA
Insured
,
5.25
%
,
1/01/53
.........................
14,000,000
14,175,819
Revenue
,
2024
A
,
GNMA
Insured
,
5.125
%
,
1/01/54
........................
3,000,000
3,068,291
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/29
................................
12,715,000
13,182,441
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/32
................................
10,350,000
10,853,657
c
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
B
,
Mandatory
Put
,
5.5
%
,
1/01/34
....................................................
13,000,000
13,859,593
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
V
,
c
Revenue
,
2024
,
Mandatory
Put
,
5
%
,
1/01/34
.............................
12,500,000
12,963,739
Revenue
,
2026
,
5
%
,
4/01/36
.........................................
17,155,000
17,722,640
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
VI
,
Revenue
,
2025
,
5
%
,
1/01/36
.........................................
15,000,000
15,467,859
e
Revenue
,
2026
A
,
5.25
%
,
3/01/37
.....................................
11,565,000
12,170,579
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
,
NTE
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2023
,
5.5
%
,
12/31/58
.............................
6,000,000
6,148,338
f
Texas
Transportation
Commission
,
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
5.32
%,
8/01/48
........
6,250,000
1,999,538
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
5.37
%,
8/01/49
........
5,000,000
1,501,960
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
5.41
%,
8/01/50
........
5,500,000
1,554,044
Texas
Water
Development
Board
,
State
Revolving
Fund
,
Revenue
,
2025
,
4.8
%
,
10/15/56
......................
12,860,000
12,688,778
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2018
B
,
4
%
,
10/15/43
.......................................................
25,000,000
23,386,408
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2019
A
,
4
%
,
10/15/49
.......................................................
20,000,000
17,887,118
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2022
,
5
%
,
10/15/47
16,050,000
16,589,233
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)
d
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/41
.......................................
$
708,000
$
561,530
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/47
...........................................
811,000
698,861
Town
of
Ponder
,
Ponder
Public
Improvement
District
No.
1
,
Special
Assessment
,
2017
,
5
%
,
9/01/45
500,000
501,926
Ponder
Public
Improvement
District
No.
1
,
Special
Assessment
,
2017
,
5
%
,
9/01/47
865,000
866,262
Travis
County
Development
Authority
,
Special
Assessment
,
2025
,
5.25
%
,
9/01/54
...
1,400,000
1,371,534
Viridian
Municipal
Management
District
,
GO
,
2023
,
AG
Insured
,
5
%
,
12/01/49
......
1,000,000
1,006,966
West
Travis
County
Public
Utility
Agency
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
......................................................
5,000,000
4,652,760
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/41
.....................................
790,000
581,497
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/45
.....................................
615,000
426,949
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/51
.....................................
1,570,000
990,479
GO,
Sub.
Lien
,
2022
,
5.625
%
,
8/15/52
..................................
1,065,000
1,040,693
Ysleta
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
5
%
,
8/15/56
........
23,445,000
23,676,505
782,594,946
Utah
1.5%
City
of
Bountiful
,
Sales
Tax
,
Revenue
,
2023
,
4
%
,
7/01/53
......................
6,840,000
6,048,601
City
of
Salt
Lake
City
,
Airport
,
Revenue
,
2018
A
,
5
%
,
7/01/48
..................................
25,110,000
25,181,722
Airport
,
Revenue
,
2021
A
,
5
%
,
7/01/51
..................................
20,455,000
20,485,349
Airport
,
Revenue
,
2023
A
,
5.25
%
,
7/01/53
...............................
10,000,000
10,150,869
County
of
Utah
,
Intermountain
Healthcare
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/50
......................................................
15,725,000
15,906,536
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
3,961,782
University
of
Utah
(The)
,
Revenue
,
2022
A
,
5
%
,
8/01/46
......................
9,645,000
9,998,839
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
3
%
,
10/15/26
........................................
550,000
549,333
Revenue
,
2021
,
4
%
,
10/15/28
........................................
350,000
351,898
Revenue
,
2021
,
4
%
,
10/15/32
........................................
540,000
528,557
Revenue
,
2021
,
4
%
,
10/15/41
........................................
1,450,000
1,310,160
Revenue
,
2021
,
3
%
,
10/15/45
........................................
2,000,000
1,496,196
Revenue
,
2022
,
5
%
,
10/15/37
........................................
1,200,000
1,232,352
Revenue
,
2022
,
5
%
,
10/15/46
........................................
3,650,000
3,623,421
Revenue
,
2024
,
5.5
%
,
10/15/44
.......................................
650,000
674,809
Revenue
,
2024
,
5.5
%
,
10/15/48
.......................................
750,000
761,811
Utah
State
University
,
Student
Fee
&
Housing
,
Revenue
,
2023
,
5
%
,
4/01/56
.......
10,120,000
10,266,181
112,528,416
Virginia
0.6%
Hampton
Roads
Transportation
Accountability
Commission
,
Hampton
Roads
Transportation
Fund
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
7/01/60
..............
19,000,000
19,258,713
Virginia
Housing
Development
Authority
,
Revenue
,
2023
F
,
FHA
Insured
,
5
%
,
11/01/43
11,120,000
11,357,075
Virginia
Resources
Authority
,
Revenue
,
2012
A
,
5
%
,
11/01/39
..................
70,000
70,068
Virginia
Small
Business
Financing
Authority
,
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/52
10,000,000
9,692,124
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/51
....................................................
4,000,000
3,508,880
43,886,860
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)
Washington
2.5%
Central
Puget
Sound
Regional
Transit
Authority
,
Sales
Motor
Vehicle
&
Rental
Car
Tax
,
Revenue
,
2021
S-1
,
Refunding
,
4
%
,
11/01/46
.............................
$
20,000,000
$
19,021,058
City
of
Seattle
,
Municipal
Light
&
Power
,
Revenue
,
2018
A
,
4
%
,
1/01/42
..........
10,855,000
10,298,187
County
of
Spokane
,
Airport
,
Revenue
,
2024
B
,
5.25
%
,
1/01/49
.................
11,690,000
11,912,636
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
34,480,000
32,301,305
Grant
County
Public
Hospital
District
No.
1
,
GO
,
2023
,
5.125
%
,
12/01/52
.........
4,500,000
4,323,354
NJB
Properties
,
Revenue
,
2006
A
,
5
%
,
12/01/36
............................
5,000
5,007
Port
of
Seattle
,
Revenue
,
2018
A
,
5
%
,
5/01/38
.............................
15,000,000
15,123,935
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/54
.......
3,050,000
3,073,502
Vancouver
Housing
Authority
,
Revenue
,
2024
,
4
%
,
8/01/34
.........................................
6,000,000
5,797,080
Revenue
,
2025
,
5
%
,
8/01/40
.........................................
3,400,000
3,415,936
Washington
Health
Care
Facilities
Authority
,
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/29
.......................................................
250,000
264,326
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/33
.......................................................
250,000
265,040
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
3
%
,
12/01/34
.......................................................
300,000
274,609
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
4
%
,
12/01/45
.......................................................
1,200,000
1,096,646
d
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
4
%
,
12/01/48
.......................................................
810,000
709,388
Multicare
Health
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
8/15/41
25,000,000
22,963,185
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2012
A
,
5
%
,
10/01/42
..
10,175,000
10,175,884
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
D
,
Refunding
,
5
%
,
10/01/38
.......................................................
8,000,000
8,004,200
Washington
Higher
Education
Facilities
Authority
,
Seattle
Pacific
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/42
......................................
3,800,000
3,378,192
Washington
State
Convention
Center
Public
Facilities
District
,
Lodging
Tax
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
7/01/43
.......................................
14,855,000
13,634,476
d
Washington
State
Housing
Finance
Commission
,
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
2,840,000
2,420,518
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5.25
%
,
7/01/64
..................................................
17,500,000
17,530,821
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.375
%
,
7/01/63
........................................................
4,420,000
4,667,051
190,656,336
West
Virginia
0.6%
County
of
Ohio
,
Tax
Allocation
,
2024
,
Refunding
,
5.25
%
,
6/01/53
................
3,000,000
2,920,464
West
Virginia
Hospital
Finance
Authority
,
Cabell
Huntington
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/43
........................................................
8,250,000
7,829,327
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/38
.
3,040,000
3,069,449
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6
%
,
9/01/53
.
3,000,000
3,162,518
West
Virginia
United
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
6/01/47
7,000,000
7,026,390
West
Virginia
United
Health
System
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
6/01/52
10,000,000
10,002,939
West
Virginia
Water
Development
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/36
..............................
5,000,000
5,009,376
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/45
..............................
5,435,000
5,435,896
44,456,359
Wisconsin
6.7%
Public
Finance
Authority
,
Revenue
,
2025
A-1
,
Refunding
,
5.375
%
,
12/01/36
.........................
37,350,000
38,116,500
Revenue
,
2023-1
,
A
,
5.75
%
,
7/01/62
...................................
23,001,828
23,636,234
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)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
d
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
$
21,085,631
$
17,300,381
f
Revenue,
Sub.
Lien
,
2025
A-2
,
Refunding
,
4.075
%,
12/01/45
.................
184,234,136
92,111,652
Blue
Ridge
Healthcare
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
1/01/50
2,185,000
1,539,173
CFC-SA
LLC
,
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
2/01/62
...................
10,000,000
9,469,950
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/41
..........
1,000,000
876,189
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/61
..........
10,000,000
7,552,605
d
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
10,000,000
10,283,130
c
Duke
Energy
Progress
LLC
,
Revenue
,
2022
B
,
Refunding
,
Mandatory
Put
,
4
%
,
10/01/30
.......................................................
2,200,000
2,234,715
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.5
%
,
7/01/52
......
5,000,000
5,155,813
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.625
%
,
7/01/55
....
6,620,000
6,842,309
d
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
22,945,000
20,599,484
d
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
20,425,000
21,009,468
d
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
A
,
3.8
%
,
12/01/37
24,375,000
21,145,469
NC
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2024
A
,
5.25
%
,
6/01/54
........
2,755,000
2,695,610
d
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-1
,
Refunding
,
4.5
%
,
12/01/31
..................................................
11,975,000
11,887,644
d,f
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2024
A-2
,
Refunding
,
2.34
%,
12/01/44
.................................................
122,250,000
79,338,245
d
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
22,565,000
22,477,834
d
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
B
,
7.5
%
,
12/01/29
.....
2,645,000
2,695,689
RED
River
Valley
Alliance
LLC
,
Revenue
,
2021
,
4
%
,
9/30/51
.................
730,000
609,188
RED
River
Valley
Alliance
LLC
,
Revenue
,
2021
,
4
%
,
3/31/56
.................
30,185,000
24,370,439
Southeastern
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/39
............................................
4,755,000
4,049,217
Southeastern
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/46
............................................
11,980,000
9,424,667
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
5.75
%
,
12/31/65
......
13,775,000
14,225,356
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
12/31/65
.......
7,980,000
8,738,908
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/41
............
1,280,000
1,103,813
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/51
............
10,000
7,721
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/61
............
6,000,000
4,409,330
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2022
,
5.25
%
,
6/15/52
...........
1,610,000
1,500,006
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2022
,
5.375
%
,
6/15/57
..........
1,550,000
1,450,631
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2025
,
Refunding
,
5.5
%
,
6/15/55
...
2,135,000
2,045,560
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2025
,
Refunding
,
5.25
%
,
6/15/65
..
2,125,000
1,913,880
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
.......
5,075,000
4,005,224
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/51
.......
5,705,000
4,272,281
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/56
.......
2,250,000
1,597,896
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/41
...........................................
1,010,000
970,519
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
...........................................
2,185,000
1,870,797
Wisconsin
Health
&
Educational
Facilities
Authority
,
Children's
Hospital
of
Wisconsin
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/42
........................................................
15,000,000
13,858,936
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/47
....................................................
5,200,000
4,475,607
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/57
....................................................
1,400,000
1,108,024
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/46
......
895,000
771,107
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/51
......
1,335,000
1,085,361
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/55
......
1,760,000
1,393,854
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)
Wisconsin
Health
&
Educational
Facilities
Authority,
(continued)
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
A
,
5.75
%
,
8/15/59
....
$
1,940,000
$
1,992,088
508,218,504
U.S.
Territories
2.3%
District
of
Columbia
1.8%
District
of
Columbia
,
Catholic
University
of
America
(The)
,
Revenue
,
2017
B
,
5
%
,
10/01/42
..........
20,535,000
19,875,416
Catholic
University
of
America
(The)
,
Revenue
,
2017
B
,
5
%
,
10/01/47
..........
25,110,000
24,054,710
Catholic
University
of
America
(The)
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/43
...
4,000,000
3,832,436
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/49
............
1,000,000
965,666
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/54
............
1,905,000
1,795,676
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
10/01/48
.......................
10,275,000
10,247,949
Aviation
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
.......................
10,000,000
9,999,545
Aviation
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/53
.....................
6,000,000
6,113,807
Dulles
Toll
Road
,
Revenue,
Second
Lien
,
2009
C
,
Pre-Refunded
,
AG
Insured
,
6.5
%
,
10/01/41
.......................................................
25,000,000
25,153,658
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/49
........
13,555,000
11,691,552
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2021
A
,
4
%
,
7/15/43
...............................
12,775,000
12,372,231
Dedicated
,
Revenue,
Second
Lien
,
2025
A
,
5
%
,
7/15/60
.....................
12,000,000
12,186,321
138,288,967
Puerto
Rico
0.5%
Puerto
Rico
Electric
Power
Authority
,
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
.........................................................
5,780,000
5,783,117
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
A
,
6.625
%
,
1/01/27
....................................
317,172
316,533
Revenue
,
2000
A
,
6.625
%
,
1/01/28
....................................
2,419,017
2,408,373
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
27,546,000
26,507,342
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
5,593,000
5,295,205
40,310,570
Total
U.S.
Territories
....................................................................
178,599,537
Total
Municipal
Bonds
(Cost
$
7,604,157,864
)
...................................
7,426,992,522
Total
Long
Term
Investments
(Cost
$
7,639,817,864
)
.............................
7,463,717,521
a
a
a
a
a
Short
Term
Investments
1.1%
Municipal
Bonds
1.1%
Arizona
0.1%
i
Arizona
Health
Facilities
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2015
C
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.05
%
,
1/01/46
...............
8,500,000
8,500,000
California
0.2%
i
Anaheim
Housing
&
Public
Improvements
Authority
,
City
of
Anaheim
Water
System
,
Revenue,
Second
Lien
,
2024
A
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
10/01/54
...................................................
14,600,000
14,600,000
Georgia
0.2%
i
Roswell
Development
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2025
A
,
LOC
Truist
Bank
,
Daily
VRDN
and
Put
,
3.1
%
,
4/01/47
................
11,600,000
11,600,000
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
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Minnesota
0.2%
i
City
of
Rochester
,
Mayo
Clinic
,
Revenue
,
2025
D
,
LOC
Barclays
Bank
plc
,
Daily
VRDN
and
Put
,
2.65
%
,
11/15/64
............................................
$
18,000,000
$
18,000,000
Missouri
0.1%
i
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
SSM
Health
Care
Obligated
Group
,
Revenue
,
2014
F
,
Daily
VRDN
and
Put
,
3.1
%
,
6/01/44
.........
6,000,000
6,000,000
New
Jersey
0.0%
†
i
New
Jersey
Health
Care
Facilities
Financing
Authority
,
RWJ
Barnabas
Health
Obligated
Group
,
Revenue
,
2026
B-3
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
2.8
%
,
7/01/61
..................................
2,900,000
2,900,000
Virtua
Health
Obligated
Group
,
Revenue
,
2009
B
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
2.05
%
,
7/01/43
.................................
700,000
700,000
3,600,000
North
Carolina
0.1%
i
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2007
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
3
%
,
1/15/38
......................................................
5,700,000
5,700,000
Tennessee
0.2%
i
Public
Building
Authority
of
Blount
County
Tennessee
(The)
,
County
of
Blount
,
GO
,
D-3-A
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
3.05
%
,
6/01/34
..........
18,000,000
18,000,000
Total
Municipal
Bonds
(Cost
$
86,000,000
)
......................................
86,000,000
Total
Short
Term
Investments
(Cost
$
86,000,000
)
................................
86,000,000
a
Total
Investments
(Cost
$
7,725,817,864
)
99.5
%
..................................
$7,549,717,521
Other
Assets,
less
Liabilities
0.5
%
.............................................
35,280,017
Net
Assets
100.0%
...........................................................
$7,584,997,538
†
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
July
31,
2026,
the
aggregate
value
of
these
securities
was
$796,402,412,
representing
10.5%
of
net
assets.
e
Security
purchased
on
a
when-issued
basis.
f
The
rate
shown
represents
the
yield
at
period
end.
g
The
coupon
rate
shown
represents
the
rate
at
period
end.
h
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
i
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
31
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Franklin
Federal
Tax-Free
Income
Fund (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
3. 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)
32
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
July
31,
2026,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
a
Common
Stocks
........................
$
—
$
—
$
—
b
$
—
Corporate
Bonds
........................
—
—
36,724,999
36,724,999
Municipal
Bonds
:
Alabama
.............................
—
298,819,597
—
298,819,597
Alaska
...............................
—
6,419,730
—
6,419,730
Arizona
..............................
—
150,780,319
—
150,780,319
Arkansas
.............................
—
8,407,650
—
8,407,650
California
.............................
—
691,939,205
—
691,939,205
Colorado
.............................
—
209,623,460
—
209,623,460
Connecticut
...........................
—
17,836,186
—
17,836,186
Delaware
.............................
—
6,710,676
—
6,710,676
Florida
...............................
—
646,548,771
—
646,548,771
Georgia
..............................
—
270,981,727
—
270,981,727
Hawaii
...............................
—
112,722,533
—
112,722,533
Idaho
................................
—
9,846,036
—
9,846,036
Illinois
...............................
—
445,983,738
—
b
445,983,738
Indiana
..............................
—
138,394,441
—
138,394,441
Iowa
................................
—
35,608,370
—
35,608,370
Kansas
..............................
—
21,582,747
—
21,582,747
Kentucky
.............................
—
139,109,265
—
139,109,265
Louisiana
.............................
—
247,631,798
—
247,631,798
Maine
...............................
—
2,605,192
—
2,605,192
Maryland
.............................
—
124,864,427
—
124,864,427
Massachusetts
........................
—
85,659,853
—
85,659,853
Michigan
.............................
—
66,967,908
—
66,967,908
Mississippi
............................
—
82,764,299
—
82,764,299
Missouri
..............................
—
58,038,471
—
58,038,471
Montana
.............................
—
6,519,463
—
6,519,463
Nebraska
.............................
—
22,162,425
—
22,162,425
Nevada
..............................
—
5,462,014
—
5,462,014
New
Hampshire
........................
—
47,029,069
—
47,029,069
New
Jersey
...........................
—
212,971,201
—
212,971,201
New
Mexico
...........................
—
34,597,803
—
34,597,803
New
York
.............................
—
549,955,411
—
549,955,411
North
Carolina
.........................
—
49,270,286
—
49,270,286
North
Dakota
..........................
—
47,241,555
—
47,241,555
Ohio
................................
—
115,217,567
—
115,217,567
Oklahoma
............................
—
10,029,138
—
10,029,138
Oregon
..............................
—
63,649,163
—
63,649,163
Pennsylvania
..........................
—
108,659,402
—
108,659,402
Rhode
Island
..........................
—
9,027,745
—
9,027,745
South
Carolina
.........................
—
87,915,567
—
87,915,567
South
Dakota
..........................
—
34,803,839
—
34,803,839
Tennessee
............................
—
281,693,517
—
281,693,517
Texas
...............................
—
782,594,946
—
782,594,946
Utah
................................
—
112,528,416
—
112,528,416
Virginia
..............................
—
43,886,860
—
43,886,860
3. Fair
Value
Measurements
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
33
Quarterly
Schedule
of
Investments
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
a
(continued)
Municipal
Bonds:
(continued)
Washington
...........................
$
—
$
190,656,336
$
—
$
190,656,336
West
Virginia
..........................
—
44,456,359
—
44,456,359
Wisconsin
............................
—
508,218,504
—
508,218,504
U.S.
Territories
District
of
Columbia
.....................
—
138,288,967
—
138,288,967
Puerto
Rico
...........................
—
40,310,570
—
40,310,570
Short
Term
Investments
...................
—
86,000,000
—
86,000,000
Total
Investments
in
Securities
...........
$—
$7,512,992,522
$36,724,999
$7,549,717,521
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
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
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.