Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1116-Q3PH
1
Statement
of
Investments
(unaudited)
Franklin
Federal
Tax
Free
Income
Fund
2
Notes
to
Statement
of
Investments
39
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited),
January
31,2022
Quarterly
Statement
of
Investments
See
Notes
to
Statement
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
$
2,181,240
Total
Management
Investment
Companies
(Cost
$2,255,733)
.....................
2,181,240
Principal
Amount
a
a
a
a
Municipal
Bonds
97.0%
Alabama
1.0%
Alabama
Incentives
Financing
Authority
,
Reve
nue
,
2012
A
,
Pre-Refunded
,
5
%
,
9/01/42
$
14,300,000
14,662,173
Alabama
Public
Health
Care
Authority
(The)
,
State
of
Alabama
Department
of
Public
Health
,
Revenue
,
2015
,
Refunding
,
5
%
,
9/01/44
...........................
17,085,000
18,926,363
Board
of
Water
&
Sewer
Commissioners
of
the
City
of
Mobile
,
Revenue
,
2014
,
Refunding
,
5
%
,
1/01/36
.............................................
11,300,000
11,718,177
Chilton
County
Health
Care
Authority
,
Revenue
,
2015
A
,
5
%
,
11/01/40
............
8,425,000
9,403,737
b
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
10,000,000
10,495,637
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
the
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/45
..............
3,500,000
3,941,077
Limestone
County
Water
&
Sewer
Authority
,
Revenue
,
2017
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
12/01/45
..............................................
10,500,000
12,334,206
c
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
10/01/28
.....................................................
26,000,000
29,016,694
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
5,000,000
5,917,151
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue
,
2013
B
,
Pre-Refunded
,
5
%
,
1/01/43
......................................................
8,000,000
8,316,287
124,731,502
Alaska
0.3%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2015,
Refunding,
5.25%,
10/01/36
.............................
16,045,000
17,718,442
Revenue,
2015,
Refunding,
5%,
10/01/39
................................
12,950,000
14,168,127
Northern
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/50
...................
3,250,000
3,585,045
Revenue,
Senior
Lien,
2021
B-1,
2,
Refunding,
0.5%,
6/01/31
................
1,000,000
961,654
Revenue,
Senior
Lien,
2021
B-1,
2,
Refunding,
4%,
6/01/50
..................
2,000,000
2,185,498
38,618,766
Arizona
2.3%
Arizona
Industrial
Development
Authority
,
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
.......................................................
2,200,000
2,431,035
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/50
.......................................................
2,500,000
2,750,549
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/32
............
205,000
225,858
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/33
............
220,000
242,226
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/34
............
230,000
243,466
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/35
............
235,000
248,568
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/36
............
220,000
232,474
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/41
............
720,000
757,202
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/51
............
550,000
574,347
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/61
............
6,050,000
6,290,342
Arizona
State
University
,
Revenue
,
2016
C
,
5
%
,
7/01/42
......................
9,000,000
10,299,522
c
Chandler
Industrial
Development
Authority
,
Intel
Corp.
,
Revenue
,
2019
,
Mandatory
Put
,
5
%
,
6/03/24
......................................................
15,000,000
16,266,332
City
of
Lake
Havasu
City
,
Wastewater
System
,
Revenue
,
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...............................................
15,000,000
16,705,425
City
of
Mesa
,
Utility
System
,
Revenue
,
2012
,
4
%
,
7/01/36
.....................
19,000,000
19,231,519
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
4%,
7/01/40
...............
25,000,000
27,703,552
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
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)
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/49
........................
$
16,000,000
$
18,802,189
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
4%,
7/01/45
..................................................
14,985,000
16,394,492
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/32
........................................................
6,000,000
7,841,759
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/34
........................................................
5,000,000
6,714,488
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/35
........................................................
9,860,000
13,379,737
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
........................................
10,000,000
11,036,681
Glendale
Municipal
Property
Corp.
,
Revenue
,
2012
C
,
Refunding
,
5
%
,
7/01/38
.....
15,500,000
16,047,556
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group,
Revenue,
2019
A,
4%,
1/01/44
...............
25,000,000
28,208,495
Banner
Health
Obligated
Group,
Revenue,
A,
4%,
1/01/41
...................
10,000,000
11,122,862
Christian
Care
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
5%,
1/01/36
...
5,000,000
5,626,033
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.,
Revenue,
2009
A,
Refunding,
3.6%,
2/01/40
.............
19,500,000
20,835,093
Southern
California
Edison
Co.,
Revenue,
2000
A,
Refunding,
2.4%,
6/01/35
.....
5,000,000
4,765,095
University
of
Arizona
(The)
,
Revenue
,
2014
,
5
%
,
8/01/44
......................
10,000,000
10,909,888
275,886,785
Arkansas
0.4%
Arkansas
Development
Finance
Authority
,
Baptist
Health
Obligated
Group,
Revenue,
2019,
5%,
12/01/47
................
3,025,000
3,586,806
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/40
........................................................
1,100,000
1,319,727
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/44
........................................................
5,000,000
5,955,618
Bentonville
School
District
No.
6
,
GO
,
B
,
Refunding
,
4
%
,
6/01/47
................
27,935,000
30,178,130
University
of
Arkansas
,
Fayetteville,
Revenue,
2017,
5%,
11/01/47
...............................
6,500,000
7,757,847
Fayetteville,
Revenue,
2019
A,
Refunding,
5%,
11/01/49
.....................
3,000,000
3,641,207
52,439,335
California
6.4%
b
Align
Affordable
Housing
Bond
Fund
LP
,
Coronado
Springs
Tower
LLC
,
Revenue
,
144A,
2020-2
,
A
,
4
%
,
9/01/27
.........................................
17,835,000
18,376,471
c
ARC70
II
TRUST
,
Revenue
,
2021-1
,
A
,
Mandatory
Put
,
4
%
,
12/01/37
............
11,260,000
11,765,272
b
California
Community
Housing
Agency
,
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
25,000,000
24,953,795
K
Street
Flats,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
......................
10,000,000
8,157,634
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
3,736,751
State
of
California
Department
of
Transportation
Seismic
Surcharge,
Revenue,
First
Lien,
2003
A,
Pre-Refunded,
AMBAC
Insured,
5%,
7/01/33
.................
24,500,000
29,577,926
California
State
Public
Works
Board
,
Revenue,
2012
A,
AGMC
Insured,
5%,
4/01/28
............................
13,030,000
13,129,017
Revenue,
2012
A,
AGMC
Insured,
5%,
4/01/29
............................
21,000,000
21,159,583
Revenue,
2012
A,
Refunding,
5%,
4/01/30
...............................
18,000,000
18,136,786
Revenue,
2012
A,
Refunding,
5%,
4/01/33
...............................
12,475,000
12,569,800
b
CMFA
Special
Finance
Agency
,
d
Revenue,
Senior
Lien,
144A,
2022
A-1,
4%,
8/01/58
........................
26,500,000
25,042,468
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
18,750,000
18,542,141
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
b
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
$
27,500,000
$
22,688,278
Corona-Norco
Unified
School
District
,
GO,
C,
AGMC
Insured,
6.2%,
8/01/29
..................................
3,250,000
4,064,410
GO,
C,
Pre-Refunded,
AGMC
Insured,
6.8%,
8/01/39
.......................
8,500,000
10,888,241
GO,
C,
AGMC
Insured,
Zero
Cpn
.,
8/01/39
...............................
7,500,000
4,385,371
b
CSCDA
Community
Improvement
Authority
,
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.6%,
5/01/47
.......
10,000,000
9,413,010
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
5/01/57
......
12,500,000
10,589,702
Acacia
on
Santa
Rosa
Creek,
Revenue,
Senior
Lien,
144A,
2021
A,
4%,
10/01/56
.
13,000,000
13,218,652
Crescent
(The),
Revenue,
144A,
2022
A-2,
4.3%,
7/01/59
...................
13,700,000
13,474,002
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
10,000,000
8,140,363
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
3,105,000
2,832,708
Monterey
Station
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
7/01/43
.
6,855,000
6,001,117
Park
Crossing
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
12/01/58
.
18,750,000
15,287,824
Vineyard
Garden
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
10/01/58
14,000,000
11,419,827
Westgate
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/47
......
10,000,000
8,646,855
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
12/01/49
...
25,000,000
20,280,075
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
4%,
12/01/58
...
25,000,000
23,840,708
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/49
............................
20,000,000
21,907,686
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
1/15/30
..............
15,475,000
17,436,529
Revenue,
2013
A,
Refunding,
Zero
Cpn
.,
1/15/42
..........................
20,000,000
24,845,812
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2013
B
,
5
%
,
7/01/31
.........................................................
20,000,000
21,160,866
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
12,500,000
18,874,504
New
Haven
Unified
School
District
,
GO,
2009,
AGMC
Insured,
Zero
Cpn
.,
8/01/31
............................
2,055,000
1,643,525
GO,
2009,
AGMC
Insured,
Zero
Cpn
.,
8/01/32
............................
7,830,000
6,083,866
GO,
2009,
AGMC
Insured,
Zero
Cpn
.,
8/01/33
............................
7,660,000
5,786,479
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/24
....................................
2,135,000
2,211,250
COP,
2020,
Refunding,
4%,
9/15/25
....................................
2,120,000
2,216,030
COP,
2020,
Refunding,
4%,
9/15/27
....................................
2,400,000
2,527,751
COP,
2020,
Refunding,
4%,
9/15/28
....................................
2,095,000
2,210,021
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn
.,
8/01/36
......
20,000,000
12,941,756
San
Francisco
City
&
County
Airport
Comm
-San
Francisco
International
Airport
,
Revenue,
2019
A,
Refunding,
5%,
5/01/49
...............................
38,000,000
44,766,485
Revenue,
Second
Series,
2019
E,
5%,
5/01/50
............................
1,500,000
1,766,118
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
Senior
Lien
,
1993
,
ETM,
Zero
Cpn
.,
1/01/23
.................................................
7,000,000
6,955,233
San
Jose
Unified
School
District
,
GO
,
2018
E
,
4
%
,
8/01/42
....................
10,600,000
11,743,839
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn
.,
8/01/42
...............
50,000,000
55,262,595
San
Mateo
Union
High
School
District
,
GO,
2011
A,
Zero
Cpn
.,
9/01/33
.......................................
6,065,000
5,980,853
GO,
2011
A,
Zero
Cpn
.,
9/01/41
.......................................
20,000,000
22,536,966
Santa
Ana
Unified
School
District
,
GO,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
8/01/35
...........................
10,000,000
7,182,115
GO,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
8/01/36
...........................
18,865,000
13,117,985
GO,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
8/01/37
...........................
10,000,000
6,752,470
Santa
Monica-Malibu
Unified
School
District
,
GO
,
A
,
4
%
,
8/01/44
...............
9,360,000
10,484,185
State
of
California
,
GO,
5.9%,
4/01/23
.................................................
605,000
610,096
GO,
2002,
NATL
Insured,
5%,
10/01/32
.................................
20,000
20,076
West
Contra
Costa
Unified
School
District
,
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/29
....................
10,000,000
8,579,296
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
West
Contra
Costa
Unified
School
District,
(continued)
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/30
....................
$
20,845,000
$
17,383,721
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/31
....................
20,000,000
16,176,618
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/32
....................
10,730,000
8,441,595
767,925,108
Colorado
2.8%
City
&
County
of
Denver
,
Revenue,
2018
A-1,
5%,
8/01/48
......................................
39,690,000
44,613,933
Revenue,
2018
A-2,
Zero
Cpn
.,
8/01/35
.................................
2,000,000
1,270,641
Revenue,
2018
A-2,
Zero
Cpn
.,
8/01/36
.................................
2,500,000
1,515,205
Revenue,
2018
A-2,
Zero
Cpn
.,
8/01/37
.................................
2,455,000
1,418,964
Revenue,
2018
A-2,
Zero
Cpn
.,
8/01/38
.................................
2,000,000
1,104,127
Airport
System,
Revenue,
1992
C,
NATL
Insured,
ETM,
6.125%,
11/15/25
.......
3,590,000
4,120,085
Airport
System,
Revenue,
2013
B,
5.25%,
11/15/33
........................
16,405,000
17,481,350
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/38
..................
12,000,000
14,181,780
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/43
..................
11,000,000
12,991,285
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/48
..................
10,000,000
11,794,610
Airport
System,
Revenue,
2018
A,
Refunding,
5.25%,
12/01/48
...............
26,000,000
31,076,687
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
11/15/41
......
30,505,000
34,677,202
AdventHealth
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/48
...............
12,000,000
14,257,009
AdventHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
11/15/43
......
30,000,000
33,965,445
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016
A,
5%,
12/01/41
...
5,000,000
5,634,183
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016
A,
5%,
12/01/44
...
10,200,000
11,471,133
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
17,700,000
20,827,211
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/50
...........................................
4,930,000
5,475,254
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/45
...
1,000,000
1,126,137
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
...
3,000,000
3,363,941
Sisters
of
Charity
of
Leavenworth
Health
System,
Inc.
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
1/01/40
.....................................
10,000,000
11,216,569
Eagle
River
Water
and
Sanitation
District
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
12/01/45
........................................................
1,250,000
1,425,793
Park
Creek
Metropolitan
District
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
......
2,875,000
3,367,191
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
20,000,000
29,345,250
Regional
Transportation
District
,
Denver
Transit
Partners
LLC,
Revenue,
2020
A,
Refunding,
4%,
7/15/39
........
1,000,000
1,234,163
Sales
Tax,
Revenue,
2012
A,
Pre-Refunded,
5%,
11/01/32
...................
10,000,000
10,332,640
329,287,788
Connecticut
0.2%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/37
..........
3,000,000
3,401,869
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/39
..........
5,750,000
6,499,775
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/40
..........
2,250,000
2,535,870
e
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
4%,
7/01/37
...
5,000,000
5,568,452
State
of
Connecticut
,
Special
Tax,
2020
A,
4%,
5/01/39
......................................
1,650,000
1,878,745
Special
Tax,
2020
A,
5%,
5/01/40
......................................
2,000,000
2,454,209
22,338,920
Delaware
0.1%
County
of
Kent
,
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/40
...........................
1,100,000
1,212,112
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/48
...........................
1,485,000
1,619,585
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/53
...........................
1,100,000
1,196,611
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Delaware
(continued)
Delaware
State
Economic
Development
Authority
,
Newark
Charter
School,
Inc.,
Revenue,
2021,
Refunding,
4%,
9/01/41
..........
$
1,600,000
$
1,780,465
Newark
Charter
School,
Inc.,
Revenue,
2021,
Refunding,
4%,
9/01/51
..........
3,300,000
3,623,932
9,432,705
Florida
9.4%
e
Alachua
County
Health
Facilities
Authority
,
Oak
Hammock
at
the
University
of
Florida
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
10/01/40
...........................................
2,500,000
2,646,421
Oak
Hammock
at
the
University
of
Florida
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
10/01/46
...........................................
1,750,000
1,822,685
Brevard
County
Health
Facilities
Authority
,
Health
First,
Inc.
Obligated
Group
,
Revenue
,
2014
,
Refunding
,
5
%
,
4/01/39
........................................
5,000,000
5,383,641
Broward
County
Housing
Finance
Authority
,
Heron
Pointe
Ltd.,
Revenue,
1997
A,
5.65%,
11/01/22
......................
80,000
80,315
Heron
Pointe
Ltd.,
Revenue,
1997
A,
5.7%,
11/01/29
.......................
225,000
226,096
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/31
......
1,500,000
1,791,734
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/32
......
1,100,000
1,308,276
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/35
......
1,000,000
1,183,368
Capital
Trust
Agency,
Inc.
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
22,800,000
22,516,140
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/31
.................
500,000
547,923
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/41
.................
325,000
355,740
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/51
.................
385,000
417,064
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/56
.................
485,000
523,688
b
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
2,000,000
1,858,764
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien,
2016
B,
Refunding,
4%,
7/01/39
.....................
5,000,000
5,427,323
Revenue,
Senior
Lien,
2016
B,
Refunding,
4%,
7/01/40
.....................
5,825,000
6,327,976
Revenue,
Senior
Lien,
2018,
5%,
7/01/48
................................
16,000,000
18,833,989
Revenue,
Senior
Lien,
2019
B,
5%,
7/01/49
..............................
22,000,000
26,415,088
Revenue,
Senior
Lien,
2021
D,
5%,
7/01/32
..............................
1,100,000
1,410,385
Centre
Lake
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/42
.................................
1,000,000
957,349
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,275,000
1,325,961
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/38
...................................................
1,105,000
1,239,065
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/53
...................................................
9,235,000
10,233,851
City
of
Cape
Coral
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/39
......
10,000,000
11,781,486
City
of
Cocoa
,
Water
&
Sewer
,
Revenue
,
2018
B
,
5
%
,
10/01/48
.................
10,325,000
12,178,000
City
of
Deltona
,
Utility
System
,
Revenue
,
2013
,
Pre-Refunded
,
AGMC
Insured
,
5.125
%
,
10/01/39
........................................................
5,000,000
5,342,769
City
of
Fort
Myers
,
Utility
System
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
10/01/44
......
7,000,000
7,864,603
City
of
Gainesville
,
Utilities
System,
Revenue,
2017
A,
5%,
10/01/36
..........................
7,150,000
8,449,195
Utilities
System,
Revenue,
2019
A,
5%,
10/01/47
..........................
36,640,000
44,455,957
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/45
..
5,000,000
5,526,305
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
11/01/50
..
15,000,000
17,793,822
City
of
Lakeland
,
Lakeland
Regional
Health
Systems
Obligated
Group
,
Revenue
,
2015
,
5
%
,
11/15/45
.....................................................
12,300,000
13,445,595
City
of
Melbourne
,
Water
&
Sewer,
Revenue,
2000
A,
FGIC
Insured,
ETM,
Zero
Cpn
.,
10/01/26
......
1,500,000
1,397,211
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
City
of
Melbourne,
(continued)
Water
&
Sewer,
Revenue,
2002
B,
Refunding,
NATL
Insured,
Zero
Cpn
.,
10/01/22
.
$
1,785,000
$
1,776,845
Water
&
Sewer,
Revenue,
2002
B,
Refunding,
NATL
Insured,
Zero
Cpn
.,
10/01/26
.
4,500,000
4,172,282
City
of
Miami
Beach
,
GO,
2019,
Refunding,
4%,
5/01/44
.....................................
15,000,000
16,895,610
Revenue,
2015
A,
5%,
9/01/40
........................................
11,000,000
12,356,162
Stormwater
,
Revenue,
2015,
5%,
9/01/41
................................
10,000,000
11,151,271
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/50
........................................................
6,000,000
6,376,675
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
9/01/56
.
5,835,000
6,250,609
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/15/42
........................................................
5,000,000
5,462,298
Baptist
Health
South
Florida
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/42
........................................................
21,500,000
25,226,019
City
of
St.
Petersburg
,
Public
Utility
,
Revenue
,
2018
,
Refunding
,
4
%
,
10/01/43
......
15,000,000
16,865,589
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
7/01/37
.........................................
5,000,000
5,628,673
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/45
..................................................
6,150,000
6,852,500
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/35
............
755,000
499,361
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/36
............
800,000
505,744
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/37
............
800,000
482,830
Water
&
Wastewater
System,
Revenue,
2020
A,
5%,
10/01/54
................
5,000,000
6,182,671
Collier
County
Educational
Facilities
Authority
,
Hodges
University,
Inc.
,
Revenue
,
2013
,
Pre-Refunded
,
5.625
%
,
11/01/28
......................................
2,860,000
3,083,913
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
15,000,000
16,364,649
County
of
Hillsborough
,
Wastewater
Impact
Fee,
Revenue,
2021,
5%,
5/01/31
......................
1,640,000
2,076,026
Wastewater
Impact
Fee,
Revenue,
2021,
4%,
5/01/37
......................
650,000
755,666
County
of
Lee
,
Airport
,
Revenue
,
2021
B
,
4
%
,
10/01/38
.......................
7,435,000
8,403,544
County
of
Miami-Dade
,
GO,
2016
A,
4%,
7/01/39
............................................
1,000,000
1,152,003
Aviation,
Revenue,
2014
B,
Refunding,
5%,
10/01/37
.......................
10,000,000
10,854,308
Aviation,
Revenue,
2017
B,
Refunding,
5%,
10/01/40
.......................
5,000,000
5,788,019
Aviation,
Revenue,
2019
A,
5%,
10/01/49
................................
22,500,000
26,286,991
Aviation,
Revenue,
2020
A,
Refunding,
4%,
10/01/41
.......................
4,950,000
5,612,287
Seaport
Department,
Revenue,
2013
A,
Pre-Refunded,
6%,
10/01/38
...........
10,000,000
10,841,776
Transit
System,
Revenue,
2015,
Refunding,
5%,
7/01/35
....................
7,000,000
7,820,633
Transit
System,
Revenue,
2018,
5%,
7/01/43
.............................
10,000,000
11,819,035
Transit
System,
Revenue,
2018,
4%,
7/01/47
.............................
5,000,000
5,559,180
Transit
System,
Revenue,
2020
A,
4%,
7/01/45
...........................
4,000,000
4,518,482
Transit
System,
Revenue,
2020
A,
4%,
7/01/50
...........................
5,000,000
5,575,782
Water
&
Sewer
System,
Revenue,
2013
A,
Pre-Refunded,
5%,
10/01/42
.........
20,000,000
20,595,500
Water
&
Sewer
System,
Revenue,
2019,
5%,
10/01/43
......................
5,000,000
6,001,428
Water
&
Sewer
System,
Revenue,
2019
B,
4%,
10/01/44
....................
27,500,000
31,159,595
Water
&
Sewer
System,
Revenue,
2021,
4%,
10/01/38
......................
3,000,000
3,487,576
County
of
Osceola
,
Transportation,
Revenue,
2019
A-1,
Refunding,
5%,
10/01/44
.................
2,000,000
2,360,262
Transportation,
Revenue,
2019
A-1,
Refunding,
5%,
10/01/49
.................
2,500,000
2,931,346
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
County
of
Polk
,
Utility
System
,
Revenue
,
2020
,
Refunding
,
4
%
,
10/01/43
..........
$
4,600,000
$
5,239,269
County
of
Seminole
,
Water
&
Sewer
,
Revenue
,
2019
,
Refunding
,
4
%
,
10/01/40
.....
8,500,000
9,612,522
Escambia
County
Health
Facilities
Authority
,
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/34
........................................................
2,650,000
3,202,416
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/36
........................................................
3,900,000
4,702,659
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/37
........................................................
6,015,000
7,249,315
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/45
........................................................
18,985,000
20,604,447
Florida
Development
Finance
Corp.
,
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/35
..........
325,000
348,015
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/45
..........
600,000
633,439
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/38
....................................................
1,400,000
1,696,087
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/39
....................................................
2,600,000
3,142,218
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/40
....................................................
2,600,000
3,136,332
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/52
....................................................
7,000,000
8,273,750
Florida
Housing
Finance
Corp.
,
Revenue
,
2020-1
,
GNMA
Insured
,
2.75
%
,
7/01/50
...
1,640,000
1,597,168
Florida
Municipal
Loan
Council
,
Revenue
,
2011
D
,
AGMC
Insured
,
5.5
%
,
10/01/41
..
4,750,000
4,771,949
Fort
Pierce
Utilities
Authority
,
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/22
....................
3,090,000
3,074,052
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/23
....................
3,060,000
2,998,638
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/24
....................
2,560,000
2,463,015
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
4
%
,
10/01/49
..............
15,000,000
16,531,084
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
6/01/46
........................................................
4,250,000
4,682,154
Halifax
Hospital
Medical
Center
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
6/01/36
........................................................
2,500,000
2,828,208
Herons
Glen
Recreation
District
,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
4%,
5/01/45
.............
1,515,000
1,695,736
Special
Assessment,
2020,
Refunding,
BAM
Insured,
4%,
5/01/50
.............
1,800,000
1,996,465
Hillsborough
County
Aviation
Authority
,
Revenue,
2015
A,
5%,
10/01/44
.......................................
5,000,000
5,420,339
Revenue,
2015
B,
5%,
10/01/44
.......................................
10,000,000
10,925,524
Revenue,
2018
A,
5%,
10/01/48
.......................................
20,000,000
23,534,918
Revenue,
2018
E,
5%,
10/01/43
.......................................
5,000,000
5,904,998
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
8/01/55
.......................
6,500,000
7,186,772
Hollywood
Beach
Community
Development
District
I
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
10/01/45
............................................
4,000,000
4,445,977
JEA
Electric
System
,
Revenue,
2020
A,
Refunding,
4%,
10/01/35
..............................
5,000,000
5,737,683
Revenue,
2020
A-3,
Refunding,
4%,
10/01/38
.............................
9,080,000
10,422,436
Revenue,
2020
A-3,
Refunding,
4%,
10/01/39
.............................
9,300,000
10,659,842
JEA
Water
&
Sewer
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/40
.........
1,000,000
1,151,645
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group,
Revenue,
2019,
5%,
11/15/44
..................
5,000,000
5,713,197
Shell
Point
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/15/30
.........
460,000
519,345
Shell
Point
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/15/31
.........
560,000
628,839
Shell
Point
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/15/32
.........
375,000
419,332
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Lee
Memorial
Health
System
,
Lee
Memorial
Health
System
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
4/01/44
.....................................
$
4,220,000
$
5,029,910
Miami
Beach
Redevelopment
Agency
,
Tax
Allocation,
2015
A,
Refunding,
AGMC
Insured,
5%,
2/01/40
...............
5,000,000
5,342,216
Tax
Allocation,
2015
A
2015
B,
Refunding,
AGMC
Insured,
5%,
2/01/44
.........
12,000,000
12,806,608
Miami-Dade
County
Expressway
Authority
,
Revenue,
2013
A,
Refunding,
5%,
7/01/29
...............................
10,000,000
10,189,594
Revenue,
2013
A,
Refunding,
5%,
7/01/32
...............................
6,375,000
6,492,095
Revenue,
A,
5%,
7/01/40
............................................
49,035,000
49,315,892
Miami-Dade
County
Health
Facilities
Authority
,
Variety
Children's
Hospital
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/01/42
3,000,000
3,471,043
Variety
Children's
Hospital
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/01/47
3,500,000
3,810,877
Mid-Bay
Bridge
Authority
,
Revenue,
2015
A,
Refunding,
5%,
10/01/40
..............................
5,000,000
5,518,128
Revenue,
A,
ETM,
6.875%,
10/01/22
...................................
1,415,000
1,472,910
Revenue,
D,
ETM,
6.1%,
10/01/22
.....................................
2,345,000
2,430,401
North
Sumter
County
Utility
Dependent
District
,
Revenue,
Senior
Lien,
2019,
BAM
Insured,
5%,
10/01/44
....................
4,000,000
4,823,393
Revenue,
Senior
Lien,
2019,
5%,
10/01/49
...............................
3,635,000
4,324,752
Revenue,
Senior
Lien,
2019,
5%,
10/01/54
...............................
7,000,000
8,298,625
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/39
.....
6,000,000
6,841,265
Orlando
Health
Obligated
Group,
Revenue,
2019
A,
5%,
10/01/47
.............
10,000,000
11,915,297
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/41
............................................
5,000,000
5,451,607
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/47
............................................
14,000,000
15,264,501
Palm
Beach
County
Educational
Facilities
Authority
,
Palm
Beach
Atlantic
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
10/01/41
.......................................................
3,695,000
4,068,543
Palm
Beach
Atlantic
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
10/01/46
.......................................................
3,785,000
4,107,381
Palm
Beach
Atlantic
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
10/01/51
.......................................................
3,075,000
3,311,616
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
B,
4%,
11/15/41
.......................................................
500,000
563,022
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
B,
5%,
11/15/42
.......................................................
1,000,000
1,181,362
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
B,
5%,
5/15/41
....
5,000,000
5,363,776
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Senior
Lien,
2020
A-1,
Refunding,
AGMC
Insured,
2.625%,
5/01/34
........................................................
1,205,000
1,196,418
Special
Assessment,
Senior
Lien,
2020
A-1,
Refunding,
AGMC
Insured,
2.8%,
5/01/37
........................................................
995,000
996,436
e
Reunion
West
Community
Development
District
,
Special
Assessment
,
2022
,
Refunding
,
3
%
,
5/01/36
.............................................
1,250,000
1,227,209
River
Hall
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/36
......................................................
750,000
729,818
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/37
........................................................
2,350,000
2,505,607
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/42
........................................................
1,600,000
1,701,281
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/47
........................................................
2,450,000
2,599,865
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/33
..............
600,000
668,891
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Sarasota
County
Health
Facilities
Authority,
(continued)
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/38
..............
$
1,025,000
$
1,137,470
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/48
..............
1,850,000
2,038,027
Sarasota
County
Public
Hospital
District
,
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
............................
10,000,000
11,090,365
School
Board
of
Miami-Dade
County
(The)
,
COP
,
2013
A
,
Pre-Refunded
,
5
%
,
5/01/31
10,000,000
10,510,238
South
Broward
Hospital
District
,
South
Broward
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/01/45
.........................................
20,715,000
24,471,286
South
Fork
East
Community
Development
District
,
Special
Assessment,
2021,
Refunding,
3%,
5/01/26
........................
100,000
102,815
Special
Assessment,
2021,
Refunding,
3%,
5/01/31
........................
250,000
248,833
Special
Assessment,
2021,
Refunding,
3%,
5/01/38
........................
600,000
581,385
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
7,250,000
7,890,734
State
of
Florida
,
GO,
1999
D,
Refunding,
6%,
6/01/23
...................................
32,500,000
34,752,796
GO,
2016
C,
Refunding,
4%,
6/01/35
...................................
5,340,000
5,866,505
GO,
2016
F,
Refunding,
4%,
6/01/37
...................................
8,000,000
8,799,337
Tampa
Bay
Water
,
Revenue
,
2013
,
5
%
,
10/01/38
...........................
10,000,000
10,659,800
Tampa
Sports
Authority
,
Revenue
,
1995
,
NATL
Insured
,
6.1
%
,
10/01/26
...........
2,305,000
2,560,681
Tampa-Hillsborough
County
Expressway
Authority
,
Revenue
,
2017
,
5
%
,
7/01/47
....
15,000,000
17,403,110
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/46
..........
5,000,000
5,722,722
Town
of
Palm
Beach
,
GO
,
2018
,
4
%
,
7/01/43
..............................
5,000,000
5,600,025
University
of
North
Florida
Financing
Corp.
(The)
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/35
..............................................
5,000,000
5,768,024
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/15/42
1,500,000
1,743,441
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/15/47
3,500,000
4,041,644
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2020
A,
Refunding,
5%,
10/15/49
.......................................................
3,000,000
3,537,086
1,121,497,373
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
3,372,995
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/24
..
6,385,000
6,722,832
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/25
..
6,955,000
7,482,439
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/26
..
5,000,000
5,483,194
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/27
..
5,000,000
5,580,124
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
15,040,000
16,712,412
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
15,800,000
17,734,833
Water
&
Wastewater,
Revenue,
2015,
Refunding,
5%,
11/01/40
...............
29,500,000
32,990,027
Water
&
Wastewater,
Revenue,
2018
A,
Refunding,
5%,
11/01/40
..............
4,655,000
5,540,643
Water
&
Wastewater,
Revenue,
2018
A,
Refunding,
5%,
11/01/41
..............
4,845,000
5,764,001
Water
&
Wastewater,
Revenue,
2018
C,
Refunding,
4%,
11/01/38
..............
13,550,000
15,268,464
Clarke
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...............................
10,835,000
12,354,770
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/41
...............................
50,000
56,140
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
10,000,000
12,065,096
Development
Authority
for
Fulton
County
,
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
........................................................
11,005,000
12,548,615
WellStar
Health
System
Obligated
Group,
Revenue,
2017,
5%,
4/01/47
.........
5,000,000
5,777,536
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.,
Revenue,
2017,
Refunding,
4.125%,
11/01/45
.........
$
21,000,000
$
23,201,468
b
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
39,080,000
37,330,666
Fayette
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/39
...............................
11,420,000
12,387,708
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
5,000,000
5,294,823
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/45
.................
13,040,000
14,967,204
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
2,250,000
2,588,947
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/28
......................................
5,000,000
6,084,517
Revenue,
2019
A,
5%,
5/15/49
........................................
11,500,000
16,027,070
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
Refunding,
5%,
1/01/44
...............................
4,580,000
5,446,755
Revenue,
2019
B,
5%,
1/01/59
........................................
4,000,000
4,708,080
Revenue,
2021
A,
Refunding,
5%,
1/01/63
...............................
2,000,000
2,341,120
Private
Colleges
&
Universities
Authority
,
Emory
University,
Revenue,
2013
A,
5%,
10/01/43
.........................
10,000,000
10,640,919
Emory
University,
Revenue,
2019
B,
Refunding,
5%,
9/01/48
.................
6,005,000
7,224,308
Emory
University,
Revenue,
2020
B,
Refunding,
4%,
9/01/39
.................
2,100,000
2,408,965
Emory
University,
Revenue,
2020
B,
Refunding,
4%,
9/01/40
.................
2,000,000
2,290,340
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
15,000,000
16,677,927
State
of
Georgia
,
GO
,
2017
A
,
4
%
,
2/01/36
................................
10,000,000
11,161,559
346,236,497
Hawaii
1.0%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
7/01/47
.........................................................
25,000,000
29,399,035
State
of
Hawaii
,
Airports
System,
Revenue,
2018
A,
5%,
7/01/43
...........................
15,000,000
17,639,583
Airports
System,
Revenue,
2018
A,
5%,
7/01/48
...........................
15,450,000
18,105,472
Airports
System,
Revenue,
2020
A,
4%,
7/01/45
...........................
8,125,000
8,917,165
Airports
System,
Revenue,
2020
D,
Refunding,
4%,
7/01/39
..................
10,000,000
11,420,288
State
of
Hawaii
Department
of
Budget
&
Finance
,
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
Refunding,
3.2%,
7/01/39
..........
10,000,000
10,578,056
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
3.5%,
10/01/49
..................
17,035,000
17,499,246
113,558,845
Idaho
0.1%
Idaho
Health
Facilities
Authority
,
St.
Luke's
Health
System
Ltd.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/36
........................................................
4,200,000
4,988,835
St.
Luke's
Health
System
Ltd.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/37
........................................................
3,500,000
4,146,729
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
ID,
4%,
12/01/43
.........
6,000,000
6,718,895
15,854,459
Illinois
5.2%
Chicago
Midway
International
Airport
,
Revenue,
1998
C,
Refunding,
AGMC,
NATL
RE
Insured,
5.5%,
1/01/24
.........
6,825,000
7,253,022
Revenue,
Second
Lien,
2016
B,
Refunding,
5%,
1/01/46
....................
18,420,000
20,869,919
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2016
D,
5.25%,
1/01/42
............................
10,000,000
11,714,938
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Chicago
O’Hare
International
Airport,
(continued)
Revenue,
Senior
Lien,
2016
D,
5%,
1/01/47
..............................
$
18,000,000
$
20,811,343
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/37
.....................
10,015,000
11,395,636
Revenue,
Senior
Lien,
2020
C,
Refunding,
4%,
1/01/38
.....................
3,000,000
3,407,537
Chicago
Park
District
,
GO,
2020
C,
BAM
Insured,
4%,
1/01/41
.................................
1,400,000
1,566,075
GO,
2020
C,
BAM
Insured,
4%,
1/01/42
.................................
4,300,000
4,800,963
GO,
2020
D,
BAM
Insured,
4%,
1/01/37
.................................
1,000,000
1,125,430
GO,
2020
D,
BAM
Insured,
4%,
1/01/38
.................................
1,000,000
1,123,444
GO,
2020
D,
BAM
Insured,
4%,
1/01/39
.................................
1,000,000
1,121,900
GO,
2020
F-2,
Refunding,
4%,
1/01/36
..................................
1,250,000
1,404,591
GO,
2020
F-2,
Refunding,
5%,
1/01/37
..................................
2,000,000
2,407,896
GO,
2020
F-2,
Refunding,
5%,
1/01/39
..................................
1,625,000
1,950,425
GO,
2020
F-2,
Refunding,
5%,
1/01/40
..................................
1,625,000
1,947,405
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
,
Revenue,
Second
Lien
,
2020
A
,
Refunding
,
4
%
,
12/01/50
............................................
9,000,000
10,039,028
City
of
Chicago
,
GO
,
1998
,
NATL
Insured
,
ETM,
5.75
%
,
1/01/23
................
4,755,000
4,973,188
City
of
Galesburg
,
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/46
......
7,000,000
7,565,652
City
of
Granite
City
,
Waste
Management
of
Illinois,
Inc.
,
Revenue
,
2002
,
1.25
%
,
5/01/27
.........................................................
5,750,000
5,654,774
County
of
Cook
,
Sales
Tax,
Revenue,
2021
A,
Refunding,
5%,
11/15/37
......................
1,625,000
2,004,184
Sales
Tax,
Revenue,
2021
A,
Refunding,
5%,
11/15/38
......................
2,315,000
2,845,638
Illinois
Finance
Authority
,
Bradley
University,
Revenue,
2021
A,
Refunding,
4%,
8/01/46
................
2,250,000
2,440,787
Bradley
University,
Revenue,
2021
A,
Refunding,
4%,
8/01/51
................
4,650,000
5,030,525
Carle
Foundation
Obligated
Group
(The),
Revenue,
2016
A,
Refunding,
5%,
2/15/45
20,000,000
22,505,690
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/41
.........
3,480,000
3,849,506
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
3.25%,
5/15/27
........................................................
2,500,000
2,481,119
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/41
..............................
750,000
829,760
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/51
..............................
1,000,000
1,088,949
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/56
..............................
750,000
813,539
Mercy
Health
Corp.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
12/01/46
...
30,000,000
33,911,763
Macon
County
School
District
No.
61
Decatur
,
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/40
.......................
3,700,000
4,005,452
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/45
.......................
3,125,000
3,363,349
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
1996,
ETM,
7%,
7/01/26
.....................................
7,555,000
8,629,128
Revenue,
2002
A,
AGMC,
NATL
Insured,
Zero
Cpn
.,
12/15/40
................
6,000,000
3,472,758
Revenue,
2002
B,
NATL
RE
Insured,
ETM,
5.65%,
6/15/22
...................
30,000,000
30,561,090
e
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
500,000
541,246
e
Revenue,
2022
A,
Refunding,
4%,
12/15/47
..............................
35,365,000
37,883,494
e
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
1,000,000
1,067,248
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
3,660,178
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
Revenue,
2007,
AGMC
Insured,
Zero
Cpn
.,
12/01/26
..................................
7,700,000
6,950,674
St.
Clair
County
School
District
No.
189
East
St.
Louis
,
GO
,
2008
,
Refunding
,
AMBAC
Insured
,
5.125
%
,
1/01/28
............................................
7,135,000
7,142,042
State
of
Illinois
,
GO,
2012,
AGMC
Insured,
5%,
3/01/27
.................................
11,500,000
11,541,805
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
4,215,000
4,749,717
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
State
of
Illinois,
(continued)
GO,
2016,
Refunding,
5%,
2/01/29
.....................................
$
3,675,000
$
4,184,664
GO,
2016,
5%,
11/01/35
.............................................
1,000,000
1,134,220
GO,
2017
A,
5%,
12/01/35
...........................................
2,000,000
2,286,134
GO,
2017
A,
4.25%,
12/01/40
.........................................
3,150,000
3,406,255
GO,
2017
C,
5%,
11/01/29
...........................................
17,470,000
20,077,429
GO,
2017
D,
3.25%,
11/01/26
.........................................
1,750,000
1,859,724
GO,
2017
D,
5%,
11/01/26
...........................................
8,800,000
10,048,239
GO,
2017
D,
5%,
11/01/27
...........................................
11,970,000
13,855,117
GO,
2017
D,
5%,
11/01/28
...........................................
5,155,000
5,947,600
GO,
2018
A,
Refunding,
5%,
10/01/28
..................................
3,000,000
3,519,976
GO,
2018
A,
Refunding,
5%,
10/01/33
..................................
14,460,000
16,811,374
GO,
2018
A,
5%,
5/01/34
............................................
3,010,000
3,478,778
GO,
2018
A,
5%,
5/01/35
............................................
6,455,000
7,451,287
GO,
2018
B,
Refunding,
5%,
10/01/32
..................................
2,010,000
2,336,849
GO,
2019
B,
4%,
11/01/33
...........................................
2,000,000
2,180,642
GO,
2019
B,
4%,
11/01/34
...........................................
2,600,000
2,830,877
GO,
2019
B,
4%,
11/01/38
...........................................
1,810,000
1,962,188
GO,
2019
C,
4%,
11/01/40
...........................................
2,500,000
2,702,003
GO,
2019
C,
4%,
11/01/43
...........................................
4,190,000
4,504,332
GO,
2020,
5.5%,
5/01/30
............................................
14,215,000
17,599,262
GO,
2020,
5.5%,
5/01/39
............................................
20,030,000
24,404,770
GO,
2020,
5.75%,
5/01/45
...........................................
7,965,000
9,749,123
GO,
2020
B,
5%,
10/01/28
...........................................
10,000,000
11,733,252
GO,
2020
C,
4%,
10/01/37
...........................................
3,685,000
4,035,344
GO,
2020
C,
4%,
10/01/38
...........................................
9,750,000
10,655,753
GO,
2020
C,
4%,
10/01/39
...........................................
4,585,000
4,999,442
GO,
2020
C,
4%,
10/01/42
...........................................
3,010,000
3,254,910
GO,
2021
A,
5%,
3/01/32
............................................
3,925,000
4,747,772
GO,
2021
A,
5%,
3/01/34
............................................
5,730,000
6,923,648
GO,
2021
A,
5%,
3/01/36
............................................
1,000,000
1,204,423
GO,
2021
B,
4%,
12/01/39
...........................................
10,000,000
11,000,748
Sales
Tax,
Revenue,
2021
A,
4%,
6/15/25
...............................
5,000,000
5,404,580
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/29
.............
6,000,000
7,145,352
Tri-County
River
Valley
Development
Authority
,
Cedars
of
Lebanon
Affordable
LLC,
Revenue,
2021
A,
3.75%,
12/01/36
.........
10,205,000
9,428,200
Cedars
of
Lebanon
Affordable
LLC,
Revenue,
2021
B,
5.75%,
12/01/36
.........
790,000
775,589
b
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
7,690,778
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2020
A,
Refunding,
4.5%,
12/01/50
.........................................
34,795,000
35,472,653
Village
of
Bolingbrook
,
GO
,
2013
A
,
Pre-Refunded
,
Zero
Cpn
.,
1/01/36
...........
19,000,000
9,748,948
619,055,042
Indiana
3.0%
City
of
Indianapolis
,
Department
of
Public
Utilities
Water
System
,
Revenue,
First
Lien
,
2016
B
,
Refunding
,
5
%
,
10/01/37
......................................
15,000,000
17,394,306
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2021
,
3
%
,
11/01/51
.....
10,000,000
9,482,757
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
3,000,000
3,527,414
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group,
Revenue,
2016
A,
5.25%,
11/15/46
.........
11,955,000
13,490,408
BHI
Senior
Living
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/53
............
15,000,000
16,721,898
BHI
Senior
Living
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/41
...
7,250,000
8,182,388
Citizens
Wastewater
of
Westfield
LLC,
Revenue,
2019
A,
Refunding,
5%,
10/01/48
16,665,000
19,863,918
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2012
A,
5%,
10/01/37
...............
5,000,000
5,140,719
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
(continued)
Indiana
Finance
Authority,
(continued)
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2012
A,
4%,
10/01/42
...............
$
24,690,000
$
25,150,266
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2014
A,
5%,
10/01/39
...............
30,000,000
32,925,489
Deaconess
Health
System
Obligated
Group,
Revenue,
2015
A,
Pre-Refunded,
5%,
3/01/39
........................................................
5,000,000
5,572,558
East
End
Crossing
Partners
LLC,
Revenue,
2013
A,
Pre-Refunded,
5.25%,
1/01/51
20,000,000
21,195,930
Greencroft
Goshen
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/43
..
7,000,000
7,746,045
Greencroft
Goshen
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/51
..
3,000,000
3,263,298
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/37
..
5,000,000
5,113,842
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
A,
Refunding,
1.4%,
8/01/29
.....
5,000,000
4,686,300
Marion
County
Capital
Improvement
Board,
Revenue,
2015
A,
Refunding,
5.25%,
2/01/37
........................................................
10,000,000
11,322,367
Ohio
Valley
Electric
Corp.,
Revenue,
2010
B,
2.5%,
11/01/30
.................
3,925,000
3,788,651
Indiana
Municipal
Power
Agency
,
Revenue,
2016
A,
Refunding,
4%,
1/01/42
...............................
5,860,000
6,342,747
Revenue,
2016
A,
Refunding,
5%,
1/01/42
...............................
21,290,000
24,413,058
Indiana
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
..................
8,525,000
9,710,118
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue,
2017,
Refunding,
5%,
1/01/40
.................................
23,225,000
27,306,524
Revenue,
2019
A,
4%,
2/01/44
........................................
6,050,000
6,857,570
Revenue,
2019
A,
5%,
2/01/49
........................................
41,970,000
49,474,354
Revenue,
2021
A,
Refunding,
5%,
6/01/35
...............................
8,185,000
10,221,734
Northern
Indiana
Commuter
Transportation
District
,
Revenue
,
2016
,
5
%
,
7/01/41
...
6,000,000
6,860,837
355,755,496
Iowa
0.3%
Iowa
Finance
Authority
,
Iowa
Health
System
Obligated
Group,
Revenue,
2018
B,
Refunding,
5%,
2/15/48
..
7,500,000
8,883,645
State
Revolving
Fund,
Revenue,
2017,
Refunding,
5%,
8/01/42
...............
16,000,000
18,767,126
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
A-2
,
1
,
Refunding
,
4
%
,
6/01/49
..
7,500,000
8,221,378
35,872,149
Kansas
0.6%
Butler
County
Unified
School
District
No.
490
El
Dorado
,
GO
,
2016
B
,
BAM
Insured
,
4
%
,
9/01/43
......................................................
10,000,000
10,843,065
University
of
Kansas
Hospital
Authority
,
Revenue,
2017
A,
5%,
3/01/47
........................................
16,995,000
19,568,837
Revenue,
2017
A,
Pre-Refunded,
5%,
3/01/47
............................
6,120,000
7,186,342
Wyandotte
County-Kansas
City
Unified
Government
,
Utility
System,
Revenue,
2014
A,
Refunding,
5%,
9/01/44
....................
3,000,000
3,267,524
Utility
System,
Revenue,
2016
A,
5%,
9/01/45
............................
10,000,000
11,147,578
Utility
System,
Revenue,
2016
C,
Refunding,
5%,
9/01/41
...................
5,000,000
5,728,501
Utility
System,
Revenue,
2016
C,
Refunding,
5%,
9/01/46
...................
16,565,000
18,852,999
76,594,846
Kentucky
1.2%
Campbell
Kenton
&
Boone
Counties
Sanitation
District
No.
1
,
Revenue
,
2019
,
Refunding
,
4
%
,
8/01/34
.............................................
4,310,000
4,815,648
City
of
Hazard
,
Appalachian
Regional
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/46
.............................................
2,000,000
2,019,831
City
of
Owensboro
,
Electric
Light
&
Power
System,
Revenue,
2017,
Refunding,
4%,
1/01/27
.........
1,250,000
1,392,644
Water,
Revenue,
2018,
Refunding,
BAM
Insured,
4%,
9/15/45
................
5,000,000
5,430,676
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
City
of
Russell
,
Bon
Secours
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2013
,
Pre-Refunded
,
5
%
,
11/01/26
.........................................
$
4,000,000
$
4,128,458
County
of
Boyle
,
Centre
College
of
Kentucky
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/37
2,000,000
2,311,751
County
of
Carroll
,
Kentucky
Utilities
Co.,
Revenue,
2008
A,
Refunding,
2%,
2/01/32
..............
3,000,000
2,942,479
c
Kentucky
Utilities
Co.,
Revenue,
2016
A,
Refunding,
Mandatory
Put,
1.55%,
9/01/26
2,000,000
2,014,486
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2012
A
,
5
%
,
10/01/33
...............................................
1,000,000
1,022,874
Eastern
Kentucky
University
,
Revenue
,
2018
A
,
4
%
,
10/01/37
..................
1,540,000
1,698,046
Fayette
County
School
District
Finance
Corp.
,
Fayette
County
School
District,
Revenue,
2015
D,
5%,
8/01/34
................
1,985,000
2,226,259
Fayette
County
School
District,
Revenue,
2018
A,
4%,
5/01/38
................
1,000,000
1,089,304
Greater
Kentucky
Housing
Assistance
Corp.
,
Revenue
,
1997
A
,
Refunding
,
NATL,
FHA
Insured
,
6.1
%
,
1/01/24
..............................................
75,000
75,303
Hopkins
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.......
2,340,000
2,057,922
Kentucky
Bond
Development
Corp.
,
Revenue,
2018
A,
5%,
9/01/48
........................................
2,500,000
2,916,703
Centre
College
of
Kentucky,
Revenue,
2021,
4%,
6/01/51
....................
1,350,000
1,513,594
Transylvania
University,
Revenue,
2019
B,
4%,
3/01/49
.....................
2,500,000
2,700,561
Transylvania
University,
Revenue,
2021
A,
Refunding,
4%,
3/01/46
.............
735,000
807,927
Transylvania
University,
Revenue,
2021
A,
Refunding,
4%,
3/01/49
.............
330,000
361,799
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
........................
4,000,000
4,706,714
Kentucky
Infrastructure
Authority
,
Revenue
,
2012
A
,
Pre-Refunded
,
5
%
,
2/01/31
....
4,190,000
4,190,000
Kentucky
Municipal
Power
Agency
,
Revenue,
2015
A,
Refunding,
NATL
Insured,
5%,
9/01/42
....................
10,000,000
11,217,985
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/34
....................
5,000,000
5,795,522
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/35
....................
7,750,000
8,975,593
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/36
....................
3,000,000
3,472,979
Revenue,
2019
A,
Refunding,
4%,
9/01/45
...............................
2,000,000
2,166,205
Kentucky
Rural
Water
Finance
Corp.
,
Revenue
,
2001
A
,
5
%
,
2/01/26
.............
380,000
381,579
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet,
Revenue,
5%,
4/01/38
...........
2,500,000
2,886,101
Kentucky
Finance
and
Administration
Cabinet,
Revenue,
A,
Refunding,
5%,
8/01/34
3,500,000
3,906,344
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet,
Revenue,
2013
A,
Pre-Refunded,
5%,
7/01/32
..
2,000,000
2,116,962
Kentucky
Transportation
Cabinet,
Revenue,
2015
A,
Refunding,
5%,
7/01/33
.....
3,000,000
3,358,088
Kentucky
Transportation
Cabinet,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
.....
550,000
639,345
Kentucky
Transportation
Cabinet,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
.....
700,000
813,711
Lewis
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.........
2,000,000
1,752,365
Lexington-Fayette
Urban
County
Airport
Board
,
Lexington-Fayette
Urban
County
Government
,
Revenue
,
2012
B
,
Pre-Refunded
,
5
%
,
7/01/29
..................
1,185,000
1,207,467
Louisville
and
Jefferson
County
,
Metropolitan
Sewer
District,
Revenue,
2017
A,
4%,
5/15/48
..................
2,750,000
2,980,464
Metropolitan
Sewer
District,
Revenue,
2018
A,
Refunding,
4%,
5/15/38
..........
5,000,000
5,604,864
Louisville/Jefferson
County
Metropolitan
Government
,
Bellarmine
University,
Inc.,
Revenue,
2015,
Refunding,
5%,
5/01/31
............
2,000,000
2,145,411
Bellarmine
University,
Inc.,
Revenue,
2017
A,
Refunding,
5%,
5/01/36
..........
2,715,000
2,986,680
Louisville
Gas
and
Electric
Co.,
Revenue,
2003
A,
Refunding,
2%,
10/01/33
......
4,000,000
3,819,345
Norton
Healthcare
Obligated
Group,
Revenue,
2020
A,
4%,
10/01/39
...........
4,000,000
4,473,474
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
Morehead
State
University
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
10/01/28
...........
$
1,910,000
$
2,060,384
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/34
........................................................
5,700,000
6,598,674
Scott
County
School
District
Finance
Corp.
,
Scott
County
Board
of
Education
,
Revenue
,
2018
,
4
%
,
6/01/38
.........................................
1,615,000
1,754,468
Shelby
County
School
District
Finance
Corp.
,
Shelby
County
Public
School
District
,
Revenue
,
2018
,
4
%
,
8/01/38
.........................................
3,465,000
3,774,887
University
of
Kentucky
,
Revenue,
2014
A,
4%,
4/01/44
........................................
2,250,000
2,364,486
Revenue,
2018
A,
4%,
10/01/32
.......................................
4,000,000
4,395,454
University
of
Louisville
,
Revenue
,
2016
D
,
5
%
,
3/01/30
.......................
4,140,000
4,750,648
146,822,464
Louisiana
3.0%
City
of
Shreveport
,
Water
&
Sewer,
Revenue,
2016
B,
5%,
12/01/41
..........................
10,000,000
11,493,514
Water
&
Sewer,
Revenue,
Junior
Lien,
2019
B,
AGMC
Insured,
4%,
12/01/44
.....
6,535,000
7,198,623
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
20,000,000
22,479,134
Jefferson
Sales
Tax
District
,
Revenue
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/42
.......
20,000,000
23,016,656
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/30
........................................................
5,000,000
5,654,638
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
b
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
10,000,000
10,527,698
Louisiana
Community
&
Technical
College
System,
Revenue,
2014,
Pre-Refunded,
5%,
10/01/39
...................................................
10,000,000
11,019,518
b
Parish
of
Assumption,
Revenue,
144A,
2021,
3.875%,
11/01/45
...............
4,880,000
4,786,806
b
Parish
of
St.
Bernard,
Revenue,
144A,
2021,
4%,
11/01/45
...................
2,000,000
1,925,585
b
Parish
of
St.
Tammany
LA
GOMESA,
Revenue,
144A,
2020,
3.875%,
11/01/45
....
3,600,000
3,747,856
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
10/01/43
...
3,877,088
3,761,504
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.25%,
10/01/48
6,350,000
6,142,240
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.5%,
10/01/53
.
8,000,000
7,723,822
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
5%,
10/01/61
...
10,000,000
9,648,196
Louisiana
Public
Facilities
Authority
,
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/47
..............................................
35,000,000
40,179,587
Louisiana
Children's
Medical
Center
Obligated
Group,
Revenue,
2020
A,
4%,
6/01/50
5,990,000
6,668,798
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/51
..............................................
15,000,000
16,570,846
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/56
..............................................
11,295,000
12,452,985
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2002
B,
ETM,
5.75%,
5/15/23
10,000,000
10,621,753
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
5/15/47
7,500,000
8,253,848
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/42
20,000,000
22,928,180
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
5/15/47
..............................................
9,925,000
10,222,494
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
5/15/49
........................................................
10,000,000
11,150,710
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.375%,
1/01/40
2,500,000
2,795,845
b
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
14,000,000
15,552,429
Tulane
University,
Revenue,
2020
A,
Refunding,
4%,
4/01/40
.................
3,750,000
4,207,421
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/45
.................
3,500,000
4,209,213
Louisiana
Stadium
&
Exposition
District
,
Revenue,
2020,
5%,
7/03/23
.........................................
5,700,000
5,905,097
Revenue,
2021,
4%,
7/03/23
.........................................
3,325,000
3,432,909
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
B
,
5
%
,
1/01/48
........................................
$
4,000,000
$
4,558,987
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
Revenue
,
2019
,
4
%
,
8/01/44
.........................................................
6,000,000
6,773,678
c
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
7,500,000
7,749,950
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2020
E,
5%,
4/01/44
........................................
8,110,000
9,559,271
Revenue,
2020
E,
5%,
4/01/47
........................................
10,000,000
11,726,422
Terrebonne
Levee
&
Conservation
District
,
Revenue,
2020
B,
Refunding,
4%,
6/01/40
...............................
5,065,000
5,589,335
Revenue,
2020
B,
Refunding,
4%,
6/01/41
...............................
5,165,000
5,695,822
355,931,370
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group,
Revenue,
2018
A,
5%,
7/01/43
................
3,000,000
3,537,789
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/39
................
1,075,000
1,225,017
Maine
Turnpike
Authority
,
Revenue
,
2018
,
5
%
,
7/01/47
.......................
15,500,000
18,219,150
22,981,956
Maryland
1.1%
City
of
Baltimore
,
Wastewater
Utility
Fund,
Revenue,
2013
C,
Pre-Refunded,
5%,
7/01/38
.........
5,000,000
5,377,966
Wastewater
Utility
Fund,
Revenue,
2013
C,
Pre-Refunded,
5%,
7/01/43
.........
10,000,000
10,755,933
Wastewater
Utility
Fund,
Revenue,
2014
C,
5%,
7/01/39
.....................
10,000,000
11,052,744
Wastewater
Utility
Fund,
Revenue,
2014
C,
5%,
7/01/44
.....................
10,000,000
11,048,453
Water
Utility
Fund,
Revenue,
2014
A,
5%,
7/01/39
.........................
9,430,000
10,422,738
Water
Utility
Fund,
Revenue,
2014
A,
5%,
7/01/44
.........................
5,500,000
6,076,649
Maryland
Economic
Development
Corp.
,
Morgan
State
University,
Revenue,
2020,
4.25%,
7/01/50
....................
1,000,000
1,097,780
Morgan
State
University,
Revenue,
2020,
5%,
7/01/56
......................
1,415,000
1,642,284
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group,
Revenue,
2016
A,
5.5%,
1/01/46
.........
12,500,000
14,640,611
Adventist
Healthcare
Obligated
Group,
Revenue,
2021
B,
4%,
1/01/51
..........
28,000,000
31,164,518
Frederick
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
7/01/45
..
1,945,000
2,195,524
LifeBridge
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.....
3,000,000
3,260,719
MedStar
Health
Obligated
Group,
Revenue,
2017
A,
5%,
5/15/42
..............
7,500,000
8,774,234
University
of
Maryland
Medical
System
Obligated
Group,
Revenue,
1991
B,
NATL
Insured,
ETM,
7%,
7/01/22
.........................................
75,000
76,975
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/33
...............
3,205,000
3,869,001
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/34
...............
3,420,000
3,834,513
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/35
...............
3,555,000
3,969,814
129,260,456
Massachusetts
2.5%
Commonwealth
of
Massachusetts
,
GO,
2016
G,
4%,
9/01/42
............................................
20,000,000
22,312,176
GO,
2017
B,
5%,
4/01/47
............................................
12,335,000
14,441,933
GO,
2018
A,
5%,
1/01/41
............................................
15,000,000
17,849,442
GO,
2018
A,
5%,
1/01/46
............................................
10,000,000
11,868,379
GO,
2019
A,
5.25%,
1/01/44
..........................................
10,000,000
12,218,721
Transportation
Fund,
Revenue,
2017
A,
5%,
6/01/47
.......................
25,055,000
29,467,175
Transportation
Fund,
Revenue,
2018
A,
5%,
6/01/48
.......................
15,000,000
18,018,962
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2005
A
,
5
%
,
7/01/28
$
10,000,000
$
12,120,391
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
1999
A,
5.75%,
8/01/29
.....................................
450,000
452,116
Revenue,
2002
A,
5%,
8/01/32
........................................
225,000
225,913
Massachusetts
Development
Finance
Agency
,
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2018
J-2,
5%,
7/01/53
......
5,000,000
5,858,856
Dana-Farber
Cancer
Institute
Obligated
Group,
Revenue,
2016
N,
5%,
12/01/41
..
10,135,000
11,613,251
Mass
General
Brigham,
Inc.,
Revenue,
2016
Q,
Refunding,
5%,
7/01/47
.........
15,000,000
17,069,701
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
4%,
7/01/41
.......
15,415,000
17,118,604
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/33
........................................................
600,000
756,443
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/34
........................................................
625,000
787,148
Springfield
College,
Revenue,
2021
A,
4%,
6/01/56
........................
3,000,000
3,189,737
b
Waste
Management
of
Massachusetts,
Inc.,
Revenue,
144A,
2002,
1.25%,
5/01/27
3,250,000
3,196,177
Wellesley
College,
Revenue,
2012,
5%,
7/01/42
...........................
10,000,000
10,172,857
Worcester
Polytechnic
Institute,
Revenue,
2019,
5%,
9/01/59
.................
10,000,000
11,844,481
Massachusetts
Educational
Financing
Authority
,
Revenue,
2013
K,
5.25%,
7/01/29
.....................................
2,275,000
2,310,796
Revenue,
2017
B,
Refunding,
4.25%,
7/01/46
.............................
2,000,000
2,063,403
Revenue,
2021
C,
3%,
7/01/51
........................................
3,200,000
2,983,928
Massachusetts
Port
Authority
,
Revenue,
2019
C,
5%,
7/01/44
........................................
15,000,000
17,847,151
Revenue,
2019
C,
5%,
7/01/49
........................................
10,000,000
11,825,844
Bosfuel
Corp.,
Revenue,
2019
A,
Refunding,
5%,
7/01/49
....................
7,500,000
8,846,991
Massachusetts
School
Building
Authority
,
Revenue
,
2018
A
,
4
%
,
2/15/43
..........
10,750,000
12,092,312
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/39
......................
8,020,000
8,872,136
Revenue,
Senior
Lien,
2014-1,
5%,
11/01/39
.............................
8,185,000
8,982,131
Revenue,
Senior
Lien,
2014-1,
Pre-Refunded,
5%,
11/01/39
..................
3,795,000
4,187,339
300,594,494
Michigan
1.9%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2006
B,
NATL
Insured,
5%,
7/01/36
.......................................
10,000
10,041
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2012
A,
Pre-Refunded,
AGMC
Insured,
5%,
7/01/39
..........................
10,000,000
10,189,594
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2012
A,
Pre-Refunded,
5.25%,
7/01/39
....................................
12,000,000
12,239,904
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Senior
Lien,
2003
A,
NATL
Insured,
5%,
7/01/34
.........................................
10,000
10,042
Detroit
City
School
District
,
GO,
2012
A,
Refunding,
5%,
5/01/30
...................................
1,245,000
1,259,121
GO,
2012
A,
Refunding,
5%,
5/01/33
...................................
1,500,000
1,516,823
Michigan
Finance
Authority
,
Beaumont
Health
Obligated
Group,
Revenue,
2016
A,
5%,
11/01/44
............
20,925,000
23,363,934
Bronson
Healthcare
Group
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/54
........................................................
25,000,000
28,352,745
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2019
A,
5%,
11/15/48
.....
25,920,000
30,943,174
McLaren
Health
Care
Corp.
Obligated
Group,
Revenue,
2019
A,
4%,
2/15/44
.....
20,000,000
22,164,848
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/36
...
1,000,000
1,152,392
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/37
...
2,000,000
2,297,831
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/38
...
1,500,000
1,719,474
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/39
...
1,500,000
1,714,292
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/40
...
1,000,000
1,136,844
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
4,000,000
4,392,814
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority,
(continued)
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-1,
2,
Refunding,
5%,
6/01/49
..
$
4,500,000
$
5,216,176
Michigan
State
Building
Authority
,
Revenue
,
2013
1-A
,
Refunding
,
5.25
%
,
10/15/44
..
20,655,000
22,091,566
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group,
Revenue,
2010
F-7,
Refunding,
5%,
11/15/47
....
10,000,000
11,462,107
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2008
C,
Pre-Refunded,
5%,
12/01/34
10,000,000
10,150,979
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
12/31/43
...
10,000,000
11,600,785
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
11/15/49
...........................................
7,000,000
7,821,744
Pontiac
School
District
,
GO,
2020,
4%,
5/01/45
.............................................
7,940,000
8,982,425
GO,
2020,
4%,
5/01/50
.............................................
8,665,000
9,782,802
229,572,457
Minnesota
0.1%
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
.............................................
10,000,000
11,873,643
Mississippi
1.0%
Medical
Center
Educational
Building
Corp.
,
Mississippi
State
Institutions
of
Higher
Learning
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/47
.........................
25,000,000
28,779,185
Mississippi
Business
Finance
Corp.
,
System
Energy
Resources,
Inc.
,
Revenue
,
2021
,
Refunding
,
2.375
%
,
6/01/44
..........................................
7,000,000
6,249,272
Mississippi
Development
Bank
,
City
of
Jackson
Water
&
Sewer
System,
Revenue,
2013,
AGMC
Insured,
6.875%,
12/01/40
.......................................................
3,400,000
3,714,078
b
County
of
Jackson,
Revenue,
144A,
2021,
3.625%,
11/01/36
.................
3,000,000
2,852,919
Mississippi
Home
Corp.
,
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
3.5%,
6/01/33
.
584,263
554,587
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4%,
6/01/46
..
1,000,000
921,943
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4.5%,
6/01/62
.
17,965,177
16,322,233
b
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
B-5,
5.2%,
6/01/36
5,600,000
5,390,703
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.15%,
6/01/46
..................................................
3,464,038
3,270,172
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.65%,
6/01/62
..................................................
5,381,952
5,029,062
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016
A,
5%,
9/01/36
...
6,350,000
7,280,678
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016
A,
5%,
9/01/46
...
30,000,000
34,133,217
114,498,049
Missouri
0.8%
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
4,374,963
Mercy
Health,
Revenue,
2014
F,
5%,
11/15/45
............................
25,000,000
27,342,790
SSM
Health
Care
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/48
............
7,500,000
8,831,679
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/46
...................
13,500,000
15,650,069
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/54
...................
23,500,000
27,255,434
City
of
Kansas
City
Airport,
Revenue,
2020
A,
AGMC
Insured,
5%,
3/01/57
.......
9,000,000
10,614,407
St.
Louis
Municipal
Finance
Corp
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/49
.....................................................
5,000,000
6,004,253
100,073,595
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Montana
0.2%
Montana
Facility
Finance
Authority
,
Benefis
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
2/15/41
.
$
2,650,000
$
3,034,794
Billings
Clinic
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/15/48
.......
10,000,000
11,843,220
Kalispell
Regional
Medical
Center
Obligated
Group,
Revenue,
2018
B,
Refunding,
5%,
7/01/43
....................................................
6,440,000
7,360,997
22,239,011
Nebraska
0.4%
Douglas
County
Hospital
Authority
No.
2
,
Children's
Hospital
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/47
.......................................
10,000,000
11,550,839
Hospital
Authority
No.
1
of
Lancaster
County
,
Bryan
Medical
Center
Obligated
Group
,
Revenue
,
1992
,
NATL
Insured
,
ETM,
6.7
%
,
6/01/22
........................
325,000
331,552
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2
,
Revenue,
2015
A,
Refunding,
5.25%,
2/01/42
.............................
10,000,000
11,162,633
Revenue,
2016
A,
Refunding,
5%,
2/01/49
...............................
10,000,000
11,209,800
Public
Power
Generation
Agency
,
Revenue,
2016
A,
Refunding,
5%,
1/01/39
...............................
7,340,000
8,389,722
Revenue,
2016
A,
Refunding,
5%,
1/01/41
...............................
5,140,000
5,863,314
48,507,860
Nevada
0.3%
City
of
Carson
City
,
Carson
Tahoe
Regional
Healthcare
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/47
........................................
2,775,000
3,195,046
City
of
Henderson
,
GO
,
2020
A-1
,
4
%
,
6/01/45
.............................
10,000,000
11,447,567
Clark
County
School
District
,
GO,
2020
A,
AGMC
Insured,
4%,
6/15/36
................................
750,000
862,566
GO,
2020
A,
AGMC
Insured,
4%,
6/15/37
................................
875,000
1,005,597
GO,
2020
A,
AGMC
Insured,
4%,
6/15/38
................................
850,000
975,052
GO,
2020
A,
AGMC
Insured,
4%,
6/15/39
................................
1,000,000
1,145,460
GO,
2020
A,
AGMC
Insured,
4%,
6/15/40
................................
725,000
829,073
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
11,733,472
31,193,833
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
6,918,119
Elliot
Hospital
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
10/01/38
.......
4,000,000
4,524,500
University
System
of
New
Hampshire,
Revenue,
2015,
Refunding,
5%,
7/01/45
...
10,350,000
11,414,095
22,856,714
New
Jersey
3.2%
New
Jersey
Economic
Development
Authority
,
New
Jersey
Transit
Corp.,
Revenue,
2020
A,
5%,
11/01/44
...................
7,200,000
8,426,070
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2013
NN,
Pre-Refunded,
5%,
3/01/28
....................................................
22,000,000
22,986,465
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/33
6,135,000
7,221,708
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/36
11,850,000
13,900,108
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
4.625%,
6/15/48
........................................................
2,000,000
2,249,979
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/48
8,000,000
9,250,891
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
3,250,000
3,849,368
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
4%,
6/15/44
2,725,000
2,980,346
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/41
....
26,000,000
29,530,387
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/34
..............................................
4,600,000
5,348,715
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Economic
Development
Authority,
(continued)
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/35
..............................................
$
4,800,000
$
5,574,180
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
14,000,000
15,887,854
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
2021
C,
Refunding,
3.25%,
12/01/51
...........................
2,000,000
1,888,953
Revenue,
Senior
Lien,
2018
A,
4%,
12/01/33
.............................
2,115,000
2,198,330
Revenue,
Senior
Lien,
2020
B,
3.5%,
12/01/39
............................
8,000,000
8,254,052
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2006
C,
NATL
Insured,
Zero
Cpn
.,
12/15/31
......................
6,275,000
4,900,758
Revenue,
2009
A,
Zero
Cpn
.,
12/15/36
..................................
500,000
317,481
Revenue,
2009
A,
Zero
Cpn
.,
12/15/39
..................................
71,750,000
40,431,010
Revenue,
2010
A,
Zero
Cpn
.,
12/15/40
..................................
4,750,000
2,566,606
Revenue,
2013
AA,
5%,
6/15/44
.......................................
1,000,000
1,047,527
Revenue,
2014
BB-1,
5%,
6/15/31
.....................................
3,000,000
3,549,085
Revenue,
2014
BB-1,
5%,
6/15/34
.....................................
3,250,000
3,822,122
Revenue,
2015
AA,
5%,
6/15/45
.......................................
15,000,000
16,557,738
Revenue,
2018
A,
Refunding,
5%,
12/15/32
..............................
12,000,000
14,135,460
Revenue,
2018
A,
Refunding,
5%,
12/15/35
..............................
8,200,000
9,624,645
Revenue,
2019
A,
Refunding,
5%,
12/15/39
..............................
785,000
929,770
Revenue,
2019
BB,
4%,
6/15/38
.......................................
2,000,000
2,194,144
Revenue,
2019
BB,
4%,
6/15/44
.......................................
4,000,000
4,349,012
Revenue,
2019
BB,
5%,
6/15/44
.......................................
5,150,000
5,978,278
Revenue,
2020
AA,
4%,
6/15/45
.......................................
9,000,000
9,868,132
Revenue,
2020
AA,
5%,
6/15/45
.......................................
7,500,000
8,904,248
Revenue,
2020
AA,
4%,
6/15/50
.......................................
30,000,000
32,591,883
Revenue,
2020
AA,
5%,
6/15/50
.......................................
18,000,000
21,269,435
e
Revenue,
2022
A,
4%,
6/15/39
........................................
10,000,000
11,052,957
e
Revenue,
2022
A,
4%,
6/15/41
........................................
7,500,000
8,243,638
New
Jersey
Turnpike
Authority
,
Revenue,
2015
E,
5%,
1/01/45
........................................
11,475,000
12,531,887
Revenue,
D,
5%,
1/01/28
............................................
15,265,000
17,511,684
State
of
New
Jersey
,
GO
,
2020
A
,
4
%
,
6/01/31
.............................
7,000,000
8,127,678
380,052,584
New
Mexico
0.4%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
B
,
Refunding
,
2.15
%
,
4/01/33
...................................................
21,800,000
20,686,024
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group,
Revenue,
2015
A,
5%,
8/01/44
10,000,000
11,150,135
Presbyterian
Healthcare
Services
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/01/46
....................................................
15,000,000
17,496,589
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/33
.
1,000,000
1,131,137
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/35
.
1,000,000
1,128,571
51,592,456
New
York
9.7%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/40
......................................
2,200,000
2,423,417
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
180,000
180,816
GO,
2003
F,
5.25%,
1/15/23
..........................................
5,000
5,020
GO,
2018
E-1,
5%,
3/01/40
..........................................
14,570,000
17,374,316
GO,
2021
C,
4%,
8/01/40
............................................
6,500,000
7,316,970
GO,
2021
C,
4%,
8/01/41
............................................
3,000,000
3,369,815
GO,
2021
F-1,
5%,
3/01/37
..........................................
4,625,000
5,750,144
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Long
Island
Power
Authority
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/46
..........
$
13,000,000
$
14,820,148
Metropolitan
Transportation
Authority
,
Revenue,
2012
A-1,
5%,
11/15/40
.....................................
30,000,000
31,230,075
Revenue,
2013
A,
5%,
11/15/38
.......................................
11,800,000
12,303,369
Revenue,
2013
B,
5%,
11/15/43
.......................................
8,000,000
8,312,349
Revenue,
2015
A,
5%,
11/15/40
.......................................
7,000,000
7,659,415
Revenue,
2015
D-1,
Refunding,
5%,
11/15/32
............................
1,250,000
1,391,822
Revenue,
2016
B,
Refunding,
5%,
11/15/28
..............................
2,885,000
3,287,466
Revenue,
2016
C-1,
5.25%,
11/15/56
...................................
14,765,000
16,782,950
Revenue,
2016
D,
Refunding,
5%,
11/15/31
..............................
1,180,000
1,333,689
Revenue,
2017
A-2,
Refunding,
5%,
11/15/26
.............................
4,425,000
5,094,072
Revenue,
2017
C-1,
Refunding,
5%,
11/15/33
............................
1,780,000
2,063,440
Revenue,
2017
C-2,
Refunding,
Zero
Cpn
.,
11/15/29
.......................
2,090,000
1,752,560
Revenue,
2019
A-2,
5%,
11/15/45
.....................................
46,270,000
53,674,556
Revenue,
2020
A-1,
4%,
11/15/45
.....................................
10,000,000
10,746,126
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
7,000,000
8,154,034
Revenue,
2020
A-1,
4%,
11/15/51
.....................................
1,625,000
1,735,600
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
13,220,000
15,170,797
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
12,150,000
14,133,522
Revenue,
2020
C-1,
5.25%,
11/15/55
...................................
24,500,000
28,970,069
Revenue,
2020
D,
5%,
11/15/44
.......................................
17,000,000
20,083,249
Revenue,
2020
D,
4%,
11/15/50
.......................................
20,000,000
21,445,652
Revenue,
2021
A-1,
4%,
11/15/46
.....................................
2,840,000
3,066,482
Revenue,
2021
A-1,
4%,
11/15/48
.....................................
1,285,000
1,384,157
New
York
City
,
Water
&
Sewer
System,
Revenue,
2013
DD,
5%,
6/15/35
....................
30,705,000
32,428,601
Water
&
Sewer
System,
Revenue,
2014
BB,
5%,
6/15/46
....................
15,000,000
15,806,068
Water
&
Sewer
System,
Revenue,
2015
FF,
Refunding,
5%,
6/15/39
............
25,000,000
27,749,035
Water
&
Sewer
System,
Revenue,
2017
CC,
Refunding,
5%,
6/15/46
...........
32,500,000
36,755,115
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5.25%,
6/15/49
................
12,000,000
14,726,677
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
3/01/45
.................................
6,000,000
6,707,397
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured,
Revenue,
2014
A-1,
5%,
11/01/34
......................
15,000,000
16,017,993
Future
Tax
Secured,
Revenue,
2016
E-1,
5%,
2/01/38
......................
10,000,000
11,312,931
Future
Tax
Secured,
Revenue,
2017
B,
5%,
8/01/36
........................
10,000,000
11,486,081
Future
Tax
Secured,
Revenue,
2017
B,
5%,
8/01/38
........................
10,000,000
11,481,391
Future
Tax
Secured,
Revenue,
2017
F-1,
5%,
5/01/42
......................
11,095,000
12,872,126
Future
Tax
Secured,
Revenue,
2018
C-2,
5%,
5/01/38
......................
11,945,000
14,298,455
Future
Tax
Secured,
Revenue,
2018
C-3,
4%,
5/01/43
......................
19,800,000
22,179,675
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/47
.....................
10,000,000
11,173,202
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
10,000,000
9,800,040
7
World
Trade
Center
II
LLC,
Revenue,
2012,
2,
Refunding,
5%,
9/15/43
........
6,500,000
6,535,088
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
40,000,000
53,049,684
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
24,995,000
34,782,329
New
York
Power
Authority
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/15/45
...........
8,055,000
9,071,642
New
York
State
Dormitory
Authority
,
Revenue,
2018
E,
Pre-Refunded,
5%,
3/15/46
............................
5,000
6,090
Revenue,
2018
E,
5%,
3/15/46
........................................
73,125,000
87,418,254
State
of
New
York
Personal
Income
Tax,
Revenue,
2015
B,
5%,
2/15/40
.........
20,000,000
21,958,512
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Refunding,
5%,
2/15/42
24,410,000
28,387,985
State
of
New
York
Personal
Income
Tax,
Revenue,
2019
D,
Refunding,
4%,
2/15/47
50,000,000
55,332,080
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/43
.................
10,000,000
11,565,736
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
5%,
3/15/45
.................
25,000,000
29,572,840
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
5%,
3/15/42
........
33,280,000
39,474,583
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/42
........
59,480,000
71,404,188
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/45
........................................
$
20,000,000
$
21,935,592
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/51
..............................
9,000,000
10,073,480
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2019
A
,
4
%
,
3/15/47
........................................
15,200,000
16,713,870
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/34
..........................
5,560,000
6,423,765
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
5,750,000
6,461,853
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
20,315,000
24,128,205
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
3,540,000
4,146,978
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
179,
5%,
12/01/38
.........................................
20,000,000
21,407,520
Revenue,
218,
4%,
11/01/47
.........................................
8,000,000
8,719,273
Revenue,
221,
4%,
7/15/45
..........................................
5,500,000
6,029,769
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2020
A
,
5
%
,
11/15/54
............
8,500,000
10,315,189
1,160,725,389
North
Carolina
1.0%
County
of
Wake
,
GO
,
2010
C
,
Refunding
,
5
%
,
3/01/25
.......................
21,780,000
24,372,456
North
Carolina
Eastern
Municipal
Power
Agency
,
Revenue
,
1993
B
,
ETM,
6.25
%
,
1/01/23
.........................................................
39,030,000
41,024,230
North
Carolina
Medical
Care
Commission
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.......................................
2,200,000
2,557,540
North
Carolina
Turnpike
Authority
,
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
1/01/33
......................
25,000,000
19,204,777
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
1/01/34
......................
15,000,000
11,186,963
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
1/01/35
......................
15,215,000
10,984,220
Revenue,
2018
A,
Refunding,
4%,
1/01/39
...............................
10,000,000
11,261,260
120,591,446
North
Dakota
0.7%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/32
..
1,405,000
1,756,604
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/33
..
2,000,000
2,499,275
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/34
..
2,375,000
2,962,999
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/35
..
1,815,000
2,076,169
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/36
..
3,625,000
4,141,273
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/37
..
1,575,000
1,798,918
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/38
..
2,300,000
2,621,416
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/40
..
3,375,000
3,823,491
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/41
..
1,875,000
2,120,752
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/46
..
8,850,000
9,854,411
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/51
..
10,650,000
11,805,841
State
Board
of
Higher
Education
of
the
State
of
North
Dakota
,
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/44
............................
10,000,000
11,229,083
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/50
............................
9,620,000
10,731,100
University
of
North
Dakota
,
COP,
2018
A,
5%,
4/01/48
...........................................
5,500,000
6,473,341
COP,
2018
A,
5%,
4/01/57
...........................................
10,000,000
11,673,788
85,568,461
Ohio
3.0%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/37
3,915,000
4,408,448
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
5,700,000
6,439,756
American
Municipal
Power,
Inc.
,
Revenue,
2015
A,
Refunding,
5%,
2/15/39
...............................
5,000,000
5,356,582
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
American
Municipal
Power,
Inc.,
(continued)
Revenue,
2015
A,
Refunding,
5%,
2/15/42
...............................
$
2,500,000
$
2,676,202
Revenue,
2016
A,
Refunding,
5%,
2/15/46
...............................
20,000,000
22,397,890
Revenue,
2019
C,
Refunding,
4%,
2/15/39
...............................
18,795,000
21,280,571
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
A-3,
Pre-Refunded,
6.25%,
6/01/37
.............................
15,000,000
15,289,846
Revenue,
Senior
Lien,
2020
A-2,
1,
Refunding,
4%,
6/01/48
..................
10,235,000
11,054,707
City
of
Akron
,
Community
Learning
Center
Income
Tax
,
Revenue
,
2012
A
,
Refunding
,
5
%
,
12/01/29
.....................................................
10,000,000
10,150,979
City
of
Toledo
,
Water
System
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/38
..........
20,000,000
20,958,912
Cleveland-Cuyahoga
County
Port
Authority
,
County
of
Cuyahoga
,
Revenue
,
2013
,
5
%
,
7/01/37
.........................................................
6,000,000
8,058,542
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
........................................................
7,500,000
8,604,003
County
of
Franklin
,
e
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/33
..........
5,270,000
5,742,617
e
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/34
..........
2,240,000
2,441,123
e
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/35
..........
2,900,000
3,149,894
OhioHealth
Obligated
Group,
Revenue,
2015,
5%,
5/15/40
...................
10,000,000
11,089,605
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
............
10,000,000
11,500,752
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017
A-OH,
5%,
12/01/47
.......
10,800,000
12,520,078
County
of
Hamilton
,
Christ
Hospital
Obligated
Group,
Revenue,
2012,
Pre-Refunded,
AGMC
Insured,
5%,
6/01/42
........................................................
22,500,000
22,839,703
Sewer
System,
Revenue,
2013
A,
Refunding,
5%,
12/01/38
..................
12,000,000
12,794,742
UC
Health
Obligated
Group,
Revenue,
2020,
5%,
9/15/50
...................
7,500,000
8,957,943
Miami
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
9/01/45
...................
6,030,000
6,830,654
Northeast
Ohio
Regional
Sewer
District
,
Revenue,
2017,
Refunding,
4%,
11/15/38
................................
10,000,000
11,381,059
Revenue,
2017,
Refunding,
4%,
11/15/43
................................
10,000,000
11,291,009
Ohio
Higher
Educational
Facility
Commission
,
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,350,000
1,539,794
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,185,000
1,344,585
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,530,000
2,864,506
Ohio
State
University
(The)
,
Revenue
,
2013
A
,
5
%
,
6/01/38
....................
10,000,000
10,515,841
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
2018
A,
5%,
2/15/43
........................................
20,000,000
23,648,696
Revenue,
Junior
Lien,
2013
A-4,
Zero
Cpn
.,
2/15/35
........................
35,000,000
42,519,110
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
1/01/36
........................................................
6,500,000
7,270,567
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2019
B,
4%,
1/01/43
..
12,130,000
13,525,538
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
640,000
709,121
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/40
855,000
944,285
362,097,660
Oklahoma
0.1%
Edmond
Public
Works
Authority
,
Revenue,
2017,
5%,
7/01/42
.........................................
4,000,000
4,676,758
Revenue,
2017,
5%,
7/01/47
.........................................
4,500,000
5,236,047
McGee
Creek
Authority
,
Revenue
,
1992
,
NATL
Insured
,
6
%
,
1/01/23
.............
40,000
41,716
Norman
Regional
Hospital
Authority
,
Norman
Regional
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
5
%
,
9/01/45
....................................
3,500,000
4,168,158
14,122,679
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oregon
1.5%
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/50
...
$
12,210,000
$
14,371,022
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/50
.......................................
4,000,000
4,765,972
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
20,000,000
23,879,538
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/44
.........................
1,685,000
1,893,751
Port
of
Portland
,
Airport,
Revenue,
25
B,
5%,
7/01/49
....................................
12,720,000
15,004,497
Airport,
Revenue,
Twenty-Seven
A,
5%,
7/01/45
...........................
23,000,000
27,421,350
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/44
.............................................
16,880,000
20,259,125
State
of
Oregon
,
Department
of
Transportation,
Revenue,
Sub.
Lien,
2019
A,
Refunding,
4%,
11/15/42
15,000,000
17,250,551
Housing
&
Community
Services
Department,
Revenue,
2018
A,
3.6%,
1/01/33
....
6,060,000
6,373,183
Housing
&
Community
Services
Department,
Revenue,
2018
D,
3.8%,
7/01/34
....
6,285,000
6,572,363
University
of
Oregon
,
Revenue,
2018
A,
5%,
4/01/48
........................................
14,500,000
17,223,652
Revenue,
2020
A,
5%,
4/01/50
........................................
15,000,000
18,278,637
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO,
2018
A,
Zero
Cpn
.,
6/15/41
.......................................
5,725,000
2,924,573
GO,
2018
A,
Zero
Cpn
.,
6/15/42
.......................................
5,900,000
2,883,543
GO,
2018
A,
Zero
Cpn
.,
6/15/43
.......................................
5,500,000
2,571,221
181,672,978
Pennsylvania
1.7%
Allegheny
County
Sanitary
Authority
,
Revenue
,
2013
,
BAM
Insured
,
5.25
%
,
12/01/44
5,000,000
5,384,904
City
of
Philadelphia
,
Airport,
Revenue,
2020
C,
Refunding,
4%,
7/01/45
.........................
1,500,000
1,640,335
Water
&
Wastewater,
Revenue,
2015
A,
Pre-Refunded,
5%,
7/01/45
............
15,000,000
16,398,566
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/33
..........
4,550,000
5,078,318
Commonwealth
of
Pennsylvania
,
GO,
First
Series
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/26
......................................................
20,805,000
23,565,651
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue,
2016,
5%,
11/01/41
........................................
5,000,000
5,723,695
Revenue,
2016,
5%,
11/01/46
........................................
10,315,000
11,707,336
Erie
City
Water
Authority
,
Revenue
,
2016
,
Pre-Refunded
,
5
%
,
12/01/43
...........
5,000,000
5,847,837
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
5,000,000
5,818,190
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/31
........
440,000
472,941
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/37
........
345,000
368,010
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/46
........
675,000
707,647
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/56
........
2,800,000
2,914,807
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
4%,
11/15/43
.......................................................
600,000
673,517
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,000,000
1,175,939
Meadowood
Corp.
Obligated
Group
(The),
Revenue,
2018
A,
Refunding,
5%,
12/01/48
.......................................................
9,000,000
9,934,960
Montour
School
District
,
GO,
2015
A&B,
Pre-Refunded,
AGMC
Insured,
5%,
4/01/40
..................
3,170,000
3,598,997
GO,
2015
A&B,
Pre-Refunded,
AGMC
Insured,
5%,
4/01/41
..................
2,000,000
2,270,660
GO,
2015
A&B,
Pre-Refunded,
AGMC
Insured,
5%,
4/01/42
..................
2,000,000
2,270,660
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Turnpike
Commission
,
Revenue,
2009
C,
AGMC
Insured,
6.25%,
6/01/33
.........................
$
5,000,000
$
6,012,563
Revenue,
2020
B,
5%,
12/01/45
.......................................
5,000,000
6,123,831
Revenue,
2020
B,
5%,
12/01/50
.......................................
8,000,000
9,806,446
Philadelphia
Gas
Works
Co.
,
Revenue
,
Sixteenth
A
,
AGMC
Insured
,
4
%
,
8/01/45
...
4,000,000
4,513,318
School
District
of
Philadelphia
(The)
,
GO,
2016
F,
Refunding,
5%,
9/01/33
...................................
6,415,000
7,367,994
GO,
2016
F,
Refunding,
5%,
9/01/36
...................................
4,090,000
4,678,143
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
18,000,000
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
...........................
10,000,000
11,641,515
Upper
Merion
Area
School
District
,
GO
,
2021
A
,
4
%
,
1/15/46
...................
5,000,000
5,629,173
Westmoreland
County
Municipal
Authority
,
Revenue
,
2016
,
Refunding
,
BAM
Insured
,
5
%
,
8/15/42
......................................................
17,205,000
19,133,453
198,459,406
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Lifespan
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/15/39
.................................
5,500,000
6,108,387
Rhode
Island
Housing
and
Mortgage
Finance
Corp.
,
Revenue,
10A,
6.5%,
10/01/22
........................................
170,000
170,710
Revenue,
10A,
6.5%,
4/01/27
.........................................
130,000
130,470
Revenue,
15A,
6.85%,
10/01/24
.......................................
120,000
120,512
Rhode
Island
Student
Loan
Authority
,
Revenue,
Senior
Lien,
2021
A,
5%,
12/01/27
.............................
1,000,000
1,169,441
Revenue,
Senior
Lien,
2021
A,
5%,
12/01/29
.............................
2,025,000
2,439,274
10,138,794
South
Carolina
1.4%
City
of
Columbia
,
Waterworks
&
Sewer
System
,
Revenue
,
2019
A
,
4
%
,
2/01/44
.....
5,250,000
5,881,465
City
of
Rock
Hill
,
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/41
......................
7,690,000
8,600,867
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/47
......................
5,000,000
5,560,847
County
of
Greenwood
,
Self
Regional
Healthcare
Auxiliary,
Revenue,
2017,
Refunding,
4%,
10/01/37
.....
8,465,000
9,296,557
Self
Regional
Healthcare
Auxiliary,
Revenue,
2017,
Refunding,
4%,
10/01/39
.....
1,195,000
1,309,049
b
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.75
%
,
11/01/36
................................
1,270,000
1,218,391
South
Carolina
Jobs-Economic
Development
Authority
,
b
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
23,630,000
22,608,385
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
22,470,000
21,474,325
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-2,
4.75%,
12/01/26
...........
2,115,000
2,080,310
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/43
......
20,000,000
23,305,876
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/48
......
15,000,000
17,372,534
South
Carolina
Ports
Authority
,
Revenue,
2019
B,
5%,
7/01/44
........................................
10,000,000
11,830,567
Revenue,
2019
B,
5%,
7/01/54
........................................
10,365,000
12,168,895
South
Carolina
Public
Service
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
12/01/55
.
20,000,000
23,037,408
Spartanburg
Regional
Health
Services
District
,
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/37
........................................
1,415,000
1,616,582
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/39
........................................
1,410,000
1,605,648
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
Spartanburg
Regional
Health
Services
District,
(continued)
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/45
........................................
$
2,750,000
$
3,098,292
172,065,998
South
Dakota
1.0%
County
of
Lincoln
,
Augustana
College
Association
(The),
Revenue,
2021
A,
Refunding,
4%,
8/01/56
..
1,125,000
1,193,366
Augustana
College
Association
(The),
Revenue,
2021
A,
Refunding,
4%,
8/01/61
..
2,550,000
2,683,644
Huron
School
District
No.
2-2
,
GO
,
2013
,
Refunding
,
5
%
,
6/15/39
...............
4,000,000
4,296,480
South
Dakota
Health
&
Educational
Facilities
Authority
,
Revenue,
2012
A,
Refunding,
5%,
8/01/46
...............................
6,005,000
6,117,219
Revenue,
2015
A,
Refunding,
5%,
8/01/38
...............................
3,475,000
3,857,137
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.........
10,000,000
10,869,064
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
7/01/46
.........
51,050,000
59,514,687
Monument
Health
Obligated
Group,
Revenue,
2017,
4%,
9/01/37
..............
10,920,000
11,940,699
Monument
Health
Obligated
Group,
Revenue,
2017,
5%,
9/01/40
..............
10,000,000
11,605,088
South
Dakota
State
Building
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/42
...
5,450,000
6,285,786
118,363,170
Tennessee
3.3%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CDFI
Phase
I
LLC,
Revenue,
2015,
Refunding,
5%,
10/01/35
.................
1,000,000
1,088,806
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/44
6,000,000
6,560,301
City
of
Chattanooga
,
Electric
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
9/01/40
..........
2,750,000
3,082,901
City
of
Gallatin
,
Water
&
Sewer
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
1/01/32
.......
1,500,000
1,665,744
City
of
Germantown
,
GO,
2017,
4%,
8/01/43
.............................................
2,330,000
2,597,533
GO,
2017,
4%,
8/01/45
.............................................
2,525,000
2,807,966
City
of
Jackson
,
Revenue,
2015,
5%,
4/01/36
.........................................
3,885,000
4,276,857
Revenue,
2018
A,
Pre-Refunded,
5%,
4/01/41
............................
115,000
139,375
Revenue,
2018
A,
5%,
4/01/41
........................................
2,255,000
2,658,327
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
5%,
4/01/36
........................................................
115,000
128,105
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
4%,
4/01/41
........................................................
735,000
796,056
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
4%,
4/01/41
......
24,265,000
25,675,769
City
of
Knoxville
,
Wastewater
System,
Revenue,
2015
A,
Refunding,
4%,
4/01/42
...............
5,000,000
5,162,082
Wastewater
System,
Revenue,
2021
A,
Refunding,
4%,
4/01/33
...............
1,000,000
1,204,257
City
of
Memphis
,
Electric
System,
Revenue,
2020
A,
3%,
12/01/42
..........................
2,470,000
2,584,006
Gas,
Revenue,
2017,
4%,
12/01/36
....................................
1,000,000
1,130,264
Gas,
Revenue,
2020,
3%,
12/01/42
....................................
1,000,000
1,046,156
City
of
Portland
,
Water
&
Sewer
,
Revenue
,
2020
,
AGMC
Insured
,
3
%
,
4/01/45
......
1,775,000
1,827,309
County
of
Coffee
,
GO
,
2019
,
Refunding
,
4
%
,
6/01/44
........................
2,760,000
3,134,590
County
of
Hamilton
,
GO
,
2020
A
,
Refunding
,
4
%
,
1/01/51
.....................
1,000,000
1,139,168
County
of
Maury
,
GO
,
2015
,
Refunding
,
4
%
,
4/01/34
.........................
1,775,000
1,917,227
County
of
Shelby
,
GO
,
2020
B
,
4
%
,
4/01/37
................................
2,500,000
2,895,238
County
of
Wilson
,
GO
,
2017
A
,
4
%
,
4/01/42
................................
5,000,000
5,507,727
Hallsdale
-Powell
Utility
District
,
Revenue
,
2019
,
Refunding
,
4
%
,
4/01/39
..........
1,380,000
1,573,633
Harpeth
Valley
Utilities
District
of
Davidson
and
Williamson
Counties
,
Revenue,
2014,
5%,
9/01/44
.........................................
4,400,000
4,799,397
Revenue,
2020,
4%,
9/01/50
.........................................
500,000
559,728
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
Industrial
Development
Board
of
The
City
of
Kingsport
Tennessee
(The)
,
Model
City
II
LP
,
Revenue
,
2009
,
GNMA
Insured
,
5.5
%
,
7/20/39
.........................
$
2,995,000
$
2,997,813
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
8,924,673
Knox
Chapman
Utility
District
of
Knox
County
,
Revenue
,
2012
,
Refunding
,
4
%
,
1/01/40
4,000,000
4,104,459
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Covenant
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/01/42
....
40,000,000
45,877,240
University
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
9/01/47
3,000,000
3,330,144
University
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
4/01/36
2,250,000
2,562,174
Lawrenceburg
Public
Building
Authority
,
GO
,
2002
,
Refunding
,
AMBAC
Insured
,
5
%
,
7/01/22
.........................................................
645,000
657,038
Madison
Suburban
Utility
District
,
Revenue
,
2021
,
3
%
,
2/01/45
.................
1,000,000
1,028,949
Memphis-Shelby
County
Airport
Authority
,
Revenue,
2018,
5%,
7/01/43
.........................................
10,000,000
11,694,226
Revenue,
2018,
5%,
7/01/47
.........................................
11,000,000
12,793,307
Revenue,
2021
A,
5%,
7/01/31
........................................
500,000
621,166
Revenue,
2021
A,
5%,
7/01/40
........................................
3,000,000
3,634,281
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Blakeford
at
Green
Hills
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/45
.......
3,500,000
3,657,021
Blakeford
at
Green
Hills
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/55
.......
9,015,000
9,385,708
Trevecca
Nazarene
University,
Revenue,
2021
B,
4%,
10/01/41
...............
1,050,000
1,112,409
Trevecca
Nazarene
University,
Revenue,
2021
B,
4%,
10/01/51
...............
6,860,000
7,185,423
Vanderbilt
University
Medical
Center
Obligated
Group,
Revenue,
2016
A,
5%,
7/01/40
........................................................
5,000,000
5,726,553
Metropolitan
Government
of
Nashville
&
Davidson
County
,
Electric,
Revenue,
2014
A,
5%,
5/15/39
.................................
4,000,000
4,323,572
Electric,
Revenue,
2021
A,
5%,
5/15/46
.................................
1,000,000
1,247,415
Sports
Authority,
Revenue,
2013
A,
Pre-Refunded,
5%,
8/01/38
...............
3,000,000
3,186,813
Water
&
Sewer,
Revenue,
2017
A,
5%,
7/01/46
...........................
28,780,000
33,869,522
Water
&
Sewer,
Revenue,
2017
B,
5%,
7/01/42
...........................
21,645,000
25,488,303
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue,
2015
A,
5%,
7/01/45
........................................
4,000,000
4,453,367
Revenue,
2019
B,
5%,
7/01/44
........................................
20,000,000
23,655,856
Revenue,
2019
B,
4%,
7/01/49
........................................
3,000,000
3,259,635
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group,
Revenue,
2017
A,
5%,
5/01/36
4,000,000
4,651,587
Rhodes
College,
Revenue,
2015,
5%,
8/01/45
............................
1,700,000
1,893,681
Rhodes
College,
Revenue,
2017,
Refunding,
4%,
8/01/40
...................
3,000,000
3,321,587
South
Blount
County
Utility
District
,
Revenue
,
2019
,
Refunding
,
3
%
,
12/01/39
......
2,015,000
2,127,987
c
Tennergy
Corp.
,
Revenue
,
2021
A
,
Mandatory
Put
,
4
%
,
9/01/28
.................
25,000,000
27,867,075
Tennessee
Housing
Development
Agency
,
Revenue,
2013
1-C,
4%,
7/01/43
......................................
840,000
854,229
Revenue,
2017-3,
3.65%,
7/01/47
.....................................
720,000
740,223
Revenue,
2018-2,
Refunding,
3.85%,
7/01/42
.............................
1,275,000
1,328,366
Revenue,
2018-4,
Refunding,
4%,
7/01/43
...............................
7,070,000
7,413,181
Tennessee
State
School
Bond
Authority
,
Revenue,
2015
B,
Pre-Refunded,
5%,
11/01/40
...........................
5,000,000
5,684,081
Revenue,
2015
B,
Pre-Refunded,
5%,
11/01/45
...........................
5,000,000
5,684,081
Revenue,
2017
A,
5%,
11/01/47
.......................................
15,000,000
17,775,471
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
West
Knox
Utility
District
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/41
..............
$
1,000,000
$
1,082,804
West
Wilson
Utility
District
of
Wilson
County
Tennessee
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/40
......................................................
1,545,000
1,720,656
White
House
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
1/01/34
.............
820,000
870,674
Williamson
County
HB
&
TS
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
9/01/44
.
1,200,000
1,239,509
Wilson
County
Tenth
Special
School
District
,
GO
,
2019
,
5
%
,
4/01/44
.............
2,500,000
3,029,776
398,020,557
Texas
9.2%
Abilene
Convention
Center
Hotel
Development
Corp.
,
City
of
Abilene
Abilene
Convention
Center
,
Revenue,
First
Lien
,
2021
A
,
4
%
,
10/01/50
................
5,510,000
6,117,908
Central
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien,
2015
A,
Pre-Refunded,
5%,
1/01/45
...................
5,000,000
5,630,690
Revenue,
Sub.
Lien,
2021
C,
5%,
1/01/27
...............................
15,000,000
16,928,919
Central
Texas
Turnpike
System
,
Revenue,
2015
B,
Refunding,
5%,
8/15/37
...............................
10,000,000
10,838,920
Revenue,
2015
C,
Refunding,
5%,
8/15/37
...............................
5,000,000
5,457,413
Revenue,
2015
C,
Refunding,
5%,
8/15/42
...............................
20,000,000
21,831,644
Revenue,
First
Tier,
2012
A,
Pre-Refunded,
AGMC
Insured,
5%,
8/15/41
........
25,665,000
26,281,459
City
of
Arlington
,
Special
Tax,
Senior
Lien
,
2018
A
,
AGMC
Insured
,
4
%
,
2/15/44
.....
20,000,000
22,107,804
City
of
Austin
,
Electric
Utility,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
...................
10,000,000
11,117,350
Water
&
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
11/15/38
.......
20,000,000
21,003,730
City
of
Corpus
Christi
,
Utility
System,
Revenue,
Junior
Lien,
2013,
Pre-Refunded,
5%,
7/15/38
.........
6,000,000
6,360,497
Utility
System,
Revenue,
Junior
Lien,
2013,
Pre-Refunded,
5%,
7/15/43
.........
7,000,000
7,420,580
Utility
System,
Revenue,
Junior
Lien,
2015
A,
5%,
7/15/40
...................
13,200,000
14,691,978
City
of
Laredo
,
Waterworks
&
Sewer
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
3/01/41
9,690,000
10,315,190
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue,
Junior
Lien
,
2013
,
Pre-
Refunded
,
5
%
,
2/01/38
.............................................
10,000,000
10,432,121
City
of
San
Marcos
,
Electric
Utility
System
,
Revenue
,
2013
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
11/01/33
..............................................
6,300,000
6,509,563
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel,
Revenue,
First
Lien,
2021
A,
4%,
10/01/50
.....
1,640,000
1,744,721
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/32
....
90,000
111,657
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/33
....
100,000
123,806
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/34
....
100,000
123,633
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/35
....
85,000
104,870
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/36
....
85,000
104,827
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
4%,
10/01/41
....
600,000
672,531
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
4%,
10/01/46
....
700,000
769,498
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
4%,
10/01/50
....
650,000
712,434
Dallas
Area
Rapid
Transit
,
Revenue,
Senior
Lien,
2016
A,
Pre-Refunded,
5%,
12/01/46
..................
10,000,000
11,406,526
Revenue,
Senior
Lien,
2016
A,
Pre-Refunded,
5%,
12/01/48
..................
12,200,000
13,915,962
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2013
D
,
Refunding
,
5.25
%
,
11/01/32
10,000,000
10,687,524
Ector
County
Independent
School
District
,
GO
,
2013
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
8/15/36
......................................................
10,355,000
11,008,207
b
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
31,000,000
28,998,519
Forney
Independent
School
District
,
GO
,
2015
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/37
15,000,000
16,746,963
Frisco
Independent
School
District
,
GO
,
2016
,
PSF
Guaranty
,
5
%
,
8/15/46
........
20,000,000
22,526,318
Goose
Creek
Consolidated
Independent
School
District
,
GO
,
2013
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
2/15/38
..............................................
6,045,000
6,312,620
Grand
Parkway
Transportation
Corp.
,
Revenue,
2013
B,
Zero
Cpn
.,
10/01/45
..................................
10,000,000
11,369,063
Revenue,
2018
A,
5%,
10/01/48
.......................................
7,720,000
9,224,877
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Grand
Parkway
Transportation
Corp.,
(continued)
Revenue,
First
Tier,
2020
C,
Refunding,
4%,
10/01/45
......................
$
15,455,000
$
17,306,255
Gulf
Coast
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2003
B
,
1.5
%
,
5/01/28
....
2,000,000
1,961,188
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Houston
Methodist
Hospital
Obligated
Group,
Revenue,
2015,
5%,
12/01/45
.....
30,000,000
33,307,371
Memorial
Hermann
Health
System
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/45
....................................................
15,000,000
17,021,854
Harris
County
Toll
Road
Authority
(The)
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/43
.........................................................
6,000,000
7,151,371
Harris
County-Houston
Sports
Authority
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
AGMC
Insured,
3.125%,
11/15/56
.....
5,000,000
5,078,358
Revenue,
Third
Lien,
2004
A-3,
NATL
Insured,
Zero
Cpn
.,
11/15/37
............
6,300,000
2,658,555
Hidalgo
County
Regional
Mobility
Authority
,
Revenue,
Senior
Lien,
2013,
Pre-Refunded,
5.25%,
12/01/38
.................
5,000,000
5,383,004
Revenue,
Senior
Lien,
2013,
Pre-Refunded,
5%,
12/01/43
...................
5,000,000
5,360,395
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2021
,
4
%
,
10/01/51
.....................................................
3,800,000
4,029,371
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO,
2021,
2.375%,
9/01/31
..........................................
165,000
152,553
GO,
2021,
2.375%,
9/01/32
..........................................
170,000
156,056
GO,
2021,
2.375%,
9/01/33
..........................................
170,000
155,398
GO,
2021,
2.5%,
9/01/34
............................................
180,000
165,543
GO,
2021,
2.5%,
9/01/36
............................................
370,000
335,705
GO,
2021,
2.625%,
9/01/38
..........................................
385,000
352,215
GO,
2021,
3%,
9/01/41
.............................................
375,000
351,538
GO,
2021,
3%,
9/01/46
.............................................
750,000
675,217
GO,
2021,
3%,
9/01/51
.............................................
1,265,000
1,118,547
b
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
12,625,000
11,959,092
Lamar
Consolidated
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
.........................................................
30,000,000
34,511,553
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.,
Revenue,
2013
A,
Refunding,
5%,
5/15/36
...
10,000,000
10,504,505
LCRA
Transmission
Services
Corp.,
Revenue,
2018,
Refunding,
5%,
5/15/43
.....
10,000,000
11,791,330
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
8,974,362
CHF-Collegiate
Housing
Island
Campus
LLC,
Revenue,
2017
A,
Pre-Refunded,
5%,
4/01/37
........................................................
2,500,000
2,934,558
NCCD-Cain
Hall
Redevelopment
I
LLC,
Revenue,
2016
A-1,
5%,
4/01/46
........
6,000,000
6,774,692
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
6,161,422
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/49
.......................................................
11,470,000
12,390,417
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/54
.......................................................
230,000
248,369
Westminster
Manor,
Revenue,
2021,
4%,
11/01/49
.........................
6,650,000
7,255,667
Westminster
Manor,
Revenue,
2021,
4%,
11/01/55
.........................
6,275,000
6,825,374
North
East
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
1/01/41
.........................................................
16,750,000
18,680,285
North
Harris
County
Regional
Water
Authority
,
Revenue,
Senior
Lien,
2016,
Refunding,
4%,
12/15/41
......................
20,000,000
21,259,376
Revenue,
Senior
Lien,
2016,
Refunding,
5%,
12/15/46
......................
18,460,000
20,949,163
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System,
Revenue,
2015
A,
Refunding,
5%,
1/01/35
.........
10,000,000
10,992,954
North
Texas
Tollway
System,
Revenue,
2015
A,
Refunding,
5%,
1/01/38
.........
10,000,000
10,974,920
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
North
Texas
Tollway
Authority,
(continued)
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017
A,
Refunding,
5%,
1/01/43
.
$
47,000,000
$
55,699,239
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017
A,
Refunding,
5%,
1/01/48
.
33,500,000
39,468,276
North
Texas
Tollway
System,
Revenue,
First
Tier,
I,
Pre-Refunded,
6.5%,
1/01/43
..
25,000,000
28,792,133
North
Texas
Tollway
System,
Revenue,
Second
Tier,
2017
B,
Refunding,
5%,
1/01/48
10,000,000
11,474,377
North
Texas
Tollway
System,
Revenue,
Second
Tier,
2018,
Refunding,
5%,
1/01/48
25,250,000
29,440,164
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn
.,
9/01/37
....
7,500,000
4,045,709
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn
.,
9/01/43
....
7,500,000
2,578,523
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
6.75%,
9/01/45
......
25,000,000
36,064,258
Port
Freeport
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
6/01/49
.....................
4,000,000
4,606,205
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/46
......
1,675,000
1,819,643
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/51
......
12,720,000
13,771,167
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/54
......
4,035,000
4,345,634
San
Antonio
Public
Facilities
Corp.
,
City
of
San
Antonio
,
Revenue
,
2012
,
Refunding
,
4
%
,
9/15/42
......................................................
36,500,000
37,072,236
San
Antonio
Water
System
,
Revenue,
Junior
Lien,
2018
A,
Refunding,
5%,
5/15/43
......................
12,000,000
14,361,382
Revenue,
Junior
Lien,
2018
A,
Refunding,
5%,
5/15/48
......................
10,000,000
11,933,276
San
Jacinto
River
Authority
,
Revenue,
2011,
AGMC
Insured,
5%,
10/01/32
............................
5,000,000
5,020,512
Revenue,
2011,
AGMC
Insured,
5%,
10/01/37
............................
3,000,000
3,012,307
Southwest
Higher
Education
Authority,
Inc.
,
Southern
Methodist
University
,
Revenue
,
2013
A
,
5
%
,
10/01/38
...............................................
24,380,000
25,904,976
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
CHRISTUS
Health
Obligated
Group,
Revenue,
2018
B,
5%,
7/01/43
...........
10,000,000
11,901,649
Cook
Children's
Medical
Center
Obligated
Group,
Revenue,
2013
A,
5.25%,
12/01/39
10,000,000
10,718,664
Hendrick
Medical
Center
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5.5%,
9/01/43
........................................................
5,350,000
5,732,312
Texas
Health
Resources
Obligated
Group,
Revenue,
2015
A,
5%,
11/15/52
......
5,000,000
5,536,324
Tarrant
County
Health
Facilities
Development
Corp.
,
Texas
Health
Resources
Obligated
Group
,
Revenue
,
1994
,
FGIC
Insured
,
ETM,
6
%
,
9/01/24
....................
2,670,000
2,886,365
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue,
2021,
Refunding,
5%,
12/15/28
................................
4,500,000
5,290,123
Revenue,
2021,
Refunding,
5%,
12/15/29
................................
7,500,000
8,949,863
Texas
Transportation
Commission
,
Revenue,
First
Tier,
2019
A,
Zero
Cpn
.,
8/01/48
...........................
6,250,000
1,941,256
Revenue,
First
Tier,
2019
A,
Zero
Cpn
.,
8/01/49
...........................
5,000,000
1,473,950
Revenue,
First
Tier,
2019
A,
Zero
Cpn
.,
8/01/50
...........................
5,500,000
1,529,682
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
4%,
10/15/43
.......................................................
25,000,000
28,462,655
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
5%,
4/15/49
15,000,000
17,937,838
b
Town
of
Little
Elm
,
Valencia
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/01/41
........................................................
708,000
661,928
Valencia
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/47
831,000
850,090
West
Travis
County
Public
Utility
Agency
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
......................................................
5,000,000
5,454,124
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien,
2021,
3%,
8/15/41
.....................................
790,000
761,595
GO,
Sub.
Lien,
2021,
3%,
8/15/45
.....................................
615,000
578,223
GO,
Sub.
Lien,
2021,
3%,
8/15/51
.....................................
1,570,000
1,439,767
1,105,735,280
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Utah
1.1%
Central
Utah
Water
Conservancy
District
,
Revenue,
2017
B,
Refunding,
4%,
10/01/37
..............................
$
2,600,000
$
2,912,867
Revenue,
2017
B,
Refunding,
4%,
10/01/38
..............................
10,000,000
11,186,154
City
of
Salt
Lake
City
,
Airport,
Revenue,
2017
A,
5%,
7/01/42
..................................
15,000,000
17,342,728
Airport,
Revenue,
2017
A,
5%,
7/01/47
..................................
10,000,000
11,562,298
Airport,
Revenue,
2018
A,
5%,
7/01/48
..................................
9,400,000
11,015,627
Airport,
Revenue,
2018
A,
5.25%,
7/01/48
...............................
10,000,000
11,867,931
Jordan
Valley
Water
Conservancy
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
10/01/41
6,000,000
6,663,829
University
of
Utah
(The)
,
Revenue,
2013
A,
Pre-Refunded,
5%,
8/01/43
............................
21,975,000
23,343,403
Revenue,
2018
A,
5%,
8/01/44
........................................
12,240,000
14,874,224
Utah
Infrastructure
Agency
,
Revenue,
2021,
3%,
10/15/26
........................................
550,000
582,663
Revenue,
2021,
4%,
10/15/28
........................................
350,000
394,311
Revenue,
2021,
4%,
10/15/32
........................................
540,000
611,444
Revenue,
2021,
4%,
10/15/38
........................................
500,000
558,871
Revenue,
2021,
4%,
10/15/41
........................................
1,450,000
1,612,837
Revenue,
2021,
3%,
10/15/45
........................................
2,000,000
1,974,237
Utah
Municipal
Power
Agency
,
Revenue
,
2016
B
,
5
%
,
7/01/38
..................
10,000,000
11,275,389
Weber
Basin
Water
Conservancy
District
,
Revenue
,
2013
B
,
Pre-Refunded
,
5
%
,
4/01/39
.........................................................
7,180,000
7,537,221
135,316,034
Vermont
0.1%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
President
&
Fellows
of
Middlebury
College,
Revenue,
2020,
Refunding,
5%,
11/01/49
4,000,000
4,832,806
University
of
Vermont
Health
Network
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
12/01/36
...........................................
5,000,000
5,680,992
10,513,798
Virginia
1.0%
Amelia
County
Industrial
Development
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2002
,
Refunding
,
1.45
%
,
4/01/27
......................................
2,350,000
2,334,893
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien,
2018
A,
5%,
7/01/42
..............................
25,000,000
29,752,607
Revenue,
Senior
Lien,
2020
A,
5.25%,
7/01/60
............................
25,000,000
30,803,178
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2019
,
4
%
,
5/15/41
.......
13,585,000
15,429,713
Virginia
Resources
Authority
,
Revenue
,
2012
A
,
5
%
,
11/01/39
..................
70,000
72,157
Virginia
Small
Business
Financing
Authority
,
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2012,
5%,
1/01/40
.............
14,535,000
14,557,288
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2019,
5%,
1/01/44
.............
7,500,000
7,511,501
95
Express
Lanes
LLC,
Revenue,
Senior
Lien,
2019,
5%,
7/01/49
.............
3,000,000
3,004,600
e
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/39
........................................................
5,520,000
5,980,110
National
Senior
Campuses,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/45
........................................................
4,000,000
4,403,259
113,849,306
Washington
2.5%
Align
Capital
Trust
,
Revenue
,
2020-4A
,
3.75
%
,
7/01/43
.......................
10,807,500
10,586,039
City
of
Seattle
,
Municipal
Light
&
Power,
Revenue,
2017
C,
Refunding,
4%,
9/01/36
............
22,170,000
24,723,199
Municipal
Light
&
Power,
Revenue,
2018
A,
4%,
1/01/42
.....................
10,855,000
12,113,870
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
County
of
King
,
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/49
................
$
12,000,000
$
13,862,284
NJB
Properties
,
Revenue
,
2006
A
,
5
%
,
12/01/36
............................
5,000
5,020
North
Thurston
Public
Schools
,
GO,
2020,
4%,
12/01/34
.............................................
5,000,000
5,840,146
GO,
2020,
4%,
12/01/35
.............................................
5,000,000
5,833,999
GO,
2020,
4%,
12/01/36
.............................................
6,000,000
6,967,781
Port
of
Seattle
,
Revenue,
2018
A,
5%,
5/01/43
........................................
15,500,000
17,665,662
Revenue,
2019,
4%,
4/01/44
.........................................
4,000,000
4,399,480
State
of
Washington
,
GO,
2019
D,
5%,
6/01/43
............................................
11,040,000
13,263,842
GO,
2019
D,
5%,
6/01/44
............................................
11,595,000
13,911,765
University
of
Washington
,
Revenue
,
2018
,
5
%
,
4/01/48
.......................
29,450,000
34,250,597
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Research
Center,
Revenue,
2017
A,
5%,
1/01/47
.......
10,000,000
11,363,516
Multicare
Health
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
4%,
8/15/41
25,000,000
27,696,800
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2012
A,
5%,
10/01/42
..
10,175,000
10,468,965
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
D,
Pre-Refunded,
5%,
10/01/41
...................................................
150,000
164,462
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
D,
Refunding,
5%,
10/01/41
.......................................................
9,850,000
10,748,107
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/45
........................................................
2,610,000
2,930,596
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/45
........................................................
2,105,000
2,564,135
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/50
........................................................
3,000,000
3,633,862
b
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/29
250,000
307,621
b
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/30
265,000
331,043
b
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/33
250,000
310,049
b
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
3%,
12/01/34
300,000
317,995
b
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/40
870,000
993,618
b
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/45
1,200,000
1,351,246
b
Seattle
Cancer
Care
Alliance
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/48
910,000
1,016,806
Seattle
Children's
Hospital
Obligated
Group,
Revenue,
2015
B,
Refunding,
5%,
10/01/38
.......................................................
15,000,000
16,581,385
Washington
Higher
Education
Facilities
Authority
,
Seattle
Pacific
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/42
......................................
3,800,000
4,551,407
Washington
State
Convention
Center
Public
Facilities
District
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
7/01/43
.............................................
14,855,000
16,585,339
Washington
State
Housing
Finance
Commission
,
Revenue,
2021-1,
A,
3.5%,
12/20/35
...................................
21,793,338
23,054,397
b
Madison
at
Rivers
Edge
Apartments
LLC,
Revenue,
144A,
2021
A,
3.65%,
1/01/37
2,965,000
2,836,329
301,231,362
West
Virginia
0.8%
Berkeley
County
Public
Service
Sewer
District
,
Revenue
,
2016
B
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/36
...............................................
1,000,000
1,135,751
West
Virginia
Hospital
Finance
Authority
,
Cabell
Huntington
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
1/01/43
........................................................
13,250,000
15,261,906
Charleston
Area
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/38
....................................................
3,040,000
3,632,283
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
6/01/42
7,000,000
8,031,451
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
6/01/47
10,190,000
11,680,412
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/52
20,700,000
24,158,856
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
West
Virginia
(continued)
West
Virginia
University
,
Revenue
,
2014
A
,
Pre-Refunded
,
5
%
,
10/01/44
..........
$
21,800,000
$
24,052,864
West
Virginia
Water
Development
Authority
,
Revenue,
2016
A,
Refunding,
5%,
10/01/36
..............................
5,000,000
5,768,785
Revenue,
2016
A,
Refunding,
5%,
10/01/45
..............................
5,435,000
6,184,006
99,906,314
Wisconsin
3.0%
Public
Finance
Authority
,
b,e
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
21,085,631
20,928,488
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4.25%,
12/01/50
...................
3,750,000
3,823,034
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
11/15/41
.......................................................
1,205,000
1,425,727
b
Affordable
Housing
Preservation
Corp.
(The),
Revenue,
144A,
2021,
5.25%,
12/01/22
.......................................................
57,935,000
57,725,038
b
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
39,000,000
37,199,678
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
........................................................
5,075,000
5,671,728
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/51
........................................................
5,705,000
6,325,604
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/56
........................................................
2,250,000
2,487,617
Blue
Ridge
Healthcare
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
1/01/50
2,185,000
2,230,576
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/41
..........
1,000,000
1,069,549
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/61
..........
7,000,000
7,328,633
b
Hope
Housing
Foundation
Obligated
Group,
Revenue,
144A,
2022
A,
3.8%,
12/01/37
24,375,000
23,528,520
RED
River
Valley
Alliance
LLC,
Revenue,
2021,
4%,
9/30/51
.................
21,750,000
23,092,504
Renown
Regional
Medical
Center,
Revenue,
2020
A,
Refunding,
4%,
6/01/45
.....
14,000,000
15,651,825
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/39
............................................
4,755,000
5,340,431
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/41
............................................
5,145,000
5,772,861
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/46
............................................
6,980,000
7,736,514
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/51
............................................
7,000,000
7,726,579
Triad
Math
&
Science
Academy
Co.,
Revenue,
2021
A,
4%,
6/15/41
............
1,280,000
1,391,830
Triad
Math
&
Science
Academy
Co.,
Revenue,
2021
A,
4%,
6/15/51
............
4,160,000
4,468,187
Triad
Math
&
Science
Academy
Co.,
Revenue,
2021
A,
4%,
6/15/61
............
1,000,000
1,059,210
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/41
...........................................
505,000
556,794
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/46
...........................................
685,000
748,620
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/51
...........................................
2,185,000
2,380,929
b,c
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-2,
Mandatory
Put,
4%,
12/01/35
...................................................
29,600,000
28,918,596
Wisconsin
Center
District
,
Revenue,
Junior
Lien
,
2020
D
,
AGMC
Insured
,
Zero
Cpn
.,
12/15/45
........................................................
20,000,000
8,555,436
Wisconsin
Health
&
Educational
Facilities
Authority
,
Ascension
Health
Credit
Group,
Revenue,
2013
B-2,
4%,
11/15/43
.............
10,000,000
11,298,898
Children's
Hospital
of
Wisconsin
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/15/42
........................................................
15,000,000
16,576,325
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2017
C,
Refunding,
5%,
2/15/47
........................................................
20,000,000
22,719,002
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/47
....................................................
2,600,000
2,703,667
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
35
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority,
(continued)
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/57
....................................................
$
4,000,000
$
4,114,791
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
9/15/36
........................................................
530,000
574,411
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
9/15/41
........................................................
510,000
547,667
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
9/15/45
........................................................
475,000
505,625
e
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/36
........................................................
775,000
800,741
e
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/41
........................................................
770,000
786,942
e
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/45
........................................................
650,000
659,344
Thedacare
,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
12/15/37
......
5,135,000
5,799,452
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/46
......
895,000
993,032
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/51
......
1,335,000
1,475,311
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/55
......
1,760,000
1,931,033
354,630,749
Wyoming
0.1%
Wyoming
Municipal
Power
Agency,
Inc.
,
Revenue
,
2017
A
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
1/01/42
...............................................
7,000,000
8,209,939
U.S.
Territories
3.2%
District
of
Columbia
2.4%
District
of
Columbia
,
GO,
2019
A,
5%,
10/15/44
...........................................
25,000,000
30,475,402
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/24
.....................
12,120,000
12,166,641
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/25
.....................
7,000,000
7,026,988
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/26
.....................
9,950,000
9,987,484
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/42
..........
20,660,000
23,835,742
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/47
..........
24,985,000
28,639,936
Catholic
University
of
America
(The),
Revenue,
2018,
Refunding,
5%,
10/01/43
...
4,000,000
4,688,675
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/15/40
........................................................
6,830,000
7,670,800
Income
Tax,
Revenue,
2019
A,
4%,
3/01/44
..............................
10,000,000
11,385,106
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/49
............
2,275,000
2,623,353
Tobacco
Settlement
Financing
Corp.,
Revenue,
2001,
6.5%,
5/15/33
...........
10,705,000
11,585,830
Water
&
Sewer
Authority,
Revenue,
Senior
Lien,
2018
A,
5%,
10/01/49
..........
25,000,000
29,701,162
Water
&
Sewer
Authority,
Revenue,
Sub.
Lien,
2019
A,
5%,
10/01/44
...........
7,350,000
9,020,651
Metropolitan
Washington
Airports
Authority
,
Aviation,
Revenue,
2019
A,
Refunding,
5%,
10/01/44
.......................
17,500,000
20,897,119
Aviation,
Revenue,
2019
A,
Refunding,
5%,
10/01/49
.......................
15,000,000
17,776,792
Dulles
Toll
Road,
Revenue,
Second
Lien,
2009
C,
AGMC
Insured,
6.5%,
10/01/41
.
25,000,000
30,536,578
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/49
........
13,555,000
14,859,365
Washington
Metropolitan
Area
Transit
Authority
,
Revenue
,
2020
A
,
5
%
,
7/15/45
.....
10,000,000
12,281,493
285,159,117
Puerto
Rico
0.8%
Commonwealth
of
Puerto
Rico
,
GO
,
AGMC
Insured
,
5.5
%
,
7/01/29
..............
5,885,000
6,198,843
Puerto
Rico
Electric
Power
Authority
,
f
Revenue,
2012
A
RSA-1
2012
A,
5%,
7/01/42
.............................
18,925,000
19,540,062
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
5,780,000
6,123,219
f
Revenue,
XX-RSA-1,
5.25%,
7/01/40
...................................
15,000,000
15,543,750
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
36
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
$
2,725,000
$
2,929,996
Revenue,
2007
N,
Refunding,
AGMC,
FGIC
Insured,
5.25%,
7/01/39
...........
160,000
172,337
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
...................
2,385,000
2,558,863
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
...................
11,980,000
12,882,516
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/28
....................
2,500,000
2,708,635
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
7,430,000
7,862,650
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
14,485,000
15,601,110
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
AES
Puerto
Rico
LP
,
Revenue
,
2000
A
,
6.625
%
,
6/01/26
.....
3,900,000
4,036,500
96,158,481
Total
U.S.
Territories
....................................................................
381,317,598
Total
Municipal
Bonds
(Cost
$10,929,967,356)
..................................
11,605,673,476
Total
Long
Term
Investments
(Cost
$10,932,223,089)
............................
11,607,854,716
a
a
a
a
a
Short
Term
Investments
2.2%
Municipal
Bonds
2.2%
Arizona
0.2%
g
Arizona
Industrial
Development
Authority
,
Phoenix
Children's
Hospital
,
Revenue
,
2019
A
,
Refunding
,
LOC
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.12
%
,
2/01/48
23,295,000
23,295,000
Colorado
0.1%
g
City
&
County
of
Denver
,
COP,
2008
A-1,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.13%,
12/01/29
.................................................
2,000,000
2,000,000
COP,
2008
A-2,
Refunding,
SPA
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.13%,
12/01/29
.................................................
8,745,000
8,745,000
10,745,000
Minnesota
0.2%
g
City
of
Minneapolis
St.
Paul
Housing
&
Redevelopment
Authority
,
Allina
Health
Obligated
Group,
Revenue,
2009
B-1,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.11%,
11/15/35
.................................
12,505,000
12,505,000
Allina
Health
Obligated
Group,
Revenue,
B-2,
LOC
JPMorgan
Chase
Bank
NA,
Daily
VRDN
and
Put,
0.12%,
11/15/35
.....................................
8,500,000
8,500,000
21,005,000
New
York
0.4%
g
Metropolitan
Transportation
Authority
,
Dedicated
Tax
Fund
,
Revenue
,
2008
A-1
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.11
%
,
11/01/31
...........
12,515,000
12,515,000
g
Nassau
County
Industrial
Development
Agency
,
Cold
Spring
Harbor
Laboratory
,
Revenue
,
1999
,
Refunding
,
SPA
TD
Bank
NA
,
Daily
VRDN
and
Put
,
0.1
%
,
1/01/34
29,370,000
29,370,000
g
New
York
City
,
Water
&
Sewer
System
,
Revenue
,
2014
AA-1
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.12
%
,
6/15/50
...........................
7,800,000
7,800,000
49,685,000
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
See
Notes
to
Statement
of
Investments.
Quarterly
Statement
of
Investments
37
See
Abbreviations
on
page
41
.
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
North
Carolina
0.1%
g
Charlotte-Mecklenburg
Hospital
Authority
(The)
,
Atrium
Health
Obligated
Group
,
Revenue
,
2018
G
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
0.12
%
,
1/15/48
.........................................................
$
7,655,000
$
7,655,000
g
North
Carolina
Medical
Care
Commission
,
Moses
H
Cone
Memorial
Hospital
Obligated
Group
,
Revenue
,
2001
B
,
SPA
Bank
of
Montreal
,
Daily
VRDN
and
Put
,
0.09
%
,
10/01/35
........................................................
4,800,000
4,800,000
12,455,000
Ohio
0.1%
g
State
of
Ohio
,
University
Hospitals
Health
System,
Inc.
Obligated
Group
,
Revenue
,
2021
D
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.06
%
,
1/15/51
.....
7,000,000
7,000,000
Oregon
0.2%
g
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group,
Revenue,
2018
A,
Refunding,
LOC
US
Bank
NA,
Daily
VRDN
and
Put,
0.1%,
8/01/34
..................................
12,800,000
12,800,000
PeaceHealth
Obligated
Group,
Revenue,
2018
B,
Refunding,
LOC
TD
Bank
NA,
Daily
VRDN
and
Put,
0.11%,
8/01/34
..................................
5,000,000
5,000,000
17,800,000
Tennessee
0.6%
g
Public
Building
Authority
of
Blount
County
Tennessee
(The)
,
County
of
Blount
,
Revenue
,
D-3-A
,
SPA
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
0.11
%
,
6/01/34
..
28,500,000
28,500,000
g
Public
Building
Authority
of
Sevier
County
(The)
,
County
of
Knox
,
Revenue
,
V1-K-1
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
0.11
%
,
6/01/34
.....................
41,200,000
41,200,000
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
,
0.12
%
,
6/01/42
...................................
10,000,000
10,000,000
79,700,000
Wisconsin
0.3%
g
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
Health,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
Daily
VRDN
and
Put
,
0.1
%
,
4/01/35
.......
38,975,000
38,975,000
Total
Municipal
Bonds
(Cost
$260,660,000)
.....................................
260,660,000
Total
Short
Term
Investments
(Cost
$260,660,000
)
...............................
260,660,000
a
Total
Investments
(Cost
$11,192,883,089)
99.2%
.................................
$11,868,514,716
Other
Assets,
less
Liabilities
0.8%
.............................................
102,533,279
Net
Assets
100.0%
...........................................................
$11,971,047,995
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
5
regarding
investments
in
affiliated
management
investment
companies.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
January
31,
2022,
the
aggregate
value
of
these
securities
was
$714,182,243,
representing
6.0%
of
net
assets.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
Security
purchased
on
a
when-issued
basis.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Franklin
Federal
Tax
Free
Income
Fund
Statement
of
Investments
(unaudited)
Quarterly
Statement
of
Investments
See
Notes
to
Statement
of
Investments.
38
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
39
Quarterly
Statement
of
Investments
Notes
to
Statement
of
Investments
(unaudited)
1.
Organization
Franklin
Federal
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP).
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the
Fund’s
Board
of
Trustees
(the
Board),
the
Fund’s
administrator
has
responsibility
for
oversight
of
valuation,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
exchange
traded
funds
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
book
values,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
3.
Concentration
of
Risk
Investing
in
Puerto
Rico
securities
may
expose
the
Fund
to
heightened
risks
due
to
recent
adverse
economic
and
market
changes,
credit
downgrades
and
ongoing
restructuring
discussions.
Investments
in
these
securities
are
sensitive
to
interest
rate
changes
and
credit
risk
of
the
issuer
and
may
subject
the
Fund
to
increased
market
volatility.
The
market
for
these
investments
may
be
limited,
which
may
make
them
difficult
to
buy
or
sell.
Franklin
Federal
Tax
Free
Income
Fund
Notes
to
Statement
of
Investments
(unaudited)
40
Quarterly
Statement
of
Investments
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
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
January
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
6.
Reorganization
On
November
19,
2021,
the
Fund,
pursuant
to
a
plan
of
reorganization
approved
on
July
14,
2021
by
shareholders
of
Franklin
Florida
Tax-Free
Income
Fund
and
Franklin
Kentucky
Tax-Free
Income
Fund,
series
of
Franklin
Tax-Free
Trust,
and
Franklin
Tennessee
Municipal
Bond
Fund,
a
series
of
Franklin
Municipal
Securities
Trust,
(together,
the
"Acquired
Funds")
acquired
100%
of
the
Acquired
Funds’
net
assets,
primarily
made
up
of
investment
securities
through
a
tax-free
exchange
of
net
assets
and
shares
of
the
Fund
for
the
net
assets
of
the
Acquired
Funds.
7. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
Level 2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
•
Level 3
–
significant
unobservable
inputs
(including
the
Fund's own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
January
31,
2022,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:.
aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a
a
a
a
a
a
a
a
Franklin
Federal
Tax-Free
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Liberty
Federal
Tax-Free
Bond
ETF
...............
$
2,251,375
$
—
$
—
$
—
$
(70,135)
$
2,181,240
83,000
$
23,208
Total
Affiliated
Securities
...
$2,251,375
$—
$—
$—
$(70,135)
$2,181,240
$23,208
Franklin
Federal
Tax
Free
Income
Fund
Notes
to
Statement
of
Investments
(unaudited)
41
Quarterly
Statement
of
Investments
8.
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.
Abbreviations
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
$
2,181,240
$
—
$
—
$
2,181,240
Municipal
Bonds
.........................
—
11,605,673,476
—
11,605,673,476
Short
Term
Investments
...................
—
260,660,000
—
260,660,000
Total
Investments
in
Securities
...........
$2,181,240
$11,866,333,476
$—
$11,868,514,716
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
BHAC
Berkshire
Hathaway
Assurance
Corp.
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHA
Federal
Housing
Administration
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
SPA
Standby
Purchase
Agreement
7. Fair
Value
Measurements
(continued)
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.