Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1116-Q1PH
1
Statement
of
Investments
(unaudited)
Franklin
Federal
Tax
Free
Income
Fund
2
Notes
to
Statement
of
Investments
32
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited),
July
31,
2021
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
2
a
a
Shares
a
Value
a
Management
Investment
Companies
0.0%
†
Capital
Markets
0.0%
†
a
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
...............................
83,000
$
2,282,085
Total
Management
Investment
Companies
(Cost
$2,255,732)
.....................
2,282,085
Principal
Amount
a
a
a
a
Municipal
Bonds
99.8%
Alabama
1.6%
Alabama
Incentives
Financing
Authority
,
Revenue
,
2012
A
,
Pre-Refunded
,
5
%
,
9/01/42
$
14,300,000
15,036,999
Alabama
Public
Health
Care
Authority
(The)
,
State
of
Alabama
Department
of
Public
Health
,
Revenue
,
2015
,
Refunding
,
5
%
,
9/01/44
...........................
17,085,000
19,776,820
b
Black
Belt
Energy
Gas
District
,
Revenue
,
2021
A
,
Refunding
,
Mandatory
Put
,
4
%
,
12/01/31
........................................................
23,000,000
28,988,740
Board
of
Water
&
Sewer
Commissioners
of
the
City
of
Mobile
,
Revenue
,
2014
,
Refunding
,
5
%
,
1/01/36
.............................................
11,300,000
12,030,056
Chilton
County
Health
Care
Authority
,
Revenue
,
2015
A
,
5
%
,
11/01/40
............
8,425,000
9,600,888
c
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
10,000,000
11,048,203
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Obligated
Group,
Revenue,
2020
B,
4%,
6/01/45
..........................
3,500,000
4,132,992
Obligated
Group,
Revenue,
2020
B,
AGMC
Insured,
3%,
6/01/50
..............
8,530,000
9,183,324
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2017
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
12/01/45
..............................................
10,500,000
13,030,986
b
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
10/01/28
.....................................................
26,000,000
31,349,204
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
5,000,000
6,206,970
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue,
2013
B,
Pre-Refunded,
5%,
1/01/43
............................
8,000,000
8,557,347
Revenue,
2016
B,
Pre-Refunded,
5%,
1/01/43
............................
10,000,000
12,381,255
181,323,784
Alaska
0.5%
Alaska
Industrial
Development
&
Export
Authority
,
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2011
A
,
5
%
,
10/01/40
.........................
10,000,000
10,073,428
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2015,
Refunding,
5.25%,
10/01/36
.............................
16,045,000
18,499,336
Revenue,
2015,
Refunding,
5%,
10/01/39
................................
12,950,000
14,739,540
Northern
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/50
...................
3,250,000
3,859,148
Revenue,
Senior
Lien,
2021
B-1,
2,
Refunding,
0.5%,
6/01/31
................
1,000,000
1,015,451
Revenue,
Senior
Lien,
2021
B-1,
2,
Refunding,
4%,
6/01/50
..................
2,000,000
2,351,337
State
of
Alaska
,
International
Airports
System
,
Revenue
,
2010
C
,
5
%
,
10/01/33
.....
12,565,000
12,594,229
63,132,469
Arizona
2.4%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
.......................................................
2,200,000
2,580,357
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/50
.......................................................
2,500,000
2,925,328
Arizona
State
University
,
Revenue
,
2016
C
,
5
%
,
7/01/42
......................
9,000,000
10,828,190
b
Chandler
Industrial
Development
Authority
,
Intel
Corp.
,
Revenue
,
2019
,
Mandatory
Put
,
5
%
,
6/03/24
......................................................
15,000,000
16,925,673
City
of
Lake
Havasu
City
,
Wastewater
System
,
Revenue
,
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...............................................
15,000,000
17,351,430
City
of
Mesa
,
Utility
System
,
Revenue
,
2012
,
4
%
,
7/01/36
.....................
19,000,000
19,597,497
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
4%,
7/01/40
...............
25,000,000
28,813,535
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/49
........................
16,000,000
19,967,080
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
City
of
Phoenix
Civic
Improvement
Corp.,
(continued)
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
4%,
7/01/45
..................................................
$
14,985,000
$
16,445,666
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/32
........................................................
6,000,000
8,452,742
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/34
........................................................
5,000,000
7,248,649
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/35
........................................................
9,860,000
14,565,072
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
........................................
10,000,000
11,435,613
Glendale
Municipal
Property
Corp.
,
Revenue
,
2012
C
,
Refunding
,
5
%
,
7/01/38
.....
15,500,000
16,460,512
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group,
Revenue,
2019
A,
4%,
1/01/44
...............
25,000,000
29,406,797
Banner
Health
Obligated
Group,
Revenue,
A,
4%,
1/01/41
...................
10,000,000
11,534,300
Christian
Care
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/01/36
......
5,000,000
5,688,299
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
A
,
Refunding
,
3.6
%
,
2/01/40
............................................
19,500,000
21,795,437
University
of
Arizona
(The)
,
Revenue
,
2014
,
5
%
,
8/01/44
......................
10,000,000
11,311,145
273,333,322
Arkansas
0.5%
Arkansas
Development
Finance
Authority
,
Baptist
Health
Obligated
Group,
Revenue,
2019,
5%,
12/01/47
................
3,025,000
3,802,540
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/40
........................................................
1,100,000
1,391,500
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/44
........................................................
5,000,000
6,269,136
Bentonville
School
District
No.
6
,
GO
,
B
,
Refunding
,
4
%
,
6/01/47
................
27,935,000
31,663,943
University
of
Arkansas
,
Revenue,
2017,
5%,
11/01/47
........................................
6,500,000
8,119,373
Revenue,
2019
A,
Refunding,
5%,
11/01/49
..............................
3,000,000
3,766,300
55,012,792
California
5.8%
c
Align
Affordable
Housing
Bond
Fund
LP
,
Coronado
Springs
Tower
LLC
,
Revenue
,
144A,
2020-2
,
A
,
4
%
,
9/01/27
.........................................
17,835,000
18,683,589
c
California
Community
Housing
Agency
,
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
........................
25,000,000
28,440,422
California
Infrastructure
&
Economic
Development
Bank
,
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Revenue,
2020
B,
Refunding,
5%,
11/01/29
...........................................
3,000,000
3,951,606
State
of
California
Department
of
Transportation
Seismic
Surcharge,
Revenue,
First
Lien,
2003
A,
Pre-Refunded,
AMBAC
Insured,
5%,
7/01/33
.................
24,500,000
31,323,025
California
State
Public
Works
Board
,
Revenue,
2012
A,
AGMC
Insured,
5%,
4/01/28
............................
13,030,000
13,454,499
Revenue,
2012
A,
AGMC
Insured,
5%,
4/01/29
............................
21,000,000
21,684,151
Revenue,
2012
A,
Refunding,
5%,
4/01/30
...............................
18,000,000
18,586,415
Revenue,
2012
A,
Refunding,
5%,
4/01/33
...............................
12,475,000
12,881,418
Corona-Norco
Unified
School
District
,
GO,
C,
AGMC
Insured,
6.2%,
8/01/29
..................................
3,250,000
4,316,519
GO,
C,
Pre-Refunded,
AGMC
Insured,
6.8%,
8/01/39
.......................
8,500,000
11,622,379
GO,
C,
AGMC
Insured,
Zero
Cpn.,
8/01/39
...............................
7,500,000
4,727,431
c
CSCDA
Community
Improvement
Authority
,
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
..............................
3,125,000
3,276,068
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/49
............................
20,000,000
22,886,728
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Foothill-Eastern
Transportation
Corridor
Agency,
(continued)
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn.,
1/15/30
..............
$
15,475,000
$
18,267,965
Revenue,
2013
A,
Refunding,
Zero
Cpn.,
1/15/42
..........................
20,000,000
24,572,338
Revenue,
Senior
Lien,
2021
A,
Refunding,
4%,
1/15/46
.....................
25,560,000
30,625,711
Jefferson
Union
High
School
District
,
GO,
D,
Pre-Refunded,
Zero
Cpn.,
8/01/35
...............................
10,500,000
3,353,993
GO,
D,
Pre-Refunded,
Zero
Cpn.,
8/01/40
...............................
10,000,000
2,109,573
GO,
D,
Pre-Refunded,
Zero
Cpn.,
8/01/41
...............................
13,590,000
2,636,402
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2013
B
,
5
%
,
7/01/31
.........................................................
20,000,000
21,817,594
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
12,500,000
20,892,575
New
Haven
Unified
School
District
,
GO,
2009,
AGMC
Insured,
Zero
Cpn.,
8/01/31
............................
2,055,000
1,731,491
GO,
2009,
AGMC
Insured,
Zero
Cpn.,
8/01/32
............................
7,830,000
6,435,716
GO,
2009,
AGMC
Insured,
Zero
Cpn.,
8/01/33
............................
7,660,000
6,130,604
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/24
....................................
2,135,000
2,282,041
COP,
2020,
Refunding,
4%,
9/15/25
....................................
2,120,000
2,303,115
COP,
2020,
Refunding,
4%,
9/15/27
....................................
2,400,000
2,654,488
COP,
2020,
Refunding,
4%,
9/15/28
....................................
2,095,000
2,330,869
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
......
20,000,000
13,840,430
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
2019
A,
Refunding,
5%,
5/01/49
...............................
38,000,000
47,235,235
Revenue,
Second
Series,
2019
E,
5%,
5/01/50
............................
1,500,000
1,861,783
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
Senior
Lien,
1993,
ETM,
Zero
Cpn.,
1/01/23
......................
7,000,000
6,987,175
Revenue,
Senior
Lien,
2014
A,
Refunding,
5%,
1/15/34
.....................
50,000,000
56,975,810
San
Jose
Unified
School
District
,
GO
,
2018
E
,
4
%
,
8/01/42
....................
10,600,000
12,287,559
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
50,000,000
57,515,590
San
Mateo
Union
High
School
District
,
GO,
2011
A,
Zero
Cpn.,
9/01/33
.......................................
6,065,000
6,368,414
GO,
2011
A,
Zero
Cpn.,
9/01/41
.......................................
20,000,000
24,244,438
Santa
Ana
Unified
School
District
,
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/35
...........................
10,000,000
7,782,754
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/36
...........................
18,865,000
14,281,367
GO,
2009
B,
AGMC
Insured,
Zero
Cpn.,
8/01/37
...........................
10,000,000
7,363,478
Santa
Monica-Malibu
Unified
School
District
,
GO
,
A
,
4
%
,
8/01/44
...............
9,360,000
10,973,683
State
of
California
,
GO,
5.9%,
4/01/23
.................................................
605,000
610,693
GO,
2002,
NATL
Insured,
5%,
10/01/32
.................................
20,000
20,074
West
Contra
Costa
Unified
School
District
,
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/29
....................
10,000,000
8,969,121
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/30
....................
20,845,000
18,189,139
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/31
....................
20,000,000
17,002,486
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn.,
8/01/32
....................
10,730,000
8,906,253
665,394,207
Colorado
3.0%
City
&
County
of
Denver
,
Revenue,
2018
A-1,
5%,
8/01/48
......................................
39,690,000
46,881,157
Revenue,
2018
A-2,
Zero
Cpn.,
8/01/35
.................................
2,000,000
1,293,301
Revenue,
2018
A-2,
Zero
Cpn.,
8/01/36
.................................
2,500,000
1,541,993
Revenue,
2018
A-2,
Zero
Cpn.,
8/01/37
.................................
2,455,000
1,444,474
Revenue,
2018
A-2,
Zero
Cpn.,
8/01/38
.................................
2,000,000
1,124,307
Airport
System,
Revenue,
1992
C,
NATL
Insured,
ETM,
6.125%,
11/15/25
.......
3,590,000
4,332,642
Airport
System,
Revenue,
2013
B,
5.25%,
11/15/33
........................
16,405,000
18,217,672
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
&
County
of
Denver,
(continued)
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/38
..................
$
12,000,000
$
14,967,297
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/43
..................
11,000,000
13,592,663
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/48
..................
10,000,000
12,287,913
Airport
System,
Revenue,
2018
A,
Refunding,
5.25%,
12/01/48
...............
26,000,000
32,395,116
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
11/15/41
......
30,505,000
35,839,720
AdventHealth
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/48
...............
12,000,000
14,795,159
AdventHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
11/15/43
......
30,000,000
35,793,591
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016
A,
5%,
12/01/41
...
5,000,000
5,971,821
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016
A,
5%,
12/01/44
...
10,200,000
12,150,556
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
17,700,000
22,203,530
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/50
...........................................
4,930,000
5,708,845
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/45
...
1,000,000
1,149,406
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
...
3,000,000
3,426,997
Sisters
of
Charity
of
Leavenworth
Health
System,
Inc.
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
1/01/40
.....................................
10,000,000
11,933,971
Eagle
River
Water
and
Sanitation
District
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
12/01/45
........................................................
1,250,000
1,482,253
Park
Creek
Metropolitan
District
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
......
2,875,000
3,521,835
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
20,000,000
31,645,974
Regional
Transportation
District
,
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/39
........
1,000,000
1,351,838
Sales
Tax,
Revenue,
2012
A,
Pre-Refunded,
5%,
11/01/32
...................
10,000,000
10,614,425
345,668,456
Connecticut
0.2%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/37
..........
3,000,000
3,558,594
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/39
..........
5,750,000
6,790,020
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/40
..........
2,250,000
2,652,105
State
of
Connecticut
,
Special
Tax,
2020
A,
4%,
5/01/39
......................................
1,650,000
1,998,201
Special
Tax,
2020
A,
5%,
5/01/40
......................................
2,000,000
2,605,981
17,604,901
Delaware
0.0%
†
County
of
Kent
,
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/40
...........................
1,100,000
1,267,576
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/48
...........................
1,485,000
1,692,300
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/53
...........................
1,100,000
1,250,079
4,209,955
Florida
5.9%
Broward
County
Housing
Finance
Authority
,
Heron
Pointe
Ltd.,
Revenue,
1997
A,
5.65%,
11/01/22
......................
125,000
125,473
Heron
Pointe
Ltd.,
Revenue,
1997
A,
5.7%,
11/01/29
.......................
225,000
225,958
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/31
......
1,500,000
1,921,181
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/32
......
1,100,000
1,403,503
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien,
2018,
5%,
7/01/48
................................
16,000,000
19,734,597
Revenue,
Senior
Lien,
2019
B,
5%,
7/01/49
..............................
17,000,000
21,488,517
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
.......................................
$
9,235,000
$
10,592,026
City
of
Cape
Coral
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/39
......
10,000,000
12,387,879
City
of
Cocoa
,
Water
&
Sewer
,
Revenue
,
2018
B
,
5
%
,
10/01/48
.................
10,325,000
12,746,507
City
of
Deltona
,
Utility
System
,
Revenue
,
2013
,
Pre-Refunded
,
AGMC
Insured
,
5.125
%
,
10/01/39
........................................................
5,000,000
5,531,895
City
of
Gainesville
,
Utilities
System,
Revenue,
2017
A,
5%,
10/01/36
..........................
7,150,000
8,905,467
Utilities
System,
Revenue,
2019
A,
5%,
10/01/47
..........................
31,640,000
40,117,517
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
11/01/50
.....................................................
15,000,000
18,562,251
City
of
Miami
Beach
,
GO,
2019,
Refunding,
4%,
5/01/44
.....................................
15,000,000
17,651,359
Revenue,
2015
A,
5%,
9/01/40
........................................
11,000,000
12,888,674
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
........................................
3,780,000
4,220,503
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/42
...................
15,000,000
18,567,528
City
of
St.
Petersburg
,
Public
Utility
,
Revenue
,
2018
,
Refunding
,
4
%
,
10/01/43
......
15,000,000
17,591,847
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/45
..................................................
2,000,000
2,346,879
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
5%,
7/01/50
..................................................
3,000,000
3,787,921
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/35
............
755,000
523,957
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/36
............
800,000
532,007
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/37
............
800,000
508,621
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/38
............
1,050,000
637,198
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/39
............
1,000,000
578,898
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn.,
9/01/49
............
5,150,000
1,898,179
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
15,000,000
17,330,687
County
of
Miami-Dade
,
Aviation,
Revenue,
2019
A,
5%,
10/01/49
................................
22,500,000
28,165,311
Transit
System,
Revenue,
2015,
Refunding,
5%,
7/01/35
....................
7,000,000
8,188,579
Water
&
Sewer
System,
Revenue,
2013
A,
Pre-Refunded,
5%,
10/01/42
.........
20,000,000
21,146,590
Water
&
Sewer
System,
Revenue,
2019
B,
4%,
10/01/44
....................
27,500,000
32,559,904
County
of
Osceola
,
Transportation,
Revenue,
2019
A-1,
Refunding,
5%,
10/01/44
.................
2,000,000
2,533,948
Transportation,
Revenue,
2019
A-1,
Refunding,
5%,
10/01/49
.................
2,500,000
3,148,079
County
of
Seminole
,
Water
&
Sewer
,
Revenue
,
2019
,
Refunding
,
4
%
,
10/01/40
.....
8,500,000
10,069,330
Escambia
County
Health
Facilities
Authority
,
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/34
........................................................
2,650,000
3,420,022
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/36
........................................................
3,900,000
5,012,892
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/37
........................................................
6,015,000
7,710,476
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/45
........................................................
18,985,000
22,214,402
Florida
Municipal
Loan
Council
,
Revenue
,
2011
D
,
AGMC
Insured
,
5.5
%
,
10/01/41
..
4,750,000
4,791,682
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
4
%
,
10/01/49
..............
10,000,000
11,675,431
Hillsborough
County
Aviation
Authority
,
Revenue,
2015
B,
5%,
10/01/44
.......................................
10,000,000
11,390,984
Revenue,
2018
A,
5%,
10/01/48
.......................................
20,000,000
24,644,802
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
8/01/55
.......................
$
3,500,000
$
4,136,953
Hollywood
Beach
Community
Development
District
I
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
10/01/45
............................................
4,000,000
4,682,214
JEA
Electric
System
,
Revenue,
2020
A,
Refunding,
4%,
10/01/35
..............................
5,000,000
6,054,420
Revenue,
2020
A-3,
Refunding,
4%,
10/01/38
.............................
9,080,000
10,955,674
Revenue,
2020
A-3,
Refunding,
4%,
10/01/39
.............................
9,300,000
11,194,633
Lee
Memorial
Health
System
,
Lee
Memorial
Health
System
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
4/01/44
.....................................
4,220,000
5,268,784
Martin
County
Health
Facilities
Authority
,
Martin
Memorial
Medical
Center
Obligated
Group
,
Revenue
,
2012
,
Pre-Refunded
,
AGMC
Insured
,
5.5
%
,
11/15/42
..........
3,800,000
3,858,332
Miami
Beach
Redevelopment
Agency
,
Tax
Allocation
,
2015
A
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
2/01/44
..........................................
12,000,000
13,264,229
Miami-Dade
County
Expressway
Authority
,
Revenue,
2013
A,
Refunding,
5%,
7/01/29
...............................
10,000,000
10,426,895
Revenue,
2013
A,
Refunding,
5%,
7/01/32
...............................
6,375,000
6,645,947
Revenue,
A,
5%,
7/01/40
............................................
30,265,000
30,357,057
North
Sumter
County
Utility
Dependent
District
,
Revenue,
Senior
Lien,
2019,
5%,
10/01/49
...............................
3,635,000
4,537,699
Revenue,
Senior
Lien,
2019,
5%,
10/01/54
...............................
7,000,000
8,707,082
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/39
.....
6,000,000
7,246,193
Orlando
Health
Obligated
Group,
Revenue,
2019
A,
5%,
10/01/47
.............
5,000,000
6,249,900
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/47
............................................
14,000,000
15,494,178
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
B
,
5
%
,
11/15/42
......................
500,000
614,797
School
Board
of
Miami-Dade
County
(The)
,
COP
,
2013
A
,
Pre-Refunded
,
5
%
,
5/01/31
10,000,000
10,839,098
South
Broward
Hospital
District
,
South
Broward
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/01/45
.........................................
20,715,000
25,562,459
South
Fork
East
Community
Development
District
,
Special
Assessment,
2021,
Refunding,
3%,
5/01/26
........................
100,000
105,619
Special
Assessment,
2021,
Refunding,
3%,
5/01/31
........................
250,000
258,303
Special
Assessment,
2021,
Refunding,
3%,
5/01/38
........................
600,000
607,084
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
3,750,000
4,282,097
State
of
Florida
,
GO
,
1999
D
,
Refunding
,
6
%
,
6/01/23
........................
17,500,000
19,402,047
Tampa-Hillsborough
County
Expressway
Authority
,
Revenue
,
2017
,
5
%
,
7/01/47
....
10,000,000
12,181,563
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/46
..........
5,000,000
6,027,270
678,439,988
Georgia
2.9%
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax,
Revenue,
2015
A-1,
5.25%,
7/01/44
............
3,000,000
3,496,973
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/24
..
6,385,000
6,936,922
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/25
..
6,955,000
7,778,665
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/26
..
5,000,000
5,736,345
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/27
..
5,000,000
5,865,738
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
15,040,000
17,682,081
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
15,800,000
18,781,438
Water
&
Wastewater,
Revenue,
2015,
Refunding,
5%,
11/01/40
...............
29,500,000
34,418,629
Water
&
Wastewater,
Revenue,
2018
A,
Refunding,
5%,
11/01/40
..............
4,655,000
5,817,854
Water
&
Wastewater,
Revenue,
2018
A,
Refunding,
5%,
11/01/41
..............
4,845,000
6,054,437
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
4%,
11/01/38
..............
13,550,000
16,002,015
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Clarke
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...............................
$
10,835,000
$
12,793,508
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/41
...............................
50,000
59,703
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
10,000,000
12,723,727
Development
Authority
for
Fulton
County
,
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
........................................................
11,005,000
12,994,236
WellStar
Health
System
Obligated
Group,
Revenue,
2017,
5%,
4/01/47
.........
5,000,000
5,997,571
WellStar
Health
System
Obligated
Group,
Revenue,
2020
A,
4%,
4/01/50
........
3,500,000
4,109,687
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.,
Revenue,
2017,
Refunding,
4.125%,
11/01/45
.........
21,000,000
23,928,712
Fayette
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/39
...............................
11,420,000
12,870,887
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
5,000,000
5,409,315
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/45
.................
13,040,000
15,594,703
Georgia
Housing
&
Finance
Authority
,
Revenue
,
2020
A
,
Refunding
,
3.05
%
,
12/01/40
2,250,000
2,423,806
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
2,250,000
2,688,536
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/28
......................................
5,000,000
6,459,509
Revenue,
2019
A,
5%,
5/15/49
........................................
11,500,000
18,151,425
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
Refunding,
5%,
1/01/44
...............................
4,580,000
5,661,543
Revenue,
2019
B,
5%,
1/01/59
........................................
4,000,000
4,887,446
Revenue,
2021
A,
Refunding,
5%,
1/01/63
...............................
2,000,000
2,468,196
Private
Colleges
&
Universities
Authority
,
Emory
University,
Revenue,
2013
A,
5%,
10/01/43
.........................
10,000,000
10,948,890
Emory
University,
Revenue,
2019
B,
Refunding,
5%,
9/01/48
.................
6,005,000
7,661,404
Emory
University,
Revenue,
2020
B,
Refunding,
4%,
9/01/39
.................
2,100,000
2,573,031
Emory
University,
Revenue,
2020
B,
Refunding,
4%,
9/01/40
.................
2,000,000
2,445,697
Emory
University,
Revenue,
2020
B,
Refunding,
4%,
9/01/41
.................
2,250,000
2,744,411
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
15,000,000
17,434,209
State
of
Georgia
,
GO
,
2017
A
,
4
%
,
2/01/36
................................
10,000,000
11,614,493
333,215,742
Hawaii
1.0%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
7/01/47
.........................................................
25,000,000
30,621,243
State
of
Hawaii
,
Airports
System,
Revenue,
2018
A,
5%,
7/01/43
...........................
15,000,000
18,466,676
Airports
System,
Revenue,
2018
A,
5%,
7/01/48
...........................
15,450,000
18,919,552
Airports
System,
Revenue,
2020
A,
4%,
7/01/45
...........................
8,125,000
9,548,769
Airports
System,
Revenue,
2020
D,
Refunding,
4%,
7/01/39
..................
10,000,000
12,194,848
State
of
Hawaii
Department
of
Budget
&
Finance
,
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
Refunding,
3.2%,
7/01/39
..........
10,000,000
11,001,185
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
3.5%,
10/01/49
..................
17,035,000
17,853,954
118,606,227
Idaho
0.1%
Idaho
Health
Facilities
Authority
,
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/36
........................................................
4,200,000
5,252,340
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Idaho
(continued)
Idaho
Health
Facilities
Authority,
(continued)
St.
Luke's
Health
System
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/37
........................................................
$
3,500,000
$
4,366,845
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
ID,
4%,
12/01/43
.........
6,000,000
7,050,494
16,669,679
Illinois
5.9%
Chicago
Midway
International
Airport
,
Revenue,
1998
C,
Refunding,
AGMC,
NATL
RE
Insured,
5.5%,
1/01/24
.........
9,970,000
10,743,237
Revenue,
Second
Lien,
2016
B,
Refunding,
5%,
1/01/46
....................
18,420,000
21,732,377
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2016
D,
5.25%,
1/01/42
............................
10,000,000
12,223,456
Revenue,
Senior
Lien,
2016
D,
5%,
1/01/47
..............................
18,000,000
21,752,077
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/37
.....................
10,015,000
11,966,656
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/38
.....................
3,000,000
3,576,730
Chicago
Park
District
,
GO,
2020
C,
BAM
Insured,
4%,
1/01/41
.................................
1,400,000
1,655,896
GO,
2020
C,
BAM
Insured,
4%,
1/01/42
.................................
4,300,000
5,073,383
GO,
2020
D,
BAM
Insured,
4%,
1/01/37
.................................
1,000,000
1,193,132
GO,
2020
D,
BAM
Insured,
4%,
1/01/38
.................................
1,000,000
1,190,507
GO,
2020
D,
BAM
Insured,
4%,
1/01/39
.................................
1,000,000
1,187,772
GO,
2020
F-2,
Refunding,
4%,
1/01/36
..................................
1,250,000
1,486,821
GO,
2020
F-2,
Refunding,
5%,
1/01/37
..................................
2,000,000
2,556,147
GO,
2020
F-2,
Refunding,
5%,
1/01/39
..................................
1,625,000
2,067,764
GO,
2020
F-2,
Refunding,
5%,
1/01/40
..................................
1,625,000
2,064,071
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
,
Revenue,
2011,
Pre-Refunded,
5.25%,
12/01/40
..........................
10,000,000
10,171,074
Revenue,
Second
Lien,
2020
A,
Refunding,
4%,
12/01/50
....................
9,000,000
10,511,851
City
of
Chicago
,
GO
,
1998
,
NATL
Insured
,
ETM,
5.75
%
,
1/01/23
................
8,955,000
9,403,037
City
of
Granite
City
,
Waste
Management
of
Illinois,
Inc.
,
Revenue
,
2002
,
1.25
%
,
5/01/27
.........................................................
5,750,000
5,823,583
County
of
Cook
,
GO,
2021
A,
Refunding,
5%,
11/15/31
..................................
3,650,000
4,894,152
GO,
2021
A,
Refunding,
5%,
11/15/32
..................................
2,400,000
3,210,230
GO,
2021
A,
Refunding,
5%,
11/15/33
..................................
2,350,000
3,132,747
Sales
Tax,
Revenue,
2021
A,
Refunding,
5%,
11/15/37
......................
1,625,000
2,130,475
Sales
Tax,
Revenue,
2021
A,
Refunding,
5%,
11/15/38
......................
2,315,000
3,025,671
Sales
Tax,
Revenue,
2021
A,
Refunding,
4%,
11/15/39
......................
4,000,000
4,838,664
Sales
Tax,
Revenue,
2021
A,
Refunding,
4%,
11/15/40
......................
3,145,000
3,796,808
Illinois
Finance
Authority
,
Carle
Foundation
Obligated
Group
(The),
Revenue,
2016
A,
Refunding,
5%,
2/15/45
20,000,000
23,549,536
CHF-Dekalb
II
LLC,
Revenue,
2011,
Refunding,
6.875%,
10/01/43
.............
15,000,000
15,162,147
d
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/41
..............................
750,000
894,111
d
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/51
..............................
1,000,000
1,172,271
d
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/56
..............................
750,000
871,716
Mercy
Health
Corp.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
12/01/46
...
30,000,000
35,581,146
OSF
Healthcare
System
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
5/15/50
7,630,000
8,989,739
Macon
County
School
District
No.
61
Decatur
,
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/40
.......................
3,700,000
4,132,103
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/45
.......................
3,125,000
3,463,096
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
1996,
ETM,
7%,
7/01/26
.....................................
7,555,000
9,050,118
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
12/15/32
......................
3,490,000
2,799,806
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
12/15/33
......................
24,000,000
18,783,982
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Metropolitan
Pier
&
Exposition
Authority,
(continued)
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
12/15/34
......................
$
1,655,000
$
1,264,108
Revenue,
2002
A,
NATL
Insured,
Zero
Cpn.,
6/15/38
.......................
2,325,000
1,609,404
Revenue,
2002
A,
AGMC,
NATL
Insured,
Zero
Cpn.,
12/15/40
................
6,000,000
3,988,508
Revenue,
2002
B,
NATL
RE
Insured,
ETM,
5.65%,
6/15/22
...................
30,000,000
31,401,501
d
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
35,250,000
40,465,445
Southwestern
Illinois
Development
Authority
,
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
Revenue,
2007,
AGMC
Insured,
Zero
Cpn.,
12/01/24
..................................
3,850,000
3,724,104
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
Revenue,
2007,
AGMC
Insured,
Zero
Cpn.,
12/01/26
..................................
7,700,000
7,162,302
St.
Clair
County
School
District
No.
189
East
St.
Louis
,
GO
,
2008
,
Refunding
,
AMBAC
Insured
,
5.125
%
,
1/01/28
............................................
7,135,000
7,145,588
State
of
Illinois
,
GO,
2012,
AGMC
Insured,
5%,
3/01/27
.................................
11,500,000
11,820,529
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
4,215,000
5,032,667
GO,
2016,
Refunding,
5%,
2/01/29
.....................................
3,675,000
4,444,627
GO,
2016,
5%,
11/01/35
.............................................
1,000,000
1,178,617
GO,
2017
A,
5%,
12/01/35
...........................................
2,000,000
2,428,591
GO,
2017
A,
4.25%,
12/01/40
.........................................
3,150,000
3,633,210
GO,
2017
C,
5%,
11/01/29
...........................................
17,470,000
21,487,550
GO,
2017
D,
3.25%,
11/01/26
.........................................
1,750,000
1,971,347
GO,
2017
D,
5%,
11/01/26
...........................................
8,800,000
10,702,785
GO,
2017
D,
5%,
11/01/27
...........................................
10,970,000
13,637,642
GO,
2017
D,
5%,
11/01/28
...........................................
5,155,000
6,380,419
GO,
2018
A,
Refunding,
5%,
10/01/28
..................................
3,000,000
3,804,507
GO,
2018
A,
Refunding,
5%,
10/01/33
..................................
14,245,000
17,746,216
GO,
2018
A,
5%,
5/01/34
............................................
3,010,000
3,701,786
GO,
2018
A,
5%,
5/01/35
............................................
6,455,000
7,923,212
GO,
2018
B,
Refunding,
5%,
10/01/32
..................................
2,010,000
2,511,929
GO,
2019
B,
4%,
11/01/34
...........................................
2,600,000
3,076,584
GO,
2019
B,
4%,
11/01/38
...........................................
1,810,000
2,125,714
GO,
2019
C,
4%,
11/01/40
...........................................
2,500,000
2,919,598
GO,
2019
C,
4%,
11/01/43
...........................................
4,190,000
4,860,941
GO,
2020,
5.5%,
5/01/30
............................................
13,815,000
18,600,570
GO,
2020,
5.5%,
5/01/39
............................................
20,030,000
26,279,304
GO,
2020,
5.75%,
5/01/45
...........................................
7,965,000
10,485,153
GO,
2020
B,
5%,
10/01/28
...........................................
10,000,000
12,681,690
GO,
2020
C,
4%,
10/01/37
...........................................
3,685,000
4,403,015
GO,
2020
C,
4%,
10/01/38
...........................................
9,750,000
11,625,384
GO,
2020
C,
4%,
10/01/39
...........................................
4,585,000
5,454,708
GO,
2020
C,
4%,
10/01/42
...........................................
2,010,000
2,369,118
GO,
2021
A,
5%,
3/01/32
............................................
3,425,000
4,519,177
Tri-County
River
Valley
Development
Authority
,
Cedars
of
Lebanon
Affordable
LLC,
Revenue,
2021
A,
3.75%,
12/01/36
.........
10,205,000
10,283,008
Cedars
of
Lebanon
Affordable
LLC,
Revenue,
2021
B,
5.75%,
12/01/36
.........
790,000
801,492
c
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2020
A,
Refunding,
4%,
12/01/40
...........................................
7,565,000
7,921,385
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2020
A,
Refunding,
4.5%,
12/01/50
.........................................
34,795,000
36,387,577
Village
of
Bolingbrook
,
GO
,
2013
A
,
Pre-Refunded
,
Zero
Cpn.,
1/01/36
...........
19,000,000
9,842,844
675,661,945
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
3.4%
City
of
Indianapolis
,
Department
of
Public
Utilities
Water
System
,
Revenue,
First
Lien
,
2016
B
,
Refunding
,
5
%
,
10/01/37
......................................
$
15,000,000
$
18,261,474
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
3,000,000
3,686,083
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group,
Revenue,
2016
A,
5.25%,
11/15/46
.........
11,955,000
13,996,146
BHI
Senior
Living
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/53
............
15,000,000
17,270,885
d
BHI
Senior
Living
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/41
...
7,250,000
8,536,002
Citizens
Wastewater
of
Westfield
LLC,
Revenue,
2019
A,
Refunding,
5%,
10/01/48
16,665,000
20,830,733
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2011
A,
Refunding,
5.25%,
10/01/38
....
12,000,000
12,099,913
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2012
A,
5%,
10/01/37
...............
5,000,000
5,279,839
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2012
A,
4%,
10/01/42
...............
24,690,000
25,625,598
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2014
A,
5%,
10/01/39
...............
30,000,000
34,193,460
Deaconess
Health
System
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
3/01/39
........................................................
5,000,000
5,732,146
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
A,
Refunding,
1.4%,
8/01/29
.....
5,000,000
5,025,177
Marian
University,
Inc.,
Revenue,
2011,
Pre-Refunded,
6.375%,
9/15/41
.........
12,500,000
12,591,464
Marion
County
Capital
Improvement
Board,
Revenue,
2015
A,
Refunding,
5.25%,
2/01/37
........................................................
10,000,000
11,831,452
WVB
East
End
Partners
LLC,
Revenue,
2013
A,
5.25%,
1/01/51
...............
20,000,000
21,761,860
Indiana
Municipal
Power
Agency
,
Revenue,
2016
A,
Refunding,
4%,
1/01/42
...............................
5,860,000
6,605,479
Revenue,
2016
A,
Refunding,
5%,
1/01/42
...............................
21,290,000
25,683,194
Indiana
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
..................
8,525,000
10,197,520
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue,
2017,
Refunding,
5%,
1/01/40
.................................
23,225,000
28,510,838
Revenue,
2019
A,
4%,
2/01/44
........................................
6,050,000
7,162,064
Revenue,
2019
A,
5%,
2/01/49
........................................
41,970,000
52,465,564
Revenue,
2021
A,
Refunding,
5%,
6/01/35
...............................
8,185,000
10,701,354
Revenue,
2021
A,
Refunding,
AGMC
Insured,
4%,
6/01/36
...................
21,500,000
25,882,233
Northern
Indiana
Commuter
Transportation
District
,
Revenue
,
2016
,
5
%
,
7/01/41
...
6,000,000
7,184,843
391,115,321
Iowa
0.3%
Iowa
Finance
Authority
,
Iowa
Health
System
Obligated
Group,
Revenue,
2018
B,
Refunding,
5%,
2/15/48
..
7,500,000
9,243,342
State
Revolving
Fund,
Revenue,
2017,
Refunding,
5%,
8/01/42
...............
16,000,000
19,792,083
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
A-2
,
1
,
Refunding
,
4
%
,
6/01/49
..
7,500,000
8,824,826
37,860,251
Kansas
0.7%
Butler
County
Unified
School
District
No.
490
El
Dorado
,
GO
,
2016
B
,
BAM
Insured
,
4
%
,
9/01/43
......................................................
10,000,000
11,306,378
University
of
Kansas
Hospital
Authority
,
University
of
Kansas
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/47
.........................
23,115,000
27,756,176
Wyandotte
County-Kansas
City
Unified
Government
,
Utility
System,
Revenue,
2014
A,
Refunding,
5%,
9/01/44
....................
3,000,000
3,387,467
Utility
System,
Revenue,
2016
A,
5%,
9/01/45
............................
10,000,000
11,621,710
Utility
System,
Revenue,
2016
C,
Refunding,
5%,
9/01/41
...................
5,000,000
6,000,861
Utility
System,
Revenue,
2016
C,
Refunding,
5%,
9/01/46
...................
16,565,000
19,756,994
79,829,586
Kentucky
0.2%
Kentucky
Municipal
Power
Agency
,
Revenue,
2015
A,
Refunding,
NATL
Insured,
5%,
9/01/42
....................
10,000,000
11,700,844
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/34
....................
5,000,000
6,095,895
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
Kentucky
Municipal
Power
Agency,
(continued)
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/35
....................
$
7,750,000
$
9,438,856
27,235,595
Louisiana
3.2%
City
of
Shreveport
,
Water
&
Sewer,
Revenue,
2016
B,
5%,
12/01/41
..........................
10,000,000
12,045,788
Water
&
Sewer,
Revenue,
Junior
Lien,
2019
B,
AGMC
Insured,
4%,
12/01/44
.....
6,535,000
7,499,773
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
20,000,000
23,536,276
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/42
.......
20,000,000
24,115,114
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/30
........................................................
5,000,000
5,933,047
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
c
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
10,000,000
11,151,903
Entergy
Louisiana
LLC,
Revenue,
2021
B,
Refunding,
2.5%,
4/01/36
...........
22,000,000
22,750,189
Louisiana
Community
&
Technical
College
System,
Revenue,
2014,
5%,
10/01/39
.
10,000,000
11,300,122
c
Parish
of
Assumption,
Revenue,
144A,
2021,
3.875%,
11/01/45
...............
4,880,000
5,074,158
c
Parish
of
St.
Tammany
LA
GOMESA,
Revenue,
144A,
2020,
3.875%,
11/01/45
....
3,600,000
3,835,214
Louisiana
Public
Facilities
Authority
,
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/47
..............................................
35,000,000
42,213,374
Louisiana
Children's
Medical
Center
Obligated
Group,
Revenue,
2020
A,
4%,
6/01/50
5,990,000
6,998,742
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/51
..............................................
15,000,000
17,376,288
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/56
..............................................
11,295,000
13,055,455
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2002
B,
ETM,
5.75%,
5/15/23
10,000,000
10,981,780
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
5/15/47
7,500,000
8,536,612
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/42
20,000,000
24,052,252
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
5/15/47
..............................................
9,925,000
10,804,678
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
5/15/49
........................................................
10,000,000
11,704,833
c
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.375%,
1/01/40
2,500,000
2,946,564
c
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
14,000,000
16,380,169
Tulane
University,
Revenue,
2020
A,
Refunding,
4%,
4/01/40
.................
3,750,000
4,495,376
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/45
.................
3,500,000
4,459,745
Tulane
University,
Revenue,
2020
A,
Refunding,
4%,
4/01/50
.................
4,000,000
4,721,368
Louisiana
Stadium
&
Exposition
District
,
Revenue,
2020,
5%,
7/03/23
.........................................
5,700,000
6,069,280
Revenue,
2021,
4%,
7/03/23
.........................................
3,325,000
3,517,743
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
B
,
5
%
,
1/01/48
........................................
4,000,000
4,754,847
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
Revenue
,
2019
,
4
%
,
8/01/44
.........................................................
6,000,000
7,082,925
b
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
7,500,000
7,955,911
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2020
E,
5%,
4/01/44
........................................
8,110,000
10,045,168
Revenue,
2020
E,
5%,
4/01/47
........................................
10,000,000
12,312,573
Terrebonne
Levee
&
Conservation
District
,
Revenue,
2020
B,
Refunding,
4%,
6/01/40
...............................
5,065,000
5,858,896
Revenue,
2020
B,
Refunding,
4%,
6/01/41
...............................
5,165,000
5,964,359
369,530,522
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Maine
0.4%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group,
Revenue,
2018
A,
5%,
7/01/43
................
$
3,000,000
$
3,697,770
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/39
................
1,075,000
1,288,022
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/50
................
14,215,000
16,731,591
Maine
Turnpike
Authority
,
Revenue
,
2018
,
5
%
,
7/01/47
.......................
15,500,000
19,049,345
40,766,728
Maryland
0.9%
City
of
Baltimore
,
Wastewater
Utility
Fund,
Revenue,
2013
C,
Pre-Refunded,
5%,
7/01/38
.........
5,000,000
5,587,280
Wastewater
Utility
Fund,
Revenue,
2013
C,
Pre-Refunded,
5%,
7/01/43
.........
10,000,000
11,174,559
Wastewater
Utility
Fund,
Revenue,
2014
C,
5%,
7/01/39
.....................
10,000,000
11,511,066
Wastewater
Utility
Fund,
Revenue,
2014
C,
5%,
7/01/44
.....................
10,000,000
11,495,417
Water
Utility
Fund,
Revenue,
2014
A,
5%,
7/01/39
.........................
9,430,000
10,854,935
Water
Utility
Fund,
Revenue,
2014
A,
5%,
7/01/44
.........................
5,500,000
6,322,479
Maryland
Economic
Development
Corp.
,
Morgan
State
University,
Revenue,
2020,
4.25%,
7/01/50
....................
1,000,000
1,170,341
Morgan
State
University,
Revenue,
2020,
5%,
7/01/56
......................
1,415,000
1,753,370
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group,
Revenue,
2016
A,
5.5%,
1/01/46
.........
12,500,000
15,111,756
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/45
..
1,945,000
2,292,823
LifeBridge
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.....
3,000,000
3,408,816
MedStar
Health
Obligated
Group,
Revenue,
2017
A,
5%,
5/15/42
..............
7,500,000
9,221,244
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
1991
B,
NATL
Insured,
ETM,
7%,
7/01/22
.........................................
75,000
79,597
Maryland
State
Transportation
Authority
,
Revenue
,
2020
,
4
%
,
7/01/45
............
13,205,000
15,903,608
105,887,291
Massachusetts
3.0%
Commonwealth
of
Massachusetts
,
GO,
2016
G,
4%,
9/01/42
............................................
20,000,000
23,139,110
GO,
2017
B,
5%,
4/01/47
............................................
12,335,000
15,274,273
GO,
2018
A,
5%,
1/01/41
............................................
15,000,000
18,640,695
GO,
2018
A,
5%,
1/01/46
............................................
10,000,000
12,387,623
GO,
2019
A,
5.25%,
1/01/44
..........................................
10,000,000
12,931,595
Transportation
Fund,
Revenue,
2017
A,
5%,
6/01/47
.......................
25,055,000
31,054,212
Transportation
Fund,
Revenue,
2018
A,
5%,
6/01/48
.......................
15,000,000
18,905,569
Massachusetts
Bay
Transportation
Authority
,
Revenue
,
2005
A
,
5
%
,
7/01/28
.......
10,000,000
12,940,349
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
1999
A,
5.75%,
8/01/29
.....................................
450,000
451,919
Revenue,
2002
A,
5%,
8/01/32
........................................
225,000
225,833
Massachusetts
Development
Finance
Agency
,
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2018
J-2,
5%,
7/01/53
......
5,000,000
6,134,996
Dana-Farber
Cancer
Institute
Obligated
Group,
Revenue,
2016
N,
5%,
12/01/41
..
10,135,000
12,196,739
Mass
General
Brigham,
Inc.,
Revenue,
2016
Q,
Refunding,
5%,
7/01/47
.........
15,000,000
18,005,604
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
4%,
7/01/41
.......
15,415,000
17,913,232
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/33
........................................................
600,000
804,367
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/34
........................................................
625,000
834,962
c
Waste
Management
of
Massachusetts,
Inc.,
Revenue,
144A,
2002,
1.25%,
5/01/27
3,250,000
3,291,590
Wellesley
College,
Revenue,
2012,
5%,
7/01/42
...........................
10,000,000
10,432,340
Wellforce
Obligated
Group,
Revenue,
2020
C,
Refunding,
AGMC
Insured,
4%,
10/01/45
.......................................................
1,250,000
1,490,924
Worcester
Polytechnic
Institute,
Revenue,
2019,
5%,
9/01/59
.................
10,000,000
12,475,278
Massachusetts
Educational
Financing
Authority
,
Revenue,
2013
K,
5.25%,
7/01/29
.....................................
3,030,000
3,143,817
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Educational
Financing
Authority,
(continued)
Revenue,
2017
B,
Refunding,
4.25%,
7/01/46
.............................
$
2,000,000
$
2,149,476
Revenue,
2021
C,
3%,
7/01/51
........................................
3,200,000
3,261,611
Massachusetts
Port
Authority
,
Revenue,
2019
C,
5%,
7/01/44
........................................
15,000,000
18,690,688
Revenue,
2019
C,
5%,
7/01/49
........................................
10,000,000
12,404,057
Bosfuel
Corp.,
Revenue,
2019
A,
Refunding,
5%,
7/01/49
....................
7,500,000
9,359,569
Massachusetts
School
Building
Authority
,
Revenue,
2018
A,
4%,
2/15/43
........................................
10,750,000
12,598,597
Revenue,
2019
A,
5%,
2/15/49
........................................
25,000,000
29,881,733
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien
,
2014-1
,
Pre-
Refunded
,
5
%
,
11/01/39
.............................................
20,000,000
23,016,476
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/39
......................
8,020,000
9,275,605
Revenue,
Senior
Lien,
2014-1,
5%,
11/01/39
.............................
8,185,000
9,365,096
Revenue,
Senior
Lien,
2014-1,
Pre-Refunded,
5%,
11/01/39
..................
3,795,000
4,375,775
344,037,234
Michigan
2.4%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2006
B,
NATL
Insured,
5%,
7/01/36
.......................................
10,000
10,035
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2012
A,
Pre-Refunded,
AGMC
Insured,
5%,
7/01/39
..........................
10,000,000
10,450,836
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2012
A,
Pre-Refunded,
5.25%,
7/01/39
....................................
12,000,000
12,568,327
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Senior
Lien,
2003
A,
NATL
Insured,
5%,
7/01/34
.........................................
10,000
10,037
Detroit
City
School
District
,
GO,
2012
A,
Refunding,
5%,
5/01/30
...................................
1,245,000
1,290,061
GO,
2012
A,
Refunding,
5%,
5/01/33
...................................
1,500,000
1,553,715
Michigan
Finance
Authority
,
Beaumont
Health
Obligated
Group,
Revenue,
2016
A,
5%,
11/01/44
............
20,925,000
24,464,692
Bronson
Healthcare
Group
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/54
........................................................
25,000,000
29,821,272
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2019
A,
5%,
11/15/48
.....
25,920,000
32,933,395
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
2/15/44
.....
20,000,000
23,527,174
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/36
...
1,000,000
1,238,272
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/37
...
2,000,000
2,467,943
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/38
...
1,500,000
1,842,625
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/39
...
1,500,000
1,835,874
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/40
...
1,000,000
1,218,819
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
4,000,000
4,692,446
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-1,
2,
Refunding,
5%,
6/01/49
..
4,500,000
5,544,377
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2011
MI,
Pre-Refunded,
5%,
12/01/39
.......................................................
29,750,000
30,234,500
Michigan
State
Building
Authority
,
Revenue,
2011
I-A,
Pre-Refunded,
5.375%,
10/15/36
.......................
6,730,000
6,801,933
Revenue,
2013
1-A,
Refunding,
5.25%,
10/15/44
..........................
20,655,000
22,838,118
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
2010
F-7,
Refunding,
5%,
11/15/47
....
10,000,000
12,065,480
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2008
C,
Pre-Refunded,
5%,
12/01/34
10,000,000
10,405,328
Michigan
State
Housing
Development
Authority
,
Revenue
,
2019
A-1
,
3.25
%
,
10/01/44
3,450,000
3,739,422
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
12/31/43
...
10,000,000
12,233,528
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
11/15/49
...........................................
7,000,000
8,128,724
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Pontiac
School
District
,
GO,
2020,
4%,
5/01/45
.............................................
$
7,940,000
$
9,512,669
GO,
2020,
4%,
5/01/50
.............................................
8,665,000
10,342,292
281,771,894
Minnesota
0.1%
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
.............................................
10,000,000
12,459,142
Mississippi
1.0%
Medical
Center
Educational
Building
Corp.
,
Mississippi
State
Institutions
of
Higher
Learning
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/47
.........................
25,000,000
30,238,335
Mississippi
Business
Finance
Corp.
,
System
Energy
Resources,
Inc.
,
Revenue
,
2021
,
Refunding
,
2.375
%
,
6/01/44
..........................................
7,000,000
7,085,545
Mississippi
Development
Bank
,
City
of
Jackson
Water
&
Sewer
System
,
Revenue
,
2013
,
AGMC
Insured
,
6.875
%
,
12/01/40
.................................
3,400,000
3,864,522
c
Mississippi
Home
Corp.
,
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
3.5%,
6/01/33
.
584,263
599,526
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4%,
6/01/46
..
1,000,000
1,027,192
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4.5%,
6/01/62
.
17,965,177
18,442,517
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
B-5,
5.2%,
6/01/36
5,600,000
5,671,505
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016
A,
5%,
9/01/36
...
6,350,000
7,581,851
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016
A,
5%,
9/01/46
...
30,000,000
35,438,934
109,949,927
Missouri
1.0%
Bi-State
Development
Agency
of
the
Missouri-Illinois
Metropolitan
District
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/44
......................................
6,000,000
7,178,875
Cape
Girardeau
County
Industrial
Development
Authority
,
SoutheastHEALTH
Obligated
Group
,
Revenue
,
2021
,
4
%
,
3/01/41
....................................
3,225,000
3,774,735
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
2/01/46
........................................................
4,000,000
4,535,450
Mercy
Health,
Revenue,
2014
F,
5%,
11/15/45
............................
25,000,000
28,494,127
SSM
Health
Care
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/48
............
7,500,000
9,175,820
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/46
...................
13,500,000
16,666,904
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/54
...................
23,500,000
28,904,495
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
5%,
3/01/57
.......
9,000,000
11,347,672
St.
Louis
Municipal
Finance
Corp
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/49
.....................................................
5,000,000
6,271,430
116,349,508
Montana
0.2%
Montana
Facility
Finance
Authority
,
Benefis
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
2/15/41
.
2,650,000
3,168,358
Billings
Clinic
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/15/48
.......
10,000,000
12,403,637
Kalispell
Regional
Medical
Center
Obligated
Group,
Revenue,
2018
B,
Refunding,
5%,
7/01/43
....................................................
6,440,000
7,657,987
23,229,982
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nebraska
0.4%
Douglas
County
Hospital
Authority
No.
2
,
Children's
Hospital
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/47
.......................................
$
10,000,000
$
12,036,569
Hospital
Authority
No.
1
of
Lancaster
County
,
Bryan
Medical
Center
Obligated
Group
,
Revenue
,
1992
,
NATL
Insured
,
ETM,
6.7
%
,
6/01/22
........................
325,000
342,238
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2
,
Revenue,
2015
A,
Refunding,
5.25%,
2/01/42
.............................
10,000,000
11,622,107
Revenue,
2016
A,
Refunding,
5%,
2/01/49
...............................
10,000,000
11,717,840
Public
Power
Generation
Agency
,
Revenue,
2016
A,
Refunding,
5%,
1/01/39
...............................
7,340,000
8,769,080
Revenue,
2016
A,
Refunding,
5%,
1/01/41
...............................
5,140,000
6,122,271
50,610,105
Nevada
0.3%
City
of
Carson
City
,
Carson
Tahoe
Regional
Healthcare
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/47
........................................
2,775,000
3,358,789
City
of
Henderson
,
GO
,
2020
A-1
,
4
%
,
6/01/45
.............................
10,000,000
12,053,185
Clark
County
School
District
,
GO,
2020
A,
AGMC
Insured,
4%,
6/15/36
................................
750,000
909,619
GO,
2020
A,
AGMC
Insured,
4%,
6/15/37
................................
875,000
1,058,173
GO,
2020
A,
AGMC
Insured,
4%,
6/15/38
................................
850,000
1,025,569
GO,
2020
A,
AGMC
Insured,
4%,
6/15/39
................................
1,000,000
1,203,647
GO,
2020
A,
AGMC
Insured,
4%,
6/15/40
................................
725,000
870,970
Las
Vegas
Convention
&
Visitors
Authority
,
County
of
Clark
&
City
of
Las
Vegas
Combined
Room
Tax
,
Revenue
,
2018
B
,
5
%
,
7/01/43
.......................
10,000,000
12,230,179
32,710,131
New
Hampshire
0.2%
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Concord
Hospital
Obligated
Group,
Revenue,
2017,
5%,
10/01/47
.............
6,000,000
7,274,837
Elliot
Hospital
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
10/01/38
.......
4,000,000
4,742,356
University
System
of
New
Hampshire,
Revenue,
2015,
Refunding,
5%,
7/01/45
...
10,350,000
11,929,347
23,946,540
New
Jersey
4.0%
New
Jersey
Economic
Development
Authority
,
Revenue,
2021
QQQ,
4%,
6/15/46
.....................................
1,500,000
1,775,771
Revenue,
2021
QQQ,
4%,
6/15/50
.....................................
1,000,000
1,178,856
New
Jersey
Transit
Corp.,
Revenue,
2020
A,
5%,
11/01/44
...................
7,200,000
9,012,007
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2013
NN,
Refunding,
5%,
3/01/28
........................................................
22,000,000
23,625,756
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/33
6,135,000
7,758,282
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/36
11,850,000
14,911,424
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
4.625%,
6/15/48
........................................................
2,000,000
2,395,554
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/48
8,000,000
9,905,140
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
3,250,000
4,113,101
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
4%,
6/15/44
2,725,000
3,184,894
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/41
....
26,000,000
31,179,106
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/34
..............................................
4,600,000
5,657,346
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/35
..............................................
4,800,000
5,892,523
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
14,000,000
16,703,061
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
2021
B,
Refunding,
2.5%,
12/01/40
.............................
4,565,000
4,712,298
Revenue,
2021
C,
Refunding,
3.25%,
12/01/51
...........................
2,000,000
2,052,788
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Higher
Education
Student
Assistance
Authority,
(continued)
Revenue,
Senior
Lien,
2018
A,
4%,
12/01/33
.............................
$
2,680,000
$
2,924,916
Revenue,
Senior
Lien,
2020
B,
3.5%,
12/01/39
............................
8,000,000
8,916,580
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
C,
NATL
Insured,
Zero
Cpn.,
12/15/31
......................
6,275,000
5,250,795
Revenue,
2009
A,
Zero
Cpn.,
12/15/36
..................................
500,000
360,231
Revenue,
2009
A,
Zero
Cpn.,
12/15/39
..................................
71,750,000
47,103,753
Revenue,
2010
A,
Zero
Cpn.,
12/15/40
..................................
4,750,000
3,021,494
Revenue,
2013
AA,
5%,
6/15/44
.......................................
1,000,000
1,078,425
Revenue,
2014
BB-1,
5%,
6/15/31
.....................................
3,000,000
3,795,656
Revenue,
2014
BB-1,
5%,
6/15/34
.....................................
3,250,000
4,103,121
Revenue,
2015
AA,
5%,
6/15/45
.......................................
15,000,000
17,284,228
Revenue,
2018
A,
Refunding,
5%,
12/15/32
..............................
18,400,000
23,257,339
Revenue,
2018
A,
Refunding,
5%,
12/15/35
..............................
8,200,000
10,330,651
Revenue,
2019
A,
Refunding,
5%,
12/15/39
..............................
785,000
993,472
Revenue,
2019
BB,
4%,
6/15/38
.......................................
2,000,000
2,319,177
Revenue,
2019
BB,
4%,
6/15/44
.......................................
4,000,000
4,605,668
Revenue,
2019
BB,
5%,
6/15/44
.......................................
5,150,000
6,400,059
Revenue,
2020
AA,
4%,
6/15/45
.......................................
5,160,000
6,114,617
Revenue,
2020
AA,
5%,
6/15/45
.......................................
4,840,000
6,169,819
Revenue,
2020
AA,
4%,
6/15/50
.......................................
35,255,000
41,560,554
Revenue,
2020
AA,
5%,
6/15/50
.......................................
16,245,000
20,604,698
d
Revenue,
2022
A,
4%,
6/15/39
........................................
10,000,000
11,597,149
d
Revenue,
2022
A,
4%,
6/15/41
........................................
7,500,000
8,646,400
New
Jersey
Turnpike
Authority
,
Revenue,
2015
E,
5%,
1/01/45
........................................
11,475,000
13,177,166
Revenue,
D,
5%,
1/01/28
............................................
15,265,000
18,481,222
State
of
New
Jersey
,
GO,
2020
A,
4%,
6/01/30
............................................
11,450,000
14,243,034
GO,
2020
A,
4%,
6/01/31
............................................
7,000,000
8,840,452
GO,
2020
A,
3%,
6/01/32
............................................
18,000,000
20,835,297
GO,
2020
A,
4%,
6/01/32
............................................
5,500,000
7,056,113
463,129,993
New
Mexico
0.3%
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group,
Revenue,
2015
A,
5%,
8/01/44
10,000,000
11,541,547
Presbyterian
Healthcare
Services
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/01/46
....................................................
15,000,000
18,410,217
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/33
.
1,000,000
1,194,274
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/35
.
1,000,000
1,188,168
32,334,206
New
York
12.3%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/40
......................................
2,200,000
2,594,104
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
180,000
180,737
GO,
2003
F,
5.25%,
1/15/23
..........................................
5,000
5,019
GO,
2018
E-1,
5%,
3/01/40
..........................................
14,570,000
18,103,681
GO,
2021
A,
Refunding,
4%,
8/01/34
...................................
4,290,000
5,299,745
GO,
2021
C,
4%,
8/01/40
............................................
6,500,000
7,856,664
GO,
2021
C,
4%,
8/01/41
............................................
3,000,000
3,617,017
GO,
2021
F-1,
5%,
3/01/37
..........................................
4,625,000
6,150,218
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Hudson
Yards
Infrastructure
Corp.
,
Revenue,
Senior
Lien
,
2012
A
,
AGMC
Insured
,
5
%
,
2/15/47
.........................................................
$
15,195,000
$
15,247,869
Long
Island
Power
Authority
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/46
..........
13,000,000
15,599,581
Metropolitan
Transportation
Authority
,
Revenue,
2012
A-1,
5%,
11/15/40
.....................................
30,000,000
32,039,916
Revenue,
2013
A,
5%,
11/15/38
.......................................
11,800,000
12,614,043
Revenue,
2013
B,
5%,
11/15/43
.......................................
8,000,000
8,530,734
Revenue,
2015
A,
5%,
11/15/40
.......................................
7,000,000
8,008,717
Revenue,
2015
D-1,
Refunding,
5%,
11/15/32
............................
1,250,000
1,464,063
Revenue,
2016
B,
Refunding,
5%,
11/15/28
..............................
2,885,000
3,507,270
Revenue,
2016
C-1,
5.25%,
11/15/56
...................................
14,765,000
17,690,525
Revenue,
2016
D,
Refunding,
5%,
11/15/31
..............................
1,180,000
1,418,047
Revenue,
2017
A-2,
Refunding,
5%,
11/15/26
.............................
4,425,000
5,422,354
Revenue,
2017
C-1,
Refunding,
5%,
11/15/33
............................
1,780,000
2,227,172
Revenue,
2017
C-2,
Refunding,
Zero
Cpn.,
11/15/29
.......................
2,090,000
1,838,124
Revenue,
2019
A-2,
5%,
11/15/45
.....................................
46,270,000
57,296,206
Revenue,
2020
A-1,
4%,
11/15/45
.....................................
10,000,000
11,645,042
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
7,000,000
8,788,312
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
13,220,000
16,335,612
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
12,150,000
15,220,677
Revenue,
2020
C-1,
5.25%,
11/15/55
...................................
24,500,000
30,928,996
Revenue,
2020
D,
5%,
11/15/44
.......................................
17,000,000
21,709,022
Revenue,
2020
D,
4%,
11/15/50
.......................................
20,000,000
23,305,794
Monroe
County
Industrial
Development
Corp.
,
University
of
Rochester
,
Revenue
,
2020
A
,
4
%
,
7/01/50
....................................................
5,000,000
5,930,340
New
York
City
,
Water
&
Sewer
System,
Revenue,
2013
DD,
5%,
6/15/35
....................
30,705,000
33,431,067
Water
&
Sewer
System,
Revenue,
2014
BB,
5%,
6/15/46
....................
15,000,000
16,266,971
Water
&
Sewer
System,
Revenue,
2015
FF,
Refunding,
5%,
6/15/39
............
10,000,000
11,676,465
Water
&
Sewer
System,
Revenue,
2015
HH,
Refunding,
5%,
6/15/39
...........
15,000,000
17,489,634
Water
&
Sewer
System,
Revenue,
2017
CC,
Refunding,
5%,
6/15/46
...........
32,500,000
39,168,974
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5.25%,
6/15/49
................
12,000,000
15,353,678
New
York
City
Industrial
Development
Agency
,
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/33
1,750,000
1,969,781
Queens
Ballpark
Co.
LLC,
Revenue,
2021
A,
Refunding,
AGMC
Insured,
3%,
1/01/34
1,000,000
1,118,775
Yankee
Stadium
LLC,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
3/01/45
..
6,000,000
7,085,949
New
York
City
Transitional
Finance
Authority
,
Building
Aid,
Revenue,
2011
S-2A,
Refunding,
5%,
7/15/40
..................
35,000,000
35,096,624
Building
Aid,
Revenue,
2012
S-1A,
Refunding,
5.25%,
7/15/37
................
30,300,000
30,387,858
Future
Tax
Secured,
Revenue,
2014
A-1,
5%,
11/01/34
......................
15,000,000
16,578,816
Future
Tax
Secured,
Revenue,
2016
E-1,
5%,
2/01/38
......................
10,000,000
11,892,883
Future
Tax
Secured,
Revenue,
2017
B,
5%,
8/01/36
........................
10,000,000
12,103,119
Future
Tax
Secured,
Revenue,
2017
B,
5%,
8/01/38
........................
10,000,000
12,070,341
Future
Tax
Secured,
Revenue,
2017
F-1,
5%,
5/01/42
......................
11,095,000
13,617,639
Future
Tax
Secured,
Revenue,
2018
C-2,
5%,
5/01/38
......................
11,945,000
15,024,345
Future
Tax
Secured,
Revenue,
2018
C-3,
4%,
5/01/43
......................
19,800,000
23,100,911
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/47
.....................
10,000,000
11,898,140
Future
Tax
Secured,
Revenue,
2020
C,
4%,
5/01/45
........................
3,500,000
4,193,470
New
York
Liberty
Development
Corp.
,
Revenue,
2011
-
1WTC,
5.25%,
12/15/43
................................
25,000,000
25,449,925
7
World
Trade
Center
II
LLC,
Revenue,
2012,
2,
Refunding,
5%,
9/15/43
........
6,500,000
6,679,810
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
40,000,000
58,463,804
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
24,995,000
38,446,314
New
York
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/15/45
...........
8,055,000
9,737,855
New
York
State
Dormitory
Authority
,
Revenue,
2018
E,
Pre-Refunded,
5%,
3/15/46
............................
5,000
6,482
Revenue,
2018
E,
5%,
3/15/46
........................................
73,125,000
92,601,500
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Dormitory
Authority,
(continued)
State
of
New
York
Personal
Income
Tax,
Revenue,
2015
B,
5%,
2/15/40
.........
$
20,000,000
$
23,084,920
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Refunding,
5%,
2/15/42
24,410,000
30,296,476
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
D,
Refunding,
4%,
2/15/47
50,000,000
59,057,690
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/43
.................
10,000,000
12,258,634
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
5%,
3/15/45
.................
25,000,000
31,246,803
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
5%,
3/15/42
........
33,280,000
41,742,602
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/42
........
59,480,000
75,707,155
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/45
........................................
20,000,000
23,630,166
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/51
..............................
9,000,000
10,529,900
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
A,
4%,
3/15/47
.........
15,200,000
17,756,389
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
A,
4%,
3/15/45
.........
12,000,000
14,246,871
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/34
..........................
5,560,000
6,823,024
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
5,750,000
6,990,024
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
20,315,000
26,480,546
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
3,540,000
4,559,358
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
179,
5%,
12/01/38
.........................................
20,000,000
22,174,960
Revenue,
218,
4%,
11/01/47
.........................................
8,000,000
9,484,488
Revenue,
221,
4%,
7/15/45
..........................................
5,500,000
6,522,478
Revenue,
223,
Refunding,
5%,
7/15/32
.................................
2,775,000
3,758,155
Revenue,
223,
Refunding,
5%,
7/15/33
.................................
2,240,000
3,020,216
Revenue,
223,
Refunding,
4%,
7/15/34
.................................
3,620,000
4,496,590
Revenue,
223,
Refunding,
4%,
7/15/35
.................................
3,750,000
4,641,495
Revenue,
223,
Refunding,
4%,
7/15/36
.................................
2,700,000
3,328,740
Revenue,
226,
Refunding,
5%,
10/15/32
.................................
1,800,000
2,452,589
Revenue,
226,
Refunding,
5%,
10/15/33
.................................
2,080,000
2,818,988
Revenue,
226,
Refunding,
5%,
10/15/34
.................................
2,470,000
3,328,469
Revenue,
226,
Refunding,
5%,
10/15/35
.................................
2,100,000
2,821,727
Revenue,
226,
Refunding,
5%,
10/15/36
.................................
2,250,000
3,013,580
Suffolk
County
Water
Authority
,
Revenue
,
2020
B
,
3
%
,
6/01/45
.................
15,000,000
16,338,638
Triborough
Bridge
&
Tunnel
Authority
,
Revenue,
1999
B,
Pre-Refunded,
5.5%,
1/01/30
...........................
12,885,000
13,174,711
Revenue,
2020
A,
5%,
11/15/54
.......................................
8,500,000
11,020,772
1,418,293,885
North
Carolina
1.1%
County
of
Wake
,
GO
,
2010
C
,
Refunding
,
5
%
,
3/01/25
.......................
21,780,000
25,507,727
North
Carolina
Eastern
Municipal
Power
Agency
,
Revenue,
1993
B,
ETM,
6%,
1/01/22
...................................
1,250,000
1,280,516
Revenue,
1993
B,
ETM,
6.25%,
1/01/23
.................................
39,030,000
42,419,705
North
Carolina
Medical
Care
Commission
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.......................................
2,200,000
2,675,111
North
Carolina
Turnpike
Authority
,
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn.,
1/01/33
......................
25,000,000
21,224,515
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn.,
1/01/34
......................
15,000,000
12,440,424
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn.,
1/01/35
......................
15,215,000
12,308,757
Revenue,
2018
A,
Refunding,
4%,
1/01/39
...............................
10,000,000
11,800,888
129,657,643
North
Dakota
0.4%
North
Dakota
Housing
Finance
Agency
,
Revenue,
2019
F,
3.05%,
7/01/43
......................................
2,410,000
2,556,026
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Dakota
(continued)
North
Dakota
Housing
Finance
Agency,
(continued)
Revenue,
2020
A,
3%,
7/01/40
........................................
$
2,500,000
$
2,652,002
State
Board
of
Higher
Education
of
the
State
of
North
Dakota
,
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/44
............................
10,000,000
11,741,804
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/50
............................
9,620,000
11,227,707
University
of
North
Dakota
,
COP,
2018
A,
5%,
4/01/48
...........................................
5,500,000
6,490,431
COP,
2018
A,
5%,
4/01/57
...........................................
10,000,000
11,640,643
46,308,613
Ohio
3.3%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/37
3,915,000
4,725,251
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
5,700,000
6,863,193
American
Municipal
Power,
Inc.
,
Revenue,
2015
A,
Refunding,
5%,
2/15/39
...............................
5,000,000
5,517,155
Revenue,
2015
A,
Refunding,
5%,
2/15/42
...............................
2,500,000
2,756,586
Revenue,
2016
A,
Refunding,
5%,
2/15/46
...............................
20,000,000
23,705,072
Revenue,
2019
C,
Refunding,
4%,
2/15/39
...............................
18,795,000
22,405,194
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
A-3,
Pre-Refunded,
6.25%,
6/01/37
.............................
15,000,000
15,766,975
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
4%,
6/01/48
..................
10,235,000
11,983,086
City
of
Akron
,
Community
Learning
Center
Income
Tax
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
12/01/29
.....................................................
10,000,000
10,358,928
City
of
Middleburg
Heights
,
Southwest
General
Health
Center
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/47
...............................
4,430,000
5,116,823
City
of
Toledo
,
Water
System
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/38
..........
20,000,000
21,577,322
Cleveland-Cuyahoga
County
Port
Authority
,
County
of
Cuyahoga
,
Revenue
,
2013
,
5
%
,
7/01/37
.........................................................
6,000,000
8,657,838
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
........................................................
7,500,000
8,913,559
County
of
Franklin
,
OhioHealth
Obligated
Group,
Revenue,
2015,
5%,
5/15/40
...................
10,000,000
11,546,640
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
............
10,000,000
12,158,472
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017
A-OH,
5%,
12/01/47
.......
10,800,000
13,264,279
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
12/01/44
..........
5,640,000
6,702,407
County
of
Hamilton
,
Christ
Hospital
Obligated
Group,
Revenue,
2012,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/42
........................................................
22,500,000
23,411,988
Sewer
System,
Revenue,
2013
A,
Refunding,
5%,
12/01/38
..................
12,000,000
13,239,901
UC
Health
Obligated
Group,
Revenue,
2020,
5%,
9/15/50
...................
7,500,000
9,416,383
Miami
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
9/01/45
...................
6,030,000
7,283,799
Northeast
Ohio
Regional
Sewer
District
,
Revenue,
2017,
Refunding,
4%,
11/15/38
................................
10,000,000
11,809,490
Revenue,
2017,
Refunding,
4%,
11/15/43
................................
10,000,000
11,704,528
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,350,000
1,602,243
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,185,000
1,398,406
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,530,000
2,978,538
Ohio
State
University
(The)
,
Revenue
,
2013
A
,
5
%
,
6/01/38
....................
10,000,000
10,806,190
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
2018
A,
5%,
2/15/43
........................................
20,000,000
24,549,370
Revenue,
Junior
Lien,
2013
A-4,
Zero
Cpn.,
2/15/35
........................
35,000,000
44,431,513
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
1/01/36
........................................................
6,500,000
7,657,111
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
State
of
Ohio,
(continued)
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2019
B,
4%,
1/01/43
..
$
12,130,000
$
14,360,826
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
640,000
743,650
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/40
855,000
989,035
University
Hospitals
Health
System,
Inc.
Obligated
Group,
Revenue,
2012
A,
AGMC
Insured,
5%,
1/15/41
..............................................
7,000,000
7,148,685
385,550,436
Oklahoma
0.1%
Edmond
Public
Works
Authority
,
Revenue,
2017,
5%,
7/01/42
.........................................
4,000,000
4,911,904
Revenue,
2017,
5%,
7/01/47
.........................................
4,500,000
5,507,631
McGee
Creek
Authority
,
Revenue
,
1992
,
NATL
Insured
,
6
%
,
1/01/23
.............
80,000
84,049
Norman
Regional
Hospital
Authority
,
Norman
Regional
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
5
%
,
9/01/45
....................................
3,500,000
4,363,161
14,866,745
Oregon
1.7%
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/50
...
12,210,000
15,393,708
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/50
.......................................
4,000,000
5,144,669
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
20,000,000
25,062,864
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/44
.........................
1,685,000
1,990,834
Port
of
Portland
,
Airport,
Revenue,
25
B,
5%,
7/01/49
....................................
12,720,000
15,863,143
Airport,
Revenue,
Twenty-Seven
A,
5%,
7/01/45
...........................
23,000,000
29,192,262
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/44
.............................................
16,880,000
21,279,171
Salem-Keizer
School
District
No.
24J
,
GO,
2020
A,
Zero
Cpn.,
6/15/39
.......................................
2,800,000
1,879,169
GO,
2020
A,
Zero
Cpn.,
6/15/40
.......................................
4,500,000
2,920,163
State
of
Oregon
,
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
4%,
11/15/42
15,000,000
18,005,784
Housing
&
Community
Services
Department,
Revenue,
2018
A,
3.6%,
1/01/33
....
7,665,000
8,394,767
Housing
&
Community
Services
Department,
Revenue,
2018
D,
3.8%,
7/01/34
....
8,120,000
9,034,307
University
of
Oregon
,
Revenue,
2018
A,
5%,
4/01/48
........................................
14,500,000
17,767,708
Revenue,
2020
A,
5%,
4/01/50
........................................
15,000,000
19,127,241
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO,
2018
A,
Zero
Cpn.,
6/15/41
.......................................
5,725,000
2,979,991
GO,
2018
A,
Zero
Cpn.,
6/15/42
.......................................
5,900,000
2,933,741
GO,
2018
A,
Zero
Cpn.,
6/15/43
.......................................
5,500,000
2,615,586
199,585,108
Pennsylvania
1.9%
Allegheny
County
Sanitary
Authority
,
Revenue
,
2013
,
BAM
Insured
,
5.25
%
,
12/01/44
5,000,000
5,561,561
City
of
Philadelphia
,
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/45
.........................
1,500,000
1,762,850
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/50
.........................
1,825,000
2,135,014
Water
&
Wastewater,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
............
15,000,000
17,093,551
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/33
..........
4,550,000
5,313,534
Commonwealth
of
Pennsylvania
,
GO,
First
Series
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/26
......................................................
20,805,000
24,774,342
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue,
2016,
5%,
11/01/41
........................................
5,000,000
6,023,783
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Delaware
County
Regional
Water
Quality
Control
Authority,
(continued)
Revenue,
2016,
5%,
11/01/46
........................................
$
10,315,000
$
12,322,098
Erie
City
Water
Authority
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/43
..............
5,000,000
6,057,256
Geisinger
Authority
,
Geisinger
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
4/01/39
.............................................
9,000,000
10,801,142
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
4%,
11/15/43
.......................................................
600,000
700,841
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,000,000
1,223,495
Meadowood
Corp.
Obligated
Group
(The),
Revenue,
2018
A,
Refunding,
5%,
12/01/48
.......................................................
9,000,000
10,291,081
Montour
School
District
,
GO,
2015
A&B,
Pre-Refunded,
AGMC
Insured,
5%,
4/01/40
..................
3,170,000
3,782,733
GO,
2015
A&B,
Pre-Refunded,
AGMC
Insured,
5%,
4/01/41
..................
2,000,000
2,386,583
GO,
2015
A&B,
Pre-Refunded,
AGMC
Insured,
5%,
4/01/42
..................
2,000,000
2,386,583
Pennsylvania
Higher
Educational
Facilities
Authority
,
Drexel
University,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
5/01/40
.....
3,575,000
4,298,452
Drexel
University,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
4%,
5/01/41
.....
5,425,000
6,506,790
Pennsylvania
Turnpike
Commission
,
Revenue,
2009
C,
AGMC
Insured,
6.25%,
6/01/33
.........................
5,000,000
6,301,922
Revenue,
2020
B,
5%,
12/01/45
.......................................
5,000,000
6,519,381
Revenue,
2020
B,
5%,
12/01/50
.......................................
8,000,000
10,358,469
Philadelphia
Gas
Works
Co.
,
Revenue
,
Sixteenth
A
,
AGMC
Insured
,
4
%
,
8/01/45
...
4,000,000
4,772,752
School
District
of
Philadelphia
(The)
,
GO,
2016
F,
Refunding,
5%,
9/01/33
...................................
6,415,000
7,750,900
GO,
2016
F,
Refunding,
5%,
9/01/36
...................................
4,090,000
4,914,619
Sports
&
Exhibition
Authority
of
Pittsburgh
and
Allegheny
County
,
County
of
Allegheny
Hotel
Room
Excise
Tax
,
Revenue
,
2010
,
Refunding
,
AGMC
Insured
,
5
%
,
2/01/35
..
18,000,000
18,051,757
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
...........................
10,000,000
12,219,392
Upper
Merion
Area
School
District
,
GO
,
2021
A
,
4
%
,
1/15/46
...................
5,000,000
5,913,231
Westmoreland
County
Municipal
Authority
,
Revenue
,
2016
,
Refunding
,
BAM
Insured
,
5
%
,
8/15/42
......................................................
17,205,000
20,005,121
220,229,233
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Lifespan
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/15/39
.................................
5,500,000
6,318,151
Rhode
Island
Housing
and
Mortgage
Finance
Corp.
,
Revenue,
10A,
6.5%,
10/01/22
........................................
170,000
170,673
Revenue,
10A,
6.5%,
4/01/27
.........................................
130,000
130,493
Revenue,
15A,
6.85%,
10/01/24
.......................................
120,000
120,526
Rhode
Island
Student
Loan
Authority
,
Revenue,
Senior
Lien,
2021
A,
5%,
12/01/27
.............................
1,000,000
1,239,457
Revenue,
Senior
Lien,
2021
A,
5%,
12/01/29
.............................
2,025,000
2,603,323
Revenue,
Senior
Lien,
2021
A,
2.25%,
12/01/39
...........................
6,385,000
6,490,707
17,073,330
South
Carolina
1.3%
City
of
Columbia
,
Waterworks
&
Sewer
System,
Revenue,
2019
A,
4%,
2/01/44
.................
5,250,000
6,239,662
Waterworks
&
Sewer
System,
Revenue,
2019
A,
Pre-Refunded,
5%,
2/01/49
.....
8,000,000
10,527,845
City
of
Rock
Hill
,
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/41
......................
7,690,000
8,915,796
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/47
......................
5,000,000
5,765,138
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
County
of
Greenwood
,
Self
Regional
Healthcare
Auxiliary,
Revenue,
2017,
Refunding,
4%,
10/01/37
.....
$
8,465,000
$
9,747,455
Self
Regional
Healthcare
Auxiliary,
Revenue,
2017,
Refunding,
4%,
10/01/39
.....
1,195,000
1,371,346
South
Carolina
Jobs-Economic
Development
Authority
,
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/43
......
20,000,000
24,544,808
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/48
......
15,000,000
18,312,772
South
Carolina
Ports
Authority
,
Revenue,
2019
B,
5%,
7/01/44
........................................
10,000,000
12,360,266
Revenue,
2019
B,
5%,
7/01/54
........................................
10,365,000
12,777,621
South
Carolina
Public
Service
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
12/01/55
.
20,000,000
23,048,526
South
Carolina
State
Housing
Finance
&
Development
Authority
,
Revenue
,
2020
A
,
3
%
,
7/01/40
......................................................
1,955,000
2,098,907
Spartanburg
Regional
Health
Services
District
,
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/37
........................................
1,415,000
1,700,873
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/39
........................................
1,410,000
1,687,018
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/45
........................................
2,750,000
3,247,976
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
3%,
4/15/49
........................................
1,795,000
1,907,439
144,253,448
South
Dakota
1.3%
County
of
Lincoln
,
Augustana
College
Association
(The),
Revenue,
2021
A,
Refunding,
4%,
8/01/56
..
1,125,000
1,268,494
Augustana
College
Association
(The),
Revenue,
2021
A,
Refunding,
4%,
8/01/61
..
2,550,000
2,851,375
Huron
School
District
No.
2-2
,
GO
,
2013
,
Refunding
,
5
%
,
6/15/39
...............
4,000,000
4,462,111
South
Dakota
Health
&
Educational
Facilities
Authority
,
Revenue,
2011
A,
5.125%,
8/01/46
.....................................
7,000,000
7,023,236
Revenue,
2012
A,
Refunding,
5%,
8/01/46
...............................
6,005,000
6,250,810
Revenue,
2015
A,
Refunding,
5%,
8/01/38
...............................
3,475,000
4,035,855
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.........
10,000,000
11,362,718
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
7/01/46
.........
51,050,000
61,605,491
Monument
Health
Obligated
Group,
Revenue,
2017,
4%,
9/01/37
..............
10,920,000
12,505,089
Monument
Health
Obligated
Group,
Revenue,
2017,
5%,
9/01/40
..............
10,000,000
12,103,591
Monument
Health
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
9/01/50
...
12,500,000
14,603,072
South
Dakota
State
Building
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/42
...
5,450,000
6,552,243
144,624,085
Tennessee
2.1%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
4
%
,
8/01/44
................
2,000,000
2,334,821
City
of
Jackson
,
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
4
%
,
4/01/41
.............................................
25,000,000
27,440,902
Johnson
City
Health
&
Educational
Facilities
Board
,
Mountain
States
Health
Alliance
Obligated
Group
,
Revenue
,
1998
,
NATL
Insured
,
ETM,
5.25
%
,
7/01/28
.........
8,500,000
9,207,362
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/42
.........................
35,000,000
42,220,098
Memphis-Shelby
County
Airport
Authority
,
Revenue,
2018,
5%,
7/01/43
.........................................
10,000,000
12,230,179
Revenue,
2018,
5%,
7/01/47
.........................................
11,000,000
13,389,875
d
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Trevecca
Nazarene
University
,
Revenue
,
2021
B
,
4
%
,
10/01/51
..........
2,000,000
2,257,593
Metropolitan
Government
of
Nashville
&
Davidson
County
,
Water
&
Sewer,
Revenue,
2017
A,
5%,
7/01/46
...........................
21,925,000
27,189,883
Water
&
Sewer,
Revenue,
2017
B,
5%,
7/01/42
...........................
21,645,000
26,817,906
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2019
B
,
5
%
,
7/01/44
......
$
20,000,000
$
25,441,276
b
Tennergy
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
9/01/28
.................
25,000,000
30,084,035
Tennessee
Housing
Development
Agency
,
Revenue
,
2018-4
,
Refunding
,
4
%
,
7/01/43
5,680,000
6,313,051
Tennessee
State
School
Bond
Authority
,
Revenue
,
2017
A
,
5
%
,
11/01/47
..........
15,000,000
18,450,138
243,377,119
Texas
10.3%
Central
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien,
2015
A,
Refunding,
5%,
1/01/45
.....................
5,000,000
5,761,649
Revenue,
Senior
Lien,
2016,
Refunding,
5%,
1/01/40
.......................
12,505,000
14,681,974
Revenue,
Senior
Lien,
2016,
Refunding,
5%,
1/01/46
.......................
11,245,000
13,203,084
Revenue,
Sub.
Lien,
2021
C,
5%,
1/01/27
...............................
15,000,000
17,838,197
Central
Texas
Turnpike
System
,
Revenue,
2015
B,
Refunding,
5%,
8/15/37
...............................
10,000,000
11,271,630
Revenue,
2015
C,
Refunding,
5%,
8/15/37
...............................
5,000,000
5,586,087
Revenue,
2015
C,
Refunding,
5%,
8/15/42
...............................
20,000,000
22,246,816
Revenue,
First
Tier,
2012
A,
Pre-Refunded,
AGMC
Insured,
5%,
8/15/41
........
16,000,000
16,816,368
Revenue,
First
Tier,
2012
A,
Pre-Refunded,
BAM
Insured,
5%,
8/15/41
..........
9,665,000
10,147,780
City
of
Arlington
,
Special
Tax,
Senior
Lien
,
2018
A
,
AGMC
Insured
,
4
%
,
2/15/44
.....
20,000,000
22,983,536
City
of
Austin
,
Electric
Utility,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
...................
10,000,000
11,668,058
Water
&
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
11/15/38
.......
20,000,000
21,629,580
City
of
Corpus
Christi
,
Utility
System,
Revenue,
Junior
Lien,
2013,
Pre-Refunded,
5%,
7/15/38
.........
6,000,000
6,567,642
Utility
System,
Revenue,
Junior
Lien,
2013,
Pre-Refunded,
5%,
7/15/43
.........
7,000,000
7,662,248
Utility
System,
Revenue,
Junior
Lien,
2015
A,
5%,
7/15/40
...................
13,200,000
15,376,656
City
of
Dallas
,
Revenue
,
2009
,
Refunding
,
AGMC
Insured
,
5.25
%
,
8/15/34
........
18,975,000
19,045,887
City
of
Houston
,
Airport
System,
Revenue,
Sub.
Lien,
2021
A,
Refunding,
4%,
7/01/37
...........
1,750,000
2,129,447
Airport
System,
Revenue,
Sub.
Lien,
2021
A,
Refunding,
4%,
7/01/38
...........
3,140,000
3,811,159
City
of
Laredo
,
Waterworks
&
Sewer
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
3/01/41
9,690,000
10,770,504
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue,
Junior
Lien
,
2013
,
Pre-
Refunded
,
5
%
,
2/01/38
.............................................
10,000,000
10,729,982
City
of
San
Marcos
,
Electric
Utility
System
,
Revenue
,
2013
,
BAM
Insured
,
5
%
,
11/01/33
6,300,000
6,658,444
Dallas
Area
Rapid
Transit
,
Revenue,
Senior
Lien,
2016
A,
Refunding,
5%,
12/01/46
....................
10,000,000
11,785,240
Revenue,
Senior
Lien,
2016
A,
Refunding,
5%,
12/01/48
....................
12,200,000
14,360,896
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2013
D
,
Refunding
,
5.25
%
,
11/01/32
10,000,000
11,110,818
Ector
County
Independent
School
District
,
GO
,
2013
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
8/15/36
......................................................
10,355,000
11,376,464
Forney
Independent
School
District
,
GO
,
2015
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/37
15,000,000
17,538,767
Frisco
Independent
School
District
,
GO
,
2016
,
PSF
Guaranty
,
5
%
,
8/15/46
........
20,000,000
23,678,382
Goose
Creek
Consolidated
Independent
School
District
,
GO
,
2013
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
2/15/38
..............................................
6,045,000
6,502,608
Grand
Parkway
Transportation
Corp.
,
Revenue,
2013
B,
Zero
Cpn.,
10/01/45
..................................
10,000,000
11,659,707
Revenue,
2018
A,
5%,
10/01/48
.......................................
7,720,000
9,592,788
Revenue,
First
Tier,
2020
C,
Refunding,
4%,
10/01/45
......................
15,455,000
18,406,228
Gulf
Coast
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2003
B
,
1.5
%
,
5/01/28
....
2,000,000
2,037,444
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Houston
Methodist
Hospital
Obligated
Group,
Revenue,
2015,
5%,
12/01/45
.....
30,000,000
34,382,673
Memorial
Hermann
Health
System
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/45
....................................................
15,000,000
17,681,283
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Harris
County
Toll
Road
Authority
(The)
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/43
.........................................................
$
6,000,000
$
7,470,957
Harris
County-Houston
Sports
Authority
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
AGMC
Insured,
3.125%,
11/15/56
.....
5,000,000
5,414,124
Revenue,
Third
Lien,
2004
A-3,
NATL
Insured,
Zero
Cpn.,
11/15/37
............
6,300,000
2,681,941
Hidalgo
County
Regional
Mobility
Authority
,
Revenue,
Senior
Lien,
2013,
Pre-Refunded,
5.25%,
12/01/38
.................
5,000,000
5,586,090
Revenue,
Senior
Lien,
2013,
Pre-Refunded,
5%,
12/01/43
...................
5,000,000
5,557,077
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2021
,
4
%
,
10/01/51
.....................................................
1,400,000
1,573,277
Lamar
Consolidated
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
.........................................................
30,000,000
36,173,439
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.,
Revenue,
2013
A,
Refunding,
5%,
5/15/36
...
10,000,000
10,811,052
LCRA
Transmission
Services
Corp.,
Revenue,
2018,
Refunding,
5%,
5/15/43
.....
10,000,000
12,313,933
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/34
.....
1,850,000
2,432,708
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/35
.....
2,225,000
2,920,263
LCRA
Transmission
Services
Corp.,
Revenue,
2021,
Refunding,
5%,
5/15/36
.....
2,750,000
3,598,580
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Corpus
Christi
II
LLC,
Revenue,
A,
Pre-Refunded,
5%,
4/01/48
........................................................
7,825,000
9,433,218
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017
A,
Pre-Refunded,
5%,
4/01/37
........................................................
2,500,000
3,106,618
NCCD-Cain
Hall
Redevelopment
I
LLC,
Revenue,
2016
A-1,
5%,
4/01/46
........
6,000,000
7,093,630
NCCD-College
Station
Properties
LLC,
Revenue,
A,
5%,
7/01/47
..............
10,000,000
8,600,000
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/39
.......................................................
5,650,000
6,337,998
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/49
.......................................................
11,470,000
12,733,990
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/54
.......................................................
230,000
258,258
Westminster
Manor,
Revenue,
2021,
4%,
11/01/49
.........................
6,650,000
7,615,885
Westminster
Manor,
Revenue,
2021,
4%,
11/01/55
.........................
6,275,000
7,142,377
North
East
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
1/01/41
.........................................................
16,750,000
19,156,535
North
Harris
County
Regional
Water
Authority
,
Revenue,
Senior
Lien,
2016,
Refunding,
4%,
12/15/41
......................
20,000,000
22,265,048
Revenue,
Senior
Lien,
2016,
Refunding,
5%,
12/15/46
......................
18,460,000
22,055,096
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System,
Revenue,
2015
A,
Refunding,
5%,
1/01/35
.........
10,000,000
11,446,831
North
Texas
Tollway
System,
Revenue,
2015
A,
Refunding,
5%,
1/01/38
.........
10,000,000
11,432,255
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017
A,
Refunding,
5%,
1/01/43
.
47,000,000
57,921,305
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017
A,
Refunding,
5%,
1/01/48
.
33,500,000
41,032,153
North
Texas
Tollway
System,
Revenue,
First
Tier,
I,
Pre-Refunded,
6.5%,
1/01/43
..
25,000,000
30,265,760
North
Texas
Tollway
System,
Revenue,
Second
Tier,
2017
B,
Refunding,
5%,
1/01/48
10,000,000
12,020,163
North
Texas
Tollway
System,
Revenue,
Second
Tier,
2018,
Refunding,
5%,
1/01/48
25,250,000
30,547,301
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn.,
9/01/37
....
7,500,000
4,313,273
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn.,
9/01/43
....
7,500,000
2,749,055
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
Zero
Cpn.,
9/01/45
....
25,000,000
38,369,910
Port
Freeport
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
6/01/49
.....................
4,000,000
4,851,012
e
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/46
......
6,770,000
8,033,238
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/51
......
3,500,000
4,136,913
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/54
......
2,250,000
2,633,492
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
San
Antonio
Public
Facilities
Corp.
,
City
of
San
Antonio
,
Revenue
,
2012
,
Refunding
,
4
%
,
9/15/42
......................................................
$
36,500,000
$
37,696,382
San
Antonio
Water
System
,
Revenue,
Junior
Lien,
2018
A,
Refunding,
5%,
5/15/43
......................
12,000,000
14,890,693
Revenue,
Junior
Lien,
2018
A,
Refunding,
5%,
5/15/48
......................
10,000,000
12,329,299
San
Jacinto
River
Authority
,
Revenue,
2011,
AGMC
Insured,
5%,
10/01/32
............................
5,000,000
5,017,397
Revenue,
2011,
AGMC
Insured,
5%,
10/01/37
............................
3,000,000
3,010,899
Southwest
Higher
Education
Authority,
Inc.
,
Southern
Methodist
University
,
Revenue
,
2013
A
,
5
%
,
10/01/38
...............................................
24,380,000
26,804,454
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
CHRISTUS
Health
Obligated
Group,
Revenue,
2018
B,
5%,
7/01/43
...........
10,000,000
12,374,434
Cook
Children's
Medical
Center
Obligated
Group,
Revenue,
2013
A,
5.25%,
12/01/39
10,000,000
11,059,015
Hendrick
Medical
Center
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5.5%,
9/01/43
........................................................
5,350,000
5,938,814
Texas
Health
Resources
Obligated
Group,
Revenue,
2015
A,
5%,
11/15/52
......
5,000,000
5,703,023
Tarrant
County
Health
Facilities
Development
Corp.
,
Texas
Health
Resources
Obligated
Group
,
Revenue
,
1994
,
FGIC
Insured
,
ETM,
6
%
,
9/01/24
....................
3,460,000
3,784,955
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue,
2021,
Refunding,
5%,
12/15/28
................................
4,500,000
5,780,716
Revenue,
2021,
Refunding,
5%,
12/15/29
................................
7,500,000
9,835,288
Revenue,
2021,
Refunding,
5%,
12/15/30
................................
8,355,000
11,156,625
Revenue,
2021,
Refunding,
5%,
12/15/31
................................
6,750,000
9,159,834
Revenue,
2021,
Refunding,
5%,
12/15/32
................................
7,535,000
10,378,114
Texas
Municipal
Power
Agency
,
Revenue,
Sub.
Lien
,
2010
,
Refunding
,
5
%
,
9/01/40
.
15,250,000
15,250,000
Texas
Transportation
Commission
,
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/48
...........................
6,250,000
1,993,081
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/49
...........................
5,000,000
1,512,247
Revenue,
First
Tier,
2019
A,
Zero
Cpn.,
8/01/50
...........................
5,500,000
1,568,950
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
4%,
10/15/43
.......................................................
25,000,000
29,756,025
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
5%,
4/15/49
15,000,000
19,045,095
West
Travis
County
Public
Utility
Agency
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
......................................................
5,000,000
5,699,163
1,188,529,284
Utah
1.2%
Central
Utah
Water
Conservancy
District
,
Revenue,
2017
B,
Refunding,
4%,
10/01/37
..............................
2,600,000
3,052,562
Revenue,
2017
B,
Refunding,
4%,
10/01/38
..............................
10,000,000
11,720,940
City
of
Lehi
,
Sales
Tax
,
Revenue
,
2021
,
AGMC
Insured
,
4
%
,
2/01/35
.............
1,170,000
1,446,757
City
of
Salt
Lake
City
,
Airport,
Revenue,
2017
A,
5%,
7/01/42
..................................
15,000,000
18,122,800
Airport,
Revenue,
2017
A,
5%,
7/01/47
..................................
10,000,000
12,023,170
Airport,
Revenue,
2018
A,
5%,
7/01/48
..................................
9,400,000
11,449,019
Airport,
Revenue,
2018
A,
5.25%,
7/01/48
...............................
10,000,000
12,342,461
Jordan
Valley
Water
Conservancy
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
10/01/41
6,000,000
6,978,403
University
of
Utah
(The)
,
Revenue,
2013
A,
Pre-Refunded,
5%,
8/01/43
............................
21,975,000
24,124,535
Revenue,
2018
A,
5%,
8/01/44
........................................
12,240,000
15,279,731
Utah
Infrastructure
Agency
,
Revenue,
2021,
3%,
10/15/26
........................................
550,000
610,926
Revenue,
2021,
4%,
10/15/28
........................................
350,000
418,565
Revenue,
2021,
4%,
10/15/32
........................................
540,000
651,657
Revenue,
2021,
4%,
10/15/38
........................................
500,000
590,521
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Utah
(continued)
Utah
Infrastructure
Agency,
(continued)
Revenue,
2021,
4%,
10/15/41
........................................
$
1,450,000
$
1,700,007
Revenue,
2021,
3%,
10/15/45
........................................
2,000,000
2,086,129
Utah
Municipal
Power
Agency
,
Revenue
,
2016
B
,
5
%
,
7/01/38
..................
10,000,000
11,766,211
Weber
Basin
Water
Conservancy
District
,
Revenue
,
2013
B
,
Pre-Refunded
,
5
%
,
4/01/39
.........................................................
7,180,000
7,767,539
142,131,933
Vermont
0.1%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
President
&
Fellows
of
Middlebury
College,
Revenue,
2020,
Refunding,
5%,
11/01/49
4,000,000
5,034,274
President
&
Fellows
of
Middlebury
College,
Revenue,
2020,
Refunding,
4%,
11/01/50
5,000,000
5,811,329
University
of
Vermont
Health
Network
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
12/01/36
...........................................
5,000,000
5,974,438
16,820,041
Virginia
1.2%
Amelia
County
Industrial
Development
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2002
,
Refunding
,
1.45
%
,
4/01/27
......................................
2,350,000
2,405,438
Hampton
Roads
Sanitation
District
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
10/01/47
..
14,575,000
18,478,443
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien,
2018
A,
5%,
7/01/42
..............................
25,000,000
30,886,220
Revenue,
Senior
Lien,
2020
A,
5.25%,
7/01/60
............................
25,000,000
32,655,215
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2019
,
4
%
,
5/15/41
.......
13,585,000
16,134,269
Virginia
Housing
Development
Authority
,
Revenue
,
2019
E
,
3.1
%
,
12/01/45
........
6,760,000
7,175,622
Virginia
Resources
Authority
,
Revenue
,
2012
A
,
5
%
,
11/01/39
..................
70,000
73,992
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2012,
5%,
1/01/40
.............
14,535,000
14,812,813
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2019,
5%,
1/01/44
.............
7,500,000
7,641,168
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2019,
5%,
7/01/49
.............
3,000,000
3,055,828
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/45
........................................................
4,000,000
4,551,248
137,870,256
Washington
3.4%
Align
Capital
Trust
,
Revenue
,
2020-4A
,
3.75
%
,
7/01/43
.......................
10,807,500
10,885,987
City
of
Seattle
,
Municipal
Light
&
Power,
Revenue,
2017
C,
Refunding,
4%,
9/01/36
............
22,170,000
25,960,975
Municipal
Light
&
Power,
Revenue,
2018
A,
4%,
1/01/42
.....................
10,855,000
12,596,822
County
of
King
,
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/49
................
12,000,000
14,476,832
King
County
Housing
Authority
,
Revenue,
2019,
Refunding,
3%,
11/01/39
................................
10,000,000
10,927,899
Revenue,
2020,
Refunding,
3%,
6/01/40
.................................
5,000,000
5,398,644
Klickitat
County
Public
Utility
District
No.
1
,
Revenue
,
2019
A
,
Refunding
,
AGMC
Insured
,
3
%
,
12/01/41
..............................................
3,030,000
3,229,592
NJB
Properties
,
Revenue
,
2006
A
,
5
%
,
12/01/36
............................
5,000
5,019
North
Thurston
Public
Schools
,
GO,
2020,
4%,
12/01/34
.............................................
5,000,000
6,199,969
GO,
2020,
4%,
12/01/35
.............................................
5,000,000
6,164,002
GO,
2020,
4%,
12/01/36
.............................................
6,000,000
7,355,278
Port
of
Seattle
,
Revenue,
2018
A,
5%,
5/01/43
........................................
15,500,000
18,333,673
Revenue,
2019,
4%,
4/01/44
.........................................
4,000,000
4,572,528
Revenue,
2021
C,
Refunding,
4%,
8/01/35
...............................
6,530,000
8,006,459
Revenue,
2021
C,
Refunding,
4%,
8/01/36
...............................
6,800,000
8,242,393
Revenue,
2021
C,
Refunding,
5%,
8/01/37
...............................
10,605,000
14,069,690
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Port
of
Seattle,
(continued)
Revenue,
2021
C,
Refunding,
5%,
8/01/38
...............................
$
17,265,000
$
22,848,613
State
of
Washington
,
GO,
2019
D,
5%,
6/01/43
............................................
11,040,000
14,062,517
GO,
2019
D,
5%,
6/01/44
............................................
11,595,000
14,744,685
University
of
Washington
,
Revenue
,
2018
,
5
%
,
4/01/48
.......................
29,450,000
35,827,713
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Research
Center,
Revenue,
2017
A,
5%,
1/01/47
.......
10,000,000
11,921,736
Multicare
Health
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
4%,
8/15/41
25,000,000
28,821,422
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2012
A,
5%,
10/01/42
..
10,175,000
10,722,747
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
D,
5%,
10/01/41
..
9,850,000
11,220,119
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
D,
Pre-Refunded,
5%,
10/01/41
...................................................
150,000
171,601
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/45
........................................................
2,610,000
3,128,239
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/45
........................................................
2,105,000
2,730,740
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/50
........................................................
5,000,000
5,923,366
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/50
........................................................
3,000,000
3,874,141
c
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/29
250,000
331,805
c
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/30
265,000
359,144
c
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/33
250,000
335,429
c
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
3%,
12/01/34
300,000
336,945
c
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/40
870,000
1,059,529
c
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/45
1,200,000
1,444,338
c
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/48
910,000
1,092,463
Seattle
Children's
Hospital
Obligated
Group,
Revenue,
2015
B,
Refunding,
5%,
10/01/38
.......................................................
15,000,000
17,130,869
Washington
Higher
Education
Facilities
Authority
,
Seattle
Pacific
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/42
......................................
3,800,000
4,796,693
Washington
State
Convention
Center
Public
Facilities
District
,
Lodging
Tax
,
Revenue
,
2018
,
5
%
,
7/01/43
.................................................
13,870,000
17,607,475
Washington
State
Housing
Finance
Commission
,
2021-1
,
A
,
3.5
%
,
12/20/35
.......
21,949,640
25,932,580
392,850,671
West
Virginia
0.9%
Berkeley
County
Public
Service
Sewer
District
,
Revenue
,
2016
B
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/36
...............................................
1,000,000
1,191,752
West
Virginia
Hospital
Finance
Authority
,
Cabell
Huntington
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
1/01/43
........................................................
13,250,000
16,292,094
Charleston
Area
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/38
....................................................
3,040,000
3,749,519
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
6/01/42
7,000,000
8,428,780
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
6/01/47
10,190,000
12,267,936
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/52
20,700,000
25,254,915
West
Virginia
University
,
Revenue
,
2014
A
,
Pre-Refunded
,
5
%
,
10/01/44
..........
21,800,000
25,125,557
West
Virginia
Water
Development
Authority
,
Revenue,
2016
A,
Refunding,
5%,
10/01/36
..............................
5,000,000
6,080,804
Revenue,
2016
A,
Refunding,
5%,
10/01/45
..............................
5,435,000
6,509,147
104,900,504
Wisconsin
1.6%
Ashwaubenon
Community
Development
Authority
,
County
of
Brown,
Revenue,
2019,
Zero
Cpn.,
6/01/49
.......................
16,185,000
6,302,970
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Ashwaubenon
Community
Development
Authority,
(continued)
County
of
Brown,
Revenue,
2019,
Zero
Cpn.,
6/01/54
.......................
$
48,000,000
$
14,928,182
City
of
Superior
,
DTE
Electric
Co.
,
Revenue
,
E-1991
,
Refunding
,
NATL
Insured
,
6.9
%
,
8/01/21
.........................................................
3,000,000
3,000,000
Public
Finance
Authority
,
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4.25%,
12/01/50
...................
3,750,000
3,912,487
b,c
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-2,
Mandatory
Put,
4%,
12/01/35
.......................................................
29,600,000
30,632,433
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
11/15/41
.......................................................
1,205,000
1,484,120
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
........................................................
5,075,000
5,947,045
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/51
........................................................
5,705,000
6,654,577
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/56
........................................................
2,250,000
2,607,803
Blue
Ridge
Healthcare
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
1/01/50
2,185,000
2,329,439
Renown
Regional
Medical
Center,
Revenue,
2020
A,
Refunding,
4%,
6/01/45
.....
14,000,000
16,519,439
Wisconsin
Center
District
,
Revenue,
Junior
Lien
,
2020
D
,
AGMC
Insured
,
Zero
Cpn.,
12/15/45
........................................................
60,000,000
27,350,382
Wisconsin
Health
&
Educational
Facilities
Authority
,
Ascension
Health
Credit
Group,
Revenue,
2013
B-2,
4%,
11/15/43
.............
10,000,000
11,808,882
Children's
Hospital
of
Wisconsin
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/15/42
........................................................
15,000,000
17,365,113
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2017
C,
Refunding,
5%,
2/15/47
........................................................
20,000,000
23,915,528
Thedacare,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
12/15/37
......
5,135,000
6,170,892
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/46
......
895,000
1,052,541
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/51
......
1,335,000
1,556,818
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/55
......
1,760,000
2,036,951
185,575,602
Wyoming
0.1%
County
of
Laramie
,
Cheyenne
Regional
Medical
Center
,
Revenue
,
2021
,
Refunding
,
4
%
,
5/01/35
......................................................
500,000
614,755
Wyoming
Community
Development
Authority
,
Revenue
,
2018-1
,
Refunding
,
3.65
%
,
12/01/33
........................................................
1,505,000
1,570,497
Wyoming
Municipal
Power
Agency,
Inc.
,
Revenue
,
2017
A
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
1/01/42
...............................................
7,000,000
8,666,879
10,852,131
U.S.
Territories
3.6%
District
of
Columbia
2.9%
District
of
Columbia
,
GO,
2019
A,
5%,
10/15/44
...........................................
25,000,000
31,888,458
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/26
.....................
9,950,000
9,981,869
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/24
.....................
12,120,000
12,161,146
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/25
.....................
7,000,000
7,022,958
Association
of
American
Medical
Colleges,
Revenue,
2011
B,
Pre-Refunded,
5.25%,
10/01/41
.......................................................
15,000,000
15,126,131
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/42
..........
20,660,000
24,891,339
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/47
..........
24,985,000
29,934,446
Catholic
University
of
America
(The),
Revenue,
2018,
Refunding,
5%,
10/01/43
...
4,000,000
4,916,448
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/15/40
........................................................
6,830,000
8,065,690
Gallaudet
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/46
...............
2,150,000
2,771,037
Gallaudet
University,
Revenue,
2021
A,
Refunding,
5%,
4/01/51
...............
2,500,000
3,215,038
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statements
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
District
of
Columbia,
(continued)
Income
Tax,
Revenue,
2019
A,
4%,
3/01/44
..............................
$
10,000,000
$
11,939,479
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/49
............
2,275,000
2,769,351
Tobacco
Settlement
Financing
Corp.,
Revenue,
2001,
6.5%,
5/15/33
...........
10,705,000
11,946,736
Water
&
Sewer
Authority,
Revenue,
Senior
Lien,
2018
A,
5%,
10/01/49
..........
25,000,000
31,055,658
Water
&
Sewer
Authority,
Revenue,
Sub.
Lien,
2019
A,
5%,
10/01/44
...........
7,350,000
9,497,109
Metropolitan
Washington
Airports
Authority
,
Aviation,
Revenue,
2019
A,
Refunding,
5%,
10/01/44
.......................
17,500,000
22,085,033
Aviation,
Revenue,
2019
A,
Refunding,
5%,
10/01/49
.......................
15,000,000
18,828,887
Dulles
Toll
Road,
Revenue,
Second
Lien,
2009
C,
AGMC
Insured,
6.5%,
10/01/41
.
25,000,000
32,168,300
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/49
........
13,555,000
15,882,194
Washington
Metropolitan
Area
Transit
Authority
,
Revenue,
2020
A,
4%,
7/15/45
........................................
10,000,000
12,051,991
Revenue,
2020
A,
5%,
7/15/45
........................................
10,000,000
12,972,408
331,171,706
Puerto
Rico
0.7%
Commonwealth
of
Puerto
Rico
,
GO
,
AGMC
Insured
,
5.5
%
,
7/01/29
..............
5,885,000
6,905,646
Puerto
Rico
Electric
Power
Authority
,
f
Revenue,
2012
A
RSA-1
2012
A,
5%,
7/01/42
.............................
18,925,000
18,570,156
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
2,480,000
2,675,510
f
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
15,000,000
14,775,000
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
1,000,000
1,128,754
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
...................
11,980,000
13,524,549
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/28
....................
2,500,000
2,952,960
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
12,135,000
13,944,637
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
2,500,000
2,724,558
77,201,770
Total
U.S.
Territories
....................................................................
408,373,476
Total
Municipal
Bonds
(Cost
$10,321,843,814)
..................................
11,522,750,966
Total
Long
Term
Investments
(Cost
$10,324,099,546)
............................
11,525,033,051
a
a
a
a
a
Short
Investments
0.2%
Municipal
Bonds
0.2%
Georgia
0.0%
†
g
Athens-Clarke
County
Unified
Government
Development
Authority
,
University
of
Georgia
Athletic
Association,
Inc.
,
Revenue
,
2005
B
,
LOC
Wells
Fargo
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
7/01/35
...................................
1,000,000
1,000,000
New
York
0.2%
g
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
1/01/34
10,000,000
10,000,000
g
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2003
A-4
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
11/01/29
...........
12,705,000
12,705,000
22,705,000
Oregon
0.0%
†
g
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.02
%
,
8/01/34
............
3,200,000
3,200,000
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statements
of
Investments.
Quarterly
Statement
of
Investments
31
See
Abbreviations
on
page
35
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Tennessee
0.0%
†
g
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.03
%
,
6/01/42
...................................
$
300,000
$
300,000
Total
Municipal
Bonds
(Cost
$27,205,000)
......................................
27,205,000
Total
Short
Term
Investments
(Cost
$27,205,000
)
................................
27,205,000
a
Total
Investments
(Cost
$10,351,304,546)
100.0%
...............................
$11,552,238,051
Other
Assets,
less
Liabilities
(0.0)%
†
...........................................
(577,587)
Net
Assets
100.0%
...........................................................
$11,551,660,464
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
The
maturity
date
shown
represents
the
mandatory
put
date.
c
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2021,
the
aggregate
value
of
these
securities
was
$209,769,668,
representing
1.8%
of
net
assets.
d
Security
purchased
on
a
when-issued
basis.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Federal
Tax
Free
Income
Fund
Notes
to
Statement
of
Investments
(unaudited)
32
Quarterly
Statement
of
Investments
1.
Organization
Franklin
Federal
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
On
July
14,
2021,
the
Board
of
Trustees
for
the
Fund
approved
a
proposal
to
reorganize
Franklin
Florida
Tax-Free
Income
Fund,
Franklin
Kentucky
Tax-Free
Income
Fund
and
Franklin
Tennessee
Municipal
Bond
Fund
with
and
into
the
Fund,
subject
to
approval
by
the
shareholders
of
Franklin
Florida
Tax-Free
Income
Fund,
Franklin
Kentucky
Tax-Free
Income
Fund
and
Franklin
Tennessee
Municipal
Bond
Fund.
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.
Equity
securities,
exchange
traded
funds,
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
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.
Franklin
Federal
Tax
Free
Income
Fund
Notes
to
Statement
of
Investments
(unaudited)
33
Quarterly
Statement
of
Investments
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.
Novel
Coronavirus
Pandemic
The
global
outbreak
of
the
novel
coronavirus
disease,
known
as
COVID-19, has
caused
adverse
effects
on
many
companies,
sectors,
nations,
regions
and
the
markets
in
general, and
may
continue for
an unpredictable duration.
The
effects
of
this
pandemic
may
materially
impact
the
value
and
performance
of
the Fund, its ability
to
buy
and
sell
fund
investments
at
appropriate
valuations
and its ability
to
achieve its investment
objectives.
5.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
July
31,
2021,
investments
in
affiliated
management
investment
companies
were
as
follows:
6. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
At July
31,
2021,
all
of
the
Fund's investments
in
financial
instruments
carried
at
fair
value
were
valued
using
Level
2
inputs.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Federal
Tax-Free
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
................
$2,251,375
$—
$—
$—
$30,710
$2,282,085
83,000
$10,044
Total
Affiliated
Securities
....
$2,251,375
$—
$—
$—
$30,710
$2,282,085
$10,044
Franklin
Federal
Tax
Free
Income
Fund
Notes
to
Statement
of
Investments
(unaudited)
34
Quarterly
Statement
of
Investments
7.
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.
Franklin
Federal
Tax
Free
Income
Fund
Notes
to
Statement
of
Investments
(unaudited)
35
Quarterly
Statement
of
Investments
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.
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co..
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
SPA
Standby
Purchase
Agreement
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.