Franklin Federal Tax-Free Income Fund
Statement of Investments, January 31, 2020 (unaudited)
Principal Amount | Value | |||
Municipal Bonds 97.2% | ||||
Alabama 1.3% | ||||
Alabama State Incentives Financing Authority Special Obligation Revenue, Series A, Pre-Refunded, 5.00%, 9/01/42 | $14,300,000 | $15,796,638 | ||
Alabama State Port Authority Docks Facilities Revenue, Pre-Refunded, 6.00%, 10/01/40 | 6,000,000 | 6,201,120 | ||
Alabama State Public Health Care Authority Lease Revenue, Department of Public Health Facilities, Refunding, 5.00%, 9/01/44 | 17,085,000 | 19,879,593 | ||
Birmingham Airport Authority Airport Revenue, AGMC Insured, 5.50%, 7/01/40 | 20,000,000 | 20,356,400 | ||
Birmingham Water Works Board Water Revenue, | ||||
Series B, Pre-Refunded, 5.00%, 1/01/38 | 3,500,000 | 3,918,495 | ||
Series B, Pre-Refunded, 5.00%, 1/01/43 | 8,000,000 | 8,956,560 | ||
Subordinate, Refunding, Series B, 5.00%, 1/01/43 | 10,000,000 | 11,991,800 | ||
Chatom IDB Gulf Opportunity Zone Revenue, | ||||
PowerSouth Energy Cooperative, Refunding, Series A, Assured Guaranty, 5.00%, 8/01/30 | 5,250,000 | 5,349,330 | ||
PowerSouth Energy Cooperative, Refunding, Series A, Assured Guaranty, 5.00%, 8/01/37 | 5,000,000 | 5,094,600 | ||
Chilton County Health Care Authority Limited Obligation Sales Tax Revenue, Chilton County Hospital Project, Series A, 5.00%, 11/01/40 | 8,425,000 | 9,589,588 | ||
Limestone County Water and Sewer Authority Water Revenue, BAM Insured, 5.00%, 12/01/45 | 10,500,000 | 12,474,525 | ||
Mobile Water and Sewer Commissioners Water and Sewer Revenue, Refunding, 5.00%, 1/01/36 | 11,300,000 | 12,464,465 | ||
Phenix City Water and Sewer Revenue, wts., Series A, AGMC Insured, 5.00%, 8/15/40 | 8,090,000 | 8,255,117 | ||
University of South Alabama Revenue, University Facilities, Series A, BAM Insured, 5.00%, 4/01/49 | 5,000,000 | 6,164,900 | ||
146,493,131 | ||||
Alaska 0.6% | ||||
Alaska Municipal Bond Bank GO, | ||||
Refunding, Series Three, 5.25%, 10/01/36 | 16,045,000 | 18,781,635 | ||
Refunding, Series Three, 5.00%, 10/01/39 | 12,950,000 | 14,879,679 | ||
Alaska State Industrial Development and Export Authority Revenue, Providence Health and Services, Series A, 5.00%, 10/01/40 | 10,000,000 | 10,572,900 | ||
Alaska State International Airports System Revenue, Refunding, Series C, 5.00%, 10/01/33 | 12,565,000 | 12,879,502 | ||
Anchorage Electric Revenue, senior lien, Refunding, Series A, 5.00%, 12/01/41 | 8,875,000 | 10,205,363 | ||
67,319,079 | ||||
Arizona 2.7% | ||||
Arizona Board of Regents Arizona State University System Revenue, Series C, 5.00%, 7/01/42 | 9,000,000 | 10,853,910 | ||
Arizona Board of Regents University of Arizona Revenue, Stimulus Plan for Economic and Educational Development, 5.00%, 8/01/44 | 10,000,000 | 11,373,700 | ||
Arizona State COP, Department of Administration, Series B, AGMC Insured, 5.00%, 10/01/27 | 8,000,000 | 8,050,240 | ||
a | Chandler IDA, IDR, Intel Corp. Project, Mandatory Put, 5.00%, 6/03/24 | 15,000,000 | 17,352,150 | |
Glendale Municipal Property Corp. Excise Tax Revenue, Subordinate, Refunding, Series C, 5.00%, 7/01/38 | 15,500,000 | 17,013,420 | ||
Lake Havasu Wastewater System Revenue, senior lien, Refunding, Series B, AGMC Insured, 5.00%, 7/01/40 | 15,000,000 | 17,525,850 | ||
Maricopa County IDA Senior Living Facilities Revenue, Christian Care Retirement Apartments Inc. Project, Refunding, Series A, 5.00%, 1/01/36 | 5,000,000 | 5,766,250 | ||
Maricopa County IDAR, | ||||
Banner Health, Series A, 4.00%, 1/01/41 | 10,000,000 | 11,289,800 | ||
Banner Health, Series A, 4.00%, 1/01/44 | 25,000,000 | 28,466,250 | ||
Maricopa County PCC, PCR, El Paso Electric Co. Palo Verde Project, Refunding, Series A, 3.60%, 2/01/40 | 19,500,000 | 21,020,220 |
Quarterly Statement of Investments | See Notes to Statement of Investments. | 1
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Arizona(continued) | ||||
Mesa Utility Systems Revenue, 4.00%, 7/01/36 | $19,000,000 | $20,065,520 | ||
Phoenix Civic Improvement Corp. Airport Revenue, | ||||
junior lien, Refunding, Series D, 4.00%, 7/01/40 | 25,000,000 | 28,251,500 | ||
junior lien, Series A, Pre-Refunded, 5.00%, 7/01/40 | 24,000,000 | 24,402,960 | ||
junior lien, Series B, 5.00%, 7/01/49 | 11,000,000 | 13,474,340 | ||
Phoenix Civic Improvement Corp. Distribution Revenue, | ||||
Capital Appreciation, Civic Plaza Expansion Project, Series B, NATL Insured, 5.50%, 7/01/32 | 6,000,000 | 8,517,300 | ||
Capital Appreciation, Civic Plaza Expansion Project, Series B, NATL Insured, 5.50%, 7/01/34 | 5,000,000 | 7,319,900 | ||
Capital Appreciation, Civic Plaza Expansion Project, Series B, NATL Insured, 5.50%, 7/01/35 | 9,860,000 | 14,651,763 | ||
Phoenix Civic Improvement Corp. Rental Car Facility Charge Revenue, Series A, 4.00%, 7/01/45 | 10,000,000 | 11,336,400 | ||
Pima County Sewer System Revenue, Obligations, AGMC Insured, Pre-Refunded, 5.00%, 7/01/25 | 7,000,000 | 7,116,060 | ||
Pinal County Electrical District No. 3 Electric System Revenue, Pre-Refunded, 5.25%, 7/01/36 | 10,000,000 | 10,611,700 | ||
294,459,233 | ||||
Arkansas 0.6% | ||||
Arkansas Development Finance Authority Healthcare Revenue, | ||||
Baptist Health, 4.00%, 12/01/44 | 620,000 | 687,437 | ||
Baptist Health, 5.00%, 12/01/47 | 3,025,000 | 3,719,812 | ||
Bentonville School District No. 6 GO, Benton County, Construction and Refunding, Series B, 4.00%, 6/01/47 | 27,935,000 | 30,573,740 | ||
University of Arkansas Revenue, | ||||
Various Facility, Fayetteville Campus, 5.00%, 11/01/47 | 6,500,000 | 7,904,780 | ||
Various Facility, Fayetteville Campus, Refunding and Improvement, Series A, 5.00%, 11/01/49 | 3,000,000 | 3,738,600 | ||
Various Facility, Fayetteville Campus, Series B, Pre-Refunded, 5.00%, 11/01/37 | 3,100,000 | 3,382,844 | ||
Various Facility, Fayetteville Campus, Series B, Pre-Refunded, 5.00%, 11/01/42 | 9,360,000 | 10,214,007 | ||
60,221,220 | ||||
California 8.4% | ||||
California Infrastructure and Economic Development Bank Revenue, Bay Area Toll Bridges Seismic Retrofit, first lien, Series A, AMBAC Insured, Pre-Refunded, 5.00%, 7/01/33 | 24,500,000 | 32,348,085 | ||
California State Educational Facilities Authority Revenue, Carnegie Institution of Washington, Refunding, Series A, 5.00%, 7/01/40 | 24,525,000 | 24,913,231 | ||
California State GO, | ||||
Refunding, NATL Insured, 5.00%, 10/01/32 | 20,000 | 20,065 | ||
Various Purpose, 5.90%, 4/01/23 | 1,200,000 | 1,209,780 | ||
Various Purpose, 5.25%, 11/01/40 | 50,000,000 | 51,626,000 | ||
Various Purpose, FGIC Insured, 6.00%, 5/01/20 | 425,000 | 430,317 | ||
Various Purpose, Refunding, 5.25%, 3/01/30 | 30,000,000 | 30,105,900 | ||
Various Purpose, Refunding, 6.00%, 3/01/33 | 12,000,000 | 12,049,920 | ||
Various Purpose, Refunding, 5.50%, 3/01/40 | 25,000,000 | 25,089,250 | ||
California State Public Works Board Lease Revenue, | ||||
Various Capital Projects, Series A, 5.00%, 4/01/30 | 18,000,000 | 19,533,960 | ||
Various Capital Projects, Series A, 5.00%, 4/01/33 | 12,475,000 | 13,510,175 | ||
Various Capital Projects, Series A, AGMC Insured, 5.00%, 4/01/28 | 13,030,000 | 14,152,144 | ||
Various Capital Projects, Series A, AGMC Insured, 5.00%, 4/01/29 | 21,000,000 | 22,803,690 | ||
California Statewide CDA, PCR, Southern California Edison Co., Refunding, Series A, 4.50%, 9/01/29 | 14,830,000 | 15,144,544 |
| 2
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
California(continued) | ||||
Corona-Norco USD, | ||||
GO, Riverside County, Capital Appreciation, Election of 2006, Series C, AGMC Insured, 6.20%, 8/01/29 | $3,250,000 | $4,473,040 | ||
GO, Riverside County, Capital Appreciation, Election of 2006, Series C, AGMC Insured, Pre-Refunded, 6.80%, 8/01/39 | 8,500,000 | 12,080,030 | ||
GO, Riverside County, Capital Appreciation, Election of 2006, Series C, AGMC Insured, zero cpn., 8/01/39 | 7,500,000 | 4,311,375 | ||
Foothill/Eastern Transportation Corridor Agency Toll Road Revenue, | ||||
Capital Appreciation, Refunding, Series A, AGMC Insured, zero cpn. to 1/15/24, 5.40% thereafter, 1/15/30 | 15,475,000 | 17,115,969 | ||
Capital Appreciation, Refunding, Series A, zero cpn. to 1/14/24, 6.85% thereafter, 1/15/42 | 20,000,000 | 21,799,000 | ||
Refunding, Series A, 5.75%, 1/15/46 | 25,000,000 | 28,976,250 | ||
Series A, Pre-Refunded, 6.00%, 1/15/49 | 20,000,000 | 24,119,600 | ||
Jefferson UHSD San Mateo County GO, | ||||
Capital Appreciation, Election of 2006, Series D, Pre-Refunded, zero cpn., 8/01/35 | 10,500,000 | 3,309,810 | ||
Capital Appreciation, Election of 2006, Series D, Pre-Refunded, zero cpn., 8/01/40 | 10,000,000 | 2,081,800 | ||
Capital Appreciation, Election of 2006, Series D, Pre-Refunded, zero cpn., 8/01/41 | 13,590,000 | 2,601,670 | ||
Los Angeles Community College District GO, Election of 2008, Series C, Pre-Refunded, 5.25%, 8/01/39 | 30,000,000 | 30,677,700 | ||
Los Angeles Department of Airports Revenue, | ||||
Los Angeles International Airport, Senior, Refunding, Series A, 5.00%, 5/15/40 | 25,485,000 | 25,781,136 | ||
Los Angeles International Airport, Senior, Series D, 5.00%, 5/15/40 | 50,000,000 | 50,581,000 | ||
Los Angeles Department of Water and Power Revenue, Power System, Series B, 5.00%, 7/01/31 | 20,000,000 | 22,749,800 | ||
Los Angeles USD, GO, Series KRY, 5.25%, 7/01/34 | 36,625,000 | 37,280,221 | ||
M-S-R Energy Authority Gas Revenue, Series B, 6.50%, 11/01/39 | 12,500,000 | 20,354,125 | ||
New Haven USD, | ||||
GO, Alameda County, Capital Appreciation, Assured Guaranty, zero cpn., 8/01/31 | 2,055,000 | 1,645,438 | ||
GO, Alameda County, Capital Appreciation, Assured Guaranty, zero cpn., 8/01/32 | 7,830,000 | 6,097,534 | ||
GO, Alameda County, Capital Appreciation, Assured Guaranty, zero cpn., 8/01/33 | 7,660,000 | 5,796,705 | ||
Rialto USD, GO, Capital Appreciation, Election of 2010, Series A, AGMC Insured, zero cpn., 8/01/36 | 20,000,000 | 12,678,600 | ||
San Francisco City and County Airport Commission International Airport Revenue, | ||||
Refunding, Second Series, Series A, 5.00%, 5/01/49 | 25,000,000 | 30,915,750 | ||
Second Series, Series E, 5.00%, 5/01/50 | 47,000,000 | 58,038,890 | ||
San Joaquin Hills Transportation Corridor Agency Toll Road Revenue, | ||||
Capital Appreciation, senior lien, ETM, zero cpn., 1/01/23 | 7,000,000 | 6,821,500 | ||
senior lien, Refunding, Series A, 5.00%, 1/15/34 | 50,000,000 | 58,135,000 | ||
San Jose USD Santa Clara County GO, Election of 2012, Series E, 4.00%, 8/01/42 | 10,600,000 | 12,142,194 | ||
San Mateo UHSD, | ||||
GO, Capital Appreciation, Election of 2010, Refunding, Series A, zero cpn. to 9/01/28, 6.70% thereafter, 9/01/41 | 20,000,000 | 22,466,400 | ||
GO, Capital Appreciation, Election of 2010, Series A, zero cpn. to 9/01/28, 6.45% thereafter, 9/01/33 | 6,065,000 | 6,040,983 | ||
San Mateo-Foster City School District GO, Capital Appreciation, Election of 2008, Series A, zero cpn. to 8/01/26, 6.625% thereafter, 8/01/42 | 50,000,000 | 53,295,000 | ||
Santa Ana USD, | ||||
GO, Orange County, Capital Appreciation, Election of 2008, Series B, Assured Guaranty, zero cpn., 8/01/35 | 10,000,000 | 7,047,500 | ||
GO, Orange County, Capital Appreciation, Election of 2008, Series B, Assured Guaranty, zero cpn., 8/01/36 | 18,865,000 | 12,898,378 | ||
GO, Orange County, Capital Appreciation, Election of 2008, Series B, Assured Guaranty, zero cpn., 8/01/37 | 10,000,000 | 6,606,200 |
| 3
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
California(continued) | ||||
West Contra Costa USD, | ||||
GO, Contra Costa County, Election of 2005, Capital Appreciation, Series C-1, Assured Guaranty, zero cpn., 8/01/29 | $10,000,000 | $8,493,100 | ||
GO, Contra Costa County, Election of 2005, Capital Appreciation, Series C-1, Assured Guaranty, zero cpn., 8/01/30 | 20,845,000 | 17,216,094 | ||
GO, Contra Costa County, Election of 2005, Capital Appreciation, Series C-1, Assured Guaranty, zero cpn., 8/01/31 | 20,000,000 | 16,032,400 | ||
GO, Contra Costa County, Election of 2005, Capital Appreciation, Series C-1, Assured Guaranty, zero cpn., 8/01/32 | 10,730,000 | 8,366,181 | ||
921,963,434 | ||||
Colorado 3.0% | ||||
Colorado Health Facilities Authority Revenue, | ||||
Children’s Hospital Colorado Project, Series A, 5.00%, 12/01/41 | 5,000,000 | 5,888,050 | ||
Children’s Hospital Colorado Project, Series A, 5.00%, 12/01/44 | 10,200,000 | 11,956,338 | ||
The Evangelical Lutheran Good Samaritan Society Project, Series A, Pre-Refunded, 5.00%, 6/01/45 | 19,000,000 | 23,019,260 | ||
Hospital, AdventHealth Obligated Group, Refunding, Series A, 4.00%, 11/15/43 | 10,000,000 | 11,448,200 | ||
Hospital, Adventist Health System Sunbelt Obligated Group, Refunding, Series A, 5.00%, 11/15/41 | 30,505,000 | 36,246,651 | ||
Hospital, Adventist Health System/Sunbelt Obligated Group, Series A, 5.00%, 11/15/48 | 12,000,000 | 14,598,840 | ||
Colorado Housing and Finance Authority Revenue, MF Project, Class I, Series A-1, 3.00%, 10/01/40 | 5,000,000 | 5,211,850 | ||
Colorado State Health Facilities Authority Hospital Revenue, SCL Health System, Sisters of Charity of Leavenworth, Refunding, Series B, 4.00%, 1/01/40 | 30,000,000 | 34,703,400 | ||
Denver City and County Airport System Revenue, | ||||
Department of Aviation, Refunding, Subordinate, Series A, 5.00%, 12/01/38 | 12,000,000 | 14,887,680 | ||
Department of Aviation, Refunding, Subordinate, Series A, 5.00%, 12/01/43 | 11,000,000 | 13,481,490 | ||
Department of Aviation, Refunding, Subordinate, Series A, 5.25%, 12/01/48 | 26,000,000 | 32,226,480 | ||
Department of Aviation, Refunding, Subordinate, Series B, 5.25%, 11/15/33 | 16,405,000 | 18,796,849 | ||
Series C, NATL Insured, ETM, 6.125%, 11/15/25 | 3,590,000 | 4,440,902 | ||
Series C, NATL Insured, Pre-Refunded, 6.125%, 11/15/25 | 4,410,000 | 4,591,912 | ||
Denver City and County Dedicated Tax Revenue, | ||||
Capital Appreciation Bonds, Series A-2, zero cpn., 8/01/35 | 2,000,000 | 1,235,040 | ||
Capital Appreciation Bonds, Series A-2, zero cpn., 8/01/36 | 2,500,000 | 1,471,875 | ||
Capital Appreciation Bonds, Series A-2, zero cpn., 8/01/37 | 2,455,000 | 1,378,163 | ||
Capital Appreciation Bonds, Series A-2, zero cpn., 8/01/38 | 2,000,000 | 1,072,220 | ||
Current Interest Bonds, Series A-1, 5.00%, 8/01/48 | 39,690,000 | 47,232,688 | ||
Park Creek Metropolitan District Revenue, Senior Limited Property Tax Supported, Refunding, Series A, 5.00%, 12/01/46 | 2,875,000 | 3,439,449 | ||
Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.50%, 11/15/38 | 20,000,000 | 31,575,400 | ||
Regional Transportation District Sales Tax Revenue, FasTracks Project, Series A, 5.00%, 11/01/32 | 10,000,000 | 11,049,700 | ||
329,952,437 | ||||
Connecticut 0.1% | ||||
Connecticut State Health and Educational Facilities Authority Revenue, | ||||
Hartford Healthcare, Series A, 4.00%, 7/01/37 | 3,000,000 | 3,469,770 | ||
Hartford Healthcare, Series A, 4.00%, 7/01/38 | 2,700,000 | 3,110,805 | ||
Hartford Healthcare, Series A, 4.00%, 7/01/39 | 3,000,000 | 3,446,550 | ||
Hartford Healthcare, Series A, 4.00%, 7/01/40 | 2,250,000 | 2,577,420 | ||
12,604,545 |
| 4
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Delaware 0.0%† | ||||
Kent County Student Housing and Dining Facility Revenue, | ||||
CHF-Dover LLC- Delaware State University Project, Series A, 5.00%, 7/01/40 | $1,100,000 | $1,253,835 | ||
CHF-Dover LLC-Delaware State University Project, Series A, 5.00%, 7/01/48 | 1,485,000 | 1,677,055 | ||
CHF-Dover LLC-Delaware State University Project, Series A, 5.00%, 7/01/53 | 1,100,000 | 1,238,160 | ||
4,169,050 | ||||
District of Columbia 3.5% | ||||
District of Columbia Ballpark Revenue, | ||||
Series B-1, BHAC Insured, 5.00%, 2/01/24 | 12,120,000 | 12,158,905 | ||
Series B-1, BHAC Insured, 5.00%, 2/01/25 | 7,000,000 | 7,022,400 | ||
Series B-1, BHAC Insured, 5.00%, 2/01/26 | 9,950,000 | 9,981,740 | ||
District of Columbia GO, Refunding, Series A, 5.00%, 10/15/44 | 25,000,000 | 31,614,000 | ||
District of Columbia Hospital Revenue, Children’s Hospital Obligated Group Issue, Refunding, 5.00%, 7/15/40 | 6,830,000 | 7,962,346 | ||
District of Columbia Income Tax Secured Revenue, | ||||
Refunding, Series A, 5.00%, 12/01/31 | 10,000,000 | 10,134,300 | ||
Series A, 4.00%, 3/01/44 | 10,000,000 | 11,590,200 | ||
District of Columbia Revenue, | ||||
Assn. of American Medical Colleges Issue, Series B, Pre-Refunded, 5.25%, 10/01/41 | 15,000,000 | 15,829,200 | ||
The Catholic University of America Issue, Refunding, 5.00%, 10/01/43 | 4,000,000 | 4,829,040 | ||
The Catholic University of America Issue, Refunding, Series B, 5.00%, 10/01/42 | 20,660,000 | 24,649,446 | ||
The Catholic University of America Issue, Refunding, Series B, 5.00%, 10/01/47 | 24,985,000 | 29,648,950 | ||
District of Columbia International School Issue, 5.00%, 7/01/49 | 1,275,000 | 1,542,610 | ||
District of Columbia International School Issue, 5.00%, 7/01/54 | 1,000,000 | 1,199,230 | ||
Georgetown University Issue, Growth and Income Securities, Pre-Refunded, AMBAC Insured, 5.00%, 4/01/32 | 15,370,000 | 16,099,768 | ||
National Academy of Sciences Project, Series A, Pre-Refunded, 5.00%, 4/01/35 | 10,905,000 | 10,975,992 | ||
National Academy of Sciences Project, Series A, Pre-Refunded, 5.00%, 4/01/40 | 16,960,000 | 17,070,410 | ||
National Public Radio Inc. Issue, Pre-Refunded, 5.00%, 4/01/35 | 7,750,000 | 7,799,135 | ||
District of Columbia Tobacco Settlement FICO Revenue, Asset-Backed, Refunding, 6.50%, 5/15/33 | 21,240,000 | 24,662,826 | ||
District of Columbia Water and Sewer Authority Public Utility Revenue, | ||||
Green Bonds, senior lien, Series A, 5.00%, 10/01/49 | 25,000,000 | 30,918,750 | ||
Green Bonds, sub. lien, Series A, 5.00%, 10/01/44 | 7,350,000 | 9,361,915 | ||
Metropolitan Washington Airports Authority Airport System Revenue, | ||||
Refunding, Series A, 5.00%, 10/01/35 | 5,000,000 | 5,135,200 | ||
Refunding, Series A, 5.00%, 10/01/44 | 16,000,000 | 19,931,840 | ||
Refunding, Series A, 5.00%, 10/01/49 | 16,585,000 | 20,509,840 | ||
Series A, 5.00%, 10/01/39 | 5,000,000 | 5,135,200 | ||
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, | ||||
Dulles Metrorail and Capital Improvement Project, Subordinate, Refunding, Series B, 4.00%, 10/01/44 | 14,300,000 | 16,372,642 | ||
Dulles Metrorail and Capital Improvement Projects, Convertible Capital Appreciation, second senior lien, Series C, Assured Guaranty, 6.50%, 10/01/41 | 25,000,000 | 32,688,000 | ||
384,823,885 | ||||
Florida 5.7% | ||||
Atlantic Beach Health Care Facilities Revenue, | ||||
Fleet Landing Project, Refunding, Series A, 5.00%, 11/15/48 | 3,000,000 | 3,443,520 | ||
Fleet Landing Project, Series A, 5.00%, 11/15/53 | 6,000,000 | 6,862,500 |
| 5
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Florida(continued) | ||||
Broward County HFAR, | ||||
MFH, Heron Pointe Apartments Project, Series A, SPA FHLMC, 5.65%, 11/01/22 | $250,000 | $251,612 | ||
MFH, Heron Pointe Apartments Project, Series A, SPA FHLMC, 5.70%, 11/01/29 | 225,000 | 225,817 | ||
Broward County Port Facilities Revenue, Senior Bond, Series B, 4.00%, 9/01/44 | 15,000,000 | 16,790,700 | ||
Cape Coral Water and Sewer Revenue, | ||||
Refunding, 5.00%, 10/01/39 | 10,000,000 | 12,328,500 | ||
Series A, AGMC Insured, Pre-Refunded, 5.00%, 10/01/42 | 21,510,000 | 22,987,737 | ||
Central Expressway Authority Revenue, | ||||
senior lien, Refunding, 5.00%, 7/01/48 | 16,000,000 | 19,593,280 | ||
senior lien, Series B, 5.00%, 7/01/49 | 17,000,000 | 21,132,530 | ||
Citizens Property Insurance Corp. Revenue, Coastal Account, senior secured, Series A-1, 5.00%, 6/01/20 | 20,000,000 | 20,264,600 | ||
Cocoa Water and Sewer Revenue, System, Series B, 5.00%, 10/01/48 | 10,325,000 | 12,803,723 | ||
Dade County HFA, MFMR, Siesta Pointe Apartments, Series A, AGMC Insured, SPA FHLMC, 5.75%, 9/01/29 | 1,890,000 | 1,896,728 | ||
Deltona Utility System Revenue, Refunding, AGMC Insured, 5.125%, 10/01/39 | 5,000,000 | 5,692,750 | ||
b | Escambia County Health Facilities Authority Health Facility Revenue Bond, Refunding, Series A, 4.00%, 8/15/45 | 10,000,000 | 11,191,800 | |
Florida State Board of Education GO, Public Education Capital Outlay, Refunding, Series D, 6.00%, 6/01/23 | 17,500,000 | 20,451,725 | ||
Florida State Municipal Loan Council Revenue, Series D, AGMC Insured, 5.50%, 10/01/41 | 4,750,000 | 5,075,470 | ||
Gainesville Utilities System Revenue, | ||||
Refunding, Series A, 5.00%, 10/01/47 | 31,640,000 | 39,734,145 | ||
Series A, 5.00%, 10/01/36 | 7,150,000 | 8,933,567 | ||
Greater Orlando Aviation Authority Airport Facilities Revenue, Series A, 4.00%, 10/01/44 | 10,000,000 | 11,338,300 | ||
Hillsborough County Aviation Authority Revenue, | ||||
Tampa International Airport, Passenger Facility Charge, Subordinated, Series A, 5.00%, 10/01/48 | 20,000,000 | 24,216,600 | ||
Tampa International Airport, Subordinated, Refunding, Series B, 5.00%, 10/01/44 | 10,000,000 | 11,536,200 | ||
Hillsborough County School Board COP, Master Lease Program, Refunding, Series A, 5.00%, 7/01/28 | 520,000 | 567,154 | ||
Lee Memorial Health System Hospital Revenue, Refunding, Series A-1, 5.00%, 4/01/44 | 4,220,000 | 5,177,476 | ||
Martin County Health Facilities Authority Hospital Revenue, | ||||
Martin Memorial Medical Center, AGMC Insured, Pre-Refunded, 5.50%, 11/15/42 | 3,800,000 | 4,099,554 | ||
Martin Memorial Medical Center, Pre-Refunded, 5.50%, 11/15/42 | 3,800,000 | 4,099,554 | ||
Miami Beach GO, Refunding, 4.00%, 5/01/44 | 15,000,000 | 17,250,600 | ||
Miami Beach RDA Tax Increment Revenue, City Center/Historic Convention Village, Refunding, Series A, AGMC Insured, 5.00%, 2/01/44 | 12,000,000 | 13,590,840 | ||
Miami Beach Resort Tax Revenue, 5.00%, 9/01/40 | 11,000,000 | 12,960,530 | ||
Miami-Dade County Expressway Authority Toll System Revenue, | ||||
Refunding, Series A, 5.00%, 7/01/29 | 10,000,000 | 10,901,800 | ||
Refunding, Series A, 5.00%, 7/01/32 | 6,375,000 | 6,946,965 | ||
Series A, 5.00%, 7/01/40 | 30,265,000 | 30,742,279 | ||
Miami-Dade County School Board COP, Master Lease Purchase Agreement, Refunding, Series A, 5.00%, 5/01/31 | 10,000,000 | 11,158,800 | ||
Miami-Dade County Special Obligation Revenue, | ||||
sub. bond, Refunding, Series B, 5.00%, 10/01/31 | 5,000,000 | 5,505,350 | ||
sub. bond, Refunding, Series B, 5.00%, 10/01/32 | 4,500,000 | 4,951,125 | ||
sub. bond, Refunding, Series B, 5.00%, 10/01/35 | 3,250,000 | 3,565,120 | ||
Miami-Dade County Transit System Sales Surtax Revenue, Refunding, 5.00%, 7/01/35 | 7,000,000 | 8,264,760 |
| 6
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Florida(continued) | ||||
Miami-Dade County Water and Sewer System Revenue, | ||||
Series A, Pre-Refunded, 5.00%, 10/01/42 | $20,000,000 | $22,160,200 | ||
Series B, 4.00%, 10/01/44 | 17,500,000 | 20,167,350 | ||
North Sumter County Utility Dependent District Utility Revenue, | ||||
5.00%, 10/01/49 | 3,635,000 | 4,466,870 | ||
5.00%, 10/01/54 | 7,000,000 | 8,545,950 | ||
Orange County Health Facilities Authority Revenue, | ||||
Hospital, Orlando Health Obligated Group, Refunding, Series A, 5.00%, 10/01/39 | 6,000,000 | 7,154,280 | ||
Hospital, Orlando Health Obligated Group, Series A, 5.00%, 10/01/47 | 5,000,000 | 6,120,700 | ||
Presbyterian Retirement Communities Project, 5.00%, 8/01/47 | 14,000,000 | 15,672,580 | ||
Orlando-Orange County Expressway Authority Revenue, | ||||
Series A, Pre-Refunded, 5.00%, 7/01/40 | 5,000,000 | 5,083,531 | ||
Series C, Pre-Refunded, 5.00%, 7/01/40 | 15,000,000 | 15,251,850 | ||
Osceola County Transportation Revenue, | ||||
Refunding, Series A-1, 5.00%, 10/01/44 | 2,000,000 | 2,479,660 | ||
Refunding, Series A-1, 5.00%, 10/01/49 | 2,500,000 | 3,076,975 | ||
Pinellas County Sewer Revenue, AGMC Insured, 5.00%, 10/01/32 | 610,000 | 611,995 | ||
Seminole County Water and Sewer Revenue, Refunding, 4.00%, 10/01/40 | 8,500,000 | 9,917,800 | ||
South Broward Hospital District Revenue, Hospital, South Broward Hospital District Obligated Group, 5.00%, 5/01/45 | 20,715,000 | 25,134,131 | ||
South Miami Health Facilities Authority Hospital Revenue, Baptist Health South Florida, Refunding, 5.00%, 8/15/42 | 15,000,000 | 18,098,850 | ||
St. Petersburg Public Utility Revenue, Refunding, 4.00%, 10/01/43 | 15,000,000 | 17,282,250 | ||
Sunrise Utilities System Revenue, AMBAC Insured, Pre-Refunded, 5.20%, 10/01/22 | 420,000 | 431,764 | ||
Tampa-Hillsborough County Expressway Authority Revenue, 5.00%, 7/01/47 | 10,000,000 | 12,008,200 | ||
Tohopekaliga Water Authority Utility System Revenue, Refunding, 5.00%, 10/01/46 | 5,000,000 | 5,991,800 | ||
Town of Davie Water and Sewer Revenue, AGMC Insured, 5.00%, 10/01/32 | 8,575,000 | 9,123,200 | ||
625,313,647 | ||||
Georgia 3.2% | ||||
Albany Dougherty Payroll Development Authority Revenue, Darton College Project, AGMC Insured, 5.75%, 6/15/41 | 5,550,000 | 5,638,412 | ||
Atlanta Airport General Revenue, Refunding, Series C, 6.00%, 1/01/30 | 15,000,000 | 15,704,400 | ||
Atlanta Airport Passenger Facility Charge Revenue, | ||||
General, sub. lien, Series D, 4.00%, 7/01/38 | 10,000,000 | 11,627,300 | ||
General, sub. lien, Series D, 4.00%, 7/01/40 | 7,600,000 | 8,788,032 | ||
The Atlanta Development Authority Revenue, | ||||
New Downtown Atlanta Stadium Project, senior lien, Series A-1, 5.25%, 7/01/44 | 3,000,000 | 3,544,530 | ||
Tuff Yamacraw LLC Project, Refunding, Series A, AMBAC Insured, 5.00%, 1/01/24 | 6,385,000 | 7,092,266 | ||
Tuff Yamacraw LLC Project, Refunding, Series A, AMBAC Insured, 5.00%, 1/01/25 | 6,955,000 | 7,912,773 | ||
Tuff Yamacraw LLC Project, Refunding, Series A, AMBAC Insured, 5.00%, 1/01/26 | 5,000,000 | 5,816,300 | ||
Tuff Yamacraw LLC Project, Refunding, Series A, AMBAC Insured, 5.00%, 1/01/27 | 5,000,000 | 5,916,600 | ||
Atlanta Water and Wastewater Revenue, | ||||
Refunding, 5.00%, 11/01/40 | 29,500,000 | 34,820,620 | ||
Refunding, Series A, 5.00%, 11/01/40 | 4,655,000 | 5,777,320 | ||
Refunding, Series A, 5.00%, 11/01/41 | 4,845,000 | 6,002,664 | ||
Refunding, Series C, 4.00%, 11/01/38 | 13,550,000 | 15,591,985 | ||
Brookhaven Development Authority Revenue, Children’s Healthcare of Atlanta, Series A, 4.00%, 7/01/44 | 11,000,000 | 12,613,260 |
| 7
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Georgia(continued) | ||||
Burke County Development Authority PCR, | ||||
Oglethorpe Power Corp. Vogtle Project, Refunding, Series C, 4.125%, 11/01/45 | $2,500,000 | $2,748,400 | ||
Oglethorpe Power Corp. Vogtle Project, Refunding, Series D, 4.125%, 11/01/45 | 18,500,000 | 20,338,160 | ||
Clarke County Hospital Authority Revenue, Piedmont Health Care Inc. Project, Refunding, Series A, 5.00%, 7/01/46 | 10,835,000 | 12,683,126 | ||
Fayette County Hospital Authority Revenue, Anticipation Certificates, Piedmont Fayette Hospital Project, Refunding, Series A, 5.00%, 7/01/39 | 11,420,000 | 12,951,308 | ||
Fulton County Development Authority Hospital Revenue, Anticipation Certificates, Wellstar Health System Inc. Project, Series A, 5.00%, 4/01/47 | 5,000,000 | 5,889,550 | ||
Fulton County Development Authority Revenue, Piedmont Healthcare Inc. Project, Refunding, Series A, 5.00%, 7/01/46 | 11,005,000 | 12,882,123 | ||
Gainesville and Hall County Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Health System Inc. Project, Refunding, Series A, 5.00%, 2/15/45 | 13,040,000 | 15,308,960 | ||
Georgia Municipal Electric Authority Revenue, | ||||
Plant Vogtle Units 3 and 4 Project P, Series B, 5.00%, 1/01/59 | 4,000,000 | 4,673,120 | ||
Project One, Subordinated, Refunding, Series A, 5.00%, 1/01/44 | 4,580,000 | 5,534,472 | ||
Georgia State GO, Series A-2, 4.00%, 2/01/36 | 10,000,000 | 11,481,200 | ||
Georgia State Higher Education Facilities Authority Revenue, | ||||
USG Real Estate Foundation III LLC Project, Series A, 5.00%, 6/15/40 | 3,700,000 | 3,751,800 | ||
USG Real Estate Foundation III LLC Project, Series A, Assured Guaranty, 5.00%, 6/15/38 | 6,845,000 | 6,940,830 | ||
USG Real Estate Foundation III LLC Project, Series A, Assured Guaranty, Pre-Refunded, 5.00%, 6/15/38 | 2,405,000 | 2,440,618 | ||
USG Real Estate Foundation III LLC Project, Series A, Pre-Refunded, 5.00%, 6/15/40 | 1,300,000 | 1,319,500 | ||
Glynn-Brunswick Memorial Hospital Authority Revenue, Anticipation Certificates, Southeast Georgia Health System Project, 5.00%, 8/01/47 | 2,250,000 | 2,636,595 | ||
Main Street Natural Gas Inc. Gas Supply Revenue, Series A, 5.00%, 5/15/49 | 11,500,000 | 16,476,510 | ||
Main Street Natural Gas Inc. Revenue, Gas Project, Series A, 5.50%, 9/15/28 | 5,000,000 | 6,493,400 | ||
Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare System Inc. Project, AGMC Insured, Pre-Refunded, 5.00%, 8/01/41 | 7,500,000 | 7,650,150 | ||
Private Colleges and Universities Authority Revenue, | ||||
Emory University, Green Bonds, Refunding, Series B, 5.00%, 9/01/48 | 6,005,000 | 7,592,482 | ||
Emory University, Refunding, Series A, 5.00%, 9/01/41 | 10,000,000 | 10,580,000 | ||
Emory University, Refunding, Series A, 5.00%, 10/01/43 | 10,000,000 | 11,330,700 | ||
Savannah EDA Revenue, SSU Community Development I LLC Project, Assured Guaranty, 5.75%, 6/15/41 | 10,000,000 | 10,169,000 | ||
Savannah Hospital Authority Revenue, Anticipation Certificates, St. Joseph’s/Candler Health System Inc., Series A, 4.00%, 7/01/43 | 15,000,000 | 16,777,500 | ||
355,495,966 | ||||
Hawaii 0.8% | ||||
Hawaii State Airports System Revenue, Series A, 5.00%, 7/01/43 | 15,000,000 | 18,280,350 | ||
Hawaii State Department of Budget and Finance Special Purpose Revenue, | ||||
Hawaiian Electric Co. Inc. and its Subsidiary, 3.50%, 10/01/49 | 17,035,000 | 17,418,117 | ||
Hawaiian Electric Co. Inc. and its Subsidiary, Refunding, 3.20%, 7/01/39 | 10,000,000 | 10,429,400 | ||
Honolulu City and County Wastewater System Revenue, | ||||
First Bond Resolution, Senior Series A, 5.00%, 7/01/47 | 25,000,000 | 30,577,750 | ||
First Bond Resolution, Senior Series A, Pre-Refunded, 5.00%, 7/01/38 | 10,000,000 | 10,582,600 | ||
87,288,217 |
| 8
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Idaho 0.2% | ||||
Idaho Health Facilities Authority Hospital Revenue, Trinity Health Credit Group, Series D, 4.00%, 12/01/43 | $6,000,000 | $6,838,020 | ||
Idaho State Health Facilities Authority Revenue, | ||||
St. Luke’s Health System Project, Refunding, Series A, 5.00%, 3/01/36 | 4,200,000 | 5,116,692 | ||
St. Luke’s Health System Project, Refunding, Series A, 5.00%, 3/01/37 | 3,500,000 | 4,246,305 | ||
16,201,017 | ||||
Illinois 3.4% | ||||
Bolingbrook GO, Will and DuPage Counties, Capital Appreciation, Refunding, Series A, zero cpn., 1/01/36 | 19,000,000 | 9,034,120 | ||
Chicago GO, Lakefront Millennium Project, Parking Facilities, NATL Insured, ETM, 5.75%, 1/01/23 | 8,955,000 | 9,940,498 | ||
Chicago Midway Airport Revenue, | ||||
Refunding, Series B, 5.00%, 1/01/46 | 18,420,000 | 21,499,640 | ||
Refunding, Series C, Assured Guaranty, 5.50%, 1/01/24 | 12,950,000 | 14,360,384 | ||
Chicago O’Hare International Airport Revenue, | ||||
General Airport, senior lien, Series D, 5.25%, 1/01/42 | 10,000,000 | 12,173,800 | ||
General Airport, senior lien, Series D, 5.00%, 1/01/47 | 18,000,000 | 21,419,640 | ||
General Airport, third lien, Series A, 5.75%, 1/01/39 | 840,000 | 874,490 | ||
General Airport, third lien, Series A, Pre-Refunded, 5.75%, 1/01/39 | 4,160,000 | 4,345,162 | ||
General Airport, third lien, Series C, Assured Guaranty, 5.25%, 1/01/35 | 39,485,000 | 39,612,537 | ||
Chicago Transit Authority Sales Tax Receipts Revenue, 5.25%, 12/01/40 | 10,000,000 | 10,642,500 | ||
Illinois State Finance Authority Revenue, | ||||
Art Institute of Chicago, Refunding, Series A, 5.25%, 3/01/40 | 16,000,000 | 16,048,800 | ||
Carle Foundation, Refunding, Series A, 5.00%, 2/15/45 | 20,000,000 | 23,128,200 | ||
Mercy Health System Corp., Refunding, 5.00%, 12/01/46 | 30,000,000 | 34,501,800 | ||
Southern Illinois HealthCare Enterprise Inc., AGMC Insured, Pre-Refunded, 5.375%, 3/01/35 | 8,500,000 | 8,528,220 | ||
Illinois State Finance Authority Student Housing Revenue, | ||||
CHF-DeKalb II LLC, Northern Illinois University Project, 6.875%, 10/01/43 | 15,000,000 | 15,835,050 | ||
CHF-Normal LLC, Illinois State University Project, Pre-Refunded, 7.00%, 4/01/43 | 7,500,000 | 8,018,625 | ||
Illinois State GO, | ||||
AGMC Insured, 5.00%, 3/01/27 | 11,500,000 | 12,307,875 | ||
Refunding, AGMC Insured, 5.00%, 1/01/23 | 10,000,000 | 10,031,400 | ||
Metropolitan Pier and Exposition Authority Dedicated State Tax Revenue, | ||||
McCormick Place Expansion Project, Capital Appreciation, Series B, NATL Insured, 5.65%, 6/15/22 | 24,500,000 | 26,744,690 | ||
McCormick Place Expansion Project, Capital Appreciation, Series B, NATL Insured, ETM, 5.65%, 6/15/22 | 2,855,000 | 3,169,307 | ||
McCormick Place Expansion Project, Capital Appreciation, Series B, NATL Insured, ETM, 5.65%, 6/15/22 | 2,645,000 | 2,932,908 | ||
Metropolitan Pier and Exposition Authority Hospitality Facilities Revenue, McCormick Place Convention Center, ETM, 7.00%, 7/01/26 | 9,925,000 | 12,055,401 | ||
Railsplitter Tobacco Settlement Authority Revenue, Pre-Refunded, 6.00%, 6/01/28 | 14,530,000 | 15,507,578 | ||
Regional Transportation Authority GO, Cook DuPage Kane Lake McHenry and Will Counties, Series A, AMBAC Insured, 7.20%, 11/01/20 | 170,000 | 177,766 | ||
Southwestern Illinois Development Authority Revenue, | ||||
Capital Appreciation, Local Government Program, AGMC Insured, zero cpn., 12/01/24 | 3,850,000 | 3,523,173 | ||
Capital Appreciation, Local Government Program, AGMC Insured, zero cpn., 12/01/26 | 7,700,000 | 6,710,935 | ||
St. Clair County School District No. 189 East St. Louis GO, Alternate Revenue Source, Refunding, AMBAC Insured, 5.125%, 1/01/28 | 7,135,000 | 7,143,776 |
| 9
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Illinois(continued) | ||||
University of Illinois University Revenue, | ||||
Auxiliary Facilities System, Refunding, Series A, 5.125%, 4/01/36 | $2,950,000 | $3,067,794 | ||
Auxiliary Facilities System, Refunding, Series A, 5.25%, 4/01/41 | 5,000,000 | 5,196,750 | ||
Upper Illinois River Valley Development Authority MFHR, | ||||
Prairie View and Timber Oaks Apartments, Series A1, 5.00%, 12/01/43 | 8,550,000 | 8,677,395 | ||
Prairie View and Timber Oaks Apartments, Series A1, 5.00%, 12/01/54 | 11,000,000 | 11,045,980 | ||
378,256,194 | ||||
Indiana 2.8% | ||||
Hammond Multi-School Building Corp. Revenue, Lake County, first mortgage, 5.00%, 7/15/38 | 3,000,000 | 3,595,500 | ||
Indiana Finance Authority Revenue, | ||||
Baptist Homes of Indiana Senior Living, Series A, 5.25%, 11/15/46 | 11,955,000 | 13,771,801 | ||
Baptist Homes of Indiana Senior Living, Series A, 5.00%, 11/15/48 | 5,000,000 | 5,701,400 | ||
Baptist Homes of Indiana Senior Living, Series A, 5.00%, 11/15/53 | 10,000,000 | 11,333,400 | ||
Deaconess Health System Obligated Group, Refunding, Series A, 5.00%, 3/01/39 | 5,000,000 | 5,725,900 | ||
Educational Facilities, Marian University Project, Pre-Refunded, 6.375%, 9/15/41 | 12,500,000 | 13,577,000 | ||
Stadium Project, Refunding, Series A, 5.25%, 2/01/37 | 10,000,000 | 12,035,900 | ||
Indiana Finance Authority Wastewater Utility Revenue, | ||||
Citizens Wastewater of Westfield Project, Series A, 5.00%, 10/01/48 | 16,665,000 | 20,671,766 | ||
CWA Authority Project, first lien, Refunding, Series A, 5.00%, 10/01/39 | 30,000,000 | 34,678,800 | ||
CWA Authority Project, first lien, Series A, 5.00%, 10/01/37 | 5,000,000 | 5,493,700 | ||
CWA Authority Project, first lien, Series A, 5.25%, 10/01/38 | 12,000,000 | 12,820,440 | ||
CWA Authority Project, first lien, Series A, 4.00%, 10/01/42 | 24,690,000 | 25,992,644 | ||
Indiana State Municipal Power Agency Revenue, | ||||
Power Supply System, Refunding, Series A, 4.00%, 1/01/42 | 5,860,000 | 6,476,238 | ||
Power Supply System, Refunding, Series A, 5.00%, 1/01/42 | 21,290,000 | 25,410,467 | ||
Indianapolis Local Public Improvement Bond Bank Revenue, | ||||
Community Justice Campus, Courthouse and Jail Project, Refunding, Series A, 4.00%, 2/01/44 | 6,050,000 | 6,912,186 | ||
Community Justice Campus, Courthouse and Jail Project, Refunding, Series A, 5.00%, 2/01/49 | 41,970,000 | 52,141,849 | ||
Pilot Infrastructure Project, Refunding, Series C, 5.00%, 1/01/40 | 23,225,000 | 28,492,662 | ||
Indianapolis Water System Revenue, first lien, Refunding, Series B, 5.00%, 10/01/37 | 15,000,000 | 18,247,350 | ||
Northern Indiana Commuter Transportation District Revenue, Limited Obligation, 5.00%, 7/01/41 | 6,000,000 | 7,164,600 | ||
310,243,603 | ||||
Iowa 0.3% | ||||
Iowa State Finance Authority Revenue, | ||||
Green Bonds, Refunding, 5.00%, 8/01/42 | 16,000,000 | 19,640,320 | ||
UnityPoint Health, Refunding, Series B, 5.00%, 2/15/48 | 7,500,000 | 9,035,475 | ||
28,675,795 | ||||
Kansas 0.7% | ||||
Butler County USD No. 490 GO, School Building, El Dorado, Series B, BAM Insured, 4.00%, 9/01/43 | 10,000,000 | 11,097,100 | ||
University of Kansas Hospital Authority Health Facilities Revenue, Kansas University Health System, Refunding, Series A, 5.00%, 3/01/47 | 23,115,000 | 27,483,735 | ||
Wyandotte County Kansas City Unified Government Utility System Revenue, | ||||
Improvement, Refunding, Series A, 5.00%, 9/01/44 | 3,000,000 | 3,407,820 | ||
Improvement, Series A, 5.00%, 9/01/45 | 10,000,000 | 11,570,300 | ||
Improvement, Series C, 5.00%, 9/01/41 | 5,000,000 | 5,920,700 |
| 10
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Kansas(continued) | ||||
Wyandotte County Kansas City Unified Government Utility System Revenue, (continued) | ||||
Improvement, Series C, 5.00%, 9/01/46 | $16,565,000 | $19,466,360 | ||
78,946,015 | ||||
Kentucky 0.2% | ||||
Kentucky State Municipal Power Agency Power System Revenue, | ||||
Prairie State Project, Refunding, Series A, NATL Insured, 5.00%, 9/01/35 | 7,750,000 | 9,199,483 | ||
Prairie State Project, Refunding, Series A, NATL Insured, 5.00%, 9/01/42 | 10,000,000 | 11,615,600 | ||
20,815,083 | ||||
Louisiana 2.6% | ||||
East Baton Rouge Sewerage Commission Revenue, Refunding, Series A, 4.00%, 2/01/45 | 20,000,000 | 22,845,600 | ||
Jefferson Sales Tax District Special Sales Tax Revenue, Parish of Jefferson, Series B, Assured Guaranty, 4.00%, 12/01/42 | 20,000,000 | 23,248,800 | ||
Lafayette Communications System Revenue, Refunding, AGMC Insured, 5.00%, 11/01/30 | 5,000,000 | 6,002,200 | ||
Lafayette Public Trust Financing Authority Revenue, | ||||
Ragin’ Cajun Facilities Inc. Housing and Parking Project, AGMC Insured, Pre-Refunded, 5.00%, 10/01/25 | 5,500,000 | 5,648,720 | ||
Ragin’ Cajun Facilities Inc. Housing and Parking Project, AGMC Insured, Pre-Refunded, 5.50%, 10/01/35 | 6,000,000 | 6,181,920 | ||
Ragin’ Cajun Facilities Inc. Housing and Parking Project, AGMC Insured, Pre-Refunded, 5.50%, 10/01/41 | 15,000,000 | 15,454,800 | ||
Louisiana Local Government Environmental Facilities and CDA Revenue, | ||||
East Baton Rouge Sewerage Commission Projects, sub. lien, Series A, 5.00%, 2/01/44 | 5,820,000 | 6,526,781 | ||
LCTCS Act 360 Project, 5.00%, 10/01/39 | 10,000,000 | 11,433,600 | ||
Southeastern Louisiana University, Student Union/University Facilities Inc. Project, Series A, AGMC Insured, 5.00%, 10/01/40 | 8,545,000 | 8,732,050 | ||
Louisiana Public Facilities Authority Hospital Revenue, Franciscan Missionaries of Our Lady Health System Project, Series A, 5.00%, 7/01/47 | 35,000,000 | 41,031,200 | ||
Louisiana Public Facilities Authority Revenue, | ||||
Ochsner Clinic Foundation Project, Pre-Refunded, 6.75%, 5/15/41 | 15,500,000 | 16,643,280 | ||
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/42 | 20,000,000 | 23,452,800 | ||
Ochsner Clinic Foundation Project, Refunding, 5.00%, 5/15/47 | 7,500,000 | 8,496,600 | ||
Ochsner Clinic Foundation Project, Series B, ETM, 5.75%, 5/15/23 | 10,000,000 | 11,532,600 | ||
Louisiana State Gasoline and Fuels Tax Revenue, second lien, Series B, Pre-Refunded, 5.00%, 5/01/45 | 13,690,000 | 13,825,942 | ||
Louisiana State Public Facilities Authority Lease Revenue, | ||||
Provident Group-Flagship Properties LLC, Louisiana State University Nicholson Gateway Project, Series A, 5.00%, 7/01/51 | 15,000,000 | 17,304,450 | ||
Provident Group-Flagship Properties LLC, Louisiana State University Nicholson Gateway Project, Series A, 5.00%, 7/01/56 | 11,295,000 | 12,997,043 | ||
New Orleans Aviation Board Revenue, General Airport, North Terminal Project, Series B, 5.00%, 1/01/48 | 4,000,000 | 4,667,640 | ||
Parish of East Baton Rouge Capital Improvements District Movebr Sales Tax Revenue, 4.00%, 8/01/44 | 6,000,000 | 6,885,960 | ||
Shreveport Water and Sewer Revenue, | ||||
junior lien, Series B, 4.00%, 12/01/44 | 6,535,000 | 7,361,939 | ||
Series B, 5.00%, 12/01/41 | 10,000,000 | 11,837,100 | ||
282,111,025 |
| 11
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Maine 0.4% | ||||
Maine Health and Higher Educational Facilities Authority Revenue, MaineHealth Issue, Refunding, Series A, 5.00%, 7/01/43 | $3,000,000 | $3,632,940 | ||
Maine State Health and Higher Educational Facilities Authority Revenue, | ||||
Maine General Medical Center Issue, 6.75%, 7/01/36 | 4,250,000 | 4,539,595 | ||
Maine General Medical Center Issue, 7.00%, 7/01/41 | 10,000,000 | 10,696,300 | ||
Maine State Turnpike Authority Revenue, 5.00%, 7/01/47 | 15,500,000 | 19,119,095 | ||
37,987,930 | ||||
Maryland 0.8% | ||||
Baltimore Revenue, | ||||
Mayor and City Council of Baltimore, Wastewater Projects, Series C, 5.00%, 7/01/38 | 5,000,000 | 5,691,250 | ||
Mayor and City Council of Baltimore, Wastewater Projects, Series C, 5.00%, 7/01/43 | 10,000,000 | 11,330,300 | ||
Mayor and City Council of Baltimore, Water Projects, Subordinate, Refunding, Series C, 5.00%, 7/01/39 | 10,000,000 | 11,680,900 | ||
Mayor and City Council of Baltimore, Water Projects, Subordinate, Refunding, Series C, 5.00%, 7/01/44 | 10,000,000 | 11,598,400 | ||
Mayor and City Council of Baltimore, Water Projects, Subordinate, Series A, 5.00%, 7/01/39 | 9,430,000 | 10,966,430 | ||
Mayor and City Council of Baltimore, Water Projects, Subordinate, Series A, 5.00%, 7/01/44 | 5,500,000 | 6,351,015 | ||
Maryland CDA Department Housing and Community Development Revenue, Residential, Refunding, Series A, 3.85%, 9/01/33 | 5,150,000 | 5,709,959 | ||
Maryland State Health and Higher Educational Facilities Authority Revenue, | ||||
Adventist HealthCare Issue, Series A, 5.50%, 1/01/46 | 12,500,000 | 15,017,625 | ||
LifeBridge Health Issue, Refunding, 4.00%, 7/01/42 | 3,000,000 | 3,344,580 | ||
Medstar Health Issue, Series A, 5.00%, 5/15/42 | 7,500,000 | 8,982,975 | ||
University of Maryland Medical System Issue, Series B, NATL Insured, ETM, 7.00%, 7/01/22 | 105,000 | 116,649 | ||
90,790,083 | ||||
Massachusetts 3.3% | ||||
Massachusetts Bay Transportation Authority Sales Tax Revenue, Refunding, Senior Series A, 5.00%, 7/01/28 | 10,000,000 | 13,125,700 | ||
Massachusetts Development Finance Agency Revenue, | ||||
Dana-Farber Cancer Institute Issue, Series N, 5.00%, 12/01/41 | 10,135,000 | 12,146,595 | ||
Partners HealthCare System Issue, Refunding, Series Q, 5.00%, 7/01/47 | 15,000,000 | 17,810,250 | ||
Partners HealthCare System Issue, Refunding, Series S, 4.00%, 7/01/41 | 15,415,000 | 17,658,037 | ||
Wellesley College Issue, Series J, 5.00%, 7/01/42 | 10,000,000 | 10,915,700 | ||
Massachusetts State Development Finance Agency Revenue, Worcester Polytechnic Institute Issue, 5.00%, 9/01/59 | 10,000,000 | 12,198,000 | ||
Massachusetts State Educational Financing Authority Education Loan Revenue, | ||||
Issue I, 6.00%, 1/01/28 | 2,340,000 | 2,342,059 | ||
Issue K, Refunding, 5.25%, 7/01/29 | 4,570,000 | 4,910,511 | ||
Massachusetts State GO, | ||||
Consolidated Loan of 2016, Series G, 4.00%, 9/01/42 | 20,000,000 | 22,519,600 | ||
Consolidated Loan of 2017, Green Bonds, Series B, 5.00%, 4/01/47 | 12,335,000 | 15,169,460 | ||
Consolidated Loan of 2019, Series A, 5.25%, 1/01/44 | 10,000,000 | 12,819,500 | ||
Series A, 5.00%, 1/01/41 | 15,000,000 | 18,556,800 | ||
Series A, 5.00%, 1/01/46 | 10,000,000 | 12,252,400 | ||
Massachusetts State Health and Educational Facilities Authority Revenue, | ||||
CareGroup Issue, Series A, NATL Insured, Pre-Refunded, 5.00%, 7/01/25 | 750,000 | 785,685 | ||
Northeastern University Issue, Series A, 5.00%, 10/01/35 | 20,000,000 | 20,507,200 |
| 12
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Massachusetts(continued) | ||||
Massachusetts State Port Authority Revenue, | ||||
Series C, 5.00%, 7/01/44 | $10,000,000 | $12,405,500 | ||
Series C, 5.00%, 7/01/49 | 15,000,000 | 18,459,600 | ||
Massachusetts State Port Authority Special Facilities Revenue, Bosfuel Project, Refunding, Series A, 5.00%, 7/01/49 | 7,500,000 | 9,179,925 | ||
Massachusetts State School Building Authority Dedicated Sales Tax Revenue, | ||||
�� | Subordinated, Refunding, Series A, 4.00%, 2/15/43 | 10,750,000 | 12,190,715 | |
Subordinated, Series A, 5.00%, 2/15/49 | 25,000,000 | 29,903,750 | ||
Massachusetts State Transportation Fund Revenue, | ||||
Accelerated Bridge Program, Series A, 4.00%, 6/01/35 | 10,000,000 | 10,343,300 | ||
Rail Enhancement and Accelerated Bridge Programs, Series A, 5.00%, 6/01/47 | 25,055,000 | 30,703,148 | ||
Rail Enhancement and Accelerated Bridge Programs, Series A, 5.00%, 6/01/49 | 15,000,000 | 18,966,900 | ||
Massachusetts State Water Pollution Abatement Trust Revenue, | ||||
MWRA Program, Series A, 5.00%, 8/01/32 | 225,000 | 225,709 | ||
Water Pollution Abatement, MWRA Program, Subordinate, Refunding, Series A, 5.75%, 8/01/29 | 450,000 | 451,714 | ||
University of Massachusetts Building Authority Project Revenue, Senior Series 1, 5.00%, 11/01/39 | 20,000,000 | 23,440,200 | ||
359,987,958 | ||||
Michigan 2.8% | ||||
Detroit City School District GO, | ||||
School Building and Site Improvement, Refunding, Series A, 5.00%, 5/01/30 | 1,245,000 | 1,345,447 | ||
School Building and Site Improvement, Refunding, Series A, 5.00%, 5/01/33 | 1,500,000 | 1,618,740 | ||
Detroit Sewage Disposal System Revenue, second lien, Series B, NATL Insured, 5.00%, 7/01/36 | 10,000 | 10,029 | ||
Detroit Water and Sewerage Department Sewage Disposal System Revenue, | ||||
senior lien, Refunding, Series A, 5.25%, 7/01/39 | 12,000,000 | 13,132,080 | ||
senior lien, Refunding, Series A, AGMC Insured, 5.00%, 7/01/39 | 10,000,000 | 10,884,200 | ||
Detroit Water Supply System Revenue, senior lien, Series B, NATL Insured, 5.00%, 7/01/34 | 10,000 | 10,030 | ||
Jackson County Hospital Finance Authority Revenue, W.A. Foote Memorial Hospital, Series C, Assured Guaranty, Pre-Refunded, 5.00%, 6/01/26 | 15,000,000 | 15,202,950 | ||
Michigan Finance Authority Revenue, | ||||
Hospital, Beaumont Health Credit Group, Series A, 5.00%, 11/01/44 | 20,925,000 | 24,217,340 | ||
Hospital, Bronson Healthcare Group Inc., Refunding, Series A, 5.00%, 5/15/54 | 40,000,000 | 45,933,600 | ||
Hospital, Henry Ford Health System, Series A, 5.00%, 11/15/48 | 10,000,000 | 12,332,300 | ||
Hospital, McLaren Health Care, Series A, 4.00%, 2/15/44 | 20,000,000 | 22,835,600 | ||
Hospital, Trinity Health Credit Group, Series MI, Pre-Refunded, 5.00%, 12/01/39 | 29,610,000 | 31,818,906 | ||
Hospital, Trinity Health Credit Group, Series MI, Pre-Refunded, 5.00%, 12/01/39 | 140,000 | 150,312 | ||
Michigan Hospital Finance Authority Revenue, | ||||
Ascension Health Senior Credit Group, Refunding, Series F-8, 5.00%, 11/15/47 | 10,000,000 | 11,819,700 | ||
Trinity Health Credit Group, Series C, Pre-Refunded, 5.00%, 12/01/34 | 10,000,000 | 10,933,801 | ||
Michigan State Building Authority Revenue, | ||||
Facilities Program, Refunding, Series I-A, 5.375%, 10/15/36 | 6,730,000 | 7,209,041 | ||
Facilities Program, Refunding, Series I-A, 5.25%, 10/15/44 | 20,655,000 | 23,408,518 | ||
Michigan State HDA Rental Housing Revenue, Series A-1, 3.25%, 10/01/44 | 3,450,000 | 3,593,865 | ||
Michigan State Strategic Fund Limited Obligation Revenue, | ||||
The Detroit Edison Co. Exempt Facilities Project, Refunding, Series KT, 5.625%, 7/01/20 | 7,000,000 | 7,124,810 | ||
The Detroit Edison Co. Pollution Control Bonds Project, Refunding, Collateralized, Series BB, AMBAC Insured, 7.00%, 5/01/21 | 250,000 | 267,715 | ||
I-75 Improvement Project, 5.00%, 12/31/43 | 10,000,000 | 12,128,700 | ||
United Methodist Retirement Communities Inc. Project, Refunding, 5.00%, 11/15/49 | 6,000,000 | 6,978,840 |
| 13
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Michigan(continued) | ||||
Michigan Tobacco Settlement Finance Authority Revenue, Tobacco Settlement Asset-Backed, Senior, Series A, 6.00%, 6/01/34 | $40,000,000 | $40,388,000 | ||
303,344,524 | ||||
Minnesota 0.1% | ||||
St. Cloud Health Care Revenue, CentraCare Health System, Refunding, 5.00%, 5/01/48 | 10,000,000 | 12,337,200 | ||
Mississippi 0.7% | ||||
Medical Center Educational Building Corp. Revenue, University of Mississippi Medical Center, Refunding, Series A, 5.00%, 6/01/47 | 25,000,000 | 30,120,000 | ||
Mississippi Development Bank Special Obligation Revenue, City of Jackson Water and Sewer System Project, AGMC Insured, 6.875%, 12/01/40 | 3,400,000 | 4,067,488 | ||
Mississippi Hospital Equipment and Facilities Authority Revenue, | ||||
Baptist Memorial Health Care, Series A, 5.00%, 9/01/36 | 6,350,000 | 7,389,812 | ||
Baptist Memorial Health Care, Series A, 5.00%, 9/01/46 | 34,000,000 | 38,614,140 | ||
80,191,440 | ||||
Missouri 0.7% | ||||
Kansas City IDA Airport Special Obligation Revenue, Kansas City International Airport Terminal Modernization Project, Series B, 5.00%, 3/01/54 | 27,500,000 | 33,284,900 | ||
Missouri State Health and Educational Facilities Authority Health Facilities Revenue, | ||||
Mercy Health, Series F, 5.00%, 11/15/45 | 25,000,000 | 28,422,500 | ||
SSM Health, Series A, 5.00%, 6/01/48 | 7,500,000 | 8,986,050 | ||
Missouri State Health and Educational Facilities Authority Revenue, Senior Living Facilities, Lutheran Senior Services Projects, Series A, 5.00%, 2/01/42 | 4,000,000 | 4,530,360 | ||
75,223,810 | ||||
Montana 0.2% | ||||
Montana State Facility Finance Authority Health Care Facilities Revenue, Kalispell Regional Medical Center Obligated Group, Series B, 5.00%, 7/01/43 | 6,440,000 | 7,440,712 | ||
Montana State Facility Finance Authority Revenue, | ||||
Benefits Health System Obligated Group, Refunding, 5.00%, 2/15/41 | 2,650,000 | 3,112,451 | ||
Billings Clinic Obligated Group, Refunding, Series A, 5.00%, 8/15/48 | 10,000,000 | 12,238,600 | ||
22,791,763 | ||||
Nebraska 0.8% | ||||
Douglas County Hospital Authority No. 2 Revenue, Health Facilities, Children’s Hospital Obligated Group, 5.00%, 11/15/47 | 10,000,000 | 11,737,500 | ||
Lancaster County Hospital Authority Revenue, Bryan Memorial Hospital Project No. 1, NATL Insured, ETM, 6.70%, 6/01/22 | 925,000 | 990,980 | ||
Omaha Public Power District Electric System Revenue, Series C, Pre-Refunded, 5.00%, 2/01/39 | 23,305,000 | 24,265,166 | ||
Omaha Public Power District Separate Electric System Revenue, | ||||
Nebraska City 2, Refunding, Series A, 5.00%, 2/01/49 | 10,000,000 | 11,565,800 | ||
Nebraska City 2, Series A, 5.25%, 2/01/42 | 10,000,000 | 11,800,900 | ||
Public Power Generation Agency Revenue, | ||||
Whelan Energy Center Unit 2, Refunding, Series A, 5.00%, 1/01/39 | 7,340,000 | 8,695,404 | ||
Whelan Energy Center Unit 2, Refunding, Series A, 5.00%, 1/01/41 | 5,140,000 | 6,065,406 | ||
University of Nebraska Revenue, | ||||
Lincoln Student Fees and Facilities, Pre-Refunded, 5.00%, 7/01/37 | 5,000,000 | 5,388,950 | ||
Lincoln Student Fees and Facilities, Pre-Refunded, 5.00%, 7/01/42 | 7,500,000 | 8,083,425 | ||
88,593,531 |
| 14
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Nevada 0.2% | ||||
Carson City Hospital Revenue, Carson Tahoe Regional Healthcare Project, Refunding, Series A, 5.00%, 9/01/47 | $2,775,000 | $3,256,462 | ||
Las Vegas Convention and Visitors Authority Convention Center Expansion Revenue, Series B, 5.00%, 7/01/43 | 10,000,000 | 12,247,200 | ||
Reno Hospital Revenue, | ||||
Washoe Medical Center Project, Refunding, Series C, AGMC Insured, 5.375%, 6/01/39 | 1,535,000 | 1,553,205 | ||
Washoe Medical Center Project, Series C, AGMC Insured, Pre-Refunded, 5.375%, 6/01/39 | 3,465,000 | 3,514,931 | ||
20,571,798 | ||||
New Hampshire 0.3% | ||||
New Hampshire Health and Education Facilities Authority Revenue, | ||||
Concord Hospital Trust, 5.00%, 10/01/47 | 6,000,000 | 7,147,860 | ||
Elliot Hospital Issue, Refunding, 5.00%, 10/01/38 | 4,000,000 | 4,696,960 | ||
University System of New Hampshire Issue, Refunding, 5.00%, 7/01/45 | 10,350,000 | 12,012,210 | ||
New Hampshire Municipal Bond Bank Revenue, Series B, Pre-Refunded, 5.00%, 8/15/39 | 11,250,000 | 11,495,363 | ||
35,352,393 | ||||
New Jersey 1.0% | ||||
New Jersey EDA Revenue, | ||||
School Facilities Construction, Series AAA, 5.00%, 6/15/41 | 26,000,000 | 30,022,980 | ||
School Facilities Construction, Series NN, 5.00%, 3/01/28 | 22,000,000 | 24,263,360 | ||
New Jersey State Educational Facilities Authority Revenue, Higher Education Capital Improvement Fund Issue, Series B, 5.00%, 9/01/36 | 14,000,000 | 16,255,400 | ||
New Jersey State Transportation Trust Fund Authority Revenue, | ||||
Transportation Program, Series AA, 5.00%, 6/15/45 | 15,000,000 | 16,772,700 | ||
Transportation System, Series B, 5.25%, 6/15/36 | 10,000,000 | 10,499,400 | ||
New Jersey State Turnpike Authority Revenue, Turnpike, Series E, 5.00%, 1/01/45 | 11,475,000 | 13,426,668 | ||
111,240,508 | ||||
New Mexico 0.3% | ||||
New Mexico Hospital Equipment Loan Council Hospital System Revenue, | ||||
Presbyterian Healthcare Services, Refunding, Series A, 5.00%, 8/01/44 | 10,000,000 | 11,523,400 | ||
Presbyterian Healthcare Services, Refunding, Series A, 5.00%, 8/01/46 | 15,000,000 | 17,975,250 | ||
29,498,650 | ||||
New York 11.5% | ||||
Hudson Yards Infrastructure Corp. Revenue, | ||||
Senior, Fiscal 2012, Series A, AGMC Insured, 5.00%, 2/15/47 | 15,745,000 | 16,319,535 | ||
Senior, Fiscal 2012, Series A, AGMC Insured, Pre-Refunded, 5.00%, 2/15/47 | 730,000 | 761,478 | ||
Long Island Power Authority Electric System Revenue, General, Refunding, Series B, 5.00%, 9/01/46 | 13,000,000 | 15,452,450 | ||
MTA Revenue, | ||||
Green Bonds, Group 1, Refunding, Series A-1, 5.00%, 11/15/49 | 49,090,000 | 61,360,536 | ||
Transportation, Refunding, Series D, 4.00%, 11/15/42 | 10,000,000 | 11,278,800 | ||
Transportation, Series A, 5.00%, 11/15/38 | 11,800,000 | 13,169,744 | ||
Transportation, Series D, Pre-Refunded, 5.00%, 11/15/34 | 10,000,000 | 10,334,000 | ||
Transportation, Series D, Pre-Refunded, 5.00%, 11/15/36 | 9,500,000 | 10,223,235 | ||
Transportation, Series D, Pre-Refunded, 5.25%, 11/15/40 | 15,000,000 | 15,530,250 | ||
Transportation, Series D, Sub Series D-1, 5.00%, 11/15/39 | 15,000,000 | 17,260,650 | ||
Transportation, Sub Series A-1, 5.00%, 11/15/40 | 30,000,000 | 33,339,600 |
| 15
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | �� | |||
New York(continued) | ||||
New York City GO, | ||||
Fiscal 2002, Series D, 5.50%, 6/01/24 | $180,000 | $180,664 | ||
Fiscal 2010, Refunding, Series C, 5.00%, 8/01/23 | 24,620,000 | 24,704,693 | ||
Series E-1, 5.00%, 3/01/40 | 14,570,000 | 18,054,998 | ||
Series F, 5.25%, 1/15/23 | 5,000 | 5,018 | ||
New York City Municipal Water Finance Authority Water and Sewer System Revenue, | ||||
Second General Resolution, Fiscal 2011, Series GG, Pre-Refunded, 5.00%, 6/15/43 | 25,000,000 | 26,460,000 | ||
Second General Resolution, Fiscal 2012, Series AA, Pre-Refunded, 5.00%, 6/15/34 | 10,000,000 | 10,584,000 | ||
Second General Resolution, Fiscal 2012, Series AA, Pre-Refunded, 5.00%, 6/15/44 | 21,550,000 | 22,808,520 | ||
Second General Resolution, Fiscal 2013, Refunding, Series DD, 5.00%, 6/15/35 | 30,705,000 | 34,630,327 | ||
Second General Resolution, Fiscal 2014, Refunding, Series BB, 5.00%, 6/15/46 | 15,000,000 | 16,801,500 | ||
Second General Resolution, Fiscal 2015, Refunding, Series FF, 5.00%, 6/15/39 | 10,000,000 | 11,831,800 | ||
Second General Resolution, Fiscal 2015, Refunding, Series HH, 5.00%, 6/15/39 | 15,000,000 | 17,747,700 | ||
Second General Resolution, Fiscal 2017, Series CC, Subseries CC-2, 5.00%, 6/15/46 | 32,500,000 | 39,102,375 | ||
Second General Resolution, Fiscal 2019, Series DD-1, 5.25%, 6/15/49 | 12,000,000 | 15,070,200 | ||
Second General Resolution Refunding, Fiscal 2020, Series CC-2, 4.00%, 6/15/41 | 10,000,000 | 11,782,400 | ||
New York City Transitional Finance Authority Building Aid Revenue, | ||||
Fiscal 2011, Series S-2, Subseries S-2A, 5.00%, 7/15/40 | 35,000,000 | 37,012,150 | ||
Fiscal 2012, Series S-1, Subseries S-1A, 5.25%, 7/15/37 | 30,300,000 | 32,223,141 | ||
New York City Transitional Finance Authority Revenue, | ||||
Future Tax Secured, Subordinate, Fiscal 2011, Series C, 5.00%, 11/01/39 | 15,000,000 | 15,432,900 | ||
Future Tax Secured, Subordinate, Fiscal 2014, Series A, Subseries A-1, 5.00%, 11/01/34 | 15,000,000 | 17,165,550 | ||
Future Tax Secured, Subordinate, Fiscal 2016, Series E, Subseries E-1, 5.00%, 2/01/38 | 10,000,000 | 12,067,400 | ||
Future Tax Secured, Subordinate, Fiscal 2017, Series B, Subseries B-1, 5.00%, 8/01/36 | 10,000,000 | 12,269,100 | ||
Future Tax Secured, Subordinate, Fiscal 2017, Series B, Subseries B-1, 5.00%, 8/01/38 | 10,000,000 | 12,220,400 | ||
Future Tax Secured, Subordinate, Fiscal 2017, Series F, Subseries F-1, 5.00%, 5/01/42 | 11,095,000 | 13,537,564 | ||
Future Tax Secured, Subordinate, Fiscal 2018, Series C, Subseries C-2, 5.00%, 5/01/38 | 11,945,000 | 14,943,076 | ||
Future Tax Secured, Subordinate, Fiscal 2020, Series B, Subseries B-1, 4.00%, 11/01/45 | 25,000,000 | 28,991,250 | ||
New York Liberty Development Corp. Liberty Revenue, | ||||
One World Trade Center, Secured by Port Authority Bonds, 5.25%, 12/15/43 | 25,000,000 | 26,938,750 | ||
Seven World Trade Center Project, Refunding, 5.00%, 9/15/43 | 6,500,000 | 6,982,820 | ||
New York Liberty Development Corp. Revenue, | ||||
Goldman Sachs Headquarters Issue, 5.50%, 10/01/37 | 24,995,000 | 36,854,628 | ||
Goldman Sachs Headquarters Issue, Second Tranche, 5.25%, 10/01/35 | 40,000,000 | 56,424,400 | ||
New York State Dormitory Authority Revenues, Lease, State University Dormitory Facilities, Series A, Pre-Refunded, 5.00%, 7/01/41 | 10,000,000 | 10,603,000 | ||
New York State Dormitory Authority Sales Tax Revenue, | ||||
Bid Group 3, Refunding, Series E, 5.00%, 3/15/42 | 59,480,000 | 74,516,544 | ||
Bid Group 4, Refunding, Series E, 5.00%, 3/15/46 | 73,130,000 | 90,989,809 | ||
Bid Group C, Series A, 5.00%, 3/15/43 | 10,000,000 | 12,176,300 | ||
Refunding, Series C, 5.00%, 3/15/42 | 33,280,000 | 41,239,910 | ||
State Supported Debt, Series A, 5.00%, 3/15/45 | 25,000,000 | 30,829,250 | ||
New York State Dormitory Authority State Personal Income Tax Revenue, | ||||
Bidding Group 3 Bonds, Refunding, Series B, 5.00%, 2/15/42 | 24,410,000 | 29,880,525 | ||
General Purpose, Refunding, Series D, 4.00%, 2/15/47 | 50,000,000 | 57,965,000 | ||
General Purpose, Series A, Pre-Refunded, 5.00%, 2/15/36 | 15,000,000 | 16,901,850 | ||
Group C, Series B, 5.00%, 2/15/40 | 20,000,000 | 23,472,800 |
| 16
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
New York(continued) | ||||
New York State Thruway Authority General Revenue, | ||||
Junior Indebtedness Obligations, junior lien, Series A, 5.00%, 1/01/51 | $9,000,000 | $10,561,410 | ||
Junior Indebtedness Obligations, junior lien, Series B, 4.00%, 1/01/45 | 20,000,000 | 23,031,600 | ||
New York State Urban Development Corp. Revenue, State Personal Income Tax, General Purpose, Series A, 5.00%, 3/15/31 | 10,000,000 | 10,447,600 | ||
Port Authority of New York and New Jersey Revenue, | ||||
Consolidated, Refunding, One Hundred Seventy-Ninth Series, 5.00%, 12/01/38 | 20,000,000 | 22,824,400 | ||
Consolidated, Two Hundred and Eighteenth Series, 4.00%, 11/01/41 | 8,000,000 | 9,223,360 | ||
Triborough Bridge and Tunnel Authority Revenue, General Purpose, Series B, Pre-Refunded, 5.50%, 1/01/30 | 13,970,000 | 15,205,367 | ||
1,257,726,327 | ||||
North Carolina 1.6% | ||||
North Carolina Eastern Municipal Power Agency Power System Revenue, | ||||
Series B, ETM, 6.00%, 1/01/22 | 1,250,000 | 1,370,588 | ||
Series B, ETM, 6.25%, 1/01/23 | 39,030,000 | 44,961,779 | ||
North Carolina State Capital Improvement Limited Obligation Revenue, | ||||
Series A, Pre-Refunded, 5.00%, 5/01/23 | 20,000,000 | 20,201,200 | ||
Series A, Pre-Refunded, 5.00%, 5/01/26 | 20,000,000 | 20,201,200 | ||
North Carolina Turnpike Authority Revenue, | ||||
Triangle Expressway System, Appropriation, Refunding, Series A, 4.00%, 1/01/39 | 10,000,000 | 11,516,800 | ||
Triangle Expressway System, Capital Appreciation, Series B, Assured Guaranty, zero cpn., 1/01/33 | 25,000,000 | 18,257,750 | ||
Triangle Expressway System, Capital Appreciation, Series B, Assured Guaranty, zero cpn., 1/01/34 | 15,000,000 | 10,605,900 | ||
Triangle Expressway System, Capital Appreciation, Series B, Assured Guaranty, zero cpn., 1/01/35 | 15,215,000 | 10,413,603 | ||
Raleigh Combined Enterprise System Revenue, Pre-Refunded, 5.00%, 3/01/40 | 15,830,000 | 16,536,651 | ||
Wake County GO, Refunding, Series C, 5.00%, 3/01/25 | 21,780,000 | 26,286,064 | ||
180,351,535 | ||||
North Dakota 0.4% | ||||
North Dakota State HFAR, Housing Finance Program, Home Mortgage Finance Program, Series F, 3.05%, 7/01/43 | 2,500,000 | 2,580,150 | ||
North Darkota State Board of Higher Education Housing & Auxiliary Facilities Revenue, | ||||
Series A, Assured Guaranty, 4.00%, 4/01/44 | 10,000,000 | 11,445,300 | ||
University of North Dakota Housing and Auxiliary Facilities, Series A, 4.00%, 4/01/50 | 9,620,000 | 10,896,959 | ||
University of North Dakota COP, | ||||
Infrastructure Energy Improvement Project, Green Certificates, Series A, 5.00%, 4/01/48 | 5,500,000 | 6,566,945 | ||
Infrastructure Energy Improvement Project, Green Certificates, Series A, 5.00%, 4/01/57 | 10,000,000 | 11,749,900 | ||
43,239,254 | ||||
Ohio 3.9% | ||||
Akron Income Tax Revenue, Community Learning Centers, Refunding, Series A, 5.00%, 12/01/29 | 10,000,000 | 10,907,300 | ||
American Municipal Power Inc. Revenue, | ||||
Combined Hydroelectric Projects, Green Bonds, Refunding, Series A, 5.00%, 2/15/46 | 20,000,000 | 23,220,400 | ||
Prairie State Energy Campus Project, Refunding, Series A, 5.00%, 2/15/39 | 5,000,000 | 5,644,800 | ||
Prairie State Energy Campus Project, Refunding, Series A, 5.00%, 2/15/42 | 2,500,000 | 2,811,350 | ||
Prairie State Energy Campus Project, Refunding, Series C, 4.00%, 2/15/39 | 18,795,000 | 21,592,448 | ||
Bowling Green Student Housing Revenue, CFP I LLC, State University Project, Pre-Refunded, 6.00%, 6/01/45 | 6,750,000 | 6,861,780 |
| 17
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Ohio(continued) | ||||
Buckeye Tobacco Settlement Financing Authority Revenue, | ||||
Tobacco Settlement, Senior, Convertible, Capital Appreciation, Turbo Term, Series A-3, 6.25%, 6/01/37 | $15,000,000 | $15,630,000 | ||
Tobacco Settlement, Senior, Turbo Term, Series A-2, 5.75%, 6/01/34 | 10,000,000 | 10,045,900 | ||
Butler County Hospital Facilities Revenue, UC Health, Refunding, 5.00%, 11/15/45 | 7,500,000 | 8,711,475 | ||
Cleveland Airport System Revenue, Series A. AGMC Insured, Pre-Refunded, 5.00%, 1/01/28 | 9,500,000 | 10,248,410 | ||
Cleveland-Cuyahoga County Port Authority Development Lease Revenue, Administrative Headquarters Project, 5.00%, 7/01/37 | 6,000,000 | 8,285,280 | ||
Franklin County Hospital Facilities Revenue, OhioHealth Corp., 5.00%, 5/15/40 | 10,000,000 | 11,566,100 | ||
Franklin County Revenue, | ||||
Trinity Health Credit Group, Refunding, Series A, 4.00%, 12/01/44 | 5,640,000 | 6,478,724 | ||
Trinity Health Credit Group, Series A-OH, 5.00%, 12/01/47 | 10,800,000 | 13,191,876 | ||
Trinity Health Credit Group, Series OH, 5.00%, 12/01/46 | 10,000,000 | 12,090,500 | ||
Hamilton County Healthcare Facilities Revenue, The Christ Hospital Project, AGMC Insured, Pre-Refunded, 5.00%, 6/01/42 | 22,500,000 | 24,573,825 | ||
Hamilton County Sewer System Revenue, The Metropolitan Sewer District of Greater Cincinnati, Improvement and Refunding, Series A, 5.00%, 12/01/38 | 12,000,000 | 13,581,120 | ||
JobsOhio Beverage System Statewide Liquor Profits Revenue, senior lien, Series A, 5.00%, 1/01/38 | 21,060,000 | 23,545,923 | ||
Kent State University Revenues, General Receipts, Series A, Pre-Refunded, 5.00%, 5/01/37 | 10,500,000 | 11,458,020 | ||
Northeast Regional Sewer District Revenue, | ||||
Wastewater Improvement, Refunding, 4.00%, 11/15/38 | 10,000,000 | 11,577,900 | ||
Wastewater Improvement, Refunding, 4.00%, 11/15/43 | 10,000,000 | 11,408,500 | ||
Ohio State Air Quality Development Authority Revenue, Environmental Improvement, Buckeye Power Inc. Project, 6.00%, 12/01/40 | 15,000,000 | 15,610,650 | ||
Ohio State Higher Educational Facility Commission Revenue, Hospital Facilities, Summa Health System, 2010 Project, Refunding, AGMC Insured, 5.25%, 11/15/40 | 15,000,000 | 15,188,550 | ||
Ohio State Hospital Facility Revenue, Cleveland Clinic Health System Obligated Group, Series B, 4.00%, 1/01/43 | 12,130,000 | 13,984,313 | ||
Ohio State Hospital Revenue, | ||||
Cleveland Clinic Health System Obligated Group, Refunding, Series A, 4.00%, 1/01/36 | 6,500,000 | 7,545,720 | ||
University Hospitals Health System Inc., Refunding, Series A, AGMC Insured, 5.00%, 1/15/41 | 7,000,000 | 7,453,390 | ||
Ohio State Turnpike and Infrastructure Commission Revenue, Infrastructure Projects, Capital Appreciation, junior lien, Series A-3, zero cpn. to 2/14/23, 5.75% thereafter, 2/15/35 | 35,000,000 | 41,185,900 | ||
Ohio State Turnpike Revenue, Series A, 5.00%, 2/15/43 | 20,000,000 | 24,660,600 | ||
Ohio State University Revenue, Special Purpose, General Receipts, Series A, 5.00%, 6/01/38 | 10,000,000 | 11,181,100 | ||
Toledo Water System Revenue, Improvement and Refunding, 5.00%, 11/15/38 | 20,000,000 | 22,283,600 | ||
422,525,454 | ||||
Oklahoma 0.1% | ||||
Edmond Public Works Authority Sales Tax and Utility System Revenue, | ||||
5.00%, 7/01/42 | 4,000,000 | 4,857,880 | ||
5.00%, 7/01/47 | 4,500,000 | 5,403,690 | ||
McGee Creek Authority Water Revenue, NATL Insured, 6.00%, 1/01/23 | 120,000 | 130,438 | ||
Norman Regional Hospital Authority Hospital Revenue, Norman Regional Hospital Authority Obligated Group, 5.00%, 9/01/45 | 3,500,000 | 4,241,475 | ||
14,633,483 |
| 18
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Oregon 1.1% | ||||
Clackamas County School District No. 62 Oregon City GO, Refunding, Series B, 5.00%, 6/15/49 | $20,000,000 | $24,610,800 | ||
Medford Hospital Facilities Authority Revenue, Hospital, Asante Health System, Series A, AGMC Insured, 5.00%, 8/15/40 | 4,935,000 | 5,015,095 | ||
Oregon Health and Science University Revenue, Refunding, Series A, 4.00%, 7/01/44 | 1,685,000 | 1,937,396 | ||
Oregon State Housing and Community Services Department Mortgage Revenue, | ||||
SFM Program, Series A, 3.60%, 1/01/33 | 9,455,000 | 10,220,950 | ||
SFM Program, Series D, 3.80%, 7/01/34 | 8,990,000 | 9,930,084 | ||
Port of Portland International Airport Revenue, Series Twenty-Five B, 5.00%, 7/01/49 | 12,720,000 | 15,569,153 | ||
Portland Sewer System Revenue, second lien, Series A, 5.00%, 3/01/35 | 11,540,000 | 11,575,543 | ||
Salem Hospital Facility Authority Revenue, Multi Model, Salem Health Projects, Refunding, Series A, 5.00%, 5/15/44 | 16,880,000 | 20,799,198 | ||
University of Oregon General Revenue, Series A, 5.00%, 4/01/48 | 14,500,000 | 17,893,725 | ||
Washington Clackamas and Yamhill Counties Sherwood School District No. 88J GO, | ||||
Capital Appreciation, Series A, zero cpn., 6/15/41 | 5,725,000 | 2,760,538 | ||
Capital Appreciation, Series A, zero cpn., 6/15/42 | 5,900,000 | 2,720,195 | ||
Capital Appreciation, Series A, zero cpn., 6/15/43 | 5,500,000 | 2,424,125 | ||
125,456,802 | ||||
Pennsylvania 2.2% | ||||
Allegheny County Sanitary Authority Sewer Revenue, Allegheny County, BAM Insured, 5.25%, 12/01/44 | 5,000,000 | 5,726,500 | ||
Bucks County Water and Sewer Authority Water System Revenue, | ||||
AGMC Insured, Pre-Refunded, 5.00%, 12/01/33 | 5,500,000 | 5,915,525 | ||
AGMC Insured, Pre-Refunded, 5.00%, 12/01/37 | 10,520,000 | 11,314,786 | ||
AGMC Insured, Pre-Refunded, 5.00%, 12/01/41 | 5,110,000 | 5,496,060 | ||
Commonwealth Financing Authority Revenue, | ||||
Series A, 5.00%, 6/01/33 | 4,550,000 | 5,333,464 | ||
Series B, Pre-Refunded, 5.00%, 6/01/42 | 5,400,000 | 5,904,252 | ||
Delaware County Regional Water Quality Control Authority Revenue, | ||||
Sewer, 5.00%, 11/01/41 | 5,000,000 | 6,013,700 | ||
Sewer, 5.00%, 11/01/46 | 10,315,000 | 12,311,675 | ||
Erie Water Authority Water Revenue, Erie County, Refunding, 5.00%, 12/01/43 | 5,000,000 | 5,943,200 | ||
Lackawanna County GO, | ||||
Refunding, Series B, AGMC Insured, 5.00%, 9/01/35 | 2,850,000 | 2,909,109 | ||
Series B, AGMC Insured, Pre-Refunded, 5.00%, 9/01/35 | 4,650,000 | 4,758,531 | ||
Montgomery County IDAR, Meadowood Senior Living Project, Refunding, Series A, 5.00%, 12/01/48 | 9,000,000 | 10,182,330 | ||
Montour School District GO, | ||||
Series A, AGMC Insured, 5.00%, 4/01/40 | 3,170,000 | 3,700,975 | ||
Series A, AGMC Insured, 5.00%, 4/01/41 | 2,000,000 | 2,328,500 | ||
Series A, AGMC Insured, 5.00%, 4/01/42 | 2,000,000 | 2,322,060 | ||
Pennsylvania State Economic Development Financing Authority Revenue, Water Facilities, Aqua Pennsylvania Inc. Project, Series B, 5.00%, 12/01/43 | 20,000,000 | 20,603,800 | ||
Pennsylvania State GO, Refunding, First Series, AGMC Insured, 5.00%, 8/15/26 | 20,805,000 | 25,364,832 | ||
Pennsylvania State Turnpike Commission Turnpike Revenue, Subordinate, Convertible Capital Appreciation, Series C, AGMC Insured, 6.25%, 6/01/33 | 5,000,000 | 6,409,750 | ||
Philadelphia School District GO, | ||||
Refunding, Series F, 5.00%, 9/01/33 | 6,415,000 | 7,696,140 | ||
Refunding, Series F, 5.00%, 9/01/36 | 4,090,000 | 4,878,020 |
| 19
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Pennsylvania(continued) | ||||
Philadelphia Water and Wastewater Revenue, | ||||
Series A, 5.00%, 7/01/45 | $15,000,000 | $16,974,750 | ||
Series C, AGMC Insured, Pre-Refunded, 5.00%, 8/01/40 | 7,000,000 | 7,141,540 | ||
Pittsburgh and Allegheny County Sports and Exhibition Authority Hotel Room Regional Enterprise Tower Revenue, Refunding, AGMC Insured, 5.00%, 2/01/35 | 18,000,000 | 18,330,480 | ||
South Fork Municipal Authority Hospital Revenue, Conemaugh Valley Memorial Hospital, Series B, Assured Guaranty, Pre-Refunded, 5.375%, 7/01/35 | 15,000,000 | 15,265,350 | ||
State Public School Building Authority Revenue, Commonwealth of Pennsylvania, School Lease, The School District of Philadelphia Project, Refunding, Series A, AGMC Insured, 5.00%, 6/01/32 | 10,000,000 | 12,135,700 | ||
Westmoreland County Municipal Authority Revenue, Municipal Service, Refunding, BAM Insured, 5.00%, 8/15/42 | 17,205,000 | 20,102,666 | ||
245,063,695 | ||||
Rhode Island 0.5% | ||||
Rhode Island Health and Educational Building Corp. Revenue, Hospital Financing, Lifespan Obligation Group, Refunding, 5.00%, 5/15/39 | 5,500,000 | 6,385,995 | ||
Rhode Island Housing and Mortgage Finance Corp. Revenue, | ||||
Homeownership Opportunity, Refunding, Series 15-A, 6.85%, 10/01/24 | 120,000 | 120,493 | ||
Homeownership Opportunity, Series 10-A, 6.50%, 10/01/22 | 205,000 | 205,736 | ||
Homeownership Opportunity, Series 10-A, 6.50%, 4/01/27 | 130,000 | 130,469 | ||
Rhode Island State Health and Educational Building Corp. Higher Education Facility Revenue, | ||||
Board of Governors for Higher Education, University of Rhode Island, Auxiliary Enterprise Issue, Series B, AGMC Insured, Pre-Re, 5.00%, 9/15/30 | 7,535,000 | 7,722,697 | ||
Board of Governors for Higher Education, University of Rhode Island, Auxiliary Enterprise Issue, Series B, AGMC Insured, Pre-Re, 5.00%, 9/15/35 | 4,500,000 | 4,612,095 | ||
Board of Governors for Higher Education, University of Rhode Island, Auxiliary Enterprise Issue, Series B, AGMC Insured, Pre-Re, 5.00%, 9/15/40 | 10,270,000 | 10,525,826 | ||
New England Institute of Technology Issue, Series A, Pre-Refunded, 5.125%, 3/01/40 | 16,435,000 | 16,485,949 | ||
Rhode Island State Health and Educational Building Corp. Revenue, Public Schools, Bond Financing Program, Town of East Greenwich Issue, Series A, 5.00%, 5/15/37 | 10,000,000 | 10,865,700 | ||
57,054,960 | ||||
South Carolina 1.4% | ||||
Columbia Waterworks and Sewer System Revenue, | ||||
Series A, 4.00%, 2/01/44 | 5,250,000 | 6,067,530 | ||
Series A, 5.00%, 2/01/49 | 8,000,000 | 9,991,040 | ||
Greenwood County Hospital Revenue, | ||||
Facilities Self Regional Healthcare, Refunding, 4.00%, 10/01/37 | 8,465,000 | 9,436,359 | ||
Facilities Self Regional Healthcare, Refunding, 4.00%, 10/01/39 | 1,195,000 | 1,321,921 | ||
Piedmont Municipal Power Agency Electric Revenue, Refunding, NATL Insured, 6.25%, 1/01/21 | 200,000 | 209,600 | ||
Rock Hill Utility System Revenue, | ||||
Combined Utility System, Refunding, 5.00%, 1/01/41 | 7,690,000 | 9,061,896 | ||
Combined Utility System, Refunding, 5.00%, 1/01/47 | 5,000,000 | 5,841,700 | ||
South Carolina Jobs-EDA Economic Development Authority Revenue, Hospital, McLeod Health Projects, Refunding and Improvement, 5.00%, 11/01/48 | 20,000,000 | 24,079,400 | ||
South Carolina Jobs-EDA Hospital Revenue, | ||||
Prisma Health Obligated Group, Refunding, Series A, 5.00%, 5/01/43 | 20,000,000 | 23,935,400 | ||
Prisma Health Obligated Group, Refunding, Series A, 5.00%, 5/01/48 | 15,000,000 | 17,762,100 |
| 20
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
South Carolina(continued) | ||||
South Carolina State Ports Authority Revenue, | ||||
Series B, 5.00%, 7/01/44 | $10,000,000 | $12,290,700 | ||
Series B, 5.00%, 7/01/54 | 10,365,000 | 12,487,648 | ||
South Carolina State Public Service Authority Revenue, Refunding and Improvement, Series A, 5.00%, 12/01/55 | 20,000,000 | 22,750,600 | ||
Woodruff Roebuck Water District Revenue, South Carolina Water System Improvement, AGMC Insured, Pre-Refunded, 5.00%, 6/01/40 | 3,000,000 | 3,040,080 | ||
158,275,974 | ||||
South Dakota 0.7% | ||||
Huron School District No. 2-2 GO, 5.00%, 6/15/39 | 4,000,000 | 4,599,960 | ||
South Dakota State Building Authority Revenue, Refunding, Series A, 5.00%, 6/01/42 | 5,450,000 | 6,603,383 | ||
South Dakota State Health and Educational Facilities Authority Revenue, | ||||
Avera Health Issue, Refunding, 4.00%, 7/01/42 | 10,000,000 | 11,062,400 | ||
Avera Health Issue, Refunding, 5.00%, 7/01/46 | 13,000,000 | 15,429,310 | ||
Regional Health, 4.00%, 9/01/37 | 10,920,000 | 12,108,424 | ||
Regional Health, 5.00%, 9/01/40 | 10,000,000 | 12,035,600 | ||
Vocational Education Program, Refunding, Series A, 5.00%, 8/01/38 | 3,475,000 | 4,092,021 | ||
Vocational Education Program, Refunding, Series A, 5.00%, 8/01/46 | 6,005,000 | 6,504,796 | ||
Vocational Education Program, Series A, 5.125%, 8/01/46 | 7,000,000 | 7,379,470 | ||
79,815,364 | ||||
Tennessee 1.5% | ||||
Johnson City Health and Educational Facilities Board Hospital Revenue, | ||||
Johnson City Medical Center Hospital, Improvement, Series C, NATL Insured, ETM, 5.25%, 7/01/28 | 8,500,000 | 9,142,260 | ||
Johnson City Medical Center Hospital, Improvement, Series C, NATL Insured, Pre-Refunded, 5.125%, 7/01/25 | 90,000 | 91,622 | ||
Knox County Health Educational and Housing Facility Board Hospital Revenue, Covenant Health, Refunding, Series A, 5.00%, 1/01/42 | 35,000,000 | 41,175,750 | ||
Memphis-Shelby County Airport Authority Airport Revenue, | ||||
5.00%, 7/01/43 | 7,500,000 | 9,050,475 | ||
5.00%, 7/01/47 | 11,000,000 | 13,191,090 | ||
Metropolitan Government of Nashville and Davidson County Water and Sewer Revenue, | ||||
Green Bonds, Subordinate, Series A, 5.00%, 7/01/46 | 6,000,000 | 7,350,540 | ||
Subordinate, Refunding, Series B, 5.00%, 7/01/42 | 21,645,000 | 26,691,099 | ||
Subordinate, Refunding, Series B, 5.00%, 7/01/46 | 15,925,000 | 19,509,558 | ||
Metropolitan Nashville Airport Authority Revenue, Subordinate, Series B, 5.00%, 7/01/49 | 11,730,000 | 14,641,386 | ||
Tennessee HDA Residential Finance Program Revenue, Issue 4, Refunding, 4.00%, 7/01/43 | 7,000,000 | 7,642,110 | ||
Tennessee State School Bond Authority Revenue, Higher Educational Facilities Second Program, Series A, 5.00%, 11/01/47 | 15,000,000 | 18,459,600 | ||
166,945,490 | ||||
Texas 12.5% | ||||
Arlington Higher Education Finance Corp. Education Revenue, Riverwalk Education Foundation Inc., PSF Guarantee, 4.00%, 8/15/44 | 6,100,000 | 7,020,429 | ||
Arlington Special Tax Revenue, Tarrant County, senior lien, Series A, AGMC Insured, 4.00%, 2/15/44 | 20,000,000 | 22,492,200 | ||
Austin Community College District Public Facility Corp. Lease Revenue, Hays New Campus Project, Travis Williamson Hays Bastrop Lee and Caldwell Counties, 5.00%, 8/01/36 | 5,700,000 | 6,205,077 | ||
Austin Electric Utility System Revenue, Travis Williamson and Hays Counties, Refunding, Series A, 5.00%, 11/15/45 | 10,000,000 | 11,752,900 |
| 21
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Texas(continued) | ||||
Austin Water and Wastewater System Revenue, Travis Williamson and Hays Counties, Refunding, Series A, 5.00%, 11/15/38 | $20,000,000 | $22,403,800 | ||
Central Texas Regional Mobility Authority Revenue, | ||||
senior lien, Pre-Refunded, 6.00%, 1/01/41 | 14,000,000 | 14,640,360 | ||
senior lien, Refunding, 5.00%, 1/01/40 | 12,505,000 | 14,701,628 | ||
senior lien, Refunding, 5.00%, 1/01/46 | 11,245,000 | 13,118,192 | ||
senior lien, Series A, 5.00%, 1/01/45 | 5,000,000 | 5,786,900 | ||
Corpus Christi Utility System Revenue, | ||||
Improvement, junior lien, 5.00%, 7/15/38 | 6,000,000 | 6,688,500 | ||
Improvement, junior lien, 5.00%, 7/15/43 | 7,000,000 | 7,769,020 | ||
Improvement, junior lien, Series A, 5.00%, 7/15/40 | 13,200,000 | 15,421,956 | ||
Crowley ISD, GO, Tarrant and Johnson Counties, School Building, PSF Guarantee, 5.00%, 8/01/45 | 10,000,000 | 11,708,200 | ||
Dallas Area Rapid Transit Sales Tax Revenue, | ||||
Refunding, Series A, 5.00%, 12/01/46 | 10,000,000 | 11,935,200 | ||
Refunding, Series A, 5.00%, 12/01/48 | 12,200,000 | 14,547,890 | ||
Dallas Civic Center Revenue, Refunding and Improvement, Assured Guaranty, 5.25%, 8/15/34 | 18,975,000 | 19,034,012 | ||
Dallas Waterworks and Sewer System Revenue, | ||||
Pre-Refunded, 5.00%, 10/01/35 | 4,515,000 | 4,637,086 | ||
Refunding, 5.00%, 10/01/35 | 5,485,000 | 5,626,678 | ||
Dallas/Fort Worth International Airport Revenue, | ||||
Joint Improvement, Series A, Pre-Refunded, 5.00%, 11/01/42 | 25,000,000 | 25,761,250 | ||
Joint Refunding, Series D, 5.25%, 11/01/32 | 10,000,000 | 11,478,900 | ||
Ector County ISD, GO, School Building, PSF Guarantee, 5.00%, 8/15/36 | 10,355,000 | 11,699,597 | ||
Forney ISD, GO, Refunding, PSF Guarantee, 5.00%, 8/15/37 | 15,000,000 | 17,814,450 | ||
Frisco ISD, | ||||
GO, Collin and Denton Counties, School Building, Refunding, Series B, PSF Guarantee, 5.00%, 8/15/41 | 10,000,000 | 12,027,600 | ||
GO, Collin and Denton Counties, School Building, Refunding, Series B, PSF Guarantee, 5.00%, 8/15/46 | 20,000,000 | 23,845,200 | ||
Goose Creek Consolidated ISD, GO, Schoolhouse, PSF Guarantee, Pre-Refunded, 5.00%, 2/15/38 | 6,045,000 | 6,786,238 | ||
Grand Parkway Transportation Corp. System Toll Revenue, | ||||
Capital Appreciation, Series B, zero cpn. to 9/30/23, 5.80% thereafter, 10/01/45 | 10,000,000 | 11,032,600 | ||
Tela Supported, Subordinate Tier, Series A, 5.00%, 10/01/48 | 7,720,000 | 9,461,632 | ||
Harris County Cultural Education Facilities Finance Corp. Revenue, | ||||
Houston Methodist Hospital, 5.00%, 12/01/45 | 30,000,000 | 34,532,700 | ||
Memorial Hermann Health System, 5.00%, 7/01/45 | 15,000,000 | 17,376,600 | ||
Harris County Toll Road Revenue, senior lien, Refunding, Series A, 5.00%, 8/15/43 | 6,000,000 | 7,380,540 | ||
Hays County GO, Road, Pre-Refunded, 5.00%, 2/15/36 | 6,960,000 | 6,968,770 | ||
Hidalgo County Regional Mobility Authority Vehicle Registration Revenue, | ||||
senior lien, Refunding, 5.25%, 12/01/38 | 5,000,000 | 5,754,700 | ||
senior lien, Refunding, 5.00%, 12/01/43 | 5,000,000 | 5,654,800 | ||
Houston Utility System Revenue, Combined, first lien, Series D, Pre-Refunded, 5.00%, 11/15/36 | 10,000,000 | 10,737,200 | ||
Hutto ISD, GO, Refunding, Series A, PSF Guarantee, 5.00%, 8/01/39 | 10,000,000 | 11,628,400 | ||
Lamar Consolidated ISD, GO, Fort Bend County, Schoolhouse, Refunding, PSF Guarantee, 5.00%, 2/15/43 | 30,000,000 | 36,219,900 |
| 22
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Texas(continued) | ||||
Laredo Waterworks Sewer System Revenue, | ||||
AGMC Insured, Pre-Refunded, 5.00%, 3/01/41 | $2,500,000 | $2,610,225 | ||
Pre-Refunded, 5.25%, 3/01/40 | 16,535,000 | 16,589,069 | ||
Refunding, 4.00%, 3/01/41 | 9,690,000 | 10,752,896 | ||
Lower Colorado River Authority Transmission Contract Revenue, | ||||
LCRA Transmission Services Corp. Project, Refunding, 5.00%, 5/15/43 | 10,000,000 | 12,278,800 | ||
LCRA Transmission Services Corp. Project, Refunding, Series A, 5.00%, 5/15/36 | 10,000,000 | 11,153,200 | ||
Lubbock-Cooper ISD, GO, Refunding, PSF Guarantee, 5.00%, 2/15/41 | 12,500,000 | 14,515,000 | ||
Mesquite ISD, GO, Dallas County, School Building, PSF Guarantee, 5.00%, 8/15/43 | 11,845,000 | 14,487,027 | ||
Midlothian ISD, GO, School Building, Series A, PSF Guarantee, 5.00%, 2/15/47 | 11,865,000 | 14,197,540 | ||
New Hope Cultural Education Facilities Finance Corp. Revenue, Texas A&M University Project, Series A-1, 5.00%, 4/01/46 | 6,000,000 | 7,117,320 | ||
New Hope Cultural Education Facilities Finance Corp. Student Housing Revenue, | ||||
CHF-Collegiate Housing Island Campus LLC, Series A, 5.00%, 4/01/37 | 2,500,000 | 2,715,725 | ||
Collegiate Housing Corpus Christi II, Texas A&M University Corpus Christi Project, Series A, 5.00%, 4/01/48 | 7,825,000 | 7,965,537 | ||
NCCD-College Station Properties LLC, Texas A&M University Project, Series A, 5.00%, 7/01/47 | 10,000,000 | 9,242,700 | ||
New Hope Cultural Educational Facilities Finance Corp. Senior Living Revenue, | ||||
Quality Senior Housing Foundation of East Texas Inc. Project, Series A-1, 5.00%, 12/01/39 | 5,000,000 | 5,602,550 | ||
Quality Senior Housing Foundation of East Texas Inc. Project, Series A-1, 5.00%, 12/01/49 | 6,700,000 | 7,429,027 | ||
Quality Senior Housing Foundation of East Texas Inc. Project, Series A-1, 5.00%, 12/01/54 | 5,000,000 | 5,527,900 | ||
North East Regional Mobility Authority Revenue, senior lien, Series A, 5.00%, 1/01/41 | 16,750,000 | 19,281,762 | ||
North Fort Bend Water Authority Water System Revenue, Refunding, Series A, 4.00%, 12/15/44 | 15,000,000 | 17,323,200 | ||
North Harris County Regional Water Authority Revenue, | ||||
senior lien, Refunding, 4.00%, 12/15/41 | 20,000,000 | 22,297,600 | ||
senior lien, Refunding, 5.00%, 12/15/46 | 18,460,000 | 21,973,123 | ||
North Texas Tollway Authority Revenue, | ||||
Special Projects System, Capital Appreciation, first tier, Refunding, Series I, 6.50%, 1/01/43 | 25,000,000 | 31,150,250 | ||
Special Projects System, Capital Appreciation, Series B, Pre-Refunded, zero cpn., 9/01/37 | 7,500,000 | 3,934,200 | ||
Special Projects System, Capital Appreciation, Series B, Pre-Refunded, zero cpn., 9/01/43 | 7,500,000 | 2,507,475 | ||
Special Projects System, Capital Appreciation, Series C, Pre-Refunded, zero cpn. to 9/01/21, 6.75% thereafter, 9/01/45 | 25,000,000 | 35,469,250 | ||
System, first tier, Refunding, Series A, 5.00%, 1/01/43 | 47,000,000 | 57,540,690 | ||
System, first tier, Refunding, Series A, 5.00%, 1/01/48 | 33,500,000 | 40,580,895 | ||
System, second tier, Refunding, 5.00%, 1/01/48 | 25,250,000 | 30,362,620 | ||
System, second tier, Refunding, Series A, 5.00%, 1/01/35 | 10,000,000 | 11,702,000 | ||
System, second tier, Refunding, Series A, 5.00%, 1/01/38 | 10,000,000 | 11,636,200 | ||
System, second tier, Refunding, Series B, 5.00%, 1/01/48 | 10,000,000 | 11,872,200 | ||
Port Freeport Revenue, Brazoria County, senior lien, Series A, 5.00%, 6/01/49 | 4,000,000 | 4,803,960 | ||
Prosper ISD, GO, School Building, PSF Guarantee, 5.00%, 2/15/47 | 9,725,000 | 11,686,241 | ||
Red River Education FICO Higher Education Revenue, St. Edward’s University Project, Refunding, 5.00%, 6/01/46 | 2,250,000 | 2,543,985 | ||
San Antonio Airport System Revenue, Passenger Facility Charge, sub. lien, Improvement, AGMC Insured, Pre-Refunded, 5.375%, 7/01/40 | 5,000,000 | 5,091,550 | ||
San Antonio Electric and Gas Systems Revenue, junior lien, 5.00%, 2/01/38 | 10,000,000 | 11,188,100 | ||
San Antonio Public Facilities Corp. Lease Revenue, Improvement and Refunding, Lease, Convention Center Refinancing and Expansion Project, 4.00%, 9/15/42 | 36,500,000 | 38,349,090 |
| 23
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Texas(continued) | ||||
San Antonio Water System Revenue, | ||||
Bexar County, junior lien, Refunding, Series A, 5.00%, 5/15/43 | $12,000,000 | $14,868,840 | ||
Bexar County, junior lien, Refunding, Series A, 5.00%, 5/15/48 | 10,000,000 | 12,276,200 | ||
San Jacinto River Authority Special Project Revenue, | ||||
Group Project, AGMC Insured, 5.00%, 10/01/32 | 5,000,000 | 5,014,600 | ||
Group Project, AGMC Insured, 5.00%, 10/01/37 | 3,000,000 | 3,008,970 | ||
San Marcos Electric Utility System Revenue, Hays Caldwell and Guadalupe Counties, BAM Insured, 5.00%, 11/01/33 | 6,300,000 | 6,926,913 | ||
Schertz-Cibolo-Universal City ISD, GO, School Building, PSF Guarantee, 5.00%, 2/01/42 | 10,000,000 | 11,820,700 | ||
Southwest Higher Education Authority Revenue, Southern Methodist University Project, Series A, 5.00%, 10/01/38 | 24,380,000 | 27,216,125 | ||
Tarrant County Cultural Education Facilities Finance Corp. Hospital Revenue, | ||||
Cook Children’s Medical Center, Refunding, Series A, 5.25%, 12/01/39 | 10,000,000 | 11,406,300 | ||
Hendrick Medical Center Obligation Group, Refunding, 5.50%, 9/01/43 | 5,350,000 | 5,987,880 | ||
Tarrant County Cultural Education Facilities Finance Corp. Revenue, | ||||
Christus Health, Series B, 5.00%, 7/01/43 | 10,000,000 | 12,178,200 | ||
Texas Health Resources System, Series A, 5.00%, 11/15/52 | 5,000,000 | 5,731,050 | ||
Tarrant County Health Facilities Development Corp. Health System Revenue, | ||||
Harris Methodist Health System, FGIC Insured, ETM, 6.00%, 9/01/24 | 2,295,000 | 2,602,255 | ||
Harris Methodist Health System, NATL Insured, ETM, 6.00%, 9/01/24 | 1,910,000 | 2,165,711 | ||
Tarrant Regional Water District Water Revenue, Refunding and Improvement, 5.00%, 3/01/37 | 10,000,000 | 10,832,000 | ||
Texas City IDC Marine Terminal Revenue, ARCO Pipe Line Co. Project, Refunding, 7.375%, 10/01/20 | 500,000 | 519,835 | ||
Texas State GO, Transportation Commission, Refunding, Series A, 5.00%, 10/01/39 | 30,000,000 | 35,002,500 | ||
Texas State Municipal Power Agency Revenue, Transmission, sub. lien, Refunding, 5.00%, 9/01/40 | 15,250,000 | 15,579,095 | ||
Texas State Transportation Commission Revenue, | ||||
First Tier Toll Revenue State Highway 249 Systems, Capital Appreciation, Series A, zero cpn., 8/01/48 | 6,250,000 | 1,796,813 | ||
First Tier Toll Revenue State Highway 249 Systems, Capital Appreciation, Series A, zero cpn., 8/01/49 | 5,000,000 | 1,364,800 | ||
First Tier Toll Revenue State Highway 249 Systems, Capital Appreciation, Series A, zero cpn., 8/01/50 | 5,500,000 | 1,409,870 | ||
Texas State Transportation Commission Turnpike System Revenue, | ||||
first tier, Refunding, Series A, AGMC Insured, 5.00%, 8/15/41 | 16,000,000 | 17,399,680 | ||
first tier, Refunding, Series A, BAM Insured, 5.00%, 8/15/41 | 9,665,000 | 10,510,494 | ||
first tier, Refunding, Series B, 5.00%, 8/15/37 | 10,000,000 | 11,562,400 | ||
second tier, Refunding, Series C, 5.00%, 8/15/37 | 15,000,000 | 17,222,700 | ||
second tier, Refunding, Series C, 5.00%, 8/15/42 | 10,000,000 | 11,429,300 | ||
Texas State Water Development Board Revenue, | ||||
State Water Implementation Fund, Master Trust, Series A, 4.00%, 10/15/42 | 25,000,000 | 28,660,250 | ||
State Water Implementation Fund, Master Trust, Series A, 4.00%, 10/15/44 | 8,500,000 | 9,896,125 | ||
State Water Implementation Fund, Master Trust, Series B, 4.00%, 10/15/43 | 25,000,000 | 28,989,250 | ||
State Water Implementation Fund, Master Trust, Series B, 5.00%, 4/15/49 | 15,000,000 | 18,737,850 | ||
West Harris County Regional Water Authority Water System Revenue, Refunding, 4.00%, 12/15/45 | 4,000,000 | 4,613,880 | ||
West Travis County Public Utility Agency Revenue, Refunding, BAM Insured, 4.00%, 8/15/41 | 5,000,000 | 5,619,300 | ||
1,367,479,898 |
| 24
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Utah 1.4% | ||||
Central Utah Water Conservancy District Water Revenue, | ||||
Refunding, Series B, 4.00%, 10/01/37 | $2,600,000 | $3,002,740 | ||
Refunding, Series B, 4.00%, 10/01/38 | 10,000,000 | 11,517,300 | ||
Jordan Valley Water Conservancy District Water Revenue, | ||||
Refunding, Series B, 4.00%, 10/01/41 | 6,000,000 | 6,739,020 | ||
Series B, Pre-Refunded, 5.00%, 10/01/41 | 15,000,000 | 15,712,200 | ||
Salt Lake City Airport Revenue, | ||||
Salt Lake City International Airport, Series A, 5.00%, 7/01/42 | 15,000,000 | 17,964,750 | ||
Salt Lake City International Airport, Series A, 5.00%, 7/01/47 | 10,000,000 | 11,887,300 | ||
Salt Lake City International Airport, Series A, 5.00%, 7/01/48 | 9,400,000 | 11,341,852 | ||
Salt Lake City International Airport, Series A, 5.25%, 7/01/48 | 10,000,000 | 12,307,600 | ||
State Board of Regents University of Utah Revenue, | ||||
General, Refunding, Series A, 5.00%, 8/01/44 | 12,240,000 | 15,286,903 | ||
General, Series A, Pre-Refunded, 5.00%, 8/01/43 | 21,975,000 | 25,114,129 | ||
Utah State Municipal Power Agency Supply System Revenue, Series B, 5.00%, 7/01/38 | 10,000,000 | 11,891,200 | ||
Weber Basin Water Conservancy District Water Revenue, Series B, 5.00%, 4/01/39 | 7,180,000 | 7,965,348 | ||
150,730,342 | ||||
Vermont 0.3% | ||||
Vermont Educational and Health Buildings Financing Agency Revenue, | ||||
Middlebury College Project, Refunding, 5.00%, 11/01/40 | 26,565,000 | 27,239,485 | ||
The University of Vermont Medical Center Project, Refunding, Series A, 5.00%, 12/01/36 | 5,000,000 | 5,955,400 | ||
33,194,885 | ||||
Virginia 1.2% | ||||
Chesterfield County EDA Revenue, Bon Secours Health System Inc., Series C-2, Assured Guaranty, Pre-Refunded, 5.00%, 11/01/42 | 8,000,000 | 8,231,520 | ||
Hampton Roads Sanitation District Wastewater Revenue, Subordinate, Series A, Pre-Refunded, 5.00%, 10/01/47 | 14,575,000 | 18,812,973 | ||
Hampton Roads Transportation Accountability Commission Revenue, Transportation Fund, senior lien, Series A, 5.00%, 7/01/42 | 25,000,000 | 30,904,500 | ||
Virginia Small Business Financing Authority Revenue, senior lien, 95 Express Lanes LLC Project, 5.00%, 7/01/49 | 25,000,000 | 26,522,750 | ||
Virginia State Commonwealth Transportation Board of Transportation Revenue, Capital Projects, 4.00%, 5/15/41 | 13,585,000 | 15,904,910 | ||
Virginia State HDA Revenue, Rental Housing, Series E, 3.10%, 12/01/45 | 11,760,000 | 12,188,182 | ||
Virginia State Resources Authority Infrastructure Revenue, | ||||
Virginia Pooled Financing Program, Refunding, Series A, 5.00%, 11/01/39 | 70,000 | 76,968 | ||
Virginia Pooled Financing Program, Series A, Pre-Refunded, 5.00%, 11/01/39 | 12,285,000 | 13,652,935 | ||
126,294,738 | ||||
Washington 2.9% | ||||
King County Housing Authority Housing Revenue, Credit Enhanced Pooled, Refunding, 3.00%, 11/01/39 | 10,000,000 | 10,516,500 | ||
King County Sewer Revenue, | ||||
Pre-Refunded, 5.00%, 1/01/32 | 7,085,000 | 7,205,445 | ||
Refunding, 5.00%, 7/01/49 | 12,000,000 | 14,509,320 | ||
Klickitat County PUD No. 1 Electric System Revenue, Refunding, Series A, AGMC Insured, 3.00%, 12/01/41 | 3,030,000 | 3,159,442 | ||
NJB Properties Lease Revenue, King County Washington Project, Series A, 5.00%, 12/01/36 | 5,000 | 5,016 |
| 25
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Washington(continued) | ||||
Port of Seattle Revenue, | ||||
intermediate lien, 4.00%, 4/01/44 | $4,000,000 | $4,490,080 | ||
intermediate lien, 5.00%, 4/01/44 | 36,295,000 | 44,529,973 | ||
intermediate lien, Series A, 5.00%, 5/01/43 | 15,500,000 | 18,426,090 | ||
Seattle Municipal Light and Power Revenue, | ||||
Improvement and Refunding, Series A, 4.00%, 1/01/42 | 10,855,000 | 12,325,418 | ||
Improvement and Refunding, Series C, 4.00%, 9/01/36 | 22,170,000 | 25,572,208 | ||
University of Washington Revenues, 5.00%, 4/01/48 | 29,450,000 | 35,553,512 | ||
Washington Health Care Facilities Authority Revenue, | ||||
Commonspirit Health, Refunding, Series A-2, 5.00%, 8/01/44 | 7,000,000 | 8,574,930 | ||
Fred Hutchinson Cancer Research Center, Refunding, Series A, 5.00%, 1/01/47 | 10,000,000 | 11,682,200 | ||
MultiCare Health System, Refunding, Series B, 4.00%, 8/15/41 | 25,000,000 | 27,952,750 | ||
Providence Health and Services, Refunding, Series A, 5.00%, 10/01/42 | 10,175,000 | 11,085,154 | ||
Providence Health and Services, Refunding, Series D, 5.00%, 10/01/41 | 9,850,000 | 11,375,962 | ||
Providence Health and Services, Series D, Pre-Refunded, 5.00%, 10/01/41 | 150,000 | 176,566 | ||
Seattle Children’s Hospital, Refunding, Series B, 5.00%, 10/01/38 | 15,000,000 | 17,414,700 | ||
Washington State Convention Center Public Facilities District Revenue, Lodging Tax, 5.00%, 7/01/43 | 13,870,000 | 17,010,861 | ||
Washington State GO, | ||||
Motor Vehicle Fuel Tax, Senior 520 Corridor Program Toll, Series C, 5.00%, 6/01/33 | 5,000,000 | 5,271,400 | ||
Motor Vehicle Fuel Tax, Series D, 5.00%, 6/01/43 | 11,040,000 | 13,858,181 | ||
Motor Vehicle Fuel Tax, Series D, 5.00%, 6/01/44 | 11,595,000 | 14,514,505 | ||
315,210,213 | ||||
West Virginia 1.0% | ||||
Berkeley County Public Service Sewer District Sewer Revenue, Refunding, Series B, BAM Insured, 5.00%, 6/01/36 | 1,000,000 | 1,191,610 | ||
West Virginia EDA Lottery Revenue, Series A, Pre-Refunded, 5.00%, 6/15/35 | 9,415,000 | 9,555,848 | ||
West Virginia Hospital Finance Authority Revenue, | ||||
Hospital, Charleston Area Medical Center Inc., Improvement and Refunding, Series A, 5.00%, 9/01/38 | 3,040,000 | 3,767,806 | ||
Hospital, Improvement, Cabell Huntington Hospital Obligated Group, Refunding, Series A, 5.00%, 1/01/43 | 13,250,000 | 15,847,000 | ||
Hospital, Improvement, West Virginia University Health System Obligated Group, Series A, 5.00%, 6/01/42 | 7,000,000 | 8,323,280 | ||
Hospital, Improvement, West Virginia University Health System Obligated Group, Series A, 5.00%, 6/01/47 | 10,190,000 | 12,025,627 | ||
Hospital, Improvement, West Virginia University Health System Obligated Group, Series A, 5.00%, 6/01/52 | 20,700,000 | 24,535,917 | ||
West Virginia State University Revenues, West Virginia University Projects, Series A, 5.00%, 10/01/44 | 21,800,000 | 24,896,690 | ||
West Virginia State Water Development Authority Infrastructure Revenue, | ||||
West Virginia Infrastructure and Jobs Development Council Program, Refunding, Series A, 5.00%, 10/01/36 | 5,000,000 | 6,057,300 | ||
West Virginia Infrastructure and Jobs Development Council Program, Refunding, Series A, 5.00%, 10/01/45 | 5,435,000 | 6,439,008 | ||
112,640,086 | ||||
Wisconsin 0.9% | ||||
Ashwaubenon CDA Lease Revenue, | ||||
Capital Appreciation, Brown County Expo Center Project, zero cpn., 6/01/49 | 16,185,000 | 5,907,848 | ||
Capital Appreciation, Brown County Expo Center Project, zero cpn., 6/01/54 | 53,000,000 | 15,374,240 |
| 26
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Municipal Bonds(continued) | ||||
Wisconsin(continued) | ||||
Superior Limited Obligation Revenue, Midwest Energy Resources Company Project, Refunding, Series E, NATL Insured, 6.90%, 8/01/21 | $3,000,000 | $3,253,440 | ||
Wisconsin Health and Educational Facilities Authority Revenue, | ||||
Ascension Health Alliance Senior Credit Group, Series B2, 4.00%, 11/15/43 | 10,000,000 | 11,255,500 | ||
Marshfield Clinic Health System Inc., Refunding, Series C, 5.00%, 2/15/47 | 37,795,000 | 44,038,356 | ||
Thedacare Inc., Refunding, 4.00%, 12/15/37 | 5,135,000 | 5,913,723 | ||
Wisconsin State Health and Educational Facilities Authority Revenue, Children’s Hospital of Wisconsin, Refunding, 4.00%, 8/15/42 | 15,000,000 | 16,613,850 | ||
102,356,957 | ||||
Wyoming 0.1% | ||||
Wyoming CDA Housing Revenue, Refunding, Series 1, 3.65%, 12/01/33 | 5,655,000 | 6,116,957 | ||
Wyoming Municipal Power Agency Power Supply System Revenue, Series A, BAM Insured, 5.00%, 1/01/42 | 7,000,000 | 8,333,850 | ||
14,450,807 | ||||
U.S. Territories 0.3% | ||||
Puerto Rico 0.3% | ||||
c | Puerto Rico Electric Power Authority Power Revenue, | |||
Series A-RSA-1, 5.00%, 7/01/42 | 18,925,000 | 15,210,969 | ||
Series XX-RSA-1, 5.25%, 7/01/40 | 15,000,000 | 12,093,750 | ||
27,304,719 | ||||
Total Municipal Bonds before Short Term Investments (Cost $9,744,185,789) | 10,674,015,147 | |||
Short Term Investments 2.2% | ||||
Municipal Bonds 2.2% | ||||
Alabama 0.0%† | ||||
d | Mobile IDB, Solid Waste Dispense Revenue, Alabama Power Barry Plant Project, Second Series, Daily VRDN and Put, 1.22%, 6/01/34 | 1,200,000 | 1,200,000 | |
Florida 0.7% | ||||
d | Martin County PCR, Florida Power and Light Co. Project, Refunding, Daily VRDN and Put, 1.18%, 7/15/22 | 12,000,000 | 12,000,000 | |
d | St. Lucie County PCR, Florida Power and Light Co. Project, Refunding, Daily VRDN and Put, 1.20%, 9/01/28 | 60,500,000 | 60,500,000 | |
72,500,000 | ||||
Georgia 0.0%† | ||||
d | Athens-Clarke County Unified Government Development Authority Revenue, University of Georgia Athletic Assn. Project, Series B, LOC Wells Fargo Bank, Daily VRDN and Put, 1.18%, 7/01/35 | 300,000 | 300,000 | |
Kentucky 0.0%† | ||||
d | Berea Educational Facilities Revenue, Berea College Project, Series A, Daily VRDN and Put, 1.05%, 6/01/32 | 4,200,000 | 4,200,000 | |
New Mexico 0.3% | ||||
d | New Mexico Hospital Equipment Loan Council Hospital System Revenue, Presbyterian Healthcare Services, Series C, SPA Wells Fargo Bank, Daily VRDN and Put, 1.18%, 8/01/34 | 33,800,000 | 33,800,000 |
| 27
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
Principal Amount | Value | |||
Short Term Investments(continued) | ||||
Municipal Bonds(continued) | ||||
New York 0.1% | ||||
d | MTA Dedicated Tax Fund Revenue, Refunding, Subseries A-1, LOC Toronto Dominion Bank, Daily VRDN and Put, 1.17%, 11/01/31 | $1,600,000 | $1,600,000 | |
d | New York City Transitional Finance Authority Revenue, Future Tax Secured, Subordinate, Subseries B-4, SPA JPMorgan Chase Bank, Daily VRDN and Put, 1.18%, 8/01/42 | 9,245,000 | 9,245,000 | |
10,845,000 | ||||
Oregon 0.0%† | ||||
d | Oregon State Facilities Authority Revenue, PeaceHealth, Refunding, Series B, LOC TD Bank National Association, Daily VRDN and Put, 1.17%, 8/01/34 | 1,650,000 | 1,650,000 | |
Pennsylvania 0.2% | ||||
d | Emmaus General Authority Revenue, SPA Wells Fargo Bank, Weekly VRDN and Put, 1.05%, 12/01/28 | 2,500,000 | 2,500,000 | |
d | Geisinger Authority Revenue, | |||
Geisinger Health System, Montour County, Refunding, Series A, SPA TD Bank National Association, Daily VRDN and Put, 1.14%, 5/15/35 | 3,200,000 | 3,200,000 | ||
Geisinger Health System, Montour County, Series A, SPA TD Bank National Association, Daily VRDN and Put, 1.14%, 10/01/43 | 12,100,000 | 12,100,000 | ||
d | Pennsylvania State Higher Educational Facilities Authority Revenue, Drexel University Multi-Modal, Series B, LOC TD Bank National Association, Daily VRDN and Put, 1.17%, 5/01/30 | 8,800,000 | 8,800,000 | |
26,600,000 | ||||
Tennessee 0.9% | ||||
d | Greeneville Health and Educational Facilities Board Hospital Revenue, Ballad Health, Series B, LOC US Bank National Association, Weekly VRDN and Put, 0.92%, 7/01/45 | 3,800,000 | 3,800,000 | |
d | Sevier County PBA Revenue, Local Government Public Improvement, SPA US Bank National Association, Daily VRDN and Put, 1.15%, 6/01/34 | 7,300,000 | 7,300,000 | |
d | Shelby County Health Educational and Housing Facility Board Revenue, Methodist Le Bonheur Healthcare, Refunding, Series A, AGMC Insured, SPA US Bank National Association, Daily VRDN and Put, 1.15%, 6/01/42 | 81,715,000 | 81,715,000 | |
92,815,000 | ||||
Virginia 0.0%† | ||||
d | Albemarle County EDA Hospital Facilities Revenue, Sentara Martha Jefferson Hospital, Refunding, Series B, SPA TD Bank National Association, Daily VRDN and Put, 1.16%, 10/01/48 | 1,100,000 | 1,100,000 | |
Total Short Term Investments (Cost $245,010,000) | 245,010,000 | |||
Total Investments (Cost $9,989,195,789) 99.4% | 10,919,025,147 | |||
Other Assets, less Liabilities 0.6% | 64,566,681 | |||
Net Assets 100.0% | $10,983,591,828 |
| 28
Franklin Federal Tax-Free Income Fund
Statement of Investments (unaudited)
Statement of Investments (unaudited)
See Abbreviations on page 32.
†Rounds to less than 0.1% of net assets. |
aThe maturity date shown represents the mandatory put date. |
bSecurity purchased on a when-issued basis. |
cDefaulted security or security for which income has been deemed uncollectible. |
dVariable rate demand notes (VRDNs) are obligations which contain a floating or variable interest rate adjustment formula and an unconditional right of demand to receive payment of the principal balance plus accrued interest at specified dates. Unless otherwise noted, the coupon rate is determined based on factors including supply and demand, underlying credit, tax treatment, and current short term rates. The coupon rate shown represents the rate at period end. |
| 29
Franklin Federal Tax-Free Income Fund
Notes to Statement 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 and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP).
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 Fund’s administrator has responsibility for oversight of valuation, 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.
Debt securities generally trade in the over-the-counter 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, book values, 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. CONCENTRATION OF RISK
Investing in Puerto Rico securities may expose the Fund to heightened risks due to recent adverse economic and market changes, credit downgrades and ongoing restructuring discussions. Investments in these securities are sensitive to interest rate changes and credit risk of the issuer and may subject the Fund to increased market volatility. The market for these investments may be limited, which may make them difficult to buy or sell.
4. FAIR VALUE MEASUREMENTS
The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s financial instruments and are summarized in the following fair value hierarchy:
• | Level 1 – quoted prices in active markets for identical financial instruments |
| 30
Franklin Federal Tax-Free Income Fund
Notes to Statements of Investments (unaudited)
• | Level 2 – other significant observable inputs (including quoted prices for similar financial instruments, interest rates, prepayment speed, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of financial instruments) |
The input levels are not necessarily an indication of the risk or liquidity associated with financial instruments at that level.
At January 31, 2020, all of the Fund’s investments in financial instruments carried at fair value were valued using Level 2 inputs.
5. SUBSEQUENT EVENTS
The Fund has evaluated subsequent events through the issuance of the Statement of Investments and determined that no events have occurred that require disclosure.
| 31
Franklin Federal Tax-Free Income Fund
Notes to Statements of Investments (unaudited)
Notes to Statements of Investments (unaudited)
ABBREVIATIONS
Selected Portfolio
AGMC | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
BAM | Build America Mutual Assurance Co. |
BHAC | Berkshire Hathaway Assurance Corp. |
CDA | Community Development Authority/Agency |
COP | Certificate of Participation |
EDA | Economic Development Authority |
ETM | Escrow to Maturity |
FGIC | Financial Guaranty Insurance Co. |
FHLMC | Federal Home Loan Mortgage Corp. |
FICO | Financing Corp. |
GO | General Obligation |
HDA | Housing Development Authority/Agency |
HFA | Housing Finance Authority/Agency |
HFAR | Housing Finance Authority Revenue |
IDA | Industrial Development Authority/Agency |
IDAR | Industrial Development Authority Revenue |
IDB | Industrial Development Bond/Board |
IDC | Industrial Development Corp. |
IDR | Industrial Development Revenue |
ISD | Independent School District |
LOC | Letter of Credit |
MF | Multi-Family |
MFH | Multi-Family Housing |
MFHR | Multi-Family Housing Revenue |
MFMR | Multi-Family Mortgage Revenue |
MTA | Metropolitan Transit Authority |
NATL | National Public Financial Guarantee Corp. |
PBA | Public Building Authority |
PCC | Pollution Control Corp. |
PCR | Pollution Control Revenue |
PSF | Permanent School Fund |
PUD | Public Utility District |
RDA | Redevelopment Agency/Authority |
SFM | Single Family Mortgage |
SPA | Standby Purchase Agreement |
UHSD | Unified/Union High School District |
USD | Unified/Union School District |
For additional information on the Fund’s significant accounting policies, please refer to the Fund’s most recent semiannual or annual shareholder report.
| 32