Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
1116-Q1PH
1
Schedule
of
Investments
(unaudited)
Franklin
Federal
Tax-Free
Income
Fund
2
Notes
to
Schedule
of
Investments
36
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
July
31,
2022
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Shares
a
Value
a
Management
Investment
Companies
0.0%
†
Capital
Markets
0.0%
†
a
Franklin
Municipal
Green
Bond
ETF
.....................................
83,000
$
2,021,465
Total
Management
Investment
Companies
(Cost
$2,255,733)
.....................
2,021,465
Principal
Amount
`
a
a
a
a
Corporate
Bonds
0.1%
Software
0.1%
b
Haven
at
Elgin
LLC
,
5.25%,
7/01/53
...................................................
$
7,890,000
7,890,000
5.25%,
12/31/53
...................................................
3,610,000
3,610,000
11,500,000
Total
Corporate
Bonds
(Cost
$11,500,000)
......................................
11,500,000
a
Municipal
Bonds
98.9%
Alabama
1.2%
Alabama
Public
Health
Care
Authority
(The)
,
State
of
Alabama
Department
of
Public
Health
,
Revenue
,
2015
,
Refunding
,
5
%
,
9/01/44
...........................
17,085,000
17,992,902
c
Black
Belt
Energy
Gas
District
,
Revenue,
2021
B,
Mandatory
Put,
4%,
12/01/26
...........................
17,290,000
17,656,199
Revenue,
2022
B-1,
Mandatory
Put,
4%,
10/01/27
.........................
32,950,000
33,614,489
Board
of
Water
&
Sewer
Commissioners
of
the
City
of
Mobile
,
Revenue
,
2014
,
Refunding
,
5
%
,
1/01/36
.............................................
11,300,000
11,425,073
Chilton
County
Health
Care
Authority
,
County
of
Chilton
Sales
Tax
,
Revenue
,
2015
A
,
5
%
,
11/01/40
.....................................................
8,425,000
8,735,524
d
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
14,000,000
11,764,526
Health
Care
Authority
of
the
City
of
Huntsville
(The)
,
Health
Care
Authority
of
City
of
Huntsville
(The)
Obligated
Group
,
Revenue
,
2020
B
,
4
%
,
6/01/45
..............
3,500,000
3,488,459
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
5,000,000
5,533,211
Water
Works
Board
of
the
City
of
Birmingham
(The)
,
Revenue
,
2013
B
,
Pre-Refunded
,
5
%
,
1/01/43
......................................................
8,000,000
8,118,270
118,328,653
Alaska
0.4%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue,
2015,
Refunding,
5.25%,
10/01/36
.............................
16,045,000
17,208,516
Revenue,
2015,
Refunding,
5%,
10/01/39
................................
12,950,000
13,785,349
Northern
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien,
2021
A,
1,
Refunding,
4%,
6/01/50
...................
3,250,000
3,087,432
Revenue,
Senior
Lien,
2021
B-1,
2,
Refunding,
0.5%,
6/01/31
................
170,000
169,332
Revenue,
Senior
Lien,
2021
B-1,
2,
Refunding,
4%,
6/01/50
..................
2,000,000
2,064,772
36,315,401
Arizona
2.4%
Arizona
Industrial
Development
Authority
,
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/32
............
205,000
212,835
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
5%,
7/01/33
............
220,000
227,819
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/34
............
230,000
221,825
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/35
............
235,000
225,260
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/36
............
220,000
209,889
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/41
............
720,000
666,298
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/51
............
550,000
477,315
Kipp
New
York,
Inc.
Jerome
Facility,
Revenue,
2021
B,
4%,
7/01/61
............
6,050,000
5,054,538
Leman
Academy
of
Excellence
Obligated
Group,
Revenue,
2022
A,
Refunding,
4.5%,
7/01/54
........................................................
10,000,000
9,452,787
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Arizona
(continued)
Arizona
State
University
,
Revenue
,
2016
C
,
5
%
,
7/01/42
......................
$
9,000,000
$
9,797,340
c
Chandler
Industrial
Development
Authority
,
Intel
Corp.
,
Revenue
,
2019
,
Mandatory
Put
,
5
%
,
6/03/24
......................................................
15,000,000
15,712,345
City
of
Lake
Havasu
City
,
Wastewater
System
,
Revenue
,
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...............................................
15,000,000
16,055,844
City
of
Mesa
,
Utility
System
,
Revenue
,
2012
,
Refunding
,
4
%
,
7/01/36
............
19,000,000
19,030,514
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport,
Revenue,
Junior
Lien,
2017
D,
Refunding,
4%,
7/01/40
...............
25,000,000
25,197,838
Airport,
Revenue,
Junior
Lien,
2019
B,
5%,
7/01/49
........................
5,000,000
5,396,657
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges,
Revenue,
2019
A,
4%,
7/01/45
..................................................
14,985,000
14,478,616
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/32
........................................................
6,000,000
7,361,208
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/34
........................................................
5,000,000
6,195,566
State
of
Arizona
Department
of
Revenue,
Revenue,
2005
B,
NATL
Insured,
5.5%,
7/01/35
........................................................
9,860,000
12,273,528
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
........................................
10,000,000
10,000,327
Glendale
Municipal
Property
Corp.
,
City
of
Glendale
Excise
Tax
,
Revenue
,
2012
C
,
Refunding
,
5
%
,
7/01/38
.............................................
15,500,000
15,685,072
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group,
Revenue,
2019
F,
4%,
1/01/45
...............
25,000,000
25,097,218
Banner
Health
Obligated
Group,
Revenue,
A,
4%,
1/01/41
...................
10,000,000
10,080,116
Christian
Care
Obligated
Group,
Revenue,
2016
A,
Pre-Refunded,
5%,
1/01/36
...
5,000,000
5,442,964
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.,
Revenue,
2009
A,
Refunding,
3.6%,
2/01/40
.............
19,500,000
18,126,350
Southern
California
Edison
Co.,
Revenue,
2000
A,
Refunding,
2.4%,
6/01/35
.....
5,000,000
4,166,632
University
of
Arizona
(The)
,
Revenue
,
2014
,
5
%
,
8/01/44
......................
10,000,000
10,400,562
247,247,263
Arkansas
0.3%
Arkansas
Development
Finance
Authority
,
Baptist
Health
Obligated
Group,
Revenue,
2019,
5%,
12/01/47
................
3,025,000
3,189,084
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/40
........................................................
1,100,000
1,161,183
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2020
B-1,
Refunding,
5%,
9/01/44
........................................................
5,000,000
5,209,387
Bentonville
School
District
No.
6
,
GO
,
B
,
Refunding
,
4
%
,
6/01/47
................
5,935,000
6,019,792
University
of
Arkansas
,
University
of
Arkansas
Fayetteville
Campus
Foundation,
Inc.,
Revenue,
2017,
5%,
11/01/47
.......................................................
6,500,000
7,105,455
University
of
Arkansas
Fayetteville
Campus
Foundation,
Inc.,
Revenue,
2019
A,
Refunding,
5%,
11/01/49
...........................................
3,000,000
3,289,162
25,974,063
California
6.5%
d
Align
Affordable
Housing
Bond
Fund
LP
,
Coronado
Springs
Tower
LLC
,
Revenue
,
144A,
2020-2
,
A
,
4
%
,
9/01/27
.........................................
17,835,000
17,632,751
c
ARC70
II
TRUST
,
Revenue
,
2021-1
,
A
,
Mandatory
Put
,
4
%
,
12/01/37
............
11,260,000
10,127,065
c
California
Community
Choice
Financing
Authority
,
Revenue
,
2022
A-1
,
Mandatory
Put
,
4
%
,
8/01/28
......................................................
15,000,000
15,606,345
d
California
Community
Housing
Agency
,
Aster
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
..........
20,600,000
19,095,084
Brio
Apartments
&
Next
on
Lex
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
2/01/56
....................................................
17,850,000
16,693,850
K
Street
Flats,
Revenue,
144A,
2021
A-1,
3%,
2/01/57
......................
10,000,000
7,058,412
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
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
$
3,509,596
State
of
California
Department
of
Transportation
Seismic
Surcharge,
Revenue,
First
Lien,
2003
A,
Pre-Refunded,
AMBAC
Insured,
5%,
7/01/33
.................
24,500,000
28,468,415
d
CMFA
Special
Finance
Agency
,
Revenue,
Senior
Lien,
144A,
2022
A-1,
4%,
8/01/58
........................
26,500,000
22,723,098
Solana
at
Grand,
Revenue,
Senior
Lien,
144A,
2021
A-1,
4%,
8/01/56
..........
5,300,000
4,910,295
d
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
21,109,996
Corona-Norco
Unified
School
District
,
GO,
C,
AGMC
Insured,
6.2%,
8/01/29
..................................
3,250,000
3,873,721
GO,
C,
Pre-Refunded,
AGMC
Insured,
6.8%,
8/01/39
.......................
8,500,000
10,486,459
GO,
C,
AGMC
Insured,
Zero
Cpn
.,
8/01/39
...............................
7,500,000
3,767,254
d
CSCDA
Community
Improvement
Authority
,
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3.6%,
5/01/47
.......
10,000,000
8,465,346
777
Place-Pomona,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3.25%,
5/01/57
......
12,500,000
9,497,895
Acacia
on
Santa
Rosa
Creek,
Revenue,
Senior
Lien,
144A,
2021
A,
4%,
10/01/56
.
13,000,000
12,041,480
Crescent
(The),
Revenue,
Senior
Lien,
144A,
2022
A-2,
4.3%,
7/01/59
..........
13,700,000
12,112,219
Escondido
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/48
........
10,000,000
7,533,564
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-1,
2.875%,
8/01/41
3,105,000
2,773,396
Monterey
Station
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
7/01/43
.
7,855,000
6,241,431
Park
Crossing
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
12/01/58
.
18,750,000
13,473,426
Vineyard
Garden
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A,
3.25%,
10/01/58
14,000,000
10,407,230
Westgate
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
6/01/47
......
10,000,000
7,975,258
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-1,
3%,
12/01/49
...
30,000,000
21,862,569
Wood
Creek
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
4%,
12/01/58
...
25,000,000
20,866,275
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue,
2013
A,
Pre-Refunded,
6%,
1/15/49
............................
20,000,000
21,262,620
Revenue,
2013
A,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
1/15/30
..............
15,475,000
16,959,478
Revenue,
2013
A,
Refunding,
Zero
Cpn
.,
1/15/42
..........................
20,000,000
22,138,474
Los
Angeles
Department
of
Water
&
Power
,
Power
System
,
Revenue
,
2013
B
,
5
%
,
7/01/31
.........................................................
20,000,000
20,558,390
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
12,500,000
15,830,908
New
Haven
Unified
School
District
,
GO,
2009,
AGMC
Insured,
Zero
Cpn
.,
8/01/31
............................
2,055,000
1,599,027
GO,
2009,
AGMC
Insured,
Zero
Cpn
.,
8/01/32
............................
7,830,000
5,859,331
GO,
2009,
AGMC
Insured,
Zero
Cpn
.,
8/01/33
............................
7,660,000
5,494,185
Oro
Grande
Elementary
School
District
,
COP,
2020,
Refunding,
4%,
9/15/24
....................................
2,135,000
2,170,535
COP,
2020,
Refunding,
4%,
9/15/25
....................................
2,120,000
2,168,216
COP,
2020,
Refunding,
4%,
9/15/27
....................................
2,400,000
2,457,356
COP,
2020,
Refunding,
4%,
9/15/28
....................................
2,095,000
2,137,639
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn
.,
8/01/36
......
20,000,000
11,526,824
San
Francisco
City
&
County
Airport
Comm
-San
Francisco
International
Airport
,
Revenue,
2019
A,
Refunding,
5%,
5/01/49
...............................
13,000,000
14,009,061
Revenue,
Second
Series,
2019
E,
5%,
5/01/50
............................
26,805,000
28,862,386
San
Joaquin
Hills
Transportation
Corridor
Agency
,
Revenue,
Senior
Lien
,
1993
,
ETM,
Zero
Cpn
.,
1/01/23
.................................................
7,000,000
6,952,482
San
Jose
Unified
School
District
,
GO
,
2018
E
,
4
%
,
8/01/42
....................
10,600,000
10,875,112
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn
.,
8/01/42
...............
50,000,000
50,832,150
San
Mateo
Union
High
School
District
,
GO,
2011
A,
Zero
Cpn
.,
9/01/33
.......................................
6,065,000
5,620,292
GO,
2011
A,
Zero
Cpn
.,
9/01/41
.......................................
20,000,000
19,996,234
Santa
Ana
Unified
School
District
,
GO,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
8/01/35
...........................
10,000,000
6,355,886
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
Santa
Ana
Unified
School
District,
(continued)
GO,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
8/01/36
...........................
$
18,865,000
$
11,450,640
GO,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
8/01/37
...........................
10,000,000
5,779,909
Santa
Monica-Malibu
Unified
School
District
,
GO
,
A
,
4
%
,
8/01/44
...............
9,360,000
9,573,482
State
of
California
,
GO,
5.9%,
4/01/23
.................................................
300,000
302,255
GO,
2002,
NATL
Insured,
5%,
10/01/32
.................................
20,000
20,041
West
Contra
Costa
Unified
School
District
,
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/29
....................
10,000,000
8,271,210
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/30
....................
20,845,000
16,612,508
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/31
....................
20,000,000
15,315,846
GO,
C-1,
Refunding,
AGMC
Insured,
Zero
Cpn
.,
8/01/32
....................
10,730,000
7,872,847
667,177,754
Colorado
2.8%
City
&
County
of
Denver
,
Airport
System,
Revenue,
1992
C,
NATL
Insured,
ETM,
6.125%,
11/15/25
.......
3,590,000
3,983,293
Airport
System,
Revenue,
2013
B,
5.25%,
11/15/33
........................
16,405,000
16,997,040
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/38
..................
12,000,000
13,133,531
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/43
..................
11,000,000
11,923,866
Airport
System,
Revenue,
2018
A,
Refunding,
5%,
12/01/48
..................
10,000,000
10,776,264
Airport
System,
Revenue,
2018
A,
Refunding,
5.25%,
12/01/48
...............
26,000,000
28,383,077
Dedicated
Excise
Tax,
Revenue,
2018
A-1,
5%,
8/01/48
.....................
39,690,000
43,097,232
Dedicated
Excise
Tax,
Revenue,
2018
A-2,
Zero
Cpn
.,
8/01/35
................
2,000,000
1,253,529
Dedicated
Excise
Tax,
Revenue,
2018
A-2,
Zero
Cpn
.,
8/01/36
................
2,500,000
1,495,027
Dedicated
Excise
Tax,
Revenue,
2018
A-2,
Zero
Cpn
.,
8/01/37
................
2,455,000
1,400,904
Dedicated
Excise
Tax,
Revenue,
2018
A-2,
Zero
Cpn
.,
8/01/38
................
2,000,000
1,090,725
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
11/15/41
......
30,505,000
32,509,480
AdventHealth
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/48
...............
12,000,000
12,983,038
AdventHealth
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
11/15/43
......
10,000,000
10,146,097
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016
A,
5%,
12/01/41
...
5,000,000
5,230,976
Children's
Hospital
Colorado
Obligated
Group,
Revenue,
2016
A,
5%,
12/01/44
...
10,200,000
10,632,531
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-1,
Refunding,
4%,
8/01/44
6,000,000
5,897,742
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
5%,
8/01/44
17,700,000
18,828,170
CommonSpirit
Health
Obligated
Group,
Revenue,
2019
A-2,
Refunding,
4%,
8/01/49
7,000,000
6,798,315
Covenant
Living
Communities
and
Services
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
12/01/50
...........................................
4,930,000
4,527,620
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/45
...
1,000,000
949,044
Parkview
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2020
A,
4%,
9/01/50
...
3,000,000
2,778,796
Sisters
of
Charity
of
Leavenworth
Health
System,
Inc.
Obligated
Group,
Revenue,
2019
B,
Refunding,
4%,
1/01/40
.....................................
10,000,000
10,204,931
Eagle
River
Water
and
Sanitation
District
,
Revenue
,
2020
A
,
AGMC
Insured
,
4
%
,
12/01/45
........................................................
1,250,000
1,272,072
d
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,690,540
Park
Creek
Metropolitan
District
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
......
2,875,000
3,169,146
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
20,000,000
25,627,944
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/15/39
.............................................
1,000,000
1,014,039
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
3.75%,
12/01/40
.................................................
500,000
428,605
Sterling
Ranch
Colorado
Metropolitan
District
No.
2,
Revenue,
2020
A,
Refunding,
4.25%,
12/01/50
.................................................
1,150,000
1,005,838
291,229,412
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Connecticut
0.3%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/40
..........
$
2,250,000
$
2,252,626
Hartford
HealthCare
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/38
..........
2,200,000
2,212,776
Hartford
HealthCare
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
..........
7,500,000
7,373,877
Stamford
Hospital
Obligated
Group
(The),
Revenue,
M,
Refunding,
4%,
7/01/37
...
5,000,000
4,994,882
University
of
Hartford
(The),
Revenue,
2022
P,
5.375%,
7/01/52
...............
6,000,000
6,208,036
State
of
Connecticut
,
Special
Tax,
2020
A,
4%,
5/01/39
......................................
1,650,000
1,693,672
Special
Tax,
2020
A,
5%,
5/01/40
......................................
2,000,000
2,258,187
26,994,056
Delaware
0.1%
County
of
Kent
,
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/40
...........................
1,100,000
1,102,536
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/48
...........................
1,485,000
1,449,319
CHF-Dover
LLC,
Revenue,
2018
A,
5%,
7/01/53
...........................
1,100,000
1,064,654
Delaware
State
Economic
Development
Authority
,
Newark
Charter
School,
Inc.,
Revenue,
2021,
Refunding,
4%,
9/01/41
..........
1,600,000
1,515,090
Newark
Charter
School,
Inc.,
Revenue,
2021,
Refunding,
4%,
9/01/51
..........
3,300,000
2,967,037
8,098,636
Florida
10.2%
Alachua
County
Health
Facilities
Authority
,
Oak
Hammock
at
the
University
of
Florida
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
10/01/40
...........................................
2,500,000
2,387,408
Oak
Hammock
at
the
University
of
Florida
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
10/01/46
...........................................
1,750,000
1,609,499
Brevard
County
Health
Facilities
Authority
,
Health
First,
Inc.
Obligated
Group,
Revenue,
2014,
Refunding,
5%,
4/01/39
......
5,000,000
5,248,491
Health
First,
Inc.
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
4/01/47
.....
10,000,000
10,950,810
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/31
......
1,500,000
1,587,445
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/32
......
1,100,000
1,155,571
CAPFA
Capital
Corp.
2000F,
Revenue,
2020
A-1,
Refunding,
5%,
10/01/35
......
1,000,000
1,044,906
Capital
Trust
Agency,
Inc.
,
d
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
22,800,000
20,655,888
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/31
.................
500,000
514,079
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/41
.................
325,000
325,763
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/51
.................
385,000
373,116
Lutz
Preparatory
School,
Inc.,
Revenue,
2021
A,
4%,
6/01/56
.................
485,000
460,149
d
SHI
-
Lake
Osborne
LLC,
Revenue,
144A,
2021
A-1,
3.68%,
1/01/57
...........
2,000,000
1,469,641
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien,
2016
B,
Refunding,
4%,
7/01/39
.....................
5,000,000
5,063,837
Revenue,
Senior
Lien,
2016
B,
Refunding,
4%,
7/01/40
.....................
5,825,000
5,892,636
Revenue,
Senior
Lien,
2018,
5%,
7/01/48
................................
16,000,000
17,301,621
Revenue,
Senior
Lien,
2019
B,
5%,
7/01/49
..............................
22,000,000
24,011,724
Revenue,
Senior
Lien,
2021
D,
5%,
7/01/32
..............................
1,100,000
1,295,799
Centre
Lake
Community
Development
District
,
Special
Assessment,
2021,
3%,
5/01/42
.................................
1,000,000
783,290
Special
Assessment,
2021,
4%,
5/01/52
.................................
1,275,000
1,121,327
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/38
...................................................
1,105,000
1,170,576
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/53
...................................................
9,235,000
9,607,824
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
City
of
Cape
Coral
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/39
......
$
10,000,000
$
10,971,835
City
of
Cocoa
,
Water
&
Sewer
,
Revenue
,
2018
B
,
5
%
,
10/01/48
.................
10,325,000
11,468,874
City
of
Deltona
,
Utility
System
,
Revenue
,
2013
,
Pre-Refunded
,
AGMC
Insured
,
5.125
%
,
10/01/39
........................................................
5,000,000
5,200,888
City
of
Fort
Myers
,
Utility
System
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
10/01/44
......
7,000,000
7,090,267
City
of
Gainesville
,
Utilities
System,
Revenue,
2017
A,
5%,
10/01/36
..........................
7,150,000
7,913,613
Utilities
System,
Revenue,
2019
A,
5%,
10/01/47
..........................
36,640,000
40,377,665
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/01/45
..
5,000,000
4,888,572
Genesis
Health,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
11/01/50
..
15,000,000
15,710,636
City
of
Lakeland
,
Lakeland
Regional
Health
Systems
Obligated
Group
,
Revenue
,
2015
,
5
%
,
11/15/45
.....................................................
12,300,000
12,621,773
City
of
Melbourne
,
Water
&
Sewer,
Revenue,
2000
A,
FGIC
Insured,
ETM,
Zero
Cpn
.,
10/01/26
......
1,500,000
1,376,332
Water
&
Sewer,
Revenue,
2002
B,
Refunding,
NATL
Insured,
Zero
Cpn
.,
10/01/22
.
1,785,000
1,780,104
Water
&
Sewer,
Revenue,
2002
B,
Refunding,
NATL
Insured,
Zero
Cpn
.,
10/01/26
.
4,500,000
4,088,383
City
of
Miami
Beach
,
Revenue,
2015
A,
5%,
9/01/40
........................................
11,000,000
11,867,379
Stormwater
,
Revenue,
2015,
5%,
9/01/41
................................
10,000,000
10,813,320
City
of
Palmetto
,
Renaissance
Arts
and
Education,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
6/01/52
...................................................
3,000,000
3,052,151
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/50
........................................................
4,730,000
4,426,537
John
Knox
Village
of
Florida,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
9/01/56
.
10,150,000
9,203,850
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/15/42
........................................................
5,000,000
4,999,575
Baptist
Health
South
Florida
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/15/42
........................................................
21,500,000
22,864,237
City
of
St.
Petersburg
,
Public
Utility
,
Revenue
,
2018
,
Refunding
,
4
%
,
10/01/43
......
15,000,000
15,213,617
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
7/01/37
.........................................
5,000,000
5,309,761
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group,
Revenue,
2020
B,
4%,
7/01/45
..................................................
6,150,000
6,129,776
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/35
............
755,000
462,011
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/36
............
800,000
466,189
State
of
Florida
Cigarette
Tax,
Revenue,
2020
A,
Zero
Cpn
.,
9/01/37
............
800,000
442,931
Water
&
Wastewater
System,
Revenue,
2020
A,
5%,
10/01/54
................
5,000,000
5,631,164
Collier
County
Educational
Facilities
Authority
,
Hodges
University,
Inc.
,
Revenue
,
2013
,
Pre-Refunded
,
5.625
%
,
11/01/28
......................................
2,860,000
3,000,238
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
15,000,000
14,627,805
County
of
Hillsborough
,
Wastewater
Impact
Fee,
Revenue,
2021,
5%,
5/01/31
......................
1,640,000
1,969,114
Wastewater
Impact
Fee,
Revenue,
2021,
4%,
5/01/37
......................
650,000
680,165
County
of
Lee
,
Airport
,
Revenue
,
2021
B
,
4
%
,
10/01/38
.......................
7,435,000
7,473,382
County
of
Miami-Dade
,
GO,
2016
A,
4%,
7/01/39
............................................
1,000,000
1,025,057
Aviation,
Revenue,
2014
B,
Refunding,
5%,
10/01/37
.......................
10,000,000
10,469,399
Aviation,
Revenue,
2017
B,
Refunding,
5%,
10/01/40
.......................
5,000,000
5,271,189
Aviation,
Revenue,
2019
A,
5%,
10/01/49
................................
22,500,000
23,731,970
Aviation,
Revenue,
2020
A,
Refunding,
4%,
10/01/41
.......................
4,950,000
4,972,356
Seaport
Department,
Revenue,
2013
A,
Pre-Refunded,
6%,
10/01/38
...........
10,000,000
10,505,792
Transit
System,
Revenue,
2015,
Refunding,
5%,
7/01/35
....................
7,000,000
7,566,570
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
County
of
Miami-Dade,
(continued)
Transit
System,
Revenue,
2018,
5%,
7/01/43
.............................
$
10,000,000
$
11,054,419
Transit
System,
Revenue,
2018,
4%,
7/01/47
.............................
5,000,000
5,012,981
Transit
System,
Revenue,
2020
A,
4%,
7/01/48
...........................
5,000,000
5,013,802
Water
&
Sewer
System,
Revenue,
2013
A,
Pre-Refunded,
5%,
10/01/42
.........
20,000,000
20,119,358
Water
&
Sewer
System,
Revenue,
2019,
5%,
10/01/43
......................
5,000,000
5,476,757
Water
&
Sewer
System,
Revenue,
2019
B,
4%,
10/01/49
....................
27,500,000
27,574,836
Water
&
Sewer
System,
Revenue,
2021,
4%,
10/01/38
......................
3,000,000
3,098,094
County
of
Osceola
,
Transportation
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
10/01/49
...
4,500,000
4,711,971
County
of
Seminole
,
Water
&
Sewer
,
Revenue
,
2019
,
Refunding
,
4
%
,
10/01/40
.....
8,500,000
8,778,254
Escambia
County
Health
Facilities
Authority
,
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/34
........................................................
2,650,000
2,879,821
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/36
........................................................
3,900,000
4,219,938
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
8/15/37
........................................................
6,015,000
6,492,685
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/45
........................................................
19,465,000
18,611,109
Baptist
Health
Care
Corp.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
8/15/50
........................................................
18,985,000
18,023,446
Florida
Development
Finance
Corp.
,
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/35
..........
325,000
311,530
River
City
Education
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/45
..........
600,000
535,864
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/33
....................................................
1,350,000
1,441,711
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/39
....................................................
5,350,000
5,548,173
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/52
....................................................
7,000,000
7,085,476
Florida
Housing
Finance
Corp.
,
Revenue
,
2020-1
,
GNMA
Insured
,
2.75
%
,
7/01/50
...
1,480,000
1,286,300
Fort
Pierce
Utilities
Authority
,
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/22
....................
3,090,000
3,081,071
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/23
....................
3,060,000
2,988,758
Revenue,
1999
B,
AMBAC
Insured,
Zero
Cpn
.,
10/01/24
....................
2,560,000
2,441,445
Greater
Orlando
Aviation
Authority
,
Revenue
,
2019
A
,
4
%
,
10/01/49
..............
15,000,000
14,903,362
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
5%,
6/01/46
....................................................
4,250,000
4,621,856
Halifax
Hospital
Medical
Center
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
6/01/36
........................................................
2,500,000
2,640,243
Herons
Glen
Recreation
District
,
Special
Assessment,
2020,
Refunding,
BAM
Insured,
4%,
5/01/45
.............
1,515,000
1,571,138
Special
Assessment,
2020,
Refunding,
BAM
Insured,
4%,
5/01/50
.............
1,800,000
1,854,561
Hillsborough
County
Aviation
Authority
,
Revenue,
2015
A,
5%,
10/01/44
.......................................
5,000,000
5,161,241
Revenue,
2018
A,
5%,
10/01/48
.......................................
20,000,000
21,515,996
Revenue,
2018
E,
5%,
10/01/43
.......................................
5,000,000
5,410,024
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
8/01/50
.......................
6,500,000
6,140,804
Hollywood
Beach
Community
Development
District
I
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
10/01/45
............................................
4,000,000
3,806,902
JEA
Electric
System
,
Revenue,
2020
A,
Refunding,
4%,
10/01/35
..............................
5,000,000
5,195,853
Revenue,
2020
A-3,
Refunding,
4%,
10/01/38
.............................
9,080,000
9,297,173
Revenue,
2020
A-3,
Refunding,
4%,
10/01/39
.............................
9,300,000
9,565,210
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
JEA
Water
&
Sewer
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/01/40
.........
$
1,000,000
$
1,021,887
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group,
Revenue,
2019,
5%,
11/15/44
..................
5,000,000
5,248,218
Shell
Point
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/15/30
.........
460,000
466,584
Shell
Point
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/15/31
.........
560,000
565,670
Shell
Point
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/15/32
.........
375,000
377,413
Lee
Memorial
Health
System
,
Lee
Memorial
Health
System
Obligated
Group
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
4/01/44
.....................................
4,220,000
4,508,131
d
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn
.,
5/01/57
27,000,000
22,936,500
Miami
Beach
Redevelopment
Agency
,
Tax
Allocation,
2015
A,
Refunding,
AGMC
Insured,
5%,
2/01/40
...............
5,000,000
5,205,314
Tax
Allocation,
2015
A
2015
B,
Refunding,
AGMC
Insured,
5%,
2/01/44
.........
12,000,000
12,480,119
Miami-Dade
County
Expressway
Authority
,
Revenue,
2013
A,
Refunding,
5%,
7/01/29
...............................
10,000,000
10,023,372
Revenue,
2013
A,
Refunding,
5%,
7/01/32
...............................
6,375,000
6,388,532
Revenue,
A,
5%,
7/01/40
............................................
49,035,000
49,297,401
Miami-Dade
County
Health
Facilities
Authority
,
Variety
Children's
Hospital
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
8/01/42
3,000,000
3,189,057
Variety
Children's
Hospital
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/01/47
3,500,000
3,432,798
Mid-Bay
Bridge
Authority
,
Revenue,
2015
A,
Refunding,
5%,
10/01/40
..............................
5,000,000
5,172,315
Revenue,
A,
ETM,
6.875%,
10/01/22
...................................
1,415,000
1,427,620
Revenue,
D,
ETM,
6.1%,
10/01/22
.....................................
2,345,000
2,363,155
North
Sumter
County
Utility
Dependent
District
,
Revenue,
Senior
Lien,
2019,
BAM
Insured,
5%,
10/01/44
....................
4,000,000
4,485,118
Revenue,
Senior
Lien,
2019,
5%,
10/01/49
...............................
3,635,000
4,046,097
Revenue,
Senior
Lien,
2019,
5%,
10/01/54
...............................
7,000,000
7,688,714
Orange
County
Health
Facilities
Authority
,
Orlando
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
10/01/39
.....
6,000,000
6,334,667
Orlando
Health
Obligated
Group,
Revenue,
2019
A,
5%,
10/01/47
.............
10,000,000
10,589,094
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/41
............................................
5,000,000
5,281,378
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
8/01/47
............................................
14,000,000
14,787,859
Palm
Beach
County
Educational
Facilities
Authority
,
Palm
Beach
Atlantic
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
10/01/41
.......................................................
3,695,000
3,596,236
Palm
Beach
Atlantic
University
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
10/01/46
.......................................................
7,570,000
7,174,858
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
B,
4%,
11/15/41
.......................................................
500,000
486,201
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
B,
5%,
11/15/42
.......................................................
1,000,000
1,079,499
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2016
B,
5%,
5/15/41
....
5,000,000
5,004,744
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Senior
Lien,
2020
A-1,
Refunding,
AGMC
Insured,
2.625%,
5/01/34
........................................................
1,200,000
1,035,441
Special
Assessment,
Senior
Lien,
2020
A-1,
Refunding,
AGMC
Insured,
2.8%,
5/01/37
........................................................
995,000
841,870
Reunion
West
Community
Development
District
,
Special
Assessment
,
2022
,
Refunding
,
3
%
,
5/01/36
.............................................
1,250,000
1,053,350
River
Hall
Community
Development
District
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/36
......................................................
750,000
627,174
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/37
........................................................
2,350,000
2,379,580
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Sarasota
County
Health
Facilities
Authority,
(continued)
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/42
........................................................
$
1,600,000
$
1,610,629
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group,
Revenue,
2017
A,
5%,
1/01/47
........................................................
2,450,000
2,452,774
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/33
..............
600,000
635,533
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/38
..............
1,025,000
1,081,487
Sunnyside
Village
Obligated
Group,
Revenue,
2018,
5%,
5/15/48
..............
1,850,000
1,929,071
Sarasota
County
Public
Hospital
District
,
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
............................
10,000,000
9,862,744
South
Broward
Hospital
District
,
South
Broward
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/01/45
.........................................
20,715,000
22,072,384
South
Fork
East
Community
Development
District
,
Special
Assessment,
2021,
Refunding,
3%,
5/01/26
........................
100,000
97,829
Special
Assessment,
2021,
Refunding,
3%,
5/01/31
........................
250,000
224,600
Special
Assessment,
2021,
Refunding,
3%,
5/01/38
........................
600,000
492,482
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
7,250,000
7,320,091
State
of
Florida
,
GO,
1999
D,
Refunding,
6%,
6/01/23
...................................
32,500,000
33,713,209
GO,
2016
C,
Refunding,
4%,
6/01/35
...................................
5,340,000
5,594,564
GO,
2016
F,
Refunding,
4%,
6/01/37
...................................
8,000,000
8,316,930
Tampa
Bay
Water
,
Revenue
,
2013
,
5
%
,
10/01/38
...........................
10,000,000
10,346,188
Tampa
Sports
Authority
,
Revenue
,
1995
,
NATL
Insured
,
6.1
%
,
10/01/26
...........
2,105,000
2,287,120
Tampa-Hillsborough
County
Expressway
Authority
,
Revenue
,
2017
,
5
%
,
7/01/47
....
15,000,000
16,095,633
Tohopekaliga
Water
Authority
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/46
..........
5,000,000
5,516,834
Town
of
Palm
Beach
,
GO
,
2018
,
4
%
,
7/01/43
..............................
5,000,000
5,132,894
University
of
North
Florida
Financing
Corp.
(The)
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/35
..............................................
5,000,000
5,562,141
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/15/42
1,500,000
1,602,391
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2017,
Refunding,
5%,
10/15/47
3,500,000
3,709,309
Embry-Riddle
Aeronautical
University,
Inc.,
Revenue,
2020
A,
Refunding,
5%,
10/15/49
.......................................................
3,000,000
3,234,815
1,046,655,657
Georgia
4.0%
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax,
Revenue,
2015
A-1,
5.25%,
7/01/44
............
3,000,000
3,165,566
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/24
..
6,385,000
6,580,377
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/25
..
6,955,000
7,295,899
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/26
..
5,000,000
5,330,008
Tuff
Yamacraw
LLC,
Revenue,
2005
A,
Refunding,
AMBAC
Insured,
5%,
1/01/27
..
5,000,000
5,408,395
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
15,040,000
15,049,481
City
of
Atlanta
,
Airport
Passenger
Facility
Charge,
Revenue,
Sub.
Lien,
2019
D,
4%,
7/01/36
.....
15,800,000
16,032,221
Water
&
Wastewater,
Revenue,
2015,
Refunding,
5%,
11/01/40
...............
29,500,000
31,314,943
Water
&
Wastewater,
Revenue,
2018
A,
Refunding,
5%,
11/01/40
..............
4,655,000
5,172,651
Water
&
Wastewater,
Revenue,
2018
A,
Refunding,
5%,
11/01/41
..............
4,845,000
5,375,536
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Clarke
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
7/01/46
...............................
$
10,835,000
$
11,444,253
Cobb
County
Kennestone
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
4/01/41
...............................
50,000
50,577
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
10,000,000
10,793,612
Development
Authority
for
Fulton
County
,
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
7/01/46
........................................................
11,005,000
11,623,812
Piedmont
Healthcare,
Inc.
Obligated
Group,
Revenue,
2019
A,
4%,
7/01/49
......
20,000,000
19,774,950
WellStar
Health
System
Obligated
Group,
Revenue,
2017,
5%,
4/01/47
.........
5,000,000
5,290,392
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.,
Revenue,
2017,
Refunding,
4.125%,
11/01/45
.........
18,500,000
17,968,040
Oglethorpe
Power
Corp.,
Revenue,
2017
C,
Refunding,
4.125%,
11/01/45
.......
2,500,000
2,428,113
d
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
39,080,000
32,389,160
Fayette
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/39
...............................
11,420,000
11,831,516
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
5,000,000
5,108,400
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
2/15/45
.................
13,040,000
13,690,674
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
2,250,000
2,303,504
Main
Street
Natural
Gas,
Inc.
,
Revenue,
2007
A,
5.5%,
9/15/28
......................................
5,000,000
5,612,883
Revenue,
2019
A,
5%,
5/15/49
........................................
11,500,000
12,674,401
Revenue,
2021
C,
4%,
12/01/28
.......................................
4,500,000
4,618,538
c
Revenue,
2021
C,
Mandatory
Put,
4%,
12/01/28
...........................
16,500,000
16,843,657
c
Revenue,
2022
A,
Mandatory
Put,
4%,
12/01/29
...........................
14,500,000
14,694,470
c,e
Revenue,
2022
B,
Mandatory
Put,
5%,
6/01/29
............................
10,000,000
10,717,844
c,d
Revenue,
144A,
2022
C,
Mandatory
Put,
4%,
11/01/27
......................
49,155,000
48,766,636
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2019
A,
Refunding,
5%,
1/01/44
...............................
4,580,000
4,850,366
Revenue,
2019
B,
5%,
1/01/59
........................................
6,000,000
6,223,996
Revenue,
2022
A,
5.5%,
7/01/63
......................................
2,500,000
2,683,981
Private
Colleges
&
Universities
Authority
,
Emory
University,
Revenue,
2013
A,
5%,
10/01/43
.........................
10,000,000
10,276,039
Emory
University,
Revenue,
2020
B,
Refunding,
4%,
9/01/40
.................
4,000,000
4,143,601
Savannah
Hospital
Authority
,
St.
Joseph's/Candler
Health
System
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/43
...............................
15,000,000
14,856,609
State
of
Georgia
,
GO
,
2017
A
,
4
%
,
2/01/36
................................
10,000,000
10,485,137
412,870,238
Hawaii
1.0%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
7/01/47
.........................................................
25,000,000
27,332,017
State
of
Hawaii
,
Airports
System,
Revenue,
2018
A,
5%,
7/01/43
...........................
15,000,000
16,185,374
Airports
System,
Revenue,
2018
A,
5%,
7/01/48
...........................
15,450,000
16,578,715
Airports
System,
Revenue,
2020
A,
4%,
7/01/45
...........................
8,125,000
8,026,318
Airports
System,
Revenue,
2020
D,
Refunding,
4%,
7/01/39
..................
10,000,000
10,172,288
State
of
Hawaii
Department
of
Budget
&
Finance
,
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
Refunding,
3.2%,
7/01/39
..........
10,000,000
8,735,589
Hawaiian
Electric
Co.,
Inc.,
Revenue,
2019,
3.5%,
10/01/49
..................
17,035,000
14,334,010
101,364,311
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
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
$
4,579,290
St.
Luke's
Health
System
Ltd.
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
3/01/37
........................................................
3,500,000
3,805,403
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
ID,
4%,
12/01/43
.........
6,000,000
6,017,027
14,401,720
Illinois
5.4%
Chicago
Midway
International
Airport
,
Revenue,
1998
C,
Refunding,
AGMC,
NATL
RE
Insured,
5.5%,
1/01/24
.........
6,825,000
7,060,943
Revenue,
Second
Lien,
2016
B,
Refunding,
5%,
1/01/46
....................
18,420,000
19,270,499
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2016
D,
5.25%,
1/01/42
............................
10,000,000
10,862,911
Revenue,
Senior
Lien,
2016
D,
5%,
1/01/47
..............................
18,000,000
19,266,846
Revenue,
Senior
Lien,
2020
A,
Refunding,
4%,
1/01/35
.....................
13,015,000
13,397,020
Chicago
Park
District
,
GO,
2020
C,
BAM
Insured,
4%,
1/01/41
.................................
1,400,000
1,403,157
GO,
2020
C,
BAM
Insured,
4%,
1/01/42
.................................
4,300,000
4,299,653
GO,
2020
D,
BAM
Insured,
4%,
1/01/37
.................................
1,000,000
1,012,859
GO,
2020
D,
BAM
Insured,
4%,
1/01/38
.................................
1,000,000
1,008,809
GO,
2020
D,
BAM
Insured,
4%,
1/01/39
.................................
1,000,000
1,005,971
GO,
2020
F-2,
Refunding,
4%,
1/01/36
..................................
1,250,000
1,256,301
GO,
2020
F-2,
Refunding,
5%,
1/01/37
..................................
2,000,000
2,189,033
GO,
2020
F-2,
Refunding,
5%,
1/01/39
..................................
1,625,000
1,772,270
GO,
2020
F-2,
Refunding,
5%,
1/01/40
..................................
1,625,000
1,775,012
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
,
Revenue,
Second
Lien,
2020
A,
Refunding,
4%,
12/01/50
....................
9,000,000
8,814,852
Revenue,
Second
Lien,
2022
A,
Refunding,
5%,
12/01/57
....................
15,000,000
16,441,585
City
of
Chicago
,
Revenue
,
1998
,
NATL
Insured
,
ETM,
5.75
%
,
1/01/23
............
4,755,000
4,837,954
City
of
Galesburg
,
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/46
......
7,000,000
6,756,523
City
of
Granite
City
,
Waste
Management
of
Illinois,
Inc.
,
Revenue
,
2002
,
1.25
%
,
5/01/27
.........................................................
5,750,000
5,190,918
County
of
Cook
,
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
11/15/38
...........
3,665,000
4,012,607
Illinois
Finance
Authority
,
Bradley
University,
Revenue,
2021
A,
Refunding,
4%,
8/01/46
................
2,250,000
2,051,718
Bradley
University,
Revenue,
2021
A,
Refunding,
4%,
8/01/51
................
4,650,000
4,154,360
Carle
Foundation
Obligated
Group
(The),
Revenue,
2016
A,
Refunding,
5%,
2/15/45
20,000,000
20,859,554
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
A,
4%,
5/15/41
.........
3,480,000
3,137,721
Christian
Homes,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
3.25%,
5/15/27
........................................................
2,280,000
2,196,565
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/41
..............................
750,000
716,524
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/51
..............................
1,000,000
910,728
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
11/01/56
..............................
750,000
667,061
Mercy
Health
Corp.
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
12/01/46
...
30,000,000
31,236,957
Macon
County
School
District
No.
61
Decatur
,
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/40
.......................
3,700,000
3,784,739
GO,
2020
C,
Refunding,
AGMC
Insured,
4%,
1/01/45
.......................
3,125,000
3,153,442
Metropolitan
Pier
&
Exposition
Authority
,
Revenue,
1996,
ETM,
7%,
7/01/26
.....................................
6,240,000
7,015,198
Revenue,
2002
A,
AGMC,
NATL
Insured,
Zero
Cpn
.,
12/15/40
................
6,000,000
2,790,476
Revenue,
2022
A,
Refunding,
4%,
12/15/42
..............................
500,000
485,047
Revenue,
2022
A,
Refunding,
4%,
12/15/47
..............................
365,000
348,355
Revenue,
2022
A,
Refunding,
4%,
6/15/52
...............................
36,000,000
33,902,975
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
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
$
3,626,223
Madison
County
Community
Unit
School
District
No.
7
Edwardsville,
Revenue,
2007,
AGMC
Insured,
Zero
Cpn
.,
12/01/26
..................................
7,700,000
6,807,453
St.
Clair
County
School
District
No.
189
East
St.
Louis
,
GO
,
2008
,
Refunding
,
AMBAC
Insured
,
5.125
%
,
1/01/28
............................................
7,135,000
7,138,234
State
of
Illinois
,
GO,
2016,
Refunding,
5%,
2/01/26
.....................................
4,215,000
4,559,435
GO,
2016,
5%,
11/01/35
.............................................
1,000,000
1,051,934
GO,
2017
A,
5%,
12/01/35
...........................................
2,000,000
2,127,683
GO,
2017
A,
4.25%,
12/01/40
.........................................
3,150,000
3,157,476
GO,
2017
C,
5%,
11/01/29
...........................................
20,815,000
22,633,342
GO,
2017
D,
3.25%,
11/01/26
.........................................
1,750,000
1,788,358
GO,
2017
D,
5%,
11/01/26
...........................................
8,800,000
9,606,822
GO,
2017
D,
5%,
11/01/27
...........................................
10,970,000
12,090,768
GO,
2017
D,
5%,
11/01/28
...........................................
5,155,000
5,643,012
GO,
2018
A,
Refunding,
5%,
10/01/33
..................................
14,460,000
15,566,060
GO,
2018
A,
5%,
5/01/34
............................................
3,010,000
3,219,335
GO,
2018
A,
5%,
5/01/35
............................................
6,455,000
6,889,556
GO,
2018
B,
Refunding,
5%,
10/01/32
..................................
2,010,000
2,178,843
GO,
2019
B,
4%,
11/01/34
...........................................
6,410,000
6,430,694
GO,
2019
C,
4%,
11/01/40
...........................................
2,500,000
2,411,267
GO,
2019
C,
4%,
11/01/43
...........................................
4,190,000
3,969,079
GO,
2020,
5.5%,
5/01/30
............................................
14,215,000
16,371,959
GO,
2020,
5.5%,
5/01/39
............................................
20,030,000
22,352,763
GO,
2020,
5.75%,
5/01/45
...........................................
7,965,000
8,941,560
GO,
2020
C,
4%,
10/01/37
...........................................
3,685,000
3,614,949
GO,
2020
C,
4%,
10/01/38
...........................................
9,750,000
9,503,793
GO,
2020
C,
4%,
10/01/39
...........................................
4,585,000
4,446,797
GO,
2020
C,
4%,
10/01/41
...........................................
3,010,000
2,888,336
GO,
2021
A,
5%,
12/01/27
...........................................
10,000,000
11,024,902
GO,
2021
A,
5%,
3/01/33
............................................
5,000,000
5,513,733
GO,
2021
A,
5%,
3/01/34
............................................
5,730,000
6,296,731
GO,
2021
B,
4%,
12/01/34
...........................................
5,000,000
5,015,039
GO,
2021
B,
4%,
12/01/37
...........................................
5,000,000
4,902,089
GO,
2022
A,
5.5%,
3/01/47
...........................................
15,000,000
16,838,928
Sales
Tax,
Revenue,
2021
A,
4%,
6/15/25
...............................
5,000,000
5,206,141
Sales
Tax,
Revenue,
Junior
Lien,
2021
C,
Refunding,
5%,
6/15/29
.............
6,000,000
6,630,123
Tri-County
River
Valley
Development
Authority
,
Cedars
of
Lebanon
Affordable
LLC,
Revenue,
2021
A,
3.75%,
12/01/36
.........
10,150,000
8,656,972
Cedars
of
Lebanon
Affordable
LLC,
Revenue,
2021
B,
5.75%,
12/01/36
.........
790,000
714,577
d
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
6,583,497
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group,
Revenue,
144A,
2020
A,
Refunding,
4.5%,
12/01/50
.........................................
34,795,000
29,397,335
Village
of
Bolingbrook
,
GO
,
2013
A
,
Pre-Refunded
,
Zero
Cpn
.,
1/01/36
...........
19,000,000
9,731,312
554,574,253
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
3.2%
City
of
Indianapolis
,
Department
of
Public
Utilities
Water
System
,
Revenue,
First
Lien
,
2016
B
,
Refunding
,
5
%
,
10/01/37
......................................
$
15,000,000
$
16,594,443
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2021
,
3
%
,
11/01/51
.....
10,000,000
8,131,344
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
3,000,000
3,239,841
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group,
Revenue,
2016
A,
5.25%,
11/15/46
.........
11,955,000
12,346,812
BHI
Senior
Living
Obligated
Group,
Revenue,
2018
A,
5%,
11/15/53
............
15,000,000
15,423,891
BHI
Senior
Living
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/41
...
7,250,000
6,441,436
Citizens
Wastewater
of
Westfield
LLC,
Revenue,
2019
A,
Refunding,
5%,
10/01/48
16,665,000
18,204,666
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2012
A,
4%,
10/01/42
...............
24,690,000
24,797,263
CWA
Authority,
Inc.,
Revenue,
First
Lien,
2014
A,
5%,
10/01/39
...............
30,000,000
31,424,709
East
End
Crossing
Partners
LLC,
Revenue,
2013
A,
Pre-Refunded,
5.25%,
1/01/51
20,000,000
20,623,802
Greencroft
Goshen
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/43
..
7,000,000
6,206,616
Greencroft
Goshen
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
11/15/51
..
3,000,000
2,537,013
e
Greencroft
Goshen
Obligated
Group,
Revenue,
2023
A,
Refunding,
4%,
11/15/37
..
5,000,000
4,359,958
Indianapolis
Power
&
Light
Co.,
Revenue,
2021
A,
Refunding,
1.4%,
8/01/29
.....
5,000,000
4,456,688
Marion
County
Capital
Improvement
Board,
Revenue,
2015
A,
Refunding,
5.25%,
2/01/37
........................................................
10,000,000
10,832,588
Ohio
Valley
Electric
Corp.,
Revenue,
2010
B,
2.5%,
11/01/30
.................
3,925,000
3,582,706
University
of
Evansville,
Revenue,
2022
A,
Refunding,
5.25%,
9/01/57
..........
10,000,000
10,008,776
Indiana
Municipal
Power
Agency
,
Revenue,
2016
A,
Refunding,
4%,
1/01/42
...............................
5,860,000
6,035,220
Revenue,
2016
A,
Refunding,
5%,
1/01/42
...............................
21,290,000
22,912,967
Indiana
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/01/45
..................
8,525,000
8,742,716
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue,
2017,
Refunding,
5%,
1/01/40
.................................
23,225,000
25,834,872
Revenue,
2019
A,
4%,
2/01/44
........................................
3,000,000
3,060,501
Revenue,
2019
A,
5%,
2/01/49
........................................
41,970,000
46,476,466
Revenue,
2021
A,
Refunding,
5%,
6/01/35
...............................
8,185,000
9,452,283
Northern
Indiana
Commuter
Transportation
District
,
Revenue
,
2016
,
5
%
,
7/01/41
...
6,000,000
6,585,495
328,313,072
Iowa
1.0%
Iowa
Finance
Authority
,
Iowa
Fertilizer
Co.
LLC,
Revenue,
2022,
Refunding,
5%,
12/01/50
.............
8,000,000
8,401,344
Iowa
Health
System
Obligated
Group,
Revenue,
2018
B,
Refunding,
5%,
2/15/48
..
7,500,000
7,929,199
State
Revolving
Fund,
Revenue,
2017,
Refunding,
5%,
8/01/42
...............
16,000,000
17,630,570
Iowa
Tobacco
Settlement
Authority
,
Revenue,
2021
A-2,
1,
Refunding,
4%,
6/01/49
............................
20,730,000
19,776,370
Revenue,
2021
B-1,
2,
Refunding,
4%,
6/01/49
...........................
25,285,000
25,453,871
c
PEFA,
Inc.
,
Revenue
,
2019
,
Mandatory
Put
,
5
%
,
9/01/26
......................
24,500,000
25,886,416
105,077,770
Kansas
0.6%
Butler
County
Unified
School
District
No.
490
El
Dorado
,
GO
,
2016
B
,
BAM
Insured
,
4
%
,
9/01/43
......................................................
10,000,000
10,121,606
University
of
Kansas
Hospital
Authority
,
Revenue
,
2017
A
,
5
%
,
3/01/47
...........
16,995,000
17,870,881
Wyandotte
County-Kansas
City
Unified
Government
,
Utility
System,
Revenue,
2014
A,
Refunding,
5%,
9/01/44
....................
3,000,000
3,114,716
Utility
System,
Revenue,
2016
A,
5%,
9/01/45
............................
10,000,000
10,490,306
Utility
System,
Revenue,
2016
C,
Refunding,
5%,
9/01/41
...................
5,000,000
5,344,946
Utility
System,
Revenue,
2016
C,
Refunding,
5%,
9/01/46
...................
16,565,000
17,603,430
64,545,885
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
1.6%
Campbell
Kenton
&
Boone
Counties
Sanitation
District
No.
1
,
Revenue
,
2019
,
Refunding
,
4
%
,
8/01/34
.............................................
$
4,310,000
$
4,596,191
City
of
Hazard
,
Appalachian
Regional
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/46
.............................................
2,000,000
1,553,683
City
of
Owensboro
,
Electric
Light
&
Power
System,
Revenue,
2017,
Refunding,
4%,
1/01/27
.........
1,250,000
1,348,882
Water,
Revenue,
2018,
Refunding,
BAM
Insured,
4%,
9/15/45
................
5,000,000
5,075,633
County
of
Boyle
,
Centre
College
of
Kentucky
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/37
2,000,000
2,133,186
County
of
Carroll
,
Kentucky
Utilities
Co.,
Revenue,
2008
A,
Refunding,
2%,
2/01/32
..............
3,000,000
2,641,211
c
Kentucky
Utilities
Co.,
Revenue,
2016
A,
Refunding,
Mandatory
Put,
1.55%,
9/01/26
2,000,000
1,800,864
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2012
A
,
5
%
,
10/01/33
...............................................
1,000,000
1,004,131
Eastern
Kentucky
University
,
Revenue
,
2018
A
,
4
%
,
10/01/37
..................
1,540,000
1,596,759
Fayette
County
School
District
Finance
Corp.
,
Fayette
County
School
District,
Revenue,
2015
D,
5%,
8/01/34
................
1,985,000
2,150,979
Fayette
County
School
District,
Revenue,
2018
A,
4%,
5/01/38
................
1,000,000
1,029,365
Greater
Kentucky
Housing
Assistance
Corp.
,
Revenue
,
1997
A
,
Refunding
,
NATL,
FHA
Insured
,
6.1
%
,
1/01/24
..............................................
55,000
55,140
Hopkins
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.......
2,340,000
1,743,885
Kentucky
Bond
Development
Corp.
,
Revenue,
2018
A,
5%,
9/01/48
........................................
2,500,000
2,747,352
Centre
College
of
Kentucky,
Revenue,
2021,
4%,
6/01/51
....................
1,350,000
1,275,895
Transylvania
University,
Revenue,
2019
B,
4%,
3/01/49
.....................
2,500,000
2,370,789
Transylvania
University,
Revenue,
2021
A,
Refunding,
4%,
3/01/46
.............
735,000
703,457
Transylvania
University,
Revenue,
2021
A,
Refunding,
4%,
3/01/49
.............
330,000
312,944
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/44
........................
4,000,000
4,254,954
Kentucky
Municipal
Power
Agency
,
Revenue,
2015
A,
Refunding,
NATL
Insured,
5%,
9/01/42
....................
10,000,000
10,773,065
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/34
....................
5,000,000
5,551,073
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/35
....................
7,750,000
8,591,361
Revenue,
2016
A,
Refunding,
NATL
Insured,
5%,
9/01/36
....................
3,000,000
3,320,742
Revenue,
2019
A,
Refunding,
4%,
9/01/45
...............................
2,000,000
2,027,910
c
Kentucky
Public
Energy
Authority
,
Revenue
,
2019
C
,
Mandatory
Put
,
4
%
,
2/01/28
...
37,000,000
37,912,242
Kentucky
Rural
Water
Finance
Corp.
,
Revenue
,
2001
A
,
5
%
,
2/01/26
.............
255,000
255,721
Kentucky
State
Property
&
Building
Commission
,
Kentucky
Finance
and
Administration
Cabinet,
Revenue,
5%,
4/01/38
...........
2,500,000
2,716,937
Kentucky
Finance
and
Administration
Cabinet,
Revenue,
A,
Refunding,
5%,
8/01/34
3,500,000
3,765,175
Kentucky
Turnpike
Authority
,
Kentucky
Transportation
Cabinet,
Revenue,
2015
A,
Refunding,
5%,
7/01/33
.....
3,000,000
3,233,106
Kentucky
Transportation
Cabinet,
Revenue,
2017
A,
Refunding,
5%,
7/01/36
.....
550,000
605,011
Kentucky
Transportation
Cabinet,
Revenue,
2017
A,
Refunding,
5%,
7/01/37
.....
700,000
768,573
Lewis
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.........
2,000,000
1,495,032
Louisville
and
Jefferson
County
,
Metropolitan
Sewer
District,
Revenue,
2017
A,
4%,
5/15/48
..................
2,750,000
2,822,049
Metropolitan
Sewer
District,
Revenue,
2018
A,
Refunding,
4%,
5/15/38
..........
5,000,000
5,212,798
Louisville/Jefferson
County
Metropolitan
Government
,
Bellarmine
University,
Inc.,
Revenue,
2015,
Refunding,
5%,
5/01/31
............
2,000,000
2,038,823
Bellarmine
University,
Inc.,
Revenue,
2017
A,
Refunding,
5%,
5/01/36
..........
2,715,000
2,758,951
Louisville
Gas
and
Electric
Co.,
Revenue,
2003
A,
Refunding,
2%,
10/01/33
......
4,000,000
3,400,504
Norton
Healthcare
Obligated
Group,
Revenue,
2020
A,
4%,
10/01/39
...........
4,000,000
4,000,806
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
Morehead
State
University
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
10/01/28
...........
$
1,910,000
$
2,006,533
Paducah
Electric
Plant
Board
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
10/01/34
........................................................
5,700,000
6,373,206
Scott
County
School
District
Finance
Corp.
,
Scott
County
Board
of
Education
,
Revenue
,
2018
,
4
%
,
6/01/38
.........................................
1,615,000
1,645,125
Shelby
County
School
District
Finance
Corp.
,
Shelby
County
Public
School
District
,
Revenue
,
2018
,
4
%
,
8/01/38
.........................................
3,465,000
3,573,481
University
of
Kentucky
,
Revenue,
2014
A,
4%,
4/01/44
........................................
2,250,000
2,258,953
Revenue,
2018
A,
4%,
10/01/32
.......................................
4,000,000
4,183,904
University
of
Louisville
,
Revenue
,
2016
D
,
5
%
,
3/01/30
.......................
4,140,000
4,553,938
164,240,319
Louisiana
2.6%
City
of
Shreveport
,
Water
&
Sewer,
Revenue,
2016
B,
5%,
12/01/41
..........................
10,000,000
11,008,801
Water
&
Sewer,
Revenue,
Junior
Lien,
2019
B,
AGMC
Insured,
4%,
12/01/44
.....
6,535,000
6,655,575
East
Baton
Rouge
Sewerage
Commission
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
2/01/45
7,065,000
7,126,571
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/30
........................................................
5,000,000
5,465,524
d
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
City
of
New
Orleans,
Revenue,
144A,
2021,
4%,
11/01/46
...................
10,000,000
8,153,990
Parish
of
Assumption,
Revenue,
144A,
2021,
3.875%,
11/01/45
...............
4,880,000
3,934,124
Parish
of
St.
Bernard,
Revenue,
144A,
2021,
4%,
11/01/45
...................
2,000,000
1,645,407
Parish
of
St.
Charles,
Revenue,
144A,
2022,
4.5%,
11/01/47
.................
9,455,000
8,172,088
Parish
of
St.
John
the
Baptist,
Revenue,
144A,
2019,
3.9%,
11/01/44
...........
2,350,000
1,960,757
Parish
of
St.
Tammany
LA
GOMESA,
Revenue,
144A,
2020,
3.875%,
11/01/45
....
3,600,000
2,964,813
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4%,
10/01/43
...
3,877,088
3,138,103
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.25%,
10/01/48
6,350,000
5,040,944
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
4.5%,
10/01/53
.
8,000,000
6,281,598
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A,
5%,
10/01/61
...
10,000,000
7,839,826
Louisiana
Public
Facilities
Authority
,
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/47
..............................................
35,000,000
36,571,923
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/51
..............................................
15,000,000
15,422,958
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary,
Revenue,
2016
A,
5%,
7/01/56
..............................................
11,295,000
11,592,984
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2002
B,
ETM,
5.75%,
5/15/23
10,000,000
10,321,479
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
5/15/47
7,500,000
7,698,661
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
5/15/42
20,000,000
21,004,036
Ochsner
Clinic
Foundation
Obligated
Group,
Revenue,
2020
A,
Refunding,
AGMC
Insured,
3%,
5/15/47
..............................................
9,925,000
8,142,404
d
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.375%,
1/01/40
2,500,000
2,565,153
d
Provident
Group
-
HSC
Properties,
Inc.,
Revenue,
144A,
2020
A-1,
5.5%,
1/01/50
.
14,000,000
14,272,215
Tulane
University,
Revenue,
2020
A,
Refunding,
4%,
4/01/40
.................
3,750,000
3,749,257
Tulane
University,
Revenue,
2020
A,
Refunding,
5%,
4/01/45
.................
3,500,000
3,798,150
Louisiana
Stadium
&
Exposition
District
,
Revenue,
2020,
5%,
7/03/23
.........................................
5,700,000
5,767,305
Revenue,
2021,
4%,
7/03/23
.........................................
3,325,000
3,366,070
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
B
,
5
%
,
1/01/48
........................................
$
4,000,000
$
4,160,873
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
Revenue
,
2019
,
4
%
,
8/01/44
.........................................................
6,000,000
6,129,189
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
7,193,768
Port
New
Orleans
Board
of
Commissioners
,
Revenue,
2020
E,
5%,
4/01/44
........................................
8,110,000
8,713,155
Revenue,
2020
E,
5%,
4/01/47
........................................
10,000,000
10,699,034
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax,
Revenue,
2020
B,
Refunding,
4%,
6/01/40
.......................
5,065,000
5,252,683
Sales
Tax,
Revenue,
2020
B,
Refunding,
4%,
6/01/41
.......................
5,165,000
5,323,868
271,133,286
Maine
0.2%
Maine
Health
&
Higher
Educational
Facilities
Authority
,
MaineHealth
Obligated
Group,
Revenue,
2018
A,
5%,
7/01/43
................
3,000,000
3,174,623
MaineHealth
Obligated
Group,
Revenue,
2020
A,
4%,
7/01/39
................
1,075,000
1,086,172
Maine
Turnpike
Authority
,
Revenue
,
2018
,
5
%
,
7/01/47
.......................
15,500,000
17,182,416
21,443,211
Maryland
1.1%
City
of
Baltimore
,
Wastewater
Utility
Fund,
Revenue,
2013
C,
Pre-Refunded,
5%,
7/01/38
.........
5,000,000
5,239,083
Wastewater
Utility
Fund,
Revenue,
2014
C,
5%,
7/01/39
.....................
10,000,000
10,503,592
Wastewater
Utility
Fund,
Revenue,
2014
C,
5%,
7/01/44
.....................
10,000,000
10,462,459
Water
Utility
Fund,
Revenue,
2014
A,
5%,
7/01/39
.........................
9,430,000
9,904,887
Water
Utility
Fund,
Revenue,
2014
A,
5%,
7/01/44
.........................
5,500,000
5,754,352
Maryland
Economic
Development
Corp.
,
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2020,
4.25%,
7/01/50
1,000,000
914,431
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2020,
5%,
7/01/56
.
1,415,000
1,449,399
Purple
Line
Transit
Partners
LLC,
Revenue,
2022
B,
5.25%,
6/30/52
...........
10,000,000
10,921,651
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group,
Revenue,
2016
A,
5.5%,
1/01/46
.........
12,500,000
13,096,238
Adventist
Healthcare
Obligated
Group,
Revenue,
2021
B,
4%,
1/01/51
..........
23,000,000
22,037,399
LifeBridge
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.....
3,000,000
2,999,755
MedStar
Health
Obligated
Group,
Revenue,
2017
A,
5%,
5/15/42
..............
7,500,000
8,001,504
Town
of
Chestertown
,
Washington
College,
Revenue,
2021
A,
Refunding,
5%,
3/01/33
...............
3,205,000
3,582,719
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/34
...............
3,420,000
3,518,265
Washington
College,
Revenue,
2021
A,
Refunding,
4%,
3/01/35
...............
3,555,000
3,653,241
112,038,975
Massachusetts
2.4%
Commonwealth
of
Massachusetts
,
GO,
2016
G,
4%,
9/01/42
............................................
20,000,000
20,368,798
GO,
2017
B,
5%,
4/01/47
............................................
12,335,000
13,449,139
GO,
2018
A,
5%,
1/01/46
............................................
10,000,000
11,044,429
GO,
2019
A,
5.25%,
1/01/44
..........................................
10,000,000
11,323,264
Transportation
Fund,
Revenue,
2017
A,
5%,
6/01/47
.......................
25,055,000
27,393,428
Transportation
Fund,
Revenue,
2018
A,
5%,
6/01/48
.......................
15,000,000
16,655,748
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2005
A
,
5
%
,
7/01/28
10,000,000
11,665,851
Massachusetts
Clean
Water
Trust
(The)
,
Revenue,
1999
A,
5.75%,
8/01/29
.....................................
450,000
451,340
Revenue,
2002
A,
5%,
8/01/32
........................................
225,000
225,505
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency
,
Beth
Israel
Lahey
Health
Obligated
Group,
Revenue,
2018
J-2,
5%,
7/01/53
......
$
5,000,000
$
5,288,335
Dana-Farber
Cancer
Institute
Obligated
Group,
Revenue,
2016
N,
5%,
12/01/41
..
10,135,000
10,818,550
Mass
General
Brigham,
Inc.,
Revenue,
2016
Q,
Refunding,
5%,
7/01/47
.........
15,000,000
15,836,211
Mass
General
Brigham,
Inc.,
Revenue,
2017
S-1,
Refunding,
4%,
7/01/41
.......
15,415,000
15,613,790
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/33
........................................................
600,000
681,733
Southcoast
Health
System
Obligated
Group,
Revenue,
2021
G,
Refunding,
5%,
7/01/34
........................................................
625,000
707,183
Springfield
College,
Revenue,
2021
A,
4%,
6/01/56
........................
3,000,000
2,760,949
d
Waste
Management
of
Massachusetts,
Inc.,
Revenue,
144A,
2002,
1.25%,
5/01/27
3,250,000
2,933,997
Worcester
Polytechnic
Institute,
Revenue,
2019,
5%,
9/01/59
.................
10,000,000
10,612,222
Massachusetts
Educational
Financing
Authority
,
Revenue,
2017
B,
Refunding,
4.25%,
7/01/46
.............................
2,000,000
2,048,199
Revenue,
2021
C,
3%,
7/01/51
........................................
3,200,000
2,412,960
Massachusetts
Port
Authority
,
Revenue,
2021
E,
5%,
7/01/46
........................................
25,000,000
27,346,663
Bosfuel
Corp.,
Revenue,
2019
A,
Refunding,
5%,
7/01/49
....................
7,500,000
8,014,722
Massachusetts
School
Building
Authority
,
Revenue
,
2018
A
,
4
%
,
2/15/43
..........
10,750,000
10,900,234
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien,
1,
Pre-Refunded,
5%,
11/01/39
......................
4,410,000
4,730,470
Revenue,
Senior
Lien,
2014-1,
5%,
11/01/39
.............................
8,185,000
8,642,763
Revenue,
Senior
Lien,
2014-1,
Pre-Refunded,
5%,
11/01/39
..................
3,795,000
4,065,555
Revenue,
Senior
Lien,
2014-1,
Pre-Refunded,
5%,
11/01/39
..................
3,610,000
3,872,335
249,864,373
Michigan
1.4%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System,
Revenue,
Second
Lien,
2006
B,
NATL
Insured,
5%,
7/01/36
.......................................
10,000
10,026
Great
Lakes
Water
Authority
Water
Supply
System,
Revenue,
Senior
Lien,
2003
A,
NATL
Insured,
5%,
7/01/34
.........................................
10,000
10,028
Michigan
Finance
Authority
,
BHSH
System
Obligated
Group,
Revenue,
2016
A,
5%,
11/01/44
..............
20,925,000
21,985,444
Bronson
Health
Care
Group
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
5/15/54
........................................................
25,000,000
26,156,723
Henry
Ford
Health
System
Obligated
Group,
Revenue,
2019
A,
5%,
11/15/48
.....
25,920,000
27,341,792
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/36
...
1,000,000
1,017,441
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/37
...
2,000,000
2,028,702
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/38
...
1,500,000
1,516,157
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/39
...
1,500,000
1,512,791
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/40
...
1,000,000
1,008,965
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
A,
1,
Refunding,
4%,
6/01/49
...
4,000,000
3,791,546
Tobacco
Settlement,
Revenue,
Senior
Lien,
2020
B-1,
2,
Refunding,
5%,
6/01/49
..
3,635,000
3,770,114
Michigan
State
Building
Authority
,
Revenue
,
2013
1-A
,
Refunding
,
5.25
%
,
10/15/44
..
20,655,000
21,172,239
Michigan
State
Hospital
Finance
Authority
,
Ascension
Health
Credit
Group
,
Revenue
,
2010
F-7
,
Refunding
,
5
%
,
11/15/47
....................................
10,000,000
10,626,986
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation,
Revenue,
2018,
5%,
6/30/48
....
10,025,000
10,163,877
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
11/15/49
...........................................
7,000,000
6,907,095
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/45
.............................
7,940,000
8,119,293
147,139,219
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Minnesota
0.1%
City
of
St.
Cloud
,
CentraCare
Health
System
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
5/01/48
.............................................
$
10,000,000
$
10,539,556
Mississippi
1.0%
Medical
Center
Educational
Building
Corp.
,
Mississippi
State
Institutions
of
Higher
Learning
,
Revenue
,
2017
,
Refunding
,
5
%
,
6/01/47
.........................
25,000,000
26,307,013
Mississippi
Business
Finance
Corp.
,
System
Energy
Resources,
Inc.
,
Revenue
,
2021
,
Refunding
,
2.375
%
,
6/01/44
..........................................
7,000,000
5,048,986
Mississippi
Development
Bank
,
City
of
Jackson
Water
&
Sewer
System,
Revenue,
2013,
AGMC
Insured,
6.875%,
12/01/40
.......................................................
3,400,000
3,567,155
d
County
of
Jackson,
Revenue,
144A,
2021,
3.625%,
11/01/36
.................
3,000,000
2,577,518
Mississippi
Home
Corp.
,
d
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
3.5%,
6/01/33
.
584,263
495,557
d
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4%,
6/01/46
..
1,000,000
762,473
d
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
A-5,
4.5%,
6/01/62
.
17,965,177
13,151,262
d
Patriot
Services
Group
Obligated
Group,
Revenue,
144A,
2021
B-5,
5.2%,
6/01/36
5,600,000
4,951,651
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.15%,
6/01/46
..................................................
3,464,038
2,707,948
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group,
Revenue,
2021
D-8,
4.65%,
6/01/62
..................................................
5,381,952
4,056,744
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016
A,
5%,
9/01/36
...
6,350,000
6,647,010
Baptist
Memorial
Health
Care
Obligated
Group,
Revenue,
2016
A,
5%,
9/01/46
...
30,000,000
30,889,341
101,162,658
Missouri
1.0%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
BJC
Healthcare
Obligated
Group,
Revenue,
2015
A,
4%,
1/01/45
..............
20,005,000
20,076,706
Lutheran
Senior
Services
Obligated
Group,
Revenue,
2016
B,
Refunding,
5%,
2/01/46
........................................................
4,000,000
4,090,016
Mercy
Health,
Revenue,
2014
F,
5%,
11/15/45
............................
25,000,000
25,887,077
SSM
Health
Care
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/48
............
7,500,000
7,887,727
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport,
Revenue,
2019
B,
5%,
3/01/46
...................
30,950,000
32,777,551
City
of
Kansas
City
Airport,
Revenue,
2019
B,
AGMC
Insured,
5%,
3/01/49
.......
9,000,000
9,683,544
St.
Louis
Municipal
Finance
Corp
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/49
.....................................................
5,000,000
5,562,513
105,965,134
Montana
0.2%
Montana
Facility
Finance
Authority
,
Benefis
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
2/15/41
.
2,650,000
2,779,725
Billings
Clinic
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
8/15/48
.......
10,000,000
10,654,925
Kalispell
Regional
Medical
Center
Obligated
Group,
Revenue,
2018
B,
Refunding,
5%,
7/01/43
....................................................
6,440,000
6,762,775
20,197,425
Nebraska
0.7%
c
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
15,000,000
16,159,380
Douglas
County
Hospital
Authority
No.
2
,
Children's
Hospital
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
11/15/47
.......................................
10,000,000
10,438,250
Gretna
Public
Schools
,
GO
,
2022
,
4
%
,
12/15/47
............................
12,935,000
12,983,235
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2
,
Revenue,
2015
A,
Refunding,
5.25%,
2/01/42
.............................
10,000,000
10,750,144
Revenue,
2016
A,
Refunding,
5%,
2/01/49
...............................
10,000,000
10,725,385
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Nebraska
(continued)
Public
Power
Generation
Agency
,
Revenue,
2016
A,
Refunding,
5%,
1/01/39
...............................
$
7,340,000
$
8,062,023
Revenue,
2016
A,
Refunding,
5%,
1/01/41
...............................
5,140,000
5,633,506
74,751,923
Nevada
0.3%
Carson
City
,
Carson
Tahoe
Regional
Healthcare
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/47
.............................................
2,775,000
2,903,457
City
of
Henderson
,
GO
,
2020
A-1
,
4
%
,
6/01/45
.............................
10,000,000
10,159,077
Clark
County
School
District
,
GO,
2020
A,
AGMC
Insured,
4%,
6/15/36
................................
750,000
800,639
GO,
2020
A,
AGMC
Insured,
4%,
6/15/37
................................
875,000
925,080
GO,
2020
A,
AGMC
Insured,
4%,
6/15/38
................................
850,000
887,757
GO,
2020
A,
AGMC
Insured,
4%,
6/15/39
................................
1,000,000
1,035,796
GO,
2020
A,
AGMC
Insured,
4%,
6/15/40
................................
725,000
745,827
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
11,008,923
28,466,556
New
Hampshire
0.2%
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Concord
Hospital
Obligated
Group,
Revenue,
2017,
5%,
10/01/47
.............
5,000,000
5,234,774
Elliot
Hospital
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
10/01/38
.......
4,000,000
4,196,909
University
System
of
New
Hampshire,
Revenue,
2015,
Refunding,
5%,
7/01/45
...
10,350,000
11,093,620
20,525,303
New
Jersey
3.0%
New
Jersey
Economic
Development
Authority
,
New
Jersey
Transit
Corp.,
Revenue,
2020
A,
5%,
11/01/44
...................
15,200,000
16,233,766
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/33
6,135,000
6,727,856
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
5%,
6/15/36
11,850,000
12,842,166
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2018
EEE,
4.625%,
6/15/48
........................................................
2,000,000
2,056,210
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
5%,
6/15/39
3,250,000
3,511,692
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
2019
LLL,
4%,
6/15/44
2,725,000
2,696,210
State
of
New
Jersey
Department
of
the
Treasury,
Revenue,
AAA,
5%,
6/15/41
....
26,000,000
27,356,524
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/34
..............................................
4,600,000
4,961,380
State
of
New
Jersey
Division
of
Property
Management
&
Construction,
Revenue,
2018
C,
5%,
6/15/35
..............................................
4,800,000
5,160,794
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
14,000,000
14,782,653
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue,
2021
C,
Refunding,
3.25%,
12/01/51
...........................
2,000,000
1,550,120
Revenue,
Senior
Lien,
2018
A,
4%,
12/01/33
.............................
2,115,000
2,155,676
Revenue,
Senior
Lien,
2020
B,
3.5%,
12/01/39
............................
8,000,000
8,095,711
New
Jersey
Transportation
Trust
Fund
Authority
,
Revenue,
2009
A,
Zero
Cpn
.,
12/15/36
..................................
500,000
283,258
Revenue,
2009
A,
Zero
Cpn
.,
12/15/39
..................................
71,750,000
34,584,160
Revenue,
2010
A,
Zero
Cpn
.,
12/15/40
..................................
4,750,000
2,161,959
Revenue,
2013
AA,
5%,
6/15/44
.......................................
1,000,000
1,013,956
Revenue,
2014
BB-1,
5%,
6/15/31
.....................................
3,000,000
3,314,416
Revenue,
2015
AA,
5%,
6/15/45
.......................................
15,000,000
15,495,994
Revenue,
2018
A,
Refunding,
5%,
12/15/32
..............................
12,000,000
13,189,367
Revenue,
2018
A,
Refunding,
5%,
12/15/35
..............................
8,200,000
8,911,461
Revenue,
2019
A,
Refunding,
5%,
12/15/39
..............................
785,000
848,209
Revenue,
2019
BB,
5%,
6/15/33
.......................................
3,250,000
3,564,064
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
(continued)
Revenue,
2019
BB,
4%,
6/15/38
.......................................
$
2,000,000
$
2,024,735
Revenue,
2019
BB,
5%,
6/15/44
.......................................
5,150,000
5,495,583
Revenue,
2020
AA,
5%,
6/15/45
.......................................
26,435,000
28,426,782
Revenue,
2020
AA,
4%,
6/15/50
.......................................
39,000,000
38,674,514
Revenue,
2022
BB,
4%,
6/15/46
.......................................
17,000,000
16,895,817
New
Jersey
Turnpike
Authority
,
Revenue,
2015
E,
5%,
1/01/45
........................................
11,475,000
12,026,609
Revenue,
D,
5%,
1/01/28
............................................
15,265,000
16,896,415
311,938,057
New
Mexico
0.3%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
B
,
Refunding
,
2.15
%
,
4/01/33
...................................................
21,800,000
18,005,721
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group,
Revenue,
2017
A,
Refunding,
5%,
8/01/46
....................................................
15,000,000
15,884,061
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/33
.
1,000,000
1,014,571
San
Juan
Regional
Medical
Center,
Inc.,
Revenue,
2020,
Refunding,
4%,
6/01/35
.
1,000,000
993,867
35,898,220
New
York
9.6%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
College
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/40
......................................
2,200,000
2,221,283
City
of
New
York
,
GO,
2002
D,
5.5%,
6/01/24
..........................................
180,000
180,611
GO,
2003
F,
5.25%,
1/15/23
..........................................
5,000
5,015
GO,
2018
E-1,
5%,
3/01/40
..........................................
14,570,000
16,047,917
GO,
2021
C,
4%,
8/01/41
............................................
3,000,000
3,034,707
GO,
2022
D-1,
5.5%,
5/01/46
.........................................
2,500,000
2,945,761
Long
Island
Power
Authority
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
9/01/46
..........
13,000,000
14,188,121
Metropolitan
Transportation
Authority
,
Revenue,
2012
A-1,
5%,
11/15/40
.....................................
30,000,000
30,368,049
Revenue,
2013
A,
5%,
11/15/38
.......................................
11,800,000
11,947,881
Revenue,
2013
B,
5%,
11/15/43
.......................................
8,000,000
8,093,167
Revenue,
2015
A,
5%,
11/15/40
.......................................
7,000,000
7,236,095
Revenue,
2015
D-1,
Refunding,
5%,
11/15/32
............................
1,250,000
1,315,355
Revenue,
2016
B,
Refunding,
5%,
11/15/28
..............................
2,885,000
3,128,254
Revenue,
2016
C-1,
5.25%,
11/15/56
...................................
14,765,000
15,429,463
Revenue,
2016
D,
Refunding,
5%,
11/15/31
..............................
1,180,000
1,258,206
Revenue,
2017
A-2,
Refunding,
5%,
11/15/26
.............................
4,425,000
4,820,651
Revenue,
2017
C-1,
Refunding,
5%,
11/15/33
............................
1,780,000
1,916,111
Revenue,
2017
C-2,
Refunding,
Zero
Cpn
.,
11/15/29
.......................
2,090,000
1,673,162
Revenue,
2019
A-2,
5%,
11/15/45
.....................................
46,270,000
49,097,555
Revenue,
2020
A-1,
4%,
11/15/45
.....................................
10,000,000
9,704,763
Revenue,
2020
A-1,
5%,
11/15/48
.....................................
7,000,000
7,368,255
Revenue,
2020
C-1,
4.75%,
11/15/45
...................................
13,220,000
13,708,126
Revenue,
2020
C-1,
5%,
11/15/50
.....................................
12,150,000
12,773,430
Revenue,
2020
C-1,
5.25%,
11/15/55
...................................
24,500,000
26,074,640
Revenue,
2020
D,
5%,
11/15/44
.......................................
17,000,000
18,015,272
Revenue,
2020
D,
4%,
11/15/50
.......................................
20,000,000
19,257,234
Revenue,
2021
A-2,
4%,
11/15/42
.....................................
6,000,000
5,884,233
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
3/01/45
.................................
6,000,000
6,043,253
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System,
Revenue,
2013
DD,
5%,
6/15/35
....................
30,705,000
31,503,628
Water
&
Sewer
System,
Revenue,
2015
FF,
Refunding,
5%,
6/15/39
............
10,000,000
10,697,232
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
New
York
City
Municipal
Water
Finance
Authority,
(continued)
Water
&
Sewer
System,
Revenue,
2015
HH,
Refunding,
5%,
6/15/39
...........
$
15,000,000
$
16,045,848
Water
&
Sewer
System,
Revenue,
2017
CC,
Refunding,
5%,
6/15/46
...........
32,500,000
34,929,186
Water
&
Sewer
System,
Revenue,
2019
DD-1,
5.25%,
6/15/49
................
12,000,000
13,307,104
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured,
Revenue,
2014
A-1,
5%,
11/01/34
......................
15,000,000
15,452,430
Future
Tax
Secured,
Revenue,
2016
E-1,
5%,
2/01/38
......................
10,000,000
10,798,128
Future
Tax
Secured,
Revenue,
2017
B,
5%,
8/01/36
........................
10,000,000
10,933,838
Future
Tax
Secured,
Revenue,
2017
B,
5%,
8/01/38
........................
10,000,000
10,894,089
Future
Tax
Secured,
Revenue,
2017
F-1,
5%,
5/01/42
......................
11,095,000
12,115,546
Future
Tax
Secured,
Revenue,
2018
C-2,
5%,
5/01/38
......................
11,945,000
13,242,399
Future
Tax
Secured,
Revenue,
2018
C-3,
4%,
5/01/43
......................
19,800,000
20,034,361
Future
Tax
Secured,
Revenue,
2020
B-1,
4%,
11/01/47
.....................
10,000,000
10,084,900
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
3%,
11/15/51
..............................
10,000,000
7,799,011
Goldman
Sachs
Headquarters
LLC,
Revenue,
2005,
Refunding,
5.25%,
10/01/35
..
40,000,000
46,765,104
Goldman
Sachs
Headquarters
LLC,
Revenue,
2007,
5.5%,
10/01/37
...........
24,995,000
30,117,968
New
York
State
Dormitory
Authority
,
State
of
New
York
Personal
Income
Tax,
Revenue,
2015
B,
5%,
2/15/40
.........
20,000,000
21,154,328
State
of
New
York
Personal
Income
Tax,
Revenue,
2017
B,
Refunding,
5%,
2/15/42
24,410,000
26,699,316
State
of
New
York
Personal
Income
Tax,
Revenue,
2020
A,
Refunding,
4%,
3/15/48
5,000,000
5,039,129
State
of
New
York
Sales
Tax,
Revenue,
2017
A,
5%,
3/15/43
.................
10,000,000
10,857,264
State
of
New
York
Sales
Tax,
Revenue,
2018
A,
5%,
3/15/39
.................
13,270,000
14,693,405
State
of
New
York
Sales
Tax,
Revenue,
2018
C,
Refunding,
5%,
3/15/37
........
25,000,000
27,787,200
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/42
........
21,210,000
23,539,225
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Refunding,
5%,
3/15/44
........
16,000,000
17,692,901
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
5%,
3/15/46
.................
73,125,000
80,637,409
State
of
New
York
Sales
Tax,
Revenue,
2018
E,
Pre-Refunded,
5%,
3/15/46
......
5,000
5,832
New
York
State
Thruway
Authority
,
Revenue,
2019
B,
4%,
1/01/50
........................................
20,000,000
19,743,532
Revenue,
Junior
Lien,
2016
A,
5%,
1/01/51
..............................
9,000,000
9,521,952
State
of
New
York
Personal
Income
Tax,
Revenue,
2022
A,
Refunding,
4%,
3/15/51
12,115,000
12,104,177
New
York
State
Urban
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
4
%
,
3/15/45
........................................
36,905,000
37,410,337
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2018,
5%,
1/01/34
..........................
5,560,000
5,786,444
Delta
Air
Lines,
Inc.,
Revenue,
2020,
4%,
10/01/30
.........................
21,460,000
21,625,918
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/35
.........................
5,820,000
6,137,968
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
3,540,000
3,688,776
JFK
International
Air
Terminal
LLC,
Revenue,
2022,
5%,
12/01/33
.............
7,500,000
8,220,070
Port
Authority
of
New
York
&
New
Jersey
,
Revenue,
179,
5%,
12/01/38
.........................................
20,000,000
20,763,084
Revenue,
218,
4%,
11/01/47
.........................................
13,500,000
13,383,464
Triborough
Bridge
&
Tunnel
Authority
,
Metropolitan
Transportation
Authority
Payroll
Mobility
Tax
,
Revenue,
Senior
Lien
,
2022
A
,
Refunding
,
5
%
,
5/15/57
...........
8,375,000
9,372,514
984,321,587
North
Carolina
1.1%
County
of
Wake
,
GO
,
2010
C
,
Refunding
,
5
%
,
3/01/25
.......................
21,780,000
23,618,524
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.5
%
,
7/01/52
.........................................................
5,000,000
5,662,024
North
Carolina
Eastern
Municipal
Power
Agency
,
Revenue
,
1993
B
,
ETM,
6.25
%
,
1/01/23
.........................................................
39,030,000
39,802,587
North
Carolina
Medical
Care
Commission
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.......................................
2,200,000
2,298,793
North
Carolina
Turnpike
Authority
,
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
1/01/33
......................
25,000,000
17,739,198
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Turnpike
Authority,
(continued)
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
1/01/34
......................
$
15,000,000
$
10,165,203
Revenue,
2009
B,
AGMC
Insured,
Zero
Cpn
.,
1/01/35
......................
15,215,000
9,847,064
109,133,393
North
Dakota
0.6%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/33
..
2,000,000
2,216,229
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
5%,
12/01/34
..
3,500,000
3,863,983
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/35
..
1,815,000
1,811,584
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/36
..
3,625,000
3,604,382
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/37
..
1,575,000
1,560,862
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/38
..
2,300,000
2,269,529
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/40
..
3,375,000
3,314,042
Altru
Health
System
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
12/01/41
..
1,875,000
1,827,023
State
Board
of
Higher
Education
of
the
State
of
North
Dakota
,
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/44
............................
10,000,000
10,172,501
Revenue,
2019
A,
AGMC
Insured,
4%,
4/01/50
............................
9,620,000
9,727,430
University
of
North
Dakota
,
COP,
2018
A,
5%,
4/01/48
...........................................
5,500,000
5,956,675
COP,
2018
A,
5%,
4/01/57
...........................................
10,000,000
10,802,526
57,126,766
Ohio
2.6%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/37
3,915,000
3,945,366
Summa
Health
System
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
5,700,000
5,731,004
American
Municipal
Power,
Inc.
,
Revenue,
2015
A,
Refunding,
5%,
2/15/39
...............................
5,000,000
5,157,919
Revenue,
2015
A,
Refunding,
5%,
2/15/42
...............................
2,500,000
2,575,153
Revenue,
2016
A,
Refunding,
5%,
2/15/46
...............................
20,000,000
21,276,600
Revenue,
2019
C,
Refunding,
4%,
2/15/39
...............................
18,795,000
19,226,569
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
4
%
,
6/01/48
.............................................
4,505,000
4,349,791
City
of
Toledo
,
Water
System
,
Revenue
,
2013
,
Refunding
,
5
%
,
11/15/38
..........
20,000,000
20,409,496
Cleveland-Cuyahoga
County
Port
Authority
,
County
of
Cuyahoga
,
Revenue
,
2013
,
5
%
,
7/01/37
.........................................................
6,000,000
7,325,501
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
........................................................
7,500,000
7,833,777
County
of
Franklin
,
Ohio
Living
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
7/01/40
..........
10,410,000
9,945,615
OhioHealth
Obligated
Group,
Revenue,
2015,
5%,
5/15/40
...................
10,000,000
10,461,739
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017,
5%,
12/01/46
............
10,000,000
10,678,767
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2017
A-OH,
5%,
12/01/47
.......
10,800,000
11,584,417
County
of
Hamilton
,
UC
Health
Obligated
Group
,
Revenue
,
2020
,
5
%
,
9/15/50
.....
7,500,000
7,966,315
Northeast
Ohio
Regional
Sewer
District
,
Revenue,
2017,
Refunding,
4%,
11/15/38
................................
10,000,000
10,290,181
Revenue,
2017,
Refunding,
4%,
11/15/43
................................
10,000,000
10,171,172
Ohio
Higher
Educational
Facility
Commission
,
Case
Western
Reserve
University,
Revenue,
2021
A,
Refunding,
4%,
12/01/44
....
6,815,000
6,901,356
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/42
...........
1,350,000
1,398,279
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/45
...........
1,185,000
1,219,901
Judson
Obligated
Group,
Revenue,
2020
A,
Refunding,
5%,
12/01/50
...........
2,530,000
2,590,421
Ohio
State
University
(The)
,
Revenue
,
2013
A
,
5
%
,
6/01/38
....................
10,000,000
10,172,457
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
2018
A,
5%,
2/15/43
........................................
20,000,000
21,974,636
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Ohio
(continued)
Ohio
Turnpike
&
Infrastructure
Commission,
(continued)
Revenue,
Junior
Lien,
2013
A-4,
Zero
Cpn
.,
2/15/35
........................
$
35,000,000
$
40,672,538
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2017
A,
Refunding,
4%,
1/01/36
........................................................
6,500,000
6,687,793
Cleveland
Clinic
Health
System
Obligated
Group,
Revenue,
2019
B,
4%,
1/01/46
..
10,000,000
9,968,151
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/38
640,000
632,284
Premier
Health
Partners
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
11/15/40
855,000
836,357
271,983,555
Oklahoma
0.1%
Edmond
Public
Works
Authority
,
Revenue,
2017,
5%,
7/01/42
.........................................
4,000,000
4,451,714
Revenue,
2017,
5%,
7/01/47
.........................................
4,500,000
4,972,375
McGee
Creek
Authority
,
Revenue
,
1992
,
NATL
Insured
,
6
%
,
1/01/23
.............
40,000
40,616
Norman
Regional
Hospital
Authority
,
Norman
Regional
Hospital
Authority
Obligated
Group
,
Revenue
,
2019
,
5
%
,
9/01/45
....................................
3,500,000
3,641,153
13,105,858
Oregon
1.4%
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/50
...
12,210,000
12,980,046
Medford
Hospital
Facilities
Authority
,
Asante
Health
System
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/50
.......................................
4,000,000
4,317,306
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
20,000,000
22,036,630
Oregon
Health
&
Science
University
,
Oregon
Health
&
Science
University
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
7/01/44
.........................
1,685,000
1,707,314
Port
of
Portland
,
Airport,
Revenue,
25
B,
5%,
7/01/49
....................................
6,630,000
7,093,319
Airport,
Revenue,
Twenty
Seven
A,
5%,
7/01/37
...........................
10,550,000
11,651,514
Airport,
Revenue,
Twenty-Eight,
5%,
7/01/52
.............................
6,000,000
6,544,313
Airport,
Revenue,
Twenty-Five
B,
5%,
7/01/44
............................
12,450,000
13,406,555
Salem
Hospital
Facility
Authority
,
Salem
Health
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/15/44
.............................................
16,880,000
17,957,582
State
of
Oregon
,
Housing
&
Community
Services
Department,
Revenue,
2018
A,
3.6%,
1/01/33
....
5,080,000
5,173,490
Housing
&
Community
Services
Department,
Revenue,
2018
D,
3.8%,
7/01/34
....
4,695,000
4,708,323
University
of
Oregon
,
Revenue,
2018
A,
5%,
4/01/48
........................................
14,500,000
15,883,990
Revenue,
2020
A,
5%,
4/01/50
........................................
15,000,000
16,710,441
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO,
2018
A,
Zero
Cpn
.,
6/15/41
.......................................
5,725,000
2,661,659
GO,
2018
A,
Zero
Cpn
.,
6/15/42
.......................................
5,900,000
2,612,696
GO,
2018
A,
Zero
Cpn
.,
6/15/43
.......................................
5,500,000
2,315,762
147,760,940
Pennsylvania
1.5%
Allegheny
County
Sanitary
Authority
,
Revenue
,
2013
,
BAM
Insured
,
5.25
%
,
12/01/44
5,000,000
5,171,623
City
of
Philadelphia
,
Airport
,
Revenue
,
2020
C
,
Refunding
,
4
%
,
7/01/45
...........
1,500,000
1,466,478
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
Department
of
Community
&
Economic
Development
,
Revenue
,
2015
A
,
5
%
,
6/01/33
..........
4,550,000
4,917,954
Commonwealth
of
Pennsylvania
,
GO,
First
Series
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
8/15/26
......................................................
20,805,000
22,841,687
Delaware
County
Regional
Water
Quality
Control
Authority
,
Revenue,
2016,
5%,
11/01/41
........................................
5,000,000
5,472,812
Revenue,
2016,
5%,
11/01/46
........................................
10,315,000
11,203,885
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
$
5,000,000
$
5,214,345
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/31
........
440,000
431,895
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/37
........
345,000
327,837
Landis
Homes
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
7/01/56
........
3,300,000
2,840,289
Lehigh
County
General
Purpose
Authority
,
Lehigh
Valley
Academy
Regional
Charter
School,
Revenue,
2022,
4%,
6/01/52
....
13,785,000
12,942,783
Lehigh
Valley
Academy
Regional
Charter
School,
Revenue,
2022,
4%,
6/01/57
....
5,000,000
4,539,212
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
4%,
11/15/43
.......................................................
600,000
581,549
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
C,
5%,
11/15/45
.......................................................
1,000,000
1,074,989
Meadowood
Corp.
Obligated
Group
(The),
Revenue,
2018
A,
Refunding,
5%,
12/01/48
.......................................................
9,000,000
9,335,814
Pennsylvania
Economic
Development
Financing
Authority
,
UPMC
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
2/15/40
...............................
5,240,000
5,260,073
Pennsylvania
Turnpike
Commission
,
Revenue,
2009
C,
AGMC
Insured,
6.25%,
6/01/33
.........................
5,000,000
5,711,594
Revenue,
2020
B,
5%,
12/01/45
.......................................
7,000,000
7,741,055
Philadelphia
Gas
Works
Co.
,
Revenue
,
Sixteenth
A
,
AGMC
Insured
,
4
%
,
8/01/45
...
4,000,000
4,030,431
School
District
of
Philadelphia
(The)
,
GO,
2016
F,
Refunding,
5%,
9/01/33
...................................
6,415,000
6,893,167
GO,
2016
F,
Refunding,
5%,
9/01/36
...................................
4,090,000
4,364,093
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
...........................
10,000,000
11,060,738
Westmoreland
County
Municipal
Authority
,
Revenue
,
2016
,
Refunding
,
BAM
Insured
,
5
%
,
8/15/42
......................................................
17,205,000
18,565,348
151,989,651
Rhode
Island
0.1%
Rhode
Island
Health
and
Educational
Building
Corp.
,
Lifespan
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
5/15/39
.................................
5,500,000
5,721,328
Rhode
Island
Housing
and
Mortgage
Finance
Corp.
,
Revenue,
10A,
6.5%,
4/01/27
.........................................
130,000
130,357
Revenue,
15A,
6.85%,
10/01/24
.......................................
120,000
120,391
Rhode
Island
Student
Loan
Authority
,
Revenue,
Senior
Lien,
2021
A,
5%,
12/01/27
.............................
1,000,000
1,121,906
Revenue,
Senior
Lien,
2021
A,
5%,
12/01/29
.............................
2,025,000
2,309,658
9,403,640
South
Carolina
1.6%
City
of
Rock
Hill
,
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/41
......................
7,690,000
8,186,842
Combined
Utility
System,
Revenue,
2016,
5%,
1/01/47
......................
5,000,000
5,278,160
County
of
Greenwood
,
Self
Regional
Healthcare,
Revenue,
2017,
Refunding,
4%,
10/01/37
............
8,465,000
8,603,385
Self
Regional
Healthcare,
Revenue,
2017,
Refunding,
4%,
10/01/39
............
1,195,000
1,211,325
d
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.75
%
,
11/01/36
................................
1,270,000
1,044,202
South
Carolina
Jobs-Economic
Development
Authority
,
d
Revenue,
144A,
2021
A-1,
3.65%,
12/01/36
..............................
23,630,000
19,643,574
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-1,
3.65%,
12/01/36
...........
22,470,000
18,659,394
AHPC
Vista
Towers
2021
LLC,
Revenue,
2021
A-2,
4.75%,
12/01/26
...........
2,115,000
1,995,500
d
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-1,
Zero
Cpn
.,
6/01/37
17,900,000
12,311,949
d
Columbia
Portfolio
Obligated
Group,
Revenue,
144A,
2022
A-2,
Zero
Cpn
.,
6/01/52
32,000,000
21,779,843
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
South
Carolina
(continued)
South
Carolina
Jobs-Economic
Development
Authority,
(continued)
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/43
......
$
20,000,000
$
21,357,264
Prisma
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
5/01/48
......
15,000,000
15,907,775
South
Carolina
Ports
Authority
,
Revenue,
2019
B,
5%,
7/01/44
........................................
10,000,000
10,724,219
Revenue,
2019
B,
5%,
7/01/54
........................................
10,365,000
11,031,641
Spartanburg
Regional
Health
Services
District
,
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/37
........................................
1,415,000
1,448,035
Spartanburg
Regional
Health
Services
District
Obligated
Group,
Revenue,
2020
A,
AGMC
Insured,
4%,
4/15/39
........................................
1,410,000
1,433,706
160,616,814
South
Dakota
1.0%
County
of
Lincoln
,
Augustana
College
Association
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/61
......................................................
4,855,000
4,070,315
Huron
School
District
No.
2-2
,
GO
,
2013
,
Refunding
,
5
%
,
6/15/39
...............
4,000,000
4,185,603
South
Dakota
Health
&
Educational
Facilities
Authority
,
Revenue,
2015
A,
Refunding,
5%,
8/01/38
...............................
3,475,000
3,733,062
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
7/01/42
.........
10,000,000
9,971,954
Avera
Health
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
7/01/46
.........
51,050,000
53,885,679
Monument
Health
Obligated
Group,
Revenue,
2017,
4%,
9/01/37
..............
10,920,000
11,096,057
Monument
Health
Obligated
Group,
Revenue,
2017,
5%,
9/01/40
..............
10,000,000
10,520,487
South
Dakota
State
Building
Authority
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
6/01/42
...
5,450,000
6,024,390
103,487,547
Tennessee
3.1%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CDFI
Phase
I
LLC
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/35
................................
1,000,000
1,022,522
City
of
Chattanooga
,
Electric
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
9/01/40
..........
2,750,000
2,926,371
City
of
Germantown
,
GO,
2017,
4%,
8/01/43
.............................................
2,330,000
2,386,413
GO,
2017,
4%,
8/01/45
.............................................
2,525,000
2,574,068
City
of
Jackson
,
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
5%,
4/01/36
......
3,885,000
4,019,958
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
5%,
4/01/36
........................................................
115,000
124,211
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
4%,
4/01/41
......
24,265,000
24,155,960
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2015,
Pre-Refunded,
4%,
4/01/41
........................................................
735,000
774,280
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2018
A,
5%,
4/01/41
....
2,255,000
2,400,539
West
Tennessee
Healthcare
Obligated
Group,
Revenue,
2018
A,
Pre-Refunded,
5%,
4/01/41
........................................................
115,000
133,417
City
of
Knoxville
,
Wastewater
System,
Revenue,
2015
A,
Refunding,
4%,
4/01/42
...............
5,000,000
5,016,715
Wastewater
System,
Revenue,
2021
A,
Refunding,
4%,
4/01/33
...............
1,000,000
1,113,470
City
of
Memphis
,
Electric
System,
Revenue,
2020
A,
3%,
12/01/42
..........................
2,470,000
2,241,811
Gas,
Revenue,
2017,
4%,
12/01/36
....................................
1,000,000
1,045,261
Gas,
Revenue,
2020,
3%,
12/01/42
....................................
1,000,000
907,616
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
City
of
Portland
,
Water
&
Sewer
,
Revenue
,
2020
,
AGMC
Insured
,
3
%
,
4/01/45
......
$
1,775,000
$
1,516,750
County
of
Coffee
,
GO
,
2019
,
Refunding
,
4
%
,
6/01/44
........................
2,760,000
2,793,061
County
of
Hamilton
,
GO
,
2020
A
,
Refunding
,
4
%
,
1/01/51
.....................
1,000,000
1,026,124
County
of
Maury
,
GO
,
2015
,
Refunding
,
4
%
,
4/01/34
.........................
1,775,000
1,828,243
County
of
Wilson
,
GO
,
2017
A
,
4
%
,
4/01/42
................................
5,000,000
5,088,459
Hallsdale
-Powell
Utility
District
,
Revenue
,
2019
,
Refunding
,
4
%
,
4/01/39
..........
1,380,000
1,413,542
Harpeth
Valley
Utilities
District
of
Davidson
and
Williamson
Counties
,
Revenue,
2014,
5%,
9/01/44
.........................................
4,400,000
4,612,566
Revenue,
2020,
4%,
9/01/50
.........................................
500,000
504,504
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
2,996,510
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
1998
,
NATL
Insured
,
ETM,
5.25
%
,
7/01/28
.......................
8,500,000
8,906,074
Knox
Chapman
Utility
District
of
Knox
County
,
Revenue
,
2012
,
Refunding
,
4
%
,
1/01/40
4,000,000
4,006,958
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Covenant
Health
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
1/01/42
....
40,000,000
41,848,944
University
Health
System
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
9/01/47
3,000,000
3,096,558
University
Health
System
Obligated
Group,
Revenue,
2017,
Refunding,
5%,
4/01/36
2,250,000
2,372,321
Madison
Suburban
Utility
District
,
Revenue
,
2021
,
3
%
,
2/01/45
.................
1,000,000
839,611
Memphis-Shelby
County
Airport
Authority
,
Revenue,
2018,
5%,
7/01/43
.........................................
10,000,000
10,592,913
Revenue,
2018,
5%,
7/01/47
.........................................
11,000,000
11,595,291
Revenue,
2021
A,
5%,
7/01/31
........................................
500,000
573,424
Revenue,
2021
A,
5%,
7/01/40
........................................
3,000,000
3,274,403
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
3,101,132
Blakeford
at
Green
Hills
Obligated
Group,
Revenue,
2020
A,
4%,
11/01/55
.......
9,015,000
7,624,745
Trevecca
Nazarene
University,
Revenue,
2021
B,
4%,
10/01/41
...............
1,050,000
962,226
Trevecca
Nazarene
University,
Revenue,
2021
B,
4%,
10/01/51
...............
6,860,000
5,920,944
Vanderbilt
University
Medical
Center
Obligated
Group,
Revenue,
2016
A,
5%,
7/01/40
........................................................
5,000,000
5,316,887
Metropolitan
Government
of
Nashville
&
Davidson
County
,
Electric,
Revenue,
2014
A,
5%,
5/15/39
.................................
4,000,000
4,178,762
Electric,
Revenue,
2021
A,
5%,
5/15/46
.................................
1,000,000
1,140,903
Sports
Authority,
Revenue,
2013
A,
Pre-Refunded,
5%,
8/01/38
...............
3,000,000
3,103,454
Water
&
Sewer,
Revenue,
2017
A,
5%,
7/01/46
...........................
12,855,000
14,144,030
Water
&
Sewer,
Revenue,
2017
B,
5%,
7/01/42
...........................
21,645,000
23,941,705
Water
&
Sewer,
Revenue,
2017
B,
5%,
7/01/46
...........................
15,925,000
17,521,873
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue,
2015
A,
5%,
7/01/45
........................................
4,000,000
4,224,739
Revenue,
2019
B,
5%,
7/01/44
........................................
20,000,000
21,487,056
Revenue,
2019
B,
4%,
7/01/49
........................................
3,000,000
2,918,354
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group,
Revenue,
2017
A,
5%,
5/01/36
4,000,000
4,296,158
Rhodes
College,
Revenue,
2015,
5%,
8/01/45
............................
1,700,000
1,796,939
Rhodes
College,
Revenue,
2017,
Refunding,
4%,
8/01/40
...................
3,000,000
3,085,926
South
Blount
County
Utility
District
,
Revenue
,
2019
,
Refunding
,
3
%
,
12/01/39
......
2,015,000
1,831,166
Tennessee
Housing
Development
Agency
,
Revenue,
2013
1-C,
4%,
7/01/43
......................................
805,000
807,700
Revenue,
2017-3,
3.65%,
7/01/47
.....................................
645,000
647,965
Revenue,
2018-2,
Refunding,
3.85%,
7/01/42
.............................
1,045,000
1,035,876
Revenue,
2018-4,
Refunding,
4%,
7/01/43
...............................
5,840,000
5,916,043
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
Tennessee
State
School
Bond
Authority
,
Revenue
,
2017
A
,
5
%
,
11/01/47
..........
$
15,000,000
$
16,404,813
West
Knox
Utility
District
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/41
..............
1,000,000
1,044,534
West
Wilson
Utility
District
of
Wilson
County
Tennessee
,
Revenue
,
2015
,
Refunding
,
5
%
,
6/01/40
......................................................
1,545,000
1,632,015
White
House
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
1/01/34
.............
820,000
811,528
Williamson
County
HB
&
TS
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
9/01/44
.
1,200,000
1,041,447
Wilson
County
Tenth
Special
School
District
,
GO
,
2019
,
5
%
,
4/01/44
.............
2,500,000
2,784,130
318,451,918
Texas
9.4%
Abilene
Convention
Center
Hotel
Development
Corp.
,
City
of
Abilene
Abilene
Convention
Center
,
Revenue,
First
Lien
,
2021
A
,
4
%
,
10/01/50
................
5,510,000
5,282,156
Central
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien,
2015
A,
Pre-Refunded,
5%,
1/01/45
...................
5,000,000
5,464,040
Revenue,
Sub.
Lien,
2021
C,
5%,
1/01/27
...............................
15,000,000
16,265,904
Central
Texas
Turnpike
System
,
Revenue,
2015
B,
Refunding,
5%,
8/15/37
...............................
10,000,000
10,444,708
Revenue,
2015
C,
Refunding,
5%,
8/15/37
...............................
5,000,000
5,160,119
Revenue,
2015
C,
Refunding,
5%,
8/15/42
...............................
20,000,000
20,548,510
Revenue,
First
Tier,
2012
A,
Pre-Refunded,
BAM
Insured,
5%,
8/15/41
..........
25,665,000
25,698,536
City
of
Arlington
,
Special
Tax,
Senior
Lien
,
2018
A
,
AGMC
Insured
,
4
%
,
2/15/44
.....
20,000,000
20,256,862
City
of
Austin
,
Electric
Utility,
Revenue,
2015
A,
Refunding,
5%,
11/15/45
...................
10,000,000
10,588,201
Water
&
Wastewater
System,
Revenue,
2013
A,
Refunding,
5%,
11/15/38
.......
20,000,000
20,400,032
City
of
Corpus
Christi
,
Utility
System,
Revenue,
Junior
Lien,
2013,
Pre-Refunded,
5%,
7/15/38
.........
6,000,000
6,192,545
Utility
System,
Revenue,
Junior
Lien,
2013,
Pre-Refunded,
5%,
7/15/43
.........
7,000,000
7,224,636
Utility
System,
Revenue,
Junior
Lien,
2015
A,
5%,
7/15/40
...................
13,200,000
14,051,590
City
of
Laredo
,
Waterworks
&
Sewer
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
3/01/41
9,690,000
9,892,460
City
of
Leander
,
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/38
..................................................
1,275,000
1,100,422
Oak
Creek
Public
Improvement
District,
Special
Assessment,
2020,
Refunding,
3.25%,
9/01/44
..................................................
1,490,000
1,200,736
City
of
San
Antonio
,
Electric
&
Gas
Systems
,
Revenue,
Junior
Lien
,
2013
,
Pre-
Refunded
,
5
%
,
2/01/38
.............................................
10,000,000
10,171,865
City
of
San
Marcos
,
Electric
Utility
System
,
Revenue
,
2013
,
Pre-Refunded
,
BAM
Insured
,
5
%
,
11/01/33
..............................................
6,300,000
6,356,297
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel,
Revenue,
First
Lien,
2021
A,
4%,
10/01/50
.....
1,640,000
1,406,129
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/32
....
90,000
105,083
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/33
....
100,000
115,968
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/34
....
100,000
115,512
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/35
....
85,000
97,847
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
5%,
10/01/36
....
85,000
97,680
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
4%,
10/01/41
....
600,000
627,393
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
4%,
10/01/46
....
700,000
717,595
Conroe
Convention
Center
Hotel,
Revenue,
Third
Lien,
2021
C,
4%,
10/01/50
....
650,000
664,007
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2013
D
,
Refunding
,
5.25
%
,
11/01/32
10,000,000
10,337,774
d
EP
Cimarron
Ventanas
PFC
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
12/01/51
....
31,000,000
25,471,813
Forney
Independent
School
District
,
GO
,
2015
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/37
15,000,000
16,241,094
Frisco
Independent
School
District
,
GO
,
2016
,
PSF
Guaranty
,
5
%
,
8/15/46
........
20,000,000
21,762,888
Goose
Creek
Consolidated
Independent
School
District
,
GO
,
2013
,
Pre-Refunded
,
PSF
Guaranty
,
5
%
,
2/15/38
..............................................
6,045,000
6,160,229
Grand
Parkway
Transportation
Corp.
,
Revenue,
2013
B,
Zero
Cpn
.,
10/01/45
..................................
10,000,000
10,743,784
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Grand
Parkway
Transportation
Corp.,
(continued)
Revenue,
2018
A,
5%,
10/01/48
.......................................
$
7,720,000
$
8,452,661
Gulf
Coast
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2003
B
,
1.5
%
,
5/01/28
....
2,000,000
1,774,996
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Houston
Methodist
Hospital
Obligated
Group,
Revenue,
2015,
5%,
12/01/45
.....
30,000,000
31,339,731
Memorial
Hermann
Health
System
Obligated
Group,
Revenue,
2016
A,
5%,
7/01/45
15,000,000
15,764,336
Harris
County
Toll
Road
Authority
(The)
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
8/15/43
.........................................................
6,000,000
6,686,176
Harris
County-Houston
Sports
Authority
,
Revenue,
Senior
Lien,
2020
A,
Refunding,
AGMC
Insured,
3.125%,
11/15/56
.....
5,000,000
3,972,075
Revenue,
Third
Lien,
2004
A-3,
NATL
Insured,
Zero
Cpn
.,
11/15/37
............
6,300,000
2,642,039
Hidalgo
County
Regional
Mobility
Authority
,
Revenue,
Senior
Lien,
2013,
Pre-Refunded,
5.25%,
12/01/38
.................
5,000,000
5,225,956
Revenue,
Senior
Lien,
2013,
Pre-Refunded,
5%,
12/01/43
...................
5,000,000
5,209,601
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2021
,
4
%
,
10/01/51
.....................................................
3,800,000
3,338,767
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO,
2021,
2.375%,
9/01/31
..........................................
165,000
142,922
GO,
2021,
2.375%,
9/01/32
..........................................
170,000
144,618
GO,
2021,
2.375%,
9/01/33
..........................................
170,000
141,994
GO,
2021,
2.5%,
9/01/34
............................................
180,000
149,658
GO,
2021,
2.5%,
9/01/36
............................................
370,000
298,515
GO,
2021,
2.625%,
9/01/38
..........................................
385,000
307,743
GO,
2021,
3%,
9/01/41
.............................................
375,000
302,604
GO,
2021,
3%,
9/01/46
.............................................
750,000
569,159
GO,
2021,
3%,
9/01/51
.............................................
1,265,000
930,104
d
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
12,625,000
10,144,701
Lamar
Consolidated
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
.........................................................
30,000,000
32,728,575
Lower
Colorado
River
Authority
,
LCRA
Transmission
Services
Corp.,
Revenue,
2013
A,
Refunding,
5%,
5/15/36
...
10,000,000
10,181,911
LCRA
Transmission
Services
Corp.,
Revenue,
2018,
Refunding,
5%,
5/15/43
.....
10,000,000
10,834,525
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
NCCD-Cain
Hall
Redevelopment
I
LLC,
Revenue,
2016
A-1,
5%,
4/01/46
........
6,000,000
6,409,279
NCCD-College
Station
Properties
LLC,
Revenue,
A,
5%,
7/01/47
..............
10,000,000
8,500,000
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/39
.......................................................
5,650,000
5,553,209
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/49
.......................................................
11,470,000
10,896,037
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.,
Revenue,
2019
A-1,
5%,
12/01/54
.......................................................
230,000
217,666
Westminster
Manor,
Revenue,
2021,
4%,
11/01/49
.........................
14,400,000
13,087,906
Newark
Higher
Education
Finance
Corp.
,
Abilene
Christian
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/57
...........................................
5,000,000
4,732,400
North
East
Texas
Regional
Mobility
Authority
,
Revenue,
Senior
Lien
,
2016
A
,
5
%
,
1/01/41
.........................................................
16,750,000
17,319,972
North
Harris
County
Regional
Water
Authority
,
Revenue,
Senior
Lien,
2016,
Refunding,
4%,
12/15/41
......................
20,000,000
20,410,028
Revenue,
Senior
Lien,
2016,
Refunding,
5%,
12/15/46
......................
18,460,000
19,803,513
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System,
Revenue,
2015
A,
Refunding,
5%,
1/01/35
.........
10,000,000
10,544,353
North
Texas
Tollway
System,
Revenue,
2015
Refunding,
5%,
1/01/38
.........
10,000,000
10,511,777
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017
A,
Refunding,
5%,
1/01/43
.
20,000,000
21,705,438
North
Texas
Tollway
System,
Revenue,
First
Tier,
2017
A,
Refunding,
5%,
1/01/48
.
33,500,000
36,084,166
North
Texas
Tollway
System,
Revenue,
First
Tier,
I,
Pre-Refunded,
6.5%,
1/01/43
..
25,000,000
27,786,595
North
Texas
Tollway
System,
Revenue,
Second
Tier,
2017
B,
Refunding,
5%,
1/01/48
10,000,000
10,664,661
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
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,
Second
Tier,
2018,
Refunding,
5%,
1/01/48
$
25,250,000
$
27,017,399
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn
.,
9/01/37
....
7,500,000
3,764,161
Special
Projects
System,
Revenue,
2011
B,
Pre-Refunded,
Zero
Cpn
.,
9/01/43
....
7,500,000
2,399,079
Special
Projects
System,
Revenue,
2011
C,
Pre-Refunded,
6.75%,
9/01/45
......
25,000,000
33,311,230
Port
Freeport
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
6/01/49
.....................
4,000,000
4,328,944
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/46
......
13,705,000
13,115,382
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/51
......
3,765,000
3,547,146
University
of
the
Incarnate
Word,
Revenue,
2021
A,
Refunding,
4%,
4/01/54
......
1,035,000
959,893
San
Antonio
Public
Facilities
Corp.
,
City
of
San
Antonio
,
Revenue
,
2012
,
Refunding
,
4
%
,
9/15/42
......................................................
36,500,000
36,567,967
San
Antonio
Water
System
,
Revenue,
Junior
Lien,
2018
A,
Refunding,
5%,
5/15/43
......................
12,000,000
13,253,450
Revenue,
Junior
Lien,
2018
A,
Refunding,
5%,
5/15/48
......................
10,000,000
10,984,332
San
Jacinto
River
Authority
,
Revenue,
2011,
AGMC
Insured,
5%,
10/01/32
............................
5,000,000
5,007,206
Revenue,
2011,
AGMC
Insured,
5%,
10/01/37
............................
3,000,000
3,004,093
Southwest
Higher
Education
Authority,
Inc.
,
Southern
Methodist
University
,
Revenue
,
2013
A
,
5
%
,
10/01/38
...............................................
24,380,000
24,987,869
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
CHRISTUS
Health
Obligated
Group,
Revenue,
2018
B,
5%,
7/01/43
...........
10,000,000
10,678,159
Cook
Children's
Medical
Center
Obligated
Group,
Revenue,
2013
A,
Refunding,
5.25%,
12/01/39
.................................................
10,000,000
10,428,975
Hendrick
Medical
Center
Obligated
Group,
Revenue,
2013,
Pre-Refunded,
5.5%,
9/01/43
........................................................
5,350,000
5,571,759
Texas
Health
Resources
Obligated
Group,
Revenue,
2015
A,
5%,
11/15/52
......
5,000,000
5,220,434
Tarrant
County
Health
Facilities
Development
Corp.
,
Texas
Health
Resources
Obligated
Group
,
Revenue
,
1994
,
FGIC
Insured
,
ETM,
6
%
,
9/01/24
....................
2,670,000
2,798,742
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue,
2021,
Refunding,
5%,
12/15/28
................................
12,715,000
13,943,338
Revenue,
2021,
Refunding,
5%,
12/15/31
................................
7,250,000
8,001,363
Revenue,
2021,
Refunding,
5%,
12/15/32
................................
2,750,000
3,040,777
Texas
Transportation
Commission
,
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn
.,
8/01/48
......
6,250,000
1,741,497
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn
.,
8/01/49
......
5,000,000
1,318,422
State
Highway
249
System,
Revenue,
First
Tier,
2019
A,
Zero
Cpn
.,
8/01/50
......
5,500,000
1,373,299
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
4%,
10/15/43
.......................................................
25,000,000
25,637,015
State
Water
Implementation
Revenue
Fund
for
Texas,
Revenue,
2018
B,
5%,
4/15/49
15,000,000
16,570,479
d
Town
of
Little
Elm
,
Valencia
Public
Improvement
District,
Special
Assessment,
144A,
2021,
3.125%,
9/01/41
........................................................
708,000
558,410
Valencia
Public
Improvement
District,
Special
Assessment,
144A,
2021,
4%,
9/01/47
831,000
743,552
West
Travis
County
Public
Utility
Agency
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
......................................................
5,000,000
5,081,462
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien,
2021,
3%,
8/15/41
.....................................
790,000
664,344
GO,
Sub.
Lien,
2021,
3%,
8/15/45
.....................................
615,000
495,940
GO,
Sub.
Lien,
2021,
3%,
8/15/51
.....................................
1,570,000
1,222,838
963,813,738
Utah
1.2%
Central
Utah
Water
Conservancy
District
,
Revenue,
2017
B,
Refunding,
4%,
10/01/37
..............................
2,600,000
2,678,323
Revenue,
2017
B,
Refunding,
4%,
10/01/38
..............................
10,000,000
10,256,889
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Utah
(continued)
City
of
Salt
Lake
City
,
Airport,
Revenue,
2017
A,
5%,
7/01/47
..................................
$
25,000,000
$
26,558,307
Airport,
Revenue,
2018
A,
5.25%,
7/01/48
...............................
10,000,000
10,862,584
Airport,
Revenue,
2021
A,
5%,
7/01/46
..................................
5,000,000
5,449,551
Jordan
Valley
Water
Conservancy
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
10/01/41
6,000,000
6,099,437
University
of
Utah
(The)
,
Revenue,
2013
A,
Pre-Refunded,
5%,
8/01/43
............................
21,975,000
22,732,799
Revenue,
2018
A,
5%,
8/01/44
........................................
12,240,000
13,703,842
Utah
Infrastructure
Agency
,
Revenue,
2021,
3%,
10/15/26
........................................
550,000
540,396
Revenue,
2021,
4%,
10/15/28
........................................
350,000
354,400
Revenue,
2021,
4%,
10/15/32
........................................
540,000
529,484
Revenue,
2021,
4%,
10/15/38
........................................
500,000
464,788
Revenue,
2021,
4%,
10/15/41
........................................
1,450,000
1,309,814
Revenue,
2021,
3%,
10/15/45
........................................
2,000,000
1,404,118
Revenue,
2022,
5%,
10/15/37
........................................
1,200,000
1,257,730
Revenue,
2022,
5%,
10/15/46
........................................
3,650,000
3,727,800
Utah
Municipal
Power
Agency
,
Revenue
,
2016
B
,
5
%
,
7/01/38
..................
10,000,000
10,921,003
118,851,265
Vermont
0.1%
Vermont
Educational
&
Health
Buildings
Financing
Agency
,
President
&
Fellows
of
Middlebury
College,
Revenue,
2020,
Refunding,
5%,
11/01/49
4,000,000
4,397,316
University
of
Vermont
Health
Network
Obligated
Group,
Revenue,
2016
A,
Refunding,
5%,
12/01/36
...........................................
5,000,000
5,317,682
9,714,998
Virginia
0.6%
Amelia
County
Industrial
Development
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2002
,
Refunding
,
1.45
%
,
4/01/27
......................................
2,350,000
2,145,269
Hampton
Roads
Transportation
Accountability
Commission
,
Revenue,
Senior
Lien
,
2020
A
,
5.25
%
,
7/01/60
.............................................
25,000,000
28,392,540
Virginia
Commonwealth
Transportation
Board
,
Revenue
,
2019
,
4
%
,
5/15/41
.......
13,585,000
13,996,409
Virginia
Resources
Authority
,
Revenue
,
2012
A
,
5
%
,
11/01/39
..................
70,000
70,548
Virginia
Small
Business
Financing
Authority
,
Capital
Beltway
Express
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
5%,
12/31/57
7,500,000
7,950,889
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/39
........................................................
5,520,000
5,534,459
National
Senior
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
Refunding,
4%,
1/01/51
....................................................
4,000,000
3,858,180
61,948,294
Washington
2.5%
Align
Capital
Trust
,
Revenue
,
2020-4A
,
3.75
%
,
7/01/43
.......................
10,482,247
9,874,630
City
of
Seattle
,
Municipal
Light
&
Power,
Revenue,
2017
C,
Refunding,
4%,
9/01/36
............
22,170,000
23,077,879
Municipal
Light
&
Power,
Revenue,
2018
A,
4%,
1/01/42
.....................
10,855,000
11,076,578
County
of
King
,
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/49
................
12,000,000
13,201,608
NJB
Properties
,
Revenue
,
2006
A
,
5
%
,
12/01/36
............................
5,000
5,013
North
Thurston
Public
Schools
,
GO,
2020,
4%,
12/01/34
.............................................
5,000,000
5,436,424
GO,
2020,
4%,
12/01/35
.............................................
5,000,000
5,350,820
GO,
2020,
4%,
12/01/36
.............................................
6,000,000
6,406,132
Port
of
Seattle
,
Revenue,
2018
A,
5%,
5/01/43
........................................
15,500,000
16,821,639
Revenue,
2019,
4%,
4/01/44
.........................................
4,000,000
3,915,709
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Port
of
Seattle,
(continued)
Revenue,
2021
C,
Refunding,
5%,
8/01/46
...............................
$
11,915,000
$
12,919,469
University
of
Washington
,
Revenue
,
2018
,
5
%
,
4/01/48
.......................
29,450,000
31,999,666
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
2020,
Refunding,
4%,
9/01/45
........................................................
2,610,000
2,597,494
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
9/01/50
........................................................
3,000,000
3,179,154
d
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/29
.......................................................
250,000
283,904
d
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/30
.......................................................
265,000
302,441
d
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
5%,
12/01/33
.......................................................
250,000
278,347
d
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
3%,
12/01/34
.......................................................
300,000
280,731
d
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/40
.......................................................
870,000
877,876
d
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/45
.......................................................
1,200,000
1,194,191
d
Fred
Hutchinson
Cancer
Center
Obligated
Group,
Revenue,
144A,
2021,
4%,
12/01/48
.......................................................
910,000
897,382
Multicare
Health
System
Obligated
Group,
Revenue,
2017
B,
Refunding,
4%,
8/15/41
25,000,000
25,068,495
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2012
A,
5%,
10/01/42
..
10,175,000
10,213,647
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
D,
5%,
10/01/41
..
9,685,000
9,920,880
Providence
St.
Joseph
Health
Obligated
Group,
Revenue,
2014
D,
Pre-Refunded,
5%,
10/01/41
...................................................
315,000
335,229
Seattle
Children's
Hospital
Obligated
Group,
Revenue,
2015
B,
Refunding,
5%,
10/01/38
.......................................................
15,000,000
15,855,987
Washington
Higher
Education
Facilities
Authority
,
Seattle
Pacific
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/42
......................................
3,800,000
3,994,593
Washington
State
Convention
Center
Public
Facilities
District
,
Lodging
Tax
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
7/01/43
.......................................
14,855,000
14,856,671
Washington
State
Housing
Finance
Commission
,
Revenue,
2021-1,
A,
3.5%,
12/20/35
...................................
21,633,628
20,549,879
d
Madison
at
Rivers
Edge
Apartments
LLC,
Revenue,
144A,
2021
A,
3.65%,
1/01/37
2,965,000
2,462,916
253,235,384
West
Virginia
0.7%
Berkeley
County
Public
Service
Sewer
District
,
Revenue
,
2016
B
,
Refunding
,
BAM
Insured
,
5
%
,
6/01/36
...............................................
1,000,000
1,099,252
West
Virginia
Hospital
Finance
Authority
,
Cabell
Huntington
Hospital
Obligated
Group,
Revenue,
2018
A,
Refunding,
5%,
1/01/43
........................................................
13,250,000
13,803,734
Charleston
Area
Medical
Center,
Inc.
Obligated
Group,
Revenue,
2019
A,
Refunding,
5%,
9/01/38
....................................................
3,040,000
3,266,117
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
6/01/42
7,000,000
7,351,273
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2017
A,
5%,
6/01/47
10,190,000
10,640,399
West
Virginia
United
Health
System
Obligated
Group,
Revenue,
2018
A,
5%,
6/01/52
20,700,000
21,713,135
West
Virginia
Water
Development
Authority
,
Revenue,
2016
A,
Refunding,
5%,
10/01/36
..............................
5,000,000
5,546,174
Revenue,
2016
A,
Refunding,
5%,
10/01/45
..............................
5,435,000
5,920,169
69,340,253
Wisconsin
3.0%
Public
Finance
Authority
,
d
Revenue,
144A,
2022,
B-1,
4%,
12/28/44
................................
21,085,631
17,325,664
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
2017
IAVF
Rubix
LLC,
Revenue,
2020
A,
4.25%,
12/01/50
...................
$
3,750,000
$
3,168,272
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
11/15/41
.......................................................
1,205,000
1,302,613
d
AL-FL
Portfolio
Obligated
Group,
Revenue,
144A,
2021
A,
3.4%,
12/01/36
.......
39,000,000
32,245,208
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/46
........................................................
5,075,000
4,711,866
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/51
........................................................
5,705,000
5,198,661
Appalachian
Regional
Healthcare
System
Obligated
Group,
Revenue,
2021
A,
4%,
7/01/56
........................................................
2,250,000
2,016,346
Blue
Ridge
Healthcare
Obligated
Group,
Revenue,
2020
A,
Refunding,
3%,
1/01/50
2,185,000
1,703,776
CFC-SA
LLC,
Revenue,
Senior
Lien,
2022
A,
5%,
2/01/62
...................
10,000,000
10,455,275
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/41
..........
1,000,000
900,775
Coral
Academy
of
Science
Las
Vegas,
Revenue,
2021
A,
4%,
7/01/61
..........
10,000,000
8,106,478
d
Gulf
Coast
Portfolio
Obligated
Group,
Revenue,
144A,
2021,
5.25%,
12/01/22
....
42,800,000
42,468,360
d
Hope
Housing
Foundation
Obligated
Group,
Revenue,
144A,
2022
A,
3.8%,
12/01/37
24,375,000
21,196,317
RED
River
Valley
Alliance
LLC,
Revenue,
2021,
4%,
3/31/56
.................
21,750,000
18,574,757
Renown
Regional
Medical
Center,
Revenue,
2020
A,
Refunding,
4%,
6/01/45
.....
14,000,000
13,388,620
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/39
............................................
4,755,000
4,689,397
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/41
............................................
5,145,000
5,030,303
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/46
............................................
11,980,000
11,105,196
Southeastern
Regional
Medical
Center
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
2/01/51
............................................
2,000,000
1,788,821
Triad
Math
&
Science
Academy
Co.,
Revenue,
2021
A,
4%,
6/15/41
............
1,280,000
1,192,319
Triad
Math
&
Science
Academy
Co.,
Revenue,
2021
A,
4%,
6/15/51
............
10,000
8,806
Triad
Math
&
Science
Academy
Co.,
Revenue,
2021
A,
4%,
6/15/61
............
6,000,000
5,085,586
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/41
...........................................
1,010,000
946,280
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2021
A,
Refunding,
4%,
10/01/51
...........................................
2,185,000
1,938,645
c,d
WV
2020
Holdings
LLC
Obligated
Group,
Revenue,
144A,
2020
A-2,
Mandatory
Put,
4%,
12/01/35
...................................................
29,600,000
25,335,487
Wisconsin
Center
District
,
Revenue,
Junior
Lien
,
2020
D
,
AGMC
Insured
,
Zero
Cpn
.,
12/15/45
........................................................
20,000,000
7,620,252
Wisconsin
Health
&
Educational
Facilities
Authority
,
Ascension
Health
Credit
Group,
Revenue,
2013
B-2,
4%,
11/15/43
.............
12,045,000
12,112,272
Children's
Hospital
of
Wisconsin
Obligated
Group,
Revenue,
2017,
Refunding,
4%,
8/15/42
........................................................
15,000,000
15,087,993
Marshfield
Clinic
Health
System
Obligated
Group,
Revenue,
2017
C,
Refunding,
5%,
2/15/47
........................................................
20,000,000
20,835,516
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/47
....................................................
5,200,000
4,491,055
Oakwood
Lutheran
Senior
Ministries
Obligated
Group,
Revenue,
2021,
Refunding,
4%,
1/01/57
....................................................
1,400,000
1,157,234
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
9/15/36
........................................................
530,000
516,570
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
9/15/41
........................................................
510,000
487,607
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2021
B,
Refunding,
4%,
9/15/45
........................................................
475,000
440,422
e
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/36
........................................................
775,000
743,636
e
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/41
........................................................
770,000
722,113
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Wisconsin
Health
&
Educational
Facilities
Authority,
(continued)
e
St.
John's
Communities,
Inc.
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
9/15/45
........................................................
$
650,000
$
589,850
Thedacare
,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
4%,
12/15/37
......
5,135,000
5,213,853
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/46
......
895,000
840,941
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/51
......
1,335,000
1,233,498
Wisconsin
Masonic
Home
Obligated
Group,
Revenue,
2021
A,
4%,
8/15/55
......
1,760,000
1,606,556
313,583,196
U.S.
Territories
3.1%
District
of
Columbia
2.2%
District
of
Columbia
,
GO,
2019
A,
5%,
10/15/44
...........................................
25,000,000
27,920,270
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/24
.....................
12,120,000
12,152,913
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/25
.....................
7,000,000
7,015,985
Revenue,
2006
B-1,
BHAC,
FGIC
Insured,
5%,
2/01/26
.....................
9,950,000
9,972,341
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/42
..........
20,660,000
21,791,284
Catholic
University
of
America
(The),
Revenue,
2017
B,
5%,
10/01/47
..........
24,985,000
26,146,293
Catholic
University
of
America
(The),
Revenue,
2018,
Refunding,
5%,
10/01/43
...
4,000,000
4,239,232
Children's
National
Medical
Center
Obligated
Group,
Revenue,
2015,
Refunding,
5%,
7/15/40
........................................................
6,830,000
7,096,953
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/49
............
1,000,000
1,019,918
International
School
Obligated
Group,
Revenue,
2019,
5%,
7/01/54
............
1,905,000
1,936,292
Tobacco
Settlement
Financing
Corp.,
Revenue,
2001,
6.5%,
5/15/33
...........
4,590,000
4,786,859
Water
&
Sewer
Authority,
Revenue,
Senior
Lien,
2018
A,
5%,
10/01/49
..........
25,000,000
27,532,245
Metropolitan
Washington
Airports
Authority
,
Aviation,
Revenue,
2019
A,
Refunding,
5%,
10/01/44
.......................
17,500,000
19,035,838
Aviation,
Revenue,
2019
A,
Refunding,
5%,
10/01/49
.......................
15,000,000
16,227,366
Dulles
Toll
Road,
Revenue,
Second
Lien,
2009
C,
Pre-Refunded,
AGMC
Insured,
6.5%,
10/01/41
..................................................
25,000,000
29,706,860
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/49
........
13,555,000
12,929,402
229,510,051
Puerto
Rico
0.9%
PR
Custodial
Trust
,
Revenue
,
2002
A
,
5.5
%
,
7/01/29
.........................
3,590,977
3,755,280
Puerto
Rico
Electric
Power
Authority
,
f
Revenue,
2012
A,
5%,
7/01/42
........................................
18,925,000
15,518,500
Revenue,
VV,
Refunding,
NATL
Insured,
5.25%,
7/01/32
....................
5,780,000
5,902,489
f
Revenue,
XX,
5.25%,
7/01/40
........................................
15,000,000
12,300,000
Puerto
Rico
Highway
&
Transportation
Authority
,
Revenue,
2007
N,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
................
2,725,000
2,784,701
Revenue,
2007
N,
Refunding,
AGMC,
FGIC
Insured,
5.25%,
7/01/39
...........
160,000
162,678
Revenue,
CC,
Refunding,
AGMC
Insured,
5.5%,
7/01/28
....................
2,500,000
2,619,119
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/34
...................
2,385,000
2,441,425
Revenue,
CC,
Refunding,
AGMC
Insured,
5.25%,
7/01/36
...................
11,980,000
12,242,941
Revenue,
L,
Refunding,
NATL
Insured,
5.25%,
7/01/35
......................
7,430,000
7,547,471
Revenue,
L,
Refunding,
AGMC
Insured,
5.25%,
7/01/41
.....................
14,485,000
14,645,188
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
4,031,318
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax,
Revenue,
A-1,
5%,
7/01/58
..................................
7,346,000
7,428,064
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
35
See
Abbreviations
on
page
38
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
Puerto
Rico
Sales
Tax
Financing
Corp.,
(continued)
Sales
Tax,
Revenue,
A-2,
4.784%,
7/01/58
...............................
$
5,593,000
$
5,591,486
96,970,660
Total
U.S.
Territories
....................................................................
326,480,711
Total
Municipal
Bonds
(Cost
$10,260,620,491)
..................................
10,168,821,867
Total
Long
Term
Investments
(Cost
$10,274,376,224)
............................
10,182,343,332
a
a
a
a
a
Short
Term
Investments
0.4%
Municipal
Bonds
0.4%
Wisconsin
0.4%
g
Wisconsin
Health
&
Educational
Facilities
Authority
,
Froedtert
Health,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
Daily
VRDN
and
Put
,
1.96
%
,
4/01/35
......
36,100,000
36,100,000
Total
Municipal
Bonds
(Cost
$36,100,000)
......................................
36,100,000
Total
Short
Term
Investments
(Cost
$36,100,000
)
................................
36,100,000
a
Total
Investments
(Cost
$10,310,476,224)
99.4%
................................
$10,218,443,332
Other
Assets,
less
Liabilities
0.6%
.............................................
65,054,657
Net
Assets
100.0%
...........................................................
$10,283,497,989
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
b
Fair
valued
using
significant
unobservable
inputs.
See
Note
4
regarding
fair
value
measurements.
c
The
maturity
date
shown
represents
the
mandatory
put
date.
d
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2022,
the
aggregate
value
of
these
securities
was
$747,815,642,
representing
7.3%
of
net
assets.
e
Security
purchased
on
a
when-issued
basis.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
g
Variable
rate
demand
notes
(VRDNs)
are
obligations
which
contain
a
floating
or
variable
interest
rate
adjustment
formula
and
an
unconditional
right
of
demand
to
receive
payment
of
the
principal
balance
plus
accrued
interest
at
specified
dates.
Unless
otherwise
noted,
the
coupon
rate
is
determined
based
on
factors
including
supply
and
demand,
underlying
credit,
tax
treatment,
and
current
short
term
rates.
The
coupon
rate
shown
represents
the
rate
at
period
end.
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
36
Quarterly
Schedule
of
Investments
1.
Organization
Franklin
Federal
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company
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.
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
July
31,
2022,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
37
Quarterly
Schedule
of
Investments
4. Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
•
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
•
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
July
31,
2022,
in
valuing
the
Fund's
assets
carried
at
fair
value,
is
as
follows:
A
reconciliation
in
which
Level
3
inputs
are
used
in
determining
fair
value
is
presented
when
there
are
significant
Level
3
assets
and/or
liabilities
at
the
beginning
and/or
end
of
the period.
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
Municipal
Green
Bond
ETF
...................
$
1,993,245
$
—
$
—
$
—
$
28,220
$
2,021,465
83,000
$
—
Total
Affiliated
Securities
...
$1,993,245
$—
$—
$—
$28,220
$2,021,465
$—
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
$
2,021,465
$
—
$
—
$
2,021,465
Corporate
Bonds
........................
—
—
11,500,000
11,500,000
Municipal
Bonds
.........................
—
10,168,821,867
—
10,168,821,867
Short
Term
Investments
...................
—
36,100,000
—
36,100,000
Total
Investments
in
Securities
...........
$2,021,465
$10,204,921,867
$11,500,000
$10,218,443,332
3.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Schedule
of
Investments
(unaudited)
38
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
AGMC
Assured
Guaranty
Municipal
Corp.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
BHAC
Berkshire
Hathaway
Assurance
Corp.
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHA
Federal
Housing
Administration
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.