2024-10-3174200010400_FranklinFederalTax-FreeIncomeFund_ClassA_TSRSemiAnnual
false 0000357310 N-1A 0000357310 tsr:C000199717Member 2024-05-01 2024-10-31 0000357310 tsr:C000199717Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274049_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409043993_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274047_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409044002_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274046_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274045_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274053_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274048_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274052_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274051_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274050_1911Member 2024-10-31 0000357310 tsr:C000199717Member tsr:bench202409274054_1911Member 2024-10-31 0000357310 2024-05-01 2024-10-31 tsr:Years iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000357310 tsr:C000018346Member 2024-05-01 2024-10-31 0000357310 tsr:C000018346Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274049_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409043993_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274047_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409044002_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274046_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274045_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274053_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274048_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274052_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274051_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274050_1912Member 2024-10-31 0000357310 tsr:C000018346Member tsr:bench202409274054_1912Member 2024-10-31 0000357310 tsr:C000018348Member 2024-05-01 2024-10-31 0000357310 tsr:C000018348Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274049_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409043993_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274047_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409044002_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274046_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274045_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274053_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274048_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274052_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274051_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274050_1913Member 2024-10-31 0000357310 tsr:C000018348Member tsr:bench202409274054_1913Member 2024-10-31 0000357310 tsr:C000194409Member 2024-05-01 2024-10-31 0000357310 tsr:C000194409Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274049_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409043993_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274047_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409044002_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274046_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274045_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274053_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274048_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274052_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274051_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274050_1915Member 2024-10-31 0000357310 tsr:C000194409Member tsr:bench202409274054_1915Member 2024-10-31 0000357310 tsr:C000018349Member 2024-05-01 2024-10-31 0000357310 tsr:C000018349Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274049_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409043993_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274047_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409044002_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274046_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274045_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274053_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274048_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274052_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274051_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274050_1914Member 2024-10-31 0000357310 tsr:C000018349Member tsr:bench202409274054_1914Member 2024-10-31

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-CSRS

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-03395

 

Franklin Federal Tax-Free Income Fund

(Exact name of registrant as specified in charter)

 

One Franklin Parkway, San Mateo, CA 94403-1906

(Address of principal executive offices) (Zip code)

 

Alison Baur, One Franklin Parkway, San Mateo, CA 94403-1906

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 650 312-2000

 

Date of fiscal year end: 4/30

 

Date of reporting period: 10/31/24

 

 

 

Item 1. Reports to Stockholders.

 

a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1).
   
b.) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not Applicable.

Franklin Federal Tax-Free Income Fund
image
Class A   [FFQAX]
Semi-Annual Shareholder Report | October 31, 2024
image
This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to October 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A
$40
0.77%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of October 31, 2024)
Total Net Assets
$8,616,609,581
Total Number of Portfolio Holdings*
1,072
Portfolio Turnover Rate
2.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of October 31, 2024)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin Federal Tax-Free Income Fund  PAGE 1  1116-STSR-1224
18.316.312.910.09.68.46.76.15.73.12.40.5
 
Franklin Federal Tax-Free Income Fund
image
Class A1   [FKTIX]
Semi-Annual Shareholder Report | October 31, 2024
image
This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to October 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class A1
$32
0.62%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of October 31, 2024)
Total Net Assets
$8,616,609,581
Total Number of Portfolio Holdings*
1,072
Portfolio Turnover Rate
2.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of October 31, 2024)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin Federal Tax-Free Income Fund  PAGE 1  116-STSR-1224
18.316.312.910.09.68.46.76.15.73.12.40.5
 
Franklin Federal Tax-Free Income Fund
image
Class C   [FRFTX]
Semi-Annual Shareholder Report | October 31, 2024
image
This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to October 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class C
$60
1.17%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of October 31, 2024)
Total Net Assets
$8,616,609,581
Total Number of Portfolio Holdings*
1,072
Portfolio Turnover Rate
2.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of October 31, 2024)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin Federal Tax-Free Income Fund  PAGE 1  216-STSR-1224
18.316.312.910.09.68.46.76.15.73.12.40.5
 
Franklin Federal Tax-Free Income Fund
image
Class R6   [FFTQX]
Semi-Annual Shareholder Report | October 31, 2024
image
This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to October 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Class R6
$25
0.48%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of October 31, 2024)
Total Net Assets
$8,616,609,581
Total Number of Portfolio Holdings*
1,072
Portfolio Turnover Rate
2.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of October 31, 2024)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin Federal Tax-Free Income Fund  PAGE 1  8116-STSR-1224
18.316.312.910.09.68.46.76.15.73.12.40.5
 
Franklin Federal Tax-Free Income Fund
image
Advisor Class   [FAFTX]
Semi-Annual Shareholder Report | October 31, 2024
image
This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to October 31, 2024.
You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.  
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*,†
Advisor Class
$27
0.52%
* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.
† Annualized.
KEY FUND STATISTICS (as of October 31, 2024)
Total Net Assets
$8,616,609,581
Total Number of Portfolio Holdings*
1,072
Portfolio Turnover Rate
2.73%
* Does not include derivatives, except purchased options, if any.  
WHAT DID THE FUND INVEST IN?  (as of October 31, 2024)
Portfolio Composition* (% of Total Investments)
image
* Does not include derivatives, except purchased options, if any.  
image
WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?
Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its:
• prospectus • proxy voting information • financial information • holdings • tax information
Franklin Federal Tax-Free Income Fund  PAGE 1  620-STSR-1224
18.316.312.910.09.68.46.76.15.73.12.40.5
 

Item 2. Code of Ethics. N/A

 

Item 3. Audit Committee Financial Expert. N/A

 

Item 4. Principal Accountant Fees and Services. N/A

 

Item 5. Audit Committee of Listed Registrants. N/A

 

Item 6. Schedule of Investments.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

 

(b) N/A

 

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

Franklin
Federal
Tax-Free
Income
Fund
Financial
Statements
and
Other
Important
Information
Semi-Annual
|
October
31,
2024
Table
of
Contents
franklintempleton.com
Financial
Statements
and
Other
Important
Information—Semiannual
1
Financial
Highlights
and
Schedule
of
Investments
2
Financial
Statements
39
Notes
to
Financial
Statements
43
Changes
In
and
Disagreements
with
Accountants
53
Results
of
Meeting(s)
of
Shareholders
53
Remuneration
Paid
to
Directors,
Officers
and
Others
53
Board
Approval
of
Management
and
Subadvisory
Agreements
53
Franklin
Federal
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
2
a
Six
Months
Ended
October
31,
2024
(unaudited)
Year
Ended
April
30,
2024
2023
2022
2021
2020
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.66
$10.72
$10.97
$12.31
$11.60
$11.82
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.19
0.37
0.34
0.31
0.33
0.35
Net
realized
and
unrealized
gains
(losses)
0.21
(0.06)
(0.25)
(1.35)
0.71
(0.22)
Total
from
investment
operations
........
0.40
0.31
0.09
(1.04)
1.04
0.13
Less
distributions
from:
Net
investment
income
..............
(0.19)
(0.37)
(0.34)
(0.30)
(0.33)
(0.35)
Net
asset
value,
end
of
period
..........
$10.87
$10.66
$10.72
$10.97
$12.31
$11.60
Total
return
c
.......................
3.68%
2.92%
0.87%
(8.62)%
9.01%
1.07%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.77%
f
0.79%
f
0.79%
f
0.77%
f
0.78%
f
0.77%
Net
investment
income
...............
3.52%
3.50%
3.21%
2.56%
2.72%
2.96%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$2,028,071
$1,968,264
$1,940,290
$1,916,791
$1,770,979
$1,110,207
Portfolio
turnover
rate
................
2.73%
15.32%
28.31%
22.08%
16.18%
20.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Federal
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
3
a
Six
Months
Ended
October
31,
2024
(unaudited)
Year
Ended
April
30,
2024
2023
2022
2021
2020
Class
A1
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.66
$10.72
$10.97
$12.31
$11.60
$11.82
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.20
0.39
0.36
0.33
0.35
0.37
Net
realized
and
unrealized
gains
(losses)
0.21
(0.07)
(0.26)
(1.35)
0.70
(0.22)
Total
from
investment
operations
........
0.41
0.32
0.10
(1.02)
1.05
0.15
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.38)
(0.35)
(0.32)
(0.34)
(0.37)
Net
asset
value,
end
of
period
..........
$10.87
$10.66
$10.72
$10.97
$12.31
$11.60
Total
return
c
.......................
3.85%
3.08%
1.02%
(8.48)%
9.17%
1.22%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.62%
f
0.64%
f
0.64%
f
0.63%
f
0.63%
f
0.62%
Net
investment
income
...............
3.67%
3.65%
3.35%
2.71%
2.89%
3.11%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$4,454,450
$4,601,265
$5,215,087
$6,256,503
$6,919,289
$6,833,018
Portfolio
turnover
rate
................
2.73%
15.32%
28.31%
22.08%
16.18%
20.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Federal
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
a
Six
Months
Ended
October
31,
2024
(unaudited)
Year
Ended
April
30,
2024
2023
2022
2021
2020
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.65
$10.71
$10.96
$12.30
$11.59
$11.81
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.17
0.33
0.30
0.26
0.29
0.31
Net
realized
and
unrealized
gains
(losses)
0.21
(0.07)
(0.25)
(1.34)
0.70
(0.22)
Total
from
investment
operations
........
0.38
0.26
0.05
(1.08)
0.99
0.09
Less
distributions
from:
Net
investment
income
..............
(0.17)
(0.32)
(0.30)
(0.26)
(0.28)
(0.31)
Net
asset
value,
end
of
period
..........
$10.86
$10.65
$10.71
$10.96
$12.30
$11.59
Total
return
c
.......................
3.57%
2.51%
0.47%
(8.99)%
8.58%
0.67%
Ratios
to
average
net
assets
d
Expenses
e
........................
1.17%
f
1.18%
f
1.19%
f
1.18%
f
1.18%
f
1.17%
Net
investment
income
...............
3.12%
3.09%
2.79%
2.15%
2.35%
2.56%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$154,582
$180,672
$246,760
$340,772
$543,196
$657,344
Portfolio
turnover
rate
................
2.73%
15.32%
28.31%
22.08%
16.18%
20.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Federal
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
October
31,
2024
(unaudited)
Year
Ended
April
30,
2024
2023
2022
2021
2020
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.67
$10.73
$10.98
$12.32
$11.61
$11.83
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.21
0.40
0.37
0.35
0.37
0.39
Net
realized
and
unrealized
gains
(losses)
0.21
(0.06)
(0.25)
(1.35)
0.70
(0.22)
Total
from
investment
operations
........
0.42
0.34
0.12
(1.00)
1.07
0.17
Less
distributions
from:
Net
investment
income
..............
(0.21)
(0.40)
(0.37)
(0.34)
(0.36)
(0.39)
Net
asset
value,
end
of
period
..........
$10.88
$10.67
$10.73
$10.98
$12.32
$11.61
Total
return
c
.......................
3.92%
3.22%
1.17%
(8.35)%
9.31%
1.37%
Ratios
to
average
net
assets
d
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.48%
0.49%
0.50%
0.48%
0.49%
0.49%
Expenses
net
of
waiver
and
payments
by
affiliates
e
..........................
0.48%
f
0.49%
f
0.49%
0.48%
f
0.49%
f
0.49%
f
Net
investment
income
...............
3.81%
3.79%
3.51%
2.88%
3.00%
3.24%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$814,626
$824,024
$952,887
$761,716
$294,727
$196,774
Portfolio
turnover
rate
................
2.73%
15.32%
28.31%
22.08%
16.18%
20.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Federal
Tax-Free
Income
Fund
Financial
Highlights
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
Six
Months
Ended
October
31,
2024
(unaudited)
Year
Ended
April
30,
2024
2023
2022
2021
2020
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.67
$10.73
$10.98
$12.32
$11.61
$11.83
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.21
0.40
0.37
0.34
0.36
0.38
Net
realized
and
unrealized
gains
(losses)
0.20
(0.07)
(0.26)
(1.35)
0.71
(0.22)
Total
from
investment
operations
........
0.41
0.33
0.11
(1.01)
1.07
0.16
Less
distributions
from:
Net
investment
income
..............
(0.20)
(0.39)
(0.36)
(0.33)
(0.36)
(0.38)
Net
asset
value,
end
of
period
..........
$10.88
$10.67
$10.73
$10.98
$12.32
$11.61
Total
return
c
.......................
3.90%
3.18%
1.12%
(8.39)%
9.27%
1.33%
Ratios
to
average
net
assets
d
Expenses
e
........................
0.52%
f
0.54%
f
0.54%
f
0.52%
f
0.53%
f
0.52%
Net
investment
income
...............
3.77%
3.75%
3.44%
2.80%
2.98%
3.21%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,164,881
$1,135,784
$998,541
$1,383,620
$1,829,553
$1,465,542
Portfolio
turnover
rate
................
2.73%
15.32%
28.31%
22.08%
16.18%
20.23%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Total
return
is
not
annualized
for
periods
less
than
one
year.
d
Ratios
are
annualized
for
periods
less
than
one
year.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited),
October
31,
2024
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Shares
a
Value
a
Common
Stocks
0.0%
Independent
Power
and
Renewable
Electricity
Producers
0.0%
a,b
AES
Guayama
Holdings
BV
...........................................
53,204
$
—
b
Total
Common
Stocks
(Cost
$
–
)
...............................................
—
a
Management
Investment
Companies
0.0%
†
Capital
Markets
0.0%
†
c
Franklin
Municipal
Green
Bond
ETF
.....................................
83,000
1,994,739
Total
Management
Investment
Companies
(Cost
$
2,255,733
)
.....................
1,994,739
Principal
Amount
a
a
a
a
Corporate
Bonds
0.4%
Software
0.4%
a
Haven
at
Elgin
LLC
,
5.25
%
,
12/31/53
....................................
$
35,660,000
36,022,618
Total
Corporate
Bonds
(Cost
$
35,660,000
)
......................................
36,022,618
d
Senior
Floating
Rate
Interests
0.2%
Residential
REITs
0.2%
a
,e
Centennial
Gardens
LP,
First
Lien,
Delayed
Draw
CME
Term
Loan,
1
,
6.896
%
,
(
1-month
SOFR
+
5.346
%
),
2/01/25
....................................
16,317,314
16,375,320
Total
Senior
Floating
Rate
Interests
(Cost
$
16,317,314
)
..........................
16,375,320
Municipal
Bonds
98.0%
Alabama
2.6%
Alabama
Public
Health
Care
Authority
(The)
,
State
of
Alabama
,
Revenue
,
2015
,
Refunding
,
5
%
,
9/01/44
.............................................
17,085,000
17,120,275
Alabama
Special
Care
Facilities
Financing
Authority-Birmingham
,
Ascension
Health
Credit
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
11/15/46
...................
10,000,000
10,105,523
f
Black
Belt
Energy
Gas
District
,
Revenue
,
2022
F
,
Mandatory
Put
,
5.5
%
,
12/01/28
.........................
24,715,000
26,272,720
Revenue
,
2023
B-2
,
Mandatory
Put
,
5.25
%
,
12/01/30
.......................
17,015,000
18,393,833
Revenue
,
2023
D-1
,
Refunding
,
Mandatory
Put
,
5.5
%
,
2/01/29
................
4,000,000
4,268,167
Revenue
,
2024
A
,
Mandatory
Put
,
5.25
%
,
9/01/32
.........................
4,500,000
4,878,379
Chilton
County
Health
Care
Authority
,
County
of
Chilton
Sales
Tax
,
Revenue
,
2015
A
,
5
%
,
11/01/40
.....................................................
8,425,000
8,489,206
County
of
Jefferson
,
Sewer
,
Revenue
,
2024
,
Refunding
,
5.25
%
,
10/01/49
.......................
15,500,000
16,546,534
Sewer
,
Revenue
,
2024
,
Refunding
,
5.5
%
,
10/01/53
........................
24,100,000
26,110,769
g
County
of
Mobile
,
Revenue
,
144A,
2020
,
4
%
,
11/01/45
.......................
13,200,000
12,326,431
f
Energy
Southeast
A
Cooperative
District
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.5
%
,
1/01/31
.........................
25,230,000
27,599,274
Revenue
,
2023
B-1
,
Mandatory
Put
,
5.75
%
,
11/01/31
.......................
15,000,000
16,689,175
Jacksonville
Public
Educational
Building
Authority
,
Jacksonville
State
University
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.25
%
,
8/01/53
...
8,000,000
8,476,801
Jacksonville
State
University
,
Revenue
,
2023
A
,
AGMC
Insured
,
5.5
%
,
8/01/58
....
2,000,000
2,143,733
f
Southeast
Energy
Authority
A
Cooperative
District
,
Revenue
,
2021
B
,
Mandatory
Put
,
4
%
,
12/01/31
...........................
1,000,000
1,000,999
Revenue
,
2022
A-1
,
Mandatory
Put
,
5.5
%
,
12/01/29
........................
12,850,000
13,851,666
Revenue
,
2023
B
,
Mandatory
Put
,
5
%
,
6/01/30
............................
6,000,000
6,369,572
University
of
South
Alabama
,
Revenue
,
2019
A
,
BAM
Insured
,
5
%
,
4/01/49
........
5,000,000
5,127,308
225,770,365
Alaska
0.2%
Alaska
Municipal
Bond
Bank
Authority
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/39
...
12,950,000
13,006,804
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Alaska
(continued)
Northern
Tobacco
Securitization
Corp.
,
Revenue,
Senior
Lien
,
2021
A
,
1
,
Refunding
,
4
%
,
6/01/50
...................
$
3,250,000
$
2,942,695
Revenue,
Senior
Lien
,
2021
B-1
,
2
,
Refunding
,
4
%
,
6/01/50
..................
1,115,000
1,119,459
17,068,958
Arizona
2.4%
Arizona
Board
of
Regents
,
Revenue
,
2016
C
,
5
%
,
7/01/42
.....................
6,000,000
6,124,264
Arizona
Industrial
Development
Authority
,
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/32
.............
205,000
208,703
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
5
%
,
7/01/33
.............
220,000
223,648
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/34
.............
230,000
225,747
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/35
.............
235,000
229,262
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/36
.............
220,000
213,296
Leman
Academy
of
Excellence
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4.5
%
,
7/01/54
........................................................
10,000,000
8,811,545
f
Chandler
Industrial
Development
Authority
,
Intel
Corp.
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
9/01/27
..................................................
9,000,000
9,218,949
City
of
Lake
Havasu
City
,
Wastewater
System
,
Revenue
,
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
7/01/40
...............................................
15,000,000
15,075,863
City
of
Phoenix
Civic
Improvement
Corp.
,
Airport
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..................................
10,000,000
10,101,339
Airport
,
Revenue,
Junior
Lien
,
2017
D
,
Refunding
,
4
%
,
7/01/40
...............
25,000,000
25,021,745
Airport
,
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
..........................
6,000,000
6,105,659
Phoenix
Sky
Harbor
International
Airport
Customer
Facility
Charges
,
Revenue
,
2019
A
,
4
%
,
7/01/45
..................................................
14,985,000
14,295,209
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/32
.....
6,000,000
6,919,358
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/34
.....
5,000,000
5,888,220
State
of
Arizona
Distribution
,
Revenue
,
2005
B
,
NATL
Insured
,
5.5
%
,
7/01/35
.....
9,860,000
11,711,603
Glendale
Industrial
Development
Authority
,
People
of
Faith,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
5/15/56
........................................
10,000,000
9,440,285
Maricopa
County
Industrial
Development
Authority
,
Banner
Health
Obligated
Group
,
Revenue
,
2019
E
,
4
%
,
1/01/45
...............
10,000,000
9,819,597
Banner
Health
Obligated
Group
,
Revenue
,
2019
F
,
4
%
,
1/01/45
...............
25,000,000
24,548,992
Christian
Care
Obligated
Group
,
Revenue
,
2016
A
,
Pre-Refunded
,
5
%
,
1/01/36
...
5,000,000
5,108,747
Maricopa
County
Pollution
Control
Corp.
,
El
Paso
Electric
Co.
,
Revenue
,
2009
A
,
Refunding
,
3.6
%
,
2/01/40
.............
19,500,000
17,530,379
Southern
California
Edison
Co.
,
Revenue
,
2000
A
,
Refunding
,
2.4
%
,
6/01/35
.....
5,000,000
4,159,969
Salt
River
Project
Agricultural
Improvement
&
Power
District
,
Revenue
,
2023
A
,
5
%
,
1/01/50
.........................................................
6,500,000
6,964,900
University
of
Arizona
(The)
,
Revenue
,
2014
,
Refunding
,
5
%
,
8/01/44
.............
10,000,000
10,030,789
207,978,068
Arkansas
0.1%
Arkansas
Development
Finance
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2020
B-1
,
Refunding
,
5
%
,
9/01/44
........................
6,100,000
6,246,562
h
City
of
Centerton
,
Sales
&
Use
Tax
,
Revenue
,
2024
,
AGMC
Insured
,
4
%
,
11/01/44
...............
2,250,000
2,176,096
Sales
&
Use
Tax
,
Revenue
,
2024
,
AGMC
Insured
,
4.125
%
,
11/01/49
...........
1,400,000
1,352,571
Sales
&
Use
Tax
,
Revenue
,
2024
,
AGMC
Insured
,
4
%
,
11/01/54
...............
1,625,000
1,559,525
11,334,754
California
8.1%
g
Align
Affordable
Housing
Bond
Fund
LP
,
Coronado
Springs
Tower
LLC
,
Revenue
,
144A,
2020-2
,
A
,
4
%
,
9/01/27
.........................................
17,835,000
17,673,237
f
Align
Capital
Trust
,
Revenue
,
2020-4
A
,
Mandatory
Put
,
3.75
%
,
1/01/26
..........
9,777,791
9,611,072
f
ARC70
II
TRUST
,
Revenue
,
2021-1
,
A
,
Mandatory
Put
,
4
%
,
12/01/37
............
11,360,000
9,968,545
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
f
California
Community
Choice
Financing
Authority
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5
%
,
8/01/29
..........................
$
5,000,000
$
5,298,555
Revenue
,
2023
C
,
Mandatory
Put
,
5.25
%
,
10/01/31
........................
43,250,000
46,461,507
g
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..........
22,400,000
19,771,322
Brio
Apartments
&
Next
on
Lex
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
....................................................
17,850,000
15,224,263
K
Street
Flats
,
Revenue
,
144A,
2021
A-1
,
3
%
,
2/01/57
......................
10,000,000
6,973,279
California
Statewide
Communities
Development
Authority
,
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5
%
,
8/15/42
........................................................
425,000
456,673
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.125
%
,
8/15/47
........................................................
620,000
662,422
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.25
%
,
8/15/52
........................................................
7,815,000
8,354,114
Enloe
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.375
%
,
8/15/57
........................................................
12,495,000
13,427,737
g
CMFA
Special
Finance
Agency
,
Latitude33
,
Revenue
,
144A,
2021
A-1
,
3
%
,
12/01/56
.......................
12,000,000
8,497,438
Solana
at
Grand
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
8/01/56
..........
5,300,000
4,722,929
g
CMFA
Special
Finance
Agency
Enclave
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
4
%
,
8/01/58
.........................................................
26,500,000
21,180,525
g
CMFA
Special
Finance
Agency
XII
,
Allure
Apartments
,
Revenue,
Senior
Lien
,
144A,
2022
A-1
,
3.25
%
,
2/01/57
............................................
27,500,000
20,688,440
Corona-Norco
Unified
School
District
,
GO
,
C
,
AGMC
Insured
,
6.2
%
,
8/01/29
..................................
3,250,000
3,553,293
GO
,
C
,
Pre-Refunded
,
AGMC
Insured
,
6.8
%
,
8/01/39
.......................
8,500,000
9,427,657
GO
,
C
,
AGMC
Insured
,
Zero
Cpn.,
8/01/39
...............................
7,500,000
3,986,389
g
CSCDA
Community
Improvement
Authority
,
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3.6
%
,
5/01/47
.......
10,000,000
8,335,655
777
Place-Pomona
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
5/01/57
......
12,500,000
8,726,376
Acacia
on
Santa
Rosa
Creek
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
4
%
,
10/01/56
.
13,000,000
11,444,471
Crescent
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A-2
,
4.3
%
,
7/01/59
..........
13,700,000
11,865,488
Escondido
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/48
........
10,000,000
7,181,484
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-1
,
2.875
%
,
8/01/41
2,815,000
2,614,718
Monterey
Station
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
7/01/43
.
7,855,000
6,291,538
Park
Crossing
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
12/01/58
.
18,750,000
13,311,026
Vineyard
Garden
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3.25
%
,
10/01/58
14,000,000
9,896,051
Waterscape
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A
,
3
%
,
9/01/56
......
1,670,000
1,188,433
Westgate
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
6/01/47
......
15,000,000
10,518,685
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
3
%
,
12/01/49
...
30,000,000
21,006,108
Wood
Creek
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
4
%
,
12/01/58
...
25,000,000
19,430,903
Foothill-Eastern
Transportation
Corridor
Agency
,
Revenue
,
2013
A
,
Refunding
,
AGMC
Insured
,
5.4
%
,
1/15/30
.................
15,475,000
17,305,239
Revenue
,
2013
A
,
Refunding
,
6.85
%
,
1/15/42
.............................
20,000,000
23,619,680
M-S-R
Energy
Authority
,
Revenue
,
2009
B
,
6.5
%
,
11/01/39
....................
12,500,000
15,940,381
New
Haven
Unified
School
District
,
GO
,
2009
,
AGMC
Insured
,
Zero
Cpn.,
8/01/31
............................
2,055,000
1,654,253
GO
,
2009
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
............................
7,830,000
6,065,549
GO
,
2009
,
AGMC
Insured
,
Zero
Cpn.,
8/01/33
............................
7,660,000
5,701,088
Norman
Y
Mineta
San
Jose
International
Airport
SJC
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
3/01/47
......................................................
23,855,000
23,989,270
Oro
Grande
Elementary
School
District
,
COP
,
2020
,
Refunding
,
4
%
,
9/15/25
....................................
2,120,000
2,111,016
COP
,
2020
,
Refunding
,
4
%
,
9/15/27
....................................
2,400,000
2,412,326
COP
,
2020
,
Refunding
,
4
%
,
9/15/28
....................................
2,095,000
2,104,200
Rialto
Unified
School
District
,
GO
,
2011
A
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
......
20,000,000
12,277,118
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
California
(continued)
San
Diego
County
Regional
Airport
Authority
,
Revenue,
Senior
Lien
,
2023
B
,
5.25
%
,
7/01/58
.........................................................
$
15,000,000
$
15,844,660
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
5/01/49
...............................
26,805,000
27,544,692
Revenue,
Second
Series
,
2019
E
,
5
%
,
5/01/50
............................
13,000,000
13,333,772
San
Jose
Unified
School
District
,
GO
,
2018
E
,
4
%
,
8/01/42
....................
10,600,000
10,696,414
San
Mateo
Foster
City
School
District
,
GO
,
A
,
Zero
Cpn.,
8/01/42
...............
50,000,000
53,741,755
San
Mateo
Union
High
School
District
,
GO
,
2011
A
,
Zero
Cpn.,
9/01/33
.......................................
6,065,000
5,788,901
GO
,
2011
A
,
Zero
Cpn.,
9/01/41
.......................................
20,000,000
20,861,516
Santa
Ana
Unified
School
District
,
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/35
...........................
10,000,000
6,799,532
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/36
...........................
18,865,000
12,264,452
GO
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
8/01/37
...........................
10,000,000
6,208,187
i
Southern
California
Public
Power
Authority
,
Revenue
,
FRN
,
2007
B
,
5.161
%
,
(
3-month
TSOF
+
1.645
%
),
11/01/38
...........................................
6,000,000
5,881,371
State
of
California
,
GO
,
2002
,
NATL
Insured
,
5
%
,
10/01/32
....................
20,000
20,036
West
Contra
Costa
Unified
School
District
,
GO
,
C-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/29
....................
10,000,000
8,629,689
GO
,
C-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/30
....................
20,845,000
17,314,578
GO
,
C-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/31
....................
20,000,000
15,950,814
GO
,
C-1
,
Refunding
,
AGMC
Insured
,
Zero
Cpn.,
8/01/32
....................
10,730,000
8,205,066
700,015,888
Colorado
2.7%
g
Access
25
Metropolitan
District
No.
2
,
GO
,
144A,
2023
,
6.75
%
,
12/01/53
..........
3,555,000
3,739,903
Baseline
Metropolitan
District
No.
1
,
GO
,
2024
A
,
Refunding
,
AGMC
Insured
,
4
%
,
12/01/46
........................................................
2,000,000
1,892,764
Brighton
Crossing
Metropolitan
District
No.
4
,
GO
,
2017
A
,
Refunding
,
5
%
,
12/01/47
.
2,440,000
2,467,229
g
Broadway
Park
North
Metropolitan
District
No.
2
,
GO
,
144A,
2020
,
Refunding
,
5
%
,
12/01/49
........................................................
1,575,000
1,490,959
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
1992
C
,
NATL
Insured
,
ETM,
6.125
%
,
11/15/25
.......
1,055,000
1,078,834
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/37
..................
10,000,000
10,335,466
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/43
..................
5,000,000
5,113,803
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5.25
%
,
12/01/43
...............
11,045,000
11,411,093
Airport
System
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/48
..................
15,500,000
15,743,903
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5.75
%
,
11/15/45
...............
10,000,000
11,108,535
Airport
System
,
Revenue
,
2022
D
,
Refunding
,
5
%
,
11/15/53
..................
10,000,000
10,299,921
Pledged
Excise
Tax
,
Revenue
,
2018
A-1
,
5
%
,
8/01/48
......................
39,690,000
40,570,201
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
Zero
Cpn.,
8/01/35
.................
2,000,000
1,263,082
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
Zero
Cpn.,
8/01/36
.................
2,500,000
1,499,332
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
Zero
Cpn.,
8/01/37
.................
2,455,000
1,396,607
Pledged
Excise
Tax
,
Revenue
,
2018
A-2
,
Zero
Cpn.,
8/01/38
.................
2,000,000
1,077,282
Colorado
Educational
&
Cultural
Facilities
Authority
,
James
Irwin
Educational
Foundation
Obligated
Group
,
Revenue
,
2022
,
5
%
,
9/01/62
...................
2,200,000
2,200,043
Colorado
Health
Facilities
Authority
,
AdventHealth
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
11/15/41
......
20,505,000
20,838,799
AdventHealth
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/48
...............
12,000,000
12,323,219
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
4
%
,
8/01/49
13,000,000
11,935,609
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
......
10,500,000
11,241,566
Covenant
Living
Communities
and
Services
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
12/01/50
...........................................
4,930,000
4,290,061
University
of
Colorado
Health
Obligated
Group
,
Revenue
,
2020
A
,
Pre-Refunded
,
4
%
,
9/01/50
....................................................
1,500,000
1,602,617
Constitution
Heights
Metropolitan
District
,
GO
,
2020
,
Refunding
,
5
%
,
12/01/49
.....
1,760,000
1,680,049
g
DIATC
Metropolitan
District
,
GO
,
144A,
2019
,
Refunding
,
5
%
,
12/01/49
...........
2,000,000
1,922,514
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
Evan's
Place
Metropolitan
District
,
GO
,
2020
A-3
,
5
%
,
12/01/50
.................
$
1,575,000
$
1,465,093
g
Fiddlers
Business
Improvement
District
,
GO
,
144A,
2022
,
Refunding
,
5.55
%
,
12/01/47
3,500,000
3,591,955
Park
Creek
Metropolitan
District
,
Westerly
Creek
District
Service
Area
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
12/01/46
.....................................
2,875,000
2,946,792
Prairie
Center
Metropolitan
District
No.
3
,
GO
,
2024
A
,
Refunding
,
5.875
%
,
12/15/46
.
1,375,000
1,471,958
Public
Authority
for
Colorado
Energy
,
Revenue
,
2008
,
6.5
%
,
11/15/38
............
20,000,000
24,094,384
Severance
Shores
Metropolitan
District
No.
4
,
GO
,
2020
A
,
5
%
,
12/01/49
.........
5,745,000
5,530,146
South
Maryland
Creek
Ranch
Metropolitan
District
,
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5
%
,
12/01/48
........................
800,000
832,424
GO
,
2023
,
Refunding
,
AGMC
Insured
,
5.125
%
,
12/01/57
....................
2,150,000
2,244,536
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
3.75
%
,
12/01/40
.................................................
500,000
447,895
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
.................................................
1,150,000
1,045,774
232,194,348
Connecticut
0.2%
Connecticut
State
Health
&
Educational
Facilities
Authority
,
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/38
..........
2,200,000
2,210,138
Hartford
HealthCare
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
..........
6,000,000
5,566,702
Stamford
Hospital
Obligated
Group
(The)
,
Revenue
,
M
,
Refunding
,
4
%
,
7/01/41
...
5,000,000
4,795,989
University
of
Hartford
(The)
,
Revenue
,
2022
P
,
5.375
%
,
7/01/52
...............
6,000,000
5,650,223
18,223,052
Delaware
0.1%
County
of
Kent
,
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/40
...........................
1,100,000
1,117,249
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/48
...........................
1,485,000
1,491,800
CHF-Dover
LLC
,
Revenue
,
2018
A
,
5
%
,
7/01/53
...........................
1,100,000
1,101,519
Delaware
State
Economic
Development
Authority
,
Newark
Charter
School,
Inc.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/41
..........
1,600,000
1,501,471
Newark
Charter
School,
Inc.
,
Revenue
,
2021
,
Refunding
,
4
%
,
9/01/51
..........
3,300,000
2,911,461
8,123,500
Florida
9.6%
Alachua
County
Health
Facilities
Authority
,
Oak
Hammock
at
the
University
of
Florida
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/40
...........................................
2,500,000
2,307,974
Oak
Hammock
at
the
University
of
Florida
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
10/01/46
...........................................
1,750,000
1,516,415
Ave
Maria
Stewardship
Community
District
,
Assessments
,
Special
Assessment
,
2022
A
,
Refunding
,
4
%
,
5/01/42
...........................................
5,020,000
4,466,010
Babcock
Ranch
Community
Independent
Special
District
,
Assessment
Area
3A
,
Special
Assessment
,
2020
,
4
%
,
5/01/40
................
1,840,000
1,759,925
Assessment
Area
3A
,
Special
Assessment
,
2020
,
4
%
,
5/01/50
................
1,500,000
1,333,489
g
Bannon
Lakes
Community
Development
District
,
Phase
2
,
Special
Assessment
,
144A,
2021
,
3.5
%
,
5/01/41
................................................
700,000
606,504
Brevard
County
Health
Facilities
Authority
,
Health
First,
Inc.
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
4/01/52
.......................................
10,000,000
10,442,327
Capital
Projects
Finance
Authority
,
CAPFA
Capital
Corp.
2000F
,
Revenue
,
2020
A-1
,
Refunding
,
5
%
,
10/01/31
......
1,500,000
1,563,570
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/53
.......................................................
2,125,000
2,092,991
Provident
Group
-
Continuum
Properties
LLC
,
Revenue,
Senior
Lien
,
2023
A-1
,
5
%
,
11/01/58
.......................................................
2,000,000
1,946,259
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Capital
Trust
Agency,
Inc.
,
g
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
$
22,800,000
$
20,013,860
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/31
.................
500,000
498,737
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/41
.................
325,000
301,959
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/51
.................
385,000
332,094
Lutz
Preparatory
School,
Inc.
,
Revenue
,
2021
A
,
4
%
,
6/01/56
.................
485,000
409,141
g
SHI
-
Lake
Osborne
LLC
,
Revenue
,
144A,
2021
A-1
,
3.68
%
,
1/01/57
...........
2,000,000
1,427,897
Capital
Trust
Authority
,
g
Gulf
Coast
Portfolio
Obligated
Group
,
Revenue
,
144A,
2024
,
Refunding
,
Zero
Cpn.,
3/01/29
........................................................
56,580,000
45,228,926
Seaside
School
Consortium,
Inc.
,
Revenue
,
2024
A
,
5.125
%
,
6/15/59
...........
1,485,000
1,453,428
Central
Florida
Expressway
Authority
,
Revenue,
Senior
Lien
,
2016
B
,
Refunding
,
4
%
,
7/01/39
.....................
5,000,000
5,022,611
Revenue,
Senior
Lien
,
2016
B
,
Refunding
,
4
%
,
7/01/40
.....................
5,825,000
5,826,488
Revenue,
Senior
Lien
,
2018
,
5
%
,
7/01/48
................................
16,000,000
16,504,200
Centre
Lake
Community
Development
District
,
Special
Assessment
,
2021
,
3
%
,
5/01/42
.................................
1,140,000
899,885
Special
Assessment
,
2021
,
4
%
,
5/01/52
.................................
1,845,000
1,624,060
City
of
Atlantic
Beach
,
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/38
...................................................
1,105,000
1,142,068
Naval
Continuing
Care
Retirement
Foundation
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
...................................................
9,235,000
9,325,509
City
of
Cape
Coral
,
Water
&
Sewer
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/39
......
10,000,000
10,383,771
City
of
Cocoa
,
Water
&
Sewer
,
Revenue
,
2018
B
,
5
%
,
10/01/48
.................
10,325,000
10,817,483
City
of
Gainesville
,
Utilities
System
,
Revenue
,
2017
A
,
5
%
,
10/01/37
..........................
5,000,000
5,210,103
Utilities
System
,
Revenue
,
2019
A
,
5
%
,
10/01/47
..........................
28,010,000
29,363,536
Utilities
System
,
Revenue
,
2019
A
,
Pre-Refunded
,
5
%
,
10/01/47
...............
125,000
137,002
City
of
Jacksonville
,
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/01/45
..
5,000,000
4,588,627
Genesis
Health,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
11/01/50
..
20,000,000
20,402,572
City
of
Lakeland
,
Lakeland
Regional
Health
Systems
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/15/45
............................................
7,300,000
7,304,030
City
of
Melbourne
,
Water
&
Sewer
,
Revenue
,
2000
A
,
FGIC
Insured
,
ETM,
Zero
Cpn.,
10/01/26
......
1,500,000
1,415,318
Water
&
Sewer
,
Revenue
,
2002
B
,
Refunding
,
NATL
Insured
,
Zero
Cpn.,
10/01/26
.
4,500,000
4,226,772
City
of
Miami
Beach
,
Stormwater
,
Revenue
,
2015
,
5
%
,
9/01/41
.................
10,000,000
10,076,215
City
of
Palmetto
,
Renaissance
Arts
and
Education,
Inc.
,
Revenue
,
2022
A
,
Refunding
,
5.25
%
,
6/01/52
...................................................
3,000,000
3,054,823
City
of
Pompano
Beach
,
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/50
........................................................
4,730,000
4,084,835
John
Knox
Village
of
Florida,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
9/01/56
.
10,150,000
8,512,603
City
of
South
Miami
Health
Facilities
Authority,
Inc.
,
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/47
........................................................
5,750,000
5,515,655
Baptist
Health
South
Florida
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
8/15/47
........................................................
7,845,000
8,001,545
City
of
St.
Petersburg
,
Public
Utility
,
Revenue
,
2018
,
Refunding
,
4
%
,
10/01/43
......
15,000,000
14,940,675
City
of
Tampa
,
H
Lee
Moffitt
Cancer
Center
&
Research
Institute
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
7/01/37
.........................................
5,000,000
5,076,632
State
of
Florida
Cigarette
Tax
,
Revenue
,
2020
A
,
Zero
Cpn.,
9/01/35
............
755,000
481,498
State
of
Florida
Cigarette
Tax
,
Revenue
,
2020
A
,
Zero
Cpn.,
9/01/36
............
800,000
486,773
County
of
Broward
,
Port
Facilities
,
Revenue,
Senior
Lien
,
2019
B
,
4
%
,
9/01/49
.....
15,000,000
13,717,907
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
County
of
Miami-Dade
,
Seaport
Department
,
Revenue,
Senior
Lien
,
2022
A
,
Refunding
,
5.25
%
,
10/01/52
..
$
6,000,000
$
6,328,850
Transit
System
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/35
....................
7,000,000
7,059,313
Transit
System
,
Revenue
,
2018
,
5
%
,
7/01/43
.............................
10,000,000
10,417,027
Transit
System
,
Revenue
,
2018
,
4
%
,
7/01/47
.............................
5,000,000
4,849,687
Transit
System
,
Revenue
,
2020
A
,
4
%
,
7/01/48
...........................
5,000,000
4,820,668
Water
&
Sewer
System
,
Revenue
,
2019
B
,
4
%
,
10/01/49
....................
27,500,000
26,178,383
County
of
Monroe
,
Airport
,
Revenue
,
2022
,
5.25
%
,
10/01/47
................................
1,000,000
1,037,349
Airport
,
Revenue
,
2022
,
5
%
,
10/01/52
..................................
1,500,000
1,509,554
County
of
Osceola
,
Transportation
,
Revenue
,
2019
A-1
,
Refunding
,
5
%
,
10/01/49
...
4,500,000
4,630,213
Crystal
Cay
Community
Development
District
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
1,000,000
882,118
Cypress
Mill
Community
Development
District
,
Special
Assessment
,
2023
,
5
%
,
5/01/43
.................................
560,000
571,747
Special
Assessment
,
2023
,
5
%
,
5/01/53
.................................
1,000,000
992,379
g
Downtown
Doral
South
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2018
,
5
%
,
12/15/48
.................................
4,000,000
4,005,461
g
Epperson
North
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2018
A-1
,
5.5
%
,
11/01/39
.............................
1,490,000
1,536,369
Escambia
County
Health
Facilities
Authority
,
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/36
.
4,165,000
4,363,389
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/37
.
6,000,000
6,272,859
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
8/15/40
.
4,000,000
4,137,915
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/45
.
19,465,000
17,750,550
Baptist
Hospital,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/15/50
.
18,985,000
16,839,818
Everlands
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2024
,
5.55
%
,
6/15/54
...............................................
1,000,000
1,014,071
Florida
Development
Finance
Corp.
,
Brightline
Trains
Florida
LLC
,
Revenue
,
2024
,
Refunding
,
AGMC
Insured
,
5.25
%
,
7/01/53
........................................................
50,000,000
52,076,365
River
City
Education
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/35
..........
325,000
316,250
River
City
Education
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/45
..........
600,000
536,327
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/33
....................................................
1,350,000
1,390,795
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/38
....................................................
1,400,000
1,420,594
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/39
....................................................
2,750,000
2,775,411
Florida
Housing
Finance
Corp.
,
Revenue
,
2020-1
,
GNMA
Insured
,
2.75
%
,
7/01/50
...
1,410,000
996,015
Florida
Municipal
Loan
Council
,
Shingle
Creek
Transit
&
Utility
Community
Development
District
,
Special
Assessment
,
2024
,
5.4
%
,
5/01/54
...............
820,000
815,283
Greater
Orlando
Aviation
Authority
,
Revenue
,
2017
A
,
5
%
,
10/01/47
.......................................
10,925,000
11,054,662
Revenue
,
2019
A
,
4
%
,
10/01/49
.......................................
15,000,000
14,208,588
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
2,500,000
2,525,835
Heritage
Harbour
North
Community
Development
District
,
Special
Assessment
,
2014
,
5.125
%
,
5/01/45
...................................................
2,170,000
2,199,553
Herons
Glen
Recreation
District
,
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
5/01/45
.............
1,515,000
1,515,305
Special
Assessment
,
2020
,
Refunding
,
BAM
Insured
,
4
%
,
5/01/50
.............
1,800,000
1,737,953
Hillsborough
County
Aviation
Authority
,
Revenue
,
2015
A
,
5
%
,
10/01/44
.......................................
5,000,000
5,000,774
Revenue
,
2018
E
,
5
%
,
10/01/48
.......................................
5,000,000
5,084,701
Hillsborough
County
Industrial
Development
Authority
,
Florida
Health
Sciences
Center,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
8/01/50
.......................
6,500,000
5,918,871
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Hollywood
Beach
Community
Development
District
I
,
Special
Assessment
,
2020
,
Refunding
,
4
%
,
10/01/45
............................................
$
4,000,000
$
3,611,761
Kingman
Gate
Community
Development
District
,
Special
Assessment
,
2021
,
3.6
%
,
6/15/41
.........................................................
750,000
687,648
g
Knightsbridge
Community
Development
District
,
Special
Assessment
,
144A,
2024
,
5.2
%
,
6/15/44
....................................................
245,000
246,830
Lakes
by
the
Bay
South
Community
Development
District
,
Special
Assessment
,
2024
,
Refunding
,
5
%
,
5/01/34
.............................................
2,000,000
2,125,890
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2024
,
5.55
%
,
5/01/54
..
530,000
534,720
Lee
County
Industrial
Development
Authority
,
Shell
Point
Obligated
Group
,
Revenue
,
2019
,
5
%
,
11/15/44
................................................
6,360,000
6,553,844
Leomas
Landing
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.35
%
,
5/01/41
....................................
250,000
213,051
g
Leon
County
Housing
Finance
Authority
,
Revenue
,
144A,
2022
A
,
Zero
Cpn.,
5/01/57
27,000,000
24,192,000
Los
Cayos
Community
Development
District
,
Special
Assessment
,
2024
,
5.25
%
,
6/15/44
..............................
850,000
860,906
Special
Assessment
,
2024
,
5.55
%
,
6/15/54
..............................
800,000
810,127
Miami
Beach
Redevelopment
Agency
,
Tax
Allocation
,
2015
A
,
Refunding
,
AGMC
Insured
,
5
%
,
2/01/40
...............
5,000,000
5,010,916
Tax
Allocation
,
2015
A
2015
B
,
Refunding
,
AGMC
Insured
,
5
%
,
2/01/44
.........
12,000,000
12,003,980
Miami-Dade
County
Expressway
Authority
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
7/01/29
...............................
10,000,000
10,010,104
Revenue
,
2013
A
,
Refunding
,
5
%
,
7/01/32
...............................
6,375,000
6,380,359
Revenue
,
A
,
Refunding
,
5
%
,
7/01/40
...................................
49,035,000
49,112,029
Miami-Dade
County
Health
Facilities
Authority
,
Variety
Children's
Hospital
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/01/47
...........................
3,500,000
3,346,007
Mid-Bay
Bridge
Authority
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
10/01/40
............
5,000,000
5,025,872
Middleton
Community
Development
District
A
,
Phase
I
,
Special
Assessment
,
2022
,
6.2
%
,
5/01/53
....................................................
4,900,000
5,201,578
North
Sumter
County
Utility
Dependent
District
,
Revenue,
Senior
Lien
,
2019
,
5
%
,
10/01/49
...............................
3,635,000
3,711,572
Revenue,
Senior
Lien
,
2019
,
5
%
,
10/01/54
...............................
7,000,000
7,137,500
Palm
Beach
County
Educational
Facilities
Authority
,
Palm
Beach
Atlantic
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/41
.......................................................
3,695,000
3,348,616
Palm
Beach
Atlantic
University
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
10/01/46
.......................................................
7,570,000
6,622,565
Palm
Beach
County
Health
Facilities
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
B
,
5
%
,
11/15/42
.......................................................
1,000,000
1,036,864
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/36
....
1,235,000
1,244,241
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/41
....
5,060,000
5,073,990
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
5/15/47
....
130,000
130,035
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
C
,
Refunding
,
7.625
%
,
5/15/58
.................................................
1,500,000
1,700,700
Pine
Ridge
Plantation
Community
Development
District
,
Special
Assessment,
Senior
Lien
,
2020
A-1
,
Refunding
,
AGMC
Insured
,
2.625
%
,
5/01/34
........................................................
1,200,000
1,011,382
Special
Assessment,
Senior
Lien
,
2020
A-1
,
Refunding
,
AGMC
Insured
,
2.8
%
,
5/01/37
........................................................
995,000
807,345
Poitras
East
Community
Development
District
,
Special
Assessment
,
2023
,
5.25
%
,
5/01/52
.........................................................
2,500,000
2,539,390
Preserve
at
South
Branch
Community
Development
District
,
Phase
3
,
Special
Assessment
,
2021
,
3.5
%
,
5/01/41
.....................................
750,000
684,608
Reunion
West
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2022
,
Refunding
,
3
%
,
5/01/36
..............................
1,250,000
1,102,735
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Rhodine
Road
North
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2022
,
3.3
%
,
5/01/42
.....................................
$
495,000
$
414,524
River
Hall
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
2021
A-1
,
Refunding
,
3
%
,
5/01/36
.....................................
750,000
640,731
Sarasota
County
Health
Facilities
Authority
,
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/37
........................................................
2,350,000
2,376,758
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/42
........................................................
1,600,000
1,607,059
Southwest
Florida
Retirement
Center,
Inc.
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
1/01/47
........................................................
2,450,000
2,443,322
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/33
..............
600,000
616,615
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/38
..............
1,025,000
1,039,566
Sunnyside
Village
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/15/48
..............
1,850,000
1,837,304
Sarasota
County
Public
Hospital
District
,
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/52
............................
15,000,000
14,024,961
Sarasota
County
Public
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
4
%
,
7/01/48
........................................................
10,000,000
9,408,523
South
Broward
Hospital
District
,
South
Broward
Hospital
District
Obligated
Group
,
Revenue
,
2018
,
5
%
,
5/01/45
.........................................
20,715,000
21,164,070
South
Creek
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2021
,
3.25
%
,
6/15/41
....................................
500,000
414,444
South
Fork
East
Community
Development
District
,
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/26
.............
100,000
99,016
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/31
.............
246,000
231,772
Assessments
,
Special
Assessment
,
2021
,
Refunding
,
3
%
,
5/01/38
.............
597,000
506,044
St.
Johns
County
Industrial
Development
Authority
,
Presbyterian
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
8/01/55
...
7,250,000
6,270,051
Tampa
Bay
Water
,
Revenue
,
2024
A
,
5.25
%
,
10/01/54
........................
8,000,000
8,916,698
Tampa
Sports
Authority
,
Revenue
,
1995
,
NATL
Insured
,
6.1
%
,
10/01/26
...........
1,000,000
1,034,798
Timber
Creek
Southwest
Community
Development
District
,
Special
Assessment
,
2020
,
4
%
,
6/15/40
.................................
1,000,000
911,822
Special
Assessment
,
2020
,
4
%
,
6/15/50
.................................
2,000,000
1,687,532
Tohoqua
Community
Development
District
,
Phase
2
,
Special
Assessment
,
2021
,
4
%
,
5/01/51
......................................................
1,175,000
986,811
Touchstone
Community
Development
District
,
Special
Assessment,
Senior
Lien
,
2022
A-1
,
5.5
%
,
5/01/53
.................................................
1,800,000
1,862,535
Town
of
Palm
Beach
,
GO
,
2018
,
4
%
,
7/01/43
..............................
5,000,000
5,026,341
h
Two
Lakes
Community
Development
District
,
Special
Assessment
,
2024
,
5
%
,
5/01/55
1,720,000
1,759,215
University
of
North
Florida
Financing
Corp.
(The)
,
University
of
North
Florida
Dormitory
Facilities
,
Revenue
,
2016
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/35
............
5,000,000
5,122,844
g
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4.55
%
,
5/01/44
.........................
750,000
751,418
Special
Assessment
,
144A,
2024
,
4.8
%
,
5/01/55
..........................
1,750,000
1,749,955
Phase
I
,
Special
Assessment
,
144A,
2023
,
5
%
,
5/01/43
.....................
1,500,000
1,548,590
Phase
I
,
Special
Assessment
,
144A,
2023
,
5.25
%
,
5/01/54
...................
6,075,000
6,275,880
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/15/47
5,000,000
5,089,480
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/15/49
.......................................................
3,000,000
3,086,352
Wildwood
Utility
Dependent
District
,
Revenue
,
2023
,
AGMC
Insured
,
5.5
%
,
10/01/53
.
6,970,000
7,575,659
829,175,559
Georgia
3.8%
Atlanta
Development
Authority
(The)
,
City
of
Atlanta
Hotel
Motel
Tax
,
Revenue
,
2015
A-1
,
5.25
%
,
7/01/44
............
3,000,000
3,022,767
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/25
..
6,955,000
6,962,651
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Georgia
(continued)
Atlanta
Development
Authority
(The),
(continued)
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/26
..
$
5,000,000
$
5,063,490
Tuff
Yamacraw
LLC
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
5
%
,
1/01/27
..
5,000,000
5,134,527
Brookhaven
Development
Authority
,
Children's
Healthcare
of
Atlanta
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
15,040,000
14,401,779
City
of
Atlanta
,
Airport
Passenger
Facility
Charge
,
Revenue
,
2023
E
,
5.25
%
,
7/01/43
...........
4,250,000
4,598,689
Airport
Passenger
Facility
Charge
,
Revenue,
Sub.
Lien
,
2019
D
,
4
%
,
7/01/36
.....
15,800,000
15,791,931
Water
&
Wastewater
,
Revenue
,
2015
,
Refunding
,
5
%
,
11/01/40
...............
10,000,000
10,060,680
Water
&
Wastewater
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
11/01/47
..............
4,845,000
4,986,305
Columbia
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
5.125
%
,
4/01/53
....................................
1,875,000
1,983,317
Coweta
County
Development
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
7/01/44
...............................
10,000,000
10,383,124
Development
Authority
for
Fulton
County
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
4
%
,
7/01/49
........................................
20,000,000
19,004,954
Development
Authority
of
Burke
County
(The)
,
Oglethorpe
Power
Corp.
,
Revenue
,
2017
C
,
Refunding
,
4.125
%
,
11/01/45
.......
2,500,000
2,326,508
Oglethorpe
Power
Corp.
,
Revenue
,
2017
D
,
Refunding
,
4.125
%
,
11/01/45
.......
18,500,000
17,216,163
g
Development
Authority
of
Rockdale
County
,
AHPC
Terraces
at
Fieldstone
LLC
,
Revenue
,
144A,
2021
A-1
,
3.5
%
,
12/01/36
...............................
39,080,000
32,860,426
Fayette
County
Hospital
Authority
,
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/39
........................................................
6,420,000
6,432,162
Piedmont
Healthcare,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
7/01/46
......
15,000,000
15,148,740
Fulton
County
Residential
Care
Facilities
for
the
Elderly
Authority
,
Lenbrook
Square
Foundation
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/42
..........
5,000,000
5,021,864
Glynn-Brunswick
Memorial
Hospital
Authority
,
Southeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2017
,
5
%
,
8/01/47
............................
2,250,000
2,222,907
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2007
A
,
5.5
%
,
9/15/28
......................................
5,000,000
5,324,333
f
Revenue
,
2021
C
,
Mandatory
Put
,
4
%
,
12/01/28
...........................
16,500,000
16,716,006
f
Revenue
,
2022
A
,
Mandatory
Put
,
4
%
,
12/01/29
...........................
14,500,000
14,665,101
f,g
Revenue
,
144A,
2022
C
,
Mandatory
Put
,
4
%
,
11/01/27
......................
22,155,000
22,086,056
f
Revenue
,
2023
D
,
Mandatory
Put
,
5
%
,
12/01/30
...........................
33,595,000
35,831,315
f
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
..........................
20,000,000
21,270,456
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/63
...............................
7,920,000
7,988,091
Revenue
,
2022
A
,
5.5
%
,
7/01/63
......................................
2,500,000
2,660,650
Revenue
,
2023
A
,
5.5
%
,
7/01/64
......................................
5,000,000
5,338,709
Private
Colleges
&
Universities
Authority
,
Emory
University
,
Revenue
,
2013
A
,
5
%
,
10/01/43
........................................................
10,000,000
10,019,658
324,523,359
Hawaii
1.3%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
7/01/47
..............
15,000,000
15,465,183
Wastewater
System
,
Revenue,
Senior
Lien
,
2024
A
,
5.25
%
,
7/01/54
............
7,000,000
7,702,110
State
of
Hawaii
,
Airports
System
,
Revenue
,
2018
A
,
5
%
,
7/01/43
...........................
20,805,000
21,240,486
Airports
System
,
Revenue
,
2018
A
,
5
%
,
7/01/48
...........................
21,315,000
21,639,932
Airports
System
,
Revenue
,
2022
A
,
4
%
,
7/01/47
...........................
10,000,000
9,348,465
Airports
System
,
Revenue
,
2022
A
,
5
%
,
7/01/47
...........................
13,200,000
13,675,658
Department
of
Budget
&
Finance
,
Revenue
,
2019
,
Refunding
,
3.2
%
,
7/01/39
.....
10,000,000
8,184,368
Department
of
Budget
&
Finance
,
Revenue
,
2019
,
3.5
%
,
10/01/49
.............
17,035,000
12,978,456
110,234,658
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Idaho
0.2%
Idaho
Health
Facilities
Authority
,
St.
Luke's
Health
System
Ltd.
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
3/01/37
........................................................
$
7,750,000
$
8,087,298
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2019
ID
,
4
%
,
12/01/43
.........
6,000,000
5,907,793
Idaho
Housing
&
Finance
Association
,
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.5
%
,
5/01/43
.............
350,000
370,666
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.75
%
,
5/01/48
.............
525,000
558,526
White
Pine
Charter
School,
Inc.
,
Revenue
,
2023
A
,
5.75
%
,
5/01/58
.............
1,000,000
1,052,589
15,976,872
Illinois
5.9%
Chicago
Board
of
Education
,
Dedicated
Capital
Improvement
Tax
,
Revenue
,
2023
,
5.75
%
,
4/01/48
...................................................
20,000,000
21,830,796
Chicago
Midway
International
Airport
,
Revenue,
Second
Lien
,
2016
B
,
Refunding
,
5
%
,
1/01/46
....................
10,000,000
10,058,858
Revenue,
Senior
Lien
,
2023
A
,
Refunding
,
BAM
Insured
,
5.5
%
,
1/01/53
.........
6,000,000
6,439,769
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2016
D
,
5.25
%
,
1/01/42
............................
10,000,000
10,260,322
Revenue,
Senior
Lien
,
2016
D
,
5
%
,
1/01/47
..............................
18,000,000
18,275,823
Revenue,
Senior
Lien
,
2017
D
,
Refunding
,
5
%
,
1/01/52
.....................
6,335,000
6,360,191
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
1/01/53
.....................
10,000,000
10,141,887
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
1/01/55
..............................
36,500,000
37,338,818
Chicago
Park
District
,
GO
,
2020
C
,
BAM
Insured
,
4
%
,
1/01/41
.................................
1,400,000
1,372,757
GO
,
2020
C
,
BAM
Insured
,
4
%
,
1/01/42
.................................
4,300,000
4,184,451
GO
,
2020
D
,
BAM
Insured
,
4
%
,
1/01/37
.................................
1,000,000
1,004,695
GO
,
2020
D
,
BAM
Insured
,
4
%
,
1/01/38
.................................
1,000,000
1,002,621
Chicago
Transit
Authority
Sales
Tax
Receipts
Fund
,
Revenue,
Second
Lien
,
2022
A
,
Refunding
,
5
%
,
12/01/57
............................................
15,000,000
15,515,663
City
of
Chicago
,
GO
,
2023
A
,
5.5
%
,
1/01/39
...........................................
1,050,000
1,128,795
GO
,
2023
A
,
5.5
%
,
1/01/40
...........................................
1,300,000
1,389,554
GO
,
2023
A
,
5.5
%
,
1/01/43
...........................................
3,875,000
4,028,078
GO
,
2024
A
,
5
%
,
1/01/44
............................................
1,500,000
1,539,372
GO
,
2024
A
,
5
%
,
1/01/45
............................................
3,130,000
3,203,578
GO
,
2024
A
,
5.25
%
,
1/01/45
..........................................
5,690,000
5,919,486
City
of
Galesburg
,
Knox
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/46
......
7,000,000
6,098,438
City
of
Granite
City
,
Waste
Management
of
Illinois,
Inc.
,
Revenue
,
2002
,
1.25
%
,
5/01/27
.........................................................
5,750,000
5,364,351
Illinois
Finance
Authority
,
Bradley
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/46
................
2,250,000
1,972,266
Bradley
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/51
................
4,650,000
3,929,558
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
5/15/41
.........
3,480,000
2,053,200
Christian
Homes,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
3.25
%
,
5/15/27
........................................................
1,640,757
968,047
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/41
..............................
750,000
685,202
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/51
..............................
1,000,000
858,907
Lawndale
Educational
&
Regional
Network
Charter
School
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
11/01/56
..............................
750,000
631,030
Mercy
Health
Corp.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/46
...
30,000,000
30,245,628
Illinois
Housing
Development
Authority
,
Revenue
,
2022
G
,
GNMA
Insured
,
5
%
,
10/01/46
........................................................
3,500,000
3,600,667
Macon
County
School
District
No.
61
Decatur
,
GO
,
2020
C
,
Refunding
,
AGMC
Insured
,
4
%
,
1/01/40
.......................
3,700,000
3,692,525
GO
,
2020
C
,
Refunding
,
AGMC
Insured
,
4
%
,
1/01/45
.......................
3,125,000
2,973,298
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Metropolitan
Pier
&
Exposition
Authority
,
Revenue
,
1996
,
ETM,
7
%
,
7/01/26
.....................................
$
3,330,000
$
3,459,113
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2002
A
,
NATL
Insured
,
Zero
Cpn.,
12/15/37
........................................
10,000,000
5,885,739
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
6/15/50
............................................
8,500,000
8,701,679
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
36,000,000
32,948,665
Southwestern
Illinois
Development
Authority
,
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AGMC
Insured
,
Zero
Cpn.,
12/01/24
..................................
1,370,000
1,365,203
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
12/01/24
.............................
2,480,000
2,472,342
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AGMC
Insured
,
Zero
Cpn.,
12/01/26
..................................
2,465,000
2,285,169
Madison
County
Community
Unit
School
District
No.
7
Edwardsville
,
Revenue
,
2007
,
AGMC
Insured
,
ETM,
Zero
Cpn.,
12/01/26
.............................
5,235,000
4,907,069
State
of
Illinois
,
GO
,
2016
,
5
%
,
11/01/35
.............................................
1,000,000
1,019,721
GO
,
2017
A
,
5
%
,
12/01/36
...........................................
6,070,000
6,257,229
GO
,
2017
A
,
4.25
%
,
12/01/40
.........................................
3,150,000
3,146,147
GO
,
2017
D
,
5
%
,
11/01/28
...........................................
6,425,000
6,749,475
GO
,
2019
A
,
5
%
,
11/01/28
...........................................
10,000,000
10,670,808
GO
,
2019
C
,
4
%
,
11/01/40
...........................................
2,500,000
2,432,190
GO
,
2020
,
5.75
%
,
5/01/45
...........................................
7,965,000
8,648,093
GO
,
2020
C
,
4
%
,
10/01/38
...........................................
9,750,000
9,599,943
GO
,
2020
C
,
4
%
,
10/01/39
...........................................
4,585,000
4,492,770
GO
,
2021
A
,
4
%
,
3/01/38
............................................
5,000,000
4,944,623
GO
,
2021
B
,
5
%
,
3/01/25
............................................
4,500,000
4,519,823
GO
,
2022
B
,
5
%
,
10/01/30
...........................................
14,650,000
15,894,837
GO
,
2022
B
,
5
%
,
10/01/31
...........................................
26,500,000
28,999,228
GO
,
2022
C
,
5
%
,
10/01/38
...........................................
15,000,000
16,149,675
GO
,
2022
C
,
5.5
%
,
10/01/40
.........................................
18,050,000
19,961,051
GO
,
2022
C
,
5.5
%
,
10/01/41
.........................................
10,000,000
11,014,428
GO
,
2022
C
,
5.5
%
,
10/01/44
.........................................
16,000,000
17,451,021
GO
,
2023
B
,
5.5
%
,
5/01/47
..........................................
2,500,000
2,700,319
Tri-County
River
Valley
Development
Authority
,
Cedars
of
Lebanon
Affordable
LLC
,
Revenue
,
2021
A
,
Pre-Refunded
,
3.75
%
,
12/01/36
.......................................................
9,910,000
10,186,035
Cedars
of
Lebanon
Affordable
LLC
,
Revenue
,
2021
B
,
Pre-Refunded
,
5.75
%
,
12/01/36
.......................................................
780,000
788,950
a
,g
Upper
Illinois
River
Valley
Development
Authority
,
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
A
,
Refunding
,
4
%
,
12/01/40
...........................................
7,565,000
7,154,221
2018
IAVF
Timber
Oaks
&
Prairie
View
Obligated
Group
,
Revenue
,
144A,
2020
A
,
Refunding
,
4.5
%
,
12/01/50
.........................................
34,795,000
30,981,468
509,855,665
Indiana
2.2%
City
of
Carmel
,
Waterworks
,
Revenue
,
2024
C
,
Refunding
,
BAM
Insured
,
5.25
%
,
5/01/51
.........................................................
2,150,000
2,269,433
City
of
Whiting
,
BP
Products
North
America,
Inc.
,
Revenue
,
2021
,
3
%
,
11/01/51
.....
10,000,000
8,196,246
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
3,000,000
3,120,519
Indiana
Finance
Authority
,
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2016
A
,
5.25
%
,
11/15/46
.........
11,955,000
12,053,430
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
11/15/53
............
15,000,000
14,976,842
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Indiana
(continued)
Indiana
Finance
Authority,
(continued)
BHI
Senior
Living
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/41
...
$
7,250,000
$
6,764,338
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5
%
,
6/01/53
.....................
2,300,000
2,348,176
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.125
%
,
6/01/58
..................
1,650,000
1,687,454
CHF
-
Tippecanoe
LLC
,
Revenue
,
2023
A
,
5.375
%
,
6/01/64
..................
6,010,000
6,208,394
Citizens
Wastewater
of
Westfield
LLC
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/48
16,665,000
17,203,369
CWA
Authority,
Inc.
,
Revenue,
First
Lien
,
2012
A
,
4
%
,
10/01/42
...............
24,690,000
23,766,789
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/43
..
7,000,000
6,273,772
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
11/15/51
..
3,000,000
2,507,112
Greencroft
Goshen
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
11/15/37
..
5,000,000
4,812,696
Indianapolis
Power
&
Light
Co.
,
Revenue
,
2021
A
,
Refunding
,
1.4
%
,
8/01/29
.....
5,000,000
4,369,869
Marion
County
Capital
Improvement
Board
,
Revenue
,
2015
A
,
Refunding
,
5.25
%
,
2/01/37
........................................................
10,000,000
10,088,314
Ohio
Valley
Electric
Corp.
,
Revenue
,
2010
B
,
2.5
%
,
11/01/30
.................
3,925,000
3,598,064
Indiana
Municipal
Power
Agency
,
Revenue
,
2016
A
,
Refunding
,
4
%
,
1/01/42
...............................
5,860,000
5,840,094
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/42
...............................
20,000,000
20,347,120
Indianapolis
Local
Public
Improvement
Bond
Bank
,
Revenue
,
2019
A
,
4
%
,
2/01/44
........................................
3,000,000
2,999,025
Revenue
,
2019
A
,
5
%
,
2/01/49
........................................
30,000,000
31,164,441
Revenue,
Senior
Lien
,
2023
E
,
6.125
%
,
3/01/57
...........................
2,750,000
2,995,933
193,591,430
Iowa
0.8%
Iowa
Finance
Authority
,
Iowa
Fertilizer
Co.
LLC
,
Revenue
,
2022
,
Pre-Refunded
,
5
%
,
12/01/50
..........
9,650,000
11,028,654
Iowa
Health
System
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
2/15/48
..
7,500,000
7,699,599
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/36
....
1,400,000
1,410,475
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
5/15/41
....
3,600,000
3,609,953
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
5/15/48
....
3,225,000
3,220,499
f
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
Mandatory
Put
,
3.924
%
,
5/15/26
.....................................
8,250,000
7,828,569
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6.75
%
,
5/15/33
........................................................
2,000,000
2,267,719
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.25
%
,
5/15/38
........................................................
2,750,000
3,153,662
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
7.5
%
,
5/15/53
........................................................
4,120,000
4,659,597
Iowa
Tobacco
Settlement
Authority
,
Revenue
,
2021
A-2
,
1
,
Refunding
,
4
%
,
6/01/49
............................
20,730,000
19,393,620
Revenue
,
2021
B-1
,
2
,
Refunding
,
4
%
,
6/01/49
...........................
2,840,000
2,813,575
67,085,922
Kansas
0.3%
Wyandotte
County-Kansas
City
Unified
Government
,
Utility
System
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
9/01/41
...................
5,000,000
5,098,124
Utility
System
,
Revenue
,
2016
C
,
Refunding
,
5
%
,
9/01/46
...................
16,565,000
16,863,621
21,961,745
Kentucky
1.1%
City
of
Hazard
,
Appalachian
Regional
Healthcare
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
3
%
,
7/01/46
.............................................
2,000,000
1,525,135
City
of
Owensboro
,
Water
,
Revenue
,
2018
,
Refunding
,
BAM
Insured
,
4
%
,
9/15/45
...
5,000,000
4,888,197
County
of
Boyle
,
Centre
College
of
Kentucky
,
Revenue
,
2017
,
Pre-Refunded
,
5
%
,
6/01/37
.........................................................
2,000,000
2,044,514
County
of
Carroll
,
Kentucky
Utilities
Co.
,
Revenue
,
2008
A
,
Refunding
,
2
%
,
2/01/32
..............
3,000,000
2,479,222
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Kentucky
(continued)
County
of
Carroll,
(continued)
f
Kentucky
Utilities
Co.
,
Revenue
,
2016
A
,
Refunding
,
Mandatory
Put
,
1.55
%
,
9/01/26
$
2,000,000
$
1,895,703
County
of
Warren
,
Bowling
Green-Warren
County
Community
Hospital
Corp.
,
Revenue
,
2012
A
,
5
%
,
10/01/33
...............................................
1,000,000
1,000,445
Hopkins
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.......
2,340,000
1,566,120
Kentucky
Bond
Development
Corp.
,
Revenue
,
2018
A
,
5
%
,
9/01/48
........................................
2,500,000
2,545,604
Centre
College
of
Kentucky
,
Revenue
,
2021
,
4
%
,
6/01/51
....................
1,350,000
1,211,146
Transylvania
University
,
Revenue
,
2019
B
,
4
%
,
3/01/49
.....................
2,500,000
2,165,685
Transylvania
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/46
.............
735,000
650,589
Transylvania
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/49
.............
330,000
285,870
Kentucky
Economic
Development
Finance
Authority
,
CommonSpirit
Health
Obligated
Group
,
Revenue
,
2019
A-2
,
Refunding
,
5
%
,
8/01/49
........................
21,200,000
21,636,336
Kentucky
Municipal
Power
Agency
,
Revenue
,
2015
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/42
....................
10,000,000
10,033,837
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/35
....................
7,750,000
7,880,121
Revenue
,
2016
A
,
Refunding
,
NATL
Insured
,
5
%
,
9/01/36
....................
8,015,000
8,128,319
Revenue
,
2019
A
,
Refunding
,
4
%
,
9/01/45
...............................
2,000,000
1,795,419
f
Kentucky
Public
Energy
Authority
,
Revenue
,
2022
A-2
,
Mandatory
Put
,
4.429
%
,
(
SOFR
+
1.2
%
),
8/01/30
..................................................
5,000,000
5,010,433
Kentucky
Rural
Water
Finance
Corp.
,
Revenue
,
2001
A
,
5
%
,
2/01/26
.............
55,000
55,073
Kentucky
State
Property
&
Building
Commission
,
Commonwealth
of
Kentucky
,
Revenue
,
5
%
,
4/01/38
..............................................
2,500,000
2,581,144
Lewis
County
School
District
Finance
Corp.
,
Revenue
,
2021
,
2
%
,
2/01/41
.........
2,000,000
1,315,811
Louisville
and
Jefferson
County
,
Metropolitan
Sewer
District
,
Revenue
,
2017
A
,
4
%
,
5/15/48
..................
2,750,000
2,617,947
Metropolitan
Sewer
District
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
5/15/38
..........
5,000,000
5,003,858
Louisville/Jefferson
County
Metropolitan
Government
,
Louisville
Gas
and
Electric
Co.
,
Revenue
,
2003
A
,
Refunding
,
2
%
,
10/01/33
..............................
4,000,000
3,186,666
Scott
County
School
District
Finance
Corp.
,
Scott
County
Board
of
Education
,
Revenue
,
2018
,
4
%
,
6/01/38
.........................................
1,615,000
1,617,798
Shelby
County
School
District
Finance
Corp.
,
Shelby
County
Public
School
District
,
Revenue
,
2018
,
4
%
,
8/01/38
.........................................
3,465,000
3,423,035
University
of
Kentucky
,
Revenue
,
2014
A
,
4
%
,
4/01/44
........................
2,250,000
2,142,992
98,687,019
Louisiana
3.0%
City
of
Shreveport
,
Water
&
Sewer
,
Revenue
,
2016
B
,
5
%
,
12/01/41
..........................
10,000,000
10,170,374
Water
&
Sewer
,
Revenue,
Junior
Lien
,
2019
B
,
AGMC
Insured
,
4
%
,
12/01/44
.....
6,535,000
6,248,281
Lafayette
Consolidated
Government
,
Revenue
,
2015
,
Refunding
,
AGMC
Insured
,
5
%
,
11/01/30
........................................................
5,000,000
5,071,933
g
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority
,
City
of
New
Orleans
,
Revenue
,
144A,
2021
,
4
%
,
11/01/46
...................
9,400,000
8,785,344
Parish
of
Assumption
,
Revenue
,
144A,
2021
,
3.875
%
,
11/01/45
...............
4,880,000
4,487,137
Parish
of
St.
Bernard
,
Revenue
,
144A,
2021
,
4
%
,
11/01/45
...................
2,000,000
1,872,816
Parish
of
St.
Charles
,
Revenue
,
144A,
2022
,
4.5
%
,
11/01/47
.................
9,455,000
9,528,443
Parish
of
St.
John
the
Baptist
,
Revenue
,
144A,
2019
,
3.9
%
,
11/01/44
...........
2,110,000
1,952,078
Parish
of
St.
Tammany
LA
GOMESA
,
Revenue
,
144A,
2020
,
3.875
%
,
11/01/45
....
5,820,000
5,351,463
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
10/01/43
...
3,877,088
3,537,455
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4.25
%
,
10/01/48
6,350,000
5,744,845
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4.5
%
,
10/01/53
.
8,000,000
7,344,000
a
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A
,
5
%
,
10/01/61
...
10,000,000
9,737,000
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/59
......
2,000,000
2,134,485
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
41,570,000
45,006,534
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
21
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Louisiana
(continued)
Louisiana
Public
Facilities
Authority,
(continued)
Franciscan
Missionaries
of
Our
Lady
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/47
..............................................
$
10,000,000
$
10,147,959
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/51
..............................................
9,000,000
9,037,461
Louisiana
State
University
&
Agricultural
&
Mechanical
College
Auxiliary
,
Revenue
,
2016
A
,
5
%
,
7/01/56
..............................................
17,595,000
17,638,774
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
5/15/46
27,500,000
27,842,279
Ochsner
Clinic
Foundation
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
3
%
,
5/15/47
..............................................
9,925,000
8,128,977
g
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.375
%
,
1/01/40
2,500,000
2,383,868
g
Provident
Group
-
HSC
Properties,
Inc.
,
Revenue
,
144A,
2020
A-1
,
5.5
%
,
1/01/50
.
14,000,000
12,824,521
New
Orleans
Aviation
Board
,
Louis
Armstrong
New
Orleans
International
Airport
,
Revenue
,
2017
B
,
5
%
,
1/01/48
........................................
9,675,000
9,699,507
Parish
of
East
Baton
Rouge
Capital
Improvements
District
,
MovEBR
Sales
Tax
,
Revenue
,
2019
,
4
%
,
8/01/44
.........................................
6,000,000
6,000,279
f
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
B-2
,
Refunding
,
Mandatory
Put
,
2.375
%
,
7/01/26
......................................
5,000,000
4,901,656
Port
New
Orleans
Board
of
Commissioners
,
Revenue
,
2020
E
,
5
%
,
4/01/44
........................................
8,110,000
8,359,490
Revenue
,
2020
E
,
5
%
,
4/01/47
........................................
10,000,000
10,233,088
Terrebonne
Levee
&
Conservation
District
,
Sales
Tax
,
Revenue
,
2020
B
,
Refunding
,
4
%
,
6/01/40
......................................................
5,065,000
5,027,753
259,197,800
Maryland
1.6%
City
of
Baltimore
,
Wastewater
Utility
Fund
,
Revenue
,
2014
C
,
5
%
,
7/01/39
.....................
10,000,000
10,010,295
Wastewater
Utility
Fund
,
Revenue
,
2014
C
,
5
%
,
7/01/44
.....................
10,000,000
10,005,591
Water
Utility
Fund
,
Revenue
,
2014
A
,
5
%
,
7/01/39
.........................
9,430,000
9,442,249
Water
Utility
Fund
,
Revenue
,
2014
A
,
5
%
,
7/01/44
.........................
5,500,000
5,504,094
Maryland
Economic
Development
Corp.
,
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4.25
%
,
7/01/50
1,000,000
921,300
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
5
%
,
7/01/56
.
1,415,000
1,434,504
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
A
,
5
%
,
11/12/28
.............
10,000,000
10,216,358
Purple
Line
Transit
Partners
LLC
,
Revenue
,
2022
B
,
5.25
%
,
6/30/52
...........
10,000,000
10,407,763
University
of
Maryland
College
Park
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
7/01/54
.
10,000,000
10,426,850
Maryland
Health
&
Higher
Educational
Facilities
Authority
,
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2016
A
,
5.5
%
,
1/01/46
.........
12,500,000
12,664,006
Adventist
Healthcare
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
1/01/51
..........
23,000,000
20,325,910
MedStar
Health
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5
%
,
8/15/42
.......
13,285,000
13,319,886
MedStar
Health
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/15/45
..............
15,465,000
15,751,171
Town
of
Chestertown
,
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
3/01/33
...............
3,205,000
3,310,053
Washington
College
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
3/01/35
...............
3,455,000
3,283,090
137,023,120
Massachusetts
1.8%
Commonwealth
of
Massachusetts
,
GO
,
2016
G
,
4
%
,
9/01/42
............................................
20,000,000
19,895,018
GO
,
2018
E
,
5.25
%
,
9/01/43
.........................................
10,000,000
10,572,843
Transportation
Fund
,
Revenue
,
2017
A
,
5
%
,
6/01/47
.......................
25,055,000
25,725,637
Transportation
Fund
,
Revenue
,
2018
A
,
5
%
,
6/01/48
.......................
15,000,000
15,530,042
Massachusetts
Bay
Transportation
Authority
,
Sales
Tax
,
Revenue
,
2005
A
,
5
%
,
7/01/28
10,000,000
10,844,891
Massachusetts
Development
Finance
Agency
,
Mass
General
Brigham,
Inc.
,
Revenue
,
2017
S-1
,
Refunding
,
4
%
,
7/01/41
.......
15,415,000
15,182,775
Springfield
College
,
Revenue
,
2021
A
,
4
%
,
6/01/56
........................
3,000,000
2,413,390
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
(continued)
g
Waste
Management
of
Massachusetts,
Inc.
,
Revenue
,
144A,
2002
,
1.25
%
,
5/01/27
$
3,250,000
$
3,032,024
Worcester
Polytechnic
Institute
,
Revenue
,
2019
,
5
%
,
9/01/59
.................
10,000,000
10,355,554
Massachusetts
Educational
Financing
Authority
,
Revenue
,
2017
B
,
Refunding
,
4.25
%
,
7/01/46
.............................
2,000,000
1,852,432
Revenue
,
2021
C
,
3
%
,
7/01/51
........................................
3,200,000
2,230,851
Revenue,
Senior
Lien
,
2023
B
,
4.25
%
,
7/01/44
............................
4,500,000
4,343,413
Massachusetts
Port
Authority
,
Revenue
,
2021
E
,
5
%
,
7/01/51
..................
24,870,000
25,630,960
University
of
Massachusetts
Building
Authority
,
Revenue,
Senior
Lien
,
2014-1
,
5
%
,
11/01/39
........................................................
8,185,000
8,191,606
155,801,436
Michigan
0.6%
City
of
Detroit
,
Great
Lakes
Water
Authority
Sewage
Disposal
System
,
Revenue,
Second
Lien
,
2006
B
,
NATL
Insured
,
5
%
,
7/01/36
.......................................
10,000
10,014
Great
Lakes
Water
Authority
Water
Supply
System
,
Revenue,
Senior
Lien
,
2003
A
,
NATL
Insured
,
5
%
,
7/01/34
.........................................
10,000
10,014
Michigan
Finance
Authority
,
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/36
...
1,000,000
1,008,437
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/37
...
2,000,000
2,008,937
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/38
...
1,500,000
1,500,008
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/39
...
250,000
247,316
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/40
...
2,250,000
2,201,373
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
A
,
1
,
Refunding
,
4
%
,
6/01/49
...
4,000,000
3,597,501
Tobacco
Settlement
,
Revenue,
Senior
Lien
,
2020
B-1
,
2
,
Refunding
,
5
%
,
6/01/49
..
1,665,000
1,699,927
Michigan
State
Housing
Development
Authority
,
Revenue
,
2023
B
,
Refunding
,
5
%
,
6/01/54
.........................................................
3,500,000
3,555,861
Michigan
Strategic
Fund
,
State
of
Michigan
Department
of
Transportation
,
Revenue
,
2018
,
5
%
,
6/30/48
....
12,445,000
12,615,901
United
Methodist
Retirement
Communities,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
11/15/49
...........................................
7,000,000
6,299,044
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/50
.............................
8,665,000
8,300,979
Wayne
County
Airport
Authority
,
Detroit
Metropolitan
Wayne
County
Airport
,
Revenue
,
2023
B
,
AGMC
Insured
,
5.5
%
,
12/01/48
.................................
5,000,000
5,438,383
48,493,695
Minnesota
0.1%
h
Minneapolis-St.
Paul
Metropolitan
Airports
Commission
,
Revenue
,
2024
B
,
5.25
%
,
1/01/49
.........................................................
6,000,000
6,358,323
Mississippi
0.9%
Medical
Center
Educational
Building
Corp.
,
Mississippi
State
Institutions
of
Higher
Learning
,
Revenue
,
2023
A
,
4
%
,
6/01/53
................................
6,000,000
5,718,173
Mississippi
Business
Finance
Corp.
,
System
Energy
Resources,
Inc.
,
Revenue
,
2021
,
Refunding
,
2.375
%
,
6/01/44
..........................................
7,000,000
4,443,629
Mississippi
Development
Bank
,
City
of
Jackson
Water
&
Sewer
System
,
Revenue
,
2013
,
AGMC
Insured
,
6.875
%
,
12/01/40
.......................................................
3,400,000
3,459,693
g
County
of
Jackson
,
Revenue
,
144A,
2021
,
3.625
%
,
11/01/36
.................
2,800,000
2,662,157
a
Mississippi
Home
Corp.
,
g
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A-5
,
3.5
%
,
6/01/33
.
584,263
558,029
g
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A-5
,
4
%
,
6/01/46
..
1,000,000
887,100
g
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
A-5
,
4.5
%
,
6/01/62
.
17,965,177
15,996,194
g
Patriot
Services
Group
Obligated
Group
,
Revenue
,
144A,
2021
B-5
,
5.2
%
,
6/01/36
5,600,000
5,589,920
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group
,
Revenue
,
2021
D-8
,
4.15
%
,
6/01/46
..................................................
3,464,038
3,142,575
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Mississippi
(continued)
a
Mississippi
Home
Corp.,
(continued)
Patriot
Services
Group
Pascagoula
Portfolio
II
Obligated
Group
,
Revenue
,
2021
D-8
,
4.65
%
,
6/01/62
..................................................
$
5,381,952
$
4,926,101
Mississippi
Hospital
Equipment
&
Facilities
Authority
,
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
9/01/36
...
6,350,000
6,416,827
Baptist
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
9/01/46
...
20,000,000
20,032,924
73,833,322
Missouri
0.6%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
BJC
Healthcare
Obligated
Group
,
Revenue
,
2015
A
,
4
%
,
1/01/45
..............
20,005,000
19,452,614
Lutheran
Senior
Services
Obligated
Group
,
Revenue
,
2016
B
,
Refunding
,
5
%
,
2/01/46
........................................................
4,000,000
4,020,386
Mercy
Health
,
Revenue
,
2023
,
5
%
,
12/01/52
.............................
5,000,000
5,236,597
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
AGMC
Insured
,
5
%
,
3/01/49
...................................
20,000,000
20,350,158
St.
Louis
Municipal
Finance
Corp.
,
City
of
St.
Louis
,
Revenue
,
2020
,
AGMC
Insured
,
5
%
,
10/01/45
.....................................................
5,000,000
5,167,244
54,226,999
Montana
0.2%
Montana
Facility
Finance
Authority
,
Billings
Clinic
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
8/15/48
.......
10,000,000
10,184,536
Kalispell
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
7/01/43
....................................................
6,440,000
6,492,458
16,676,994
Nebraska
0.5%
f
Central
Plains
Energy
Project
,
Revenue
,
2022-1
,
Mandatory
Put
,
5
%
,
10/01/29
.....
10,000,000
10,552,870
Gretna
Public
Schools
,
GO
,
2022
,
4
%
,
12/15/47
............................
12,935,000
12,662,452
Omaha
Public
Power
District
Nebraska
City
Station
Unit
2
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/01/49
.............................................
10,000,000
10,134,942
Public
Power
Generation
Agency
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/39
.......
7,340,000
7,484,046
40,834,310
Nevada
0.2%
Carson
City
,
Carson
Tahoe
Regional
Healthcare
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
9/01/47
.............................................
2,775,000
2,801,569
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
10,323,574
Reno-Tahoe
Airport
Authority
,
Revenue
,
2024
A
,
5.25
%
,
7/01/49
.....................................
2,700,000
2,859,606
Revenue
,
2024
A
,
5.25
%
,
7/01/54
.....................................
1,860,000
1,966,967
17,951,716
New
Hampshire
0.4%
New
Hampshire
Business
Finance
Authority
,
h,i
Revenue
,
FRN
,
2024-3
,
A
,
4.163
%
,
10/20/41
.............................
4,992,803
4,799,468
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
A
,
5.25
%
,
7/01/48
........
2,250,000
2,379,177
Roseville
Sustainable
Energy
Partner
LLC
,
Revenue
,
2024
C
,
5.25
%
,
7/01/54
....
15,285,000
15,799,577
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Elliot
Hospital
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/38
.......
4,000,000
4,052,288
University
System
of
New
Hampshire
,
Revenue
,
2015
,
Refunding
,
5
%
,
7/01/45
...
10,350,000
10,394,216
37,424,726
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Jersey
3.1%
Camden
County
Improvement
Authority
(The)
,
KIPP
Cooper
Norcross
Obligated
Group
,
Revenue
,
2022
,
6
%
,
6/15/62
.........................................
$
5,075,000
$
5,400,343
City
of
Newark
,
Mass
Transit
Access
Tax
,
Revenue
,
2022
,
AGMC
Insured
,
6
%
,
11/15/62
........................................................
4,000,000
4,593,070
New
Jersey
Economic
Development
Authority
,
State
of
New
Jersey
,
Revenue
,
2020
A
,
5
%
,
11/01/44
.......................
15,000,000
15,584,181
State
of
New
Jersey
,
Revenue
,
2022
A
,
5
%
,
11/01/52
.......................
10,000,000
10,526,400
New
Jersey
Educational
Facilities
Authority
,
State
of
New
Jersey
,
Revenue
,
2016
B
,
5
%
,
9/01/36
......................................................
14,000,000
14,244,251
New
Jersey
Higher
Education
Student
Assistance
Authority
,
Revenue
,
2021
C
,
Refunding
,
3.25
%
,
12/01/51
...........................
2,000,000
1,455,917
Revenue,
Senior
Lien
,
2018
A
,
4
%
,
12/01/33
.............................
745,000
744,333
Revenue,
Senior
Lien
,
2020
B
,
3.5
%
,
12/01/39
............................
4,950,000
4,761,326
Revenue,
Senior
Lien
,
2023
B
,
4
%
,
12/01/44
.............................
8,000,000
7,554,736
New
Jersey
Transportation
Trust
Fund
Authority
,
State
of
New
Jersey
,
Revenue
,
2009
A
,
BAM
Insured
,
Zero
Cpn.,
12/15/39
.......
25,000,000
13,743,082
State
of
New
Jersey
,
Revenue
,
2015
AA
,
5
%
,
6/15/45
......................
15,000,000
15,057,232
State
of
New
Jersey
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/15/36
..............
7,000,000
7,341,835
State
of
New
Jersey
,
Revenue
,
2019
AA
,
5.25
%
,
6/15/43
....................
5,000,000
5,258,081
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/35
......................
3,000,000
3,244,915
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/37
......................
5,220,000
5,604,376
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/38
......................
1,000,000
1,070,819
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/39
......................
4,240,000
4,527,315
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/40
......................
2,500,000
2,660,927
State
of
New
Jersey
,
Revenue
,
2020
AA
,
5
%
,
6/15/45
......................
18,935,000
19,897,171
State
of
New
Jersey
,
Revenue
,
2020
AA
,
4
%
,
6/15/50
......................
39,000,000
37,581,574
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/15/31
...............
7,250,000
7,994,172
State
of
New
Jersey
,
Revenue
,
2021
A
,
Refunding
,
5
%
,
6/15/33
...............
1,250,000
1,368,007
State
of
New
Jersey
,
Revenue
,
2022
BB
,
4
%
,
6/15/46
......................
17,000,000
16,431,617
State
of
New
Jersey
,
Revenue
,
2022
CC
,
Pre-Refunded
,
5.5
%
,
6/15/50
.........
2,000,000
2,342,814
New
Jersey
Turnpike
Authority
,
Revenue
,
2015
E
,
Refunding
,
5
%
,
1/01/45
........
11,475,000
11,499,425
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2018
B
,
Refunding
,
5
%
,
6/01/46
....
42,240,000
42,373,026
262,860,945
New
Mexico
0.4%
City
of
Farmington
,
Public
Service
Co.
of
New
Mexico
,
Revenue
,
2016
B
,
Refunding
,
2.15
%
,
4/01/33
...................................................
21,800,000
17,698,805
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group
,
Revenue
,
2017
A
,
Refunding
,
5
%
,
8/01/46
....................................................
15,000,000
15,295,782
San
Juan
Regional
Medical
Center,
Inc.
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/01/33
.
1,000,000
973,240
San
Juan
Regional
Medical
Center,
Inc.
,
Revenue
,
2020
,
Refunding
,
4
%
,
6/01/35
.
1,000,000
949,353
34,917,180
New
York
8.4%
Buffalo
&
Erie
County
Industrial
Land
Development
Corp.
,
D'Youville
University
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
11/01/40
..............................
2,200,000
1,932,293
City
of
New
York
,
GO
,
2018
E-1
,
5
%
,
3/01/41
..........................................
11,355,000
11,811,111
GO
,
2022
D-1
,
5.5
%
,
5/01/46
.........................................
2,500,000
2,756,046
GO
,
2023
A-1
,
4
%
,
9/01/46
..........................................
6,000,000
5,861,917
Empire
State
Development
Corp.
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
4
%
,
3/15/45
................................................
36,905,000
36,167,214
Metropolitan
Transportation
Authority
,
Revenue
,
2015
A-1
,
5
%
,
11/15/40
.....................................
7,000,000
7,035,269
Revenue
,
2016
A-1
,
5.25
%
,
11/15/56
...................................
15,000,000
15,126,249
Revenue
,
2016
D
,
Refunding
,
5
%
,
11/15/31
..............................
1,180,000
1,207,079
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
York
(continued)
Metropolitan
Transportation
Authority,
(continued)
Revenue
,
2019
A-2
,
5
%
,
11/15/45
.....................................
$
46,270,000
$
47,597,523
Revenue
,
2020
A-1
,
4
%
,
11/15/45
.....................................
10,000,000
9,621,306
Revenue
,
2020
A-1
,
5
%
,
11/15/47
.....................................
24,300,000
25,265,242
Revenue
,
2020
D
,
5
%
,
11/15/44
.......................................
35,000,000
36,661,727
Revenue
,
2020
D
,
4
%
,
11/15/50
.......................................
20,000,000
18,962,854
Revenue
,
2020
E
,
Refunding
,
4
%
,
11/15/45
..............................
905,000
870,728
Revenue
,
2021
A-1
,
4
%
,
11/15/44
.....................................
6,725,000
6,496,091
New
York
City
Industrial
Development
Agency
,
Yankee
Stadium
LLC
,
Revenue
,
2020
A
,
Refunding
,
AGMC
Insured
,
4
%
,
3/01/45
.................................
6,000,000
5,821,427
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2015
HH
,
Refunding
,
5
%
,
6/15/39
...........
15,000,000
15,127,108
Water
&
Sewer
System
,
Revenue
,
2017
CC-1
,
Refunding
,
5
%
,
6/15/46
.........
32,500,000
33,249,333
Water
&
Sewer
System
,
Revenue
,
2019
DD-1
,
5.25
%
,
6/15/49
................
12,000,000
12,577,930
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2016
E-1
,
5
%
,
2/01/38
......................
10,000,000
10,145,975
Future
Tax
Secured
,
Revenue
,
2017
F-1
,
5
%
,
5/01/42
......................
11,095,000
11,414,696
Future
Tax
Secured
,
Revenue
,
2018
C-2
,
5
%
,
5/01/38
......................
11,945,000
12,514,932
Future
Tax
Secured
,
Revenue
,
2018
C-3
,
4
%
,
5/01/43
......................
19,800,000
19,588,417
Future
Tax
Secured
,
Revenue
,
2020
B-1
,
4
%
,
11/01/47
.....................
10,000,000
9,678,995
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
11/15/51
..............................
10,000,000
7,627,472
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2005
,
Refunding
,
5.25
%
,
10/01/35
..
40,000,000
45,953,012
Goldman
Sachs
Headquarters
LLC
,
Revenue
,
2007
,
5.5
%
,
10/01/37
...........
24,995,000
29,550,476
New
York
State
Dormitory
Authority
,
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2015
B
,
5
%
,
2/15/40
.........
20,000,000
20,063,752
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
3/15/48
5,000,000
4,916,447
State
of
New
York
Sales
Tax
,
Revenue
,
2017
A
,
5
%
,
3/15/43
.................
10,000,000
10,250,108
State
of
New
York
Sales
Tax
,
Revenue
,
2018
A
,
5
%
,
3/15/39
.................
13,270,000
13,868,830
State
of
New
York
Sales
Tax
,
Revenue
,
2018
C
,
Refunding
,
5
%
,
3/15/37
........
23,000,000
24,157,047
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/44
........
16,000,000
16,647,488
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Refunding
,
5
%
,
3/15/45
........
60,365,000
62,681,742
State
of
New
York
Sales
Tax
,
Revenue
,
2018
E
,
Pre-Refunded
,
5
%
,
3/15/46
......
5,000
5,423
New
York
State
Thruway
Authority
,
Revenue
,
2019
B
,
4
%
,
1/01/50
........................................
20,000,000
19,176,720
Revenue,
Junior
Lien
,
2016
A
,
5
%
,
1/01/46
..............................
9,000,000
9,101,076
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
3/15/44
7,000,000
6,895,560
State
of
New
York
Personal
Income
Tax
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
3/15/51
12,115,000
11,677,295
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/32
..........................
5,000,000
5,110,637
Delta
Air
Lines,
Inc.
,
Revenue
,
2018
,
5
%
,
1/01/36
..........................
5,560,000
5,650,376
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
9,360,000
9,663,035
Delta
Air
Lines,
Inc.
,
Revenue
,
2023
,
5.625
%
,
4/01/40
......................
5,000,000
5,371,549
JFK
International
Air
Terminal
LLC
,
Revenue
,
2022
,
5
%
,
12/01/33
.............
7,500,000
8,028,469
j
JFK
Millennium
Partners
LLC
,
Revenue
,
2024
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
12/31/54
.......................................................
12,500,000
13,185,115
JFK
NTO
LLC
,
Revenue
,
2023
,
AGMC
Insured
,
5.125
%
,
6/30/60
..............
2,000,000
2,052,780
JFK
NTO
LLC
,
Revenue
,
2023
,
5.375
%
,
6/30/60
..........................
2,500,000
2,591,278
JFK
NTO
LLC
,
Revenue
,
2024
,
AGMC
Insured
,
5
%
,
6/30/54
.................
13,500,000
13,863,358
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218
,
4
%
,
11/01/47
...........
13,500,000
12,589,409
Triborough
Bridge
&
Tunnel
Authority
,
Revenue
,
2022
A
,
4
%
,
11/15/52
............
10,000,000
9,669,396
727,839,312
North
Carolina
0.5%
Greater
Asheville
Regional
Airport
Authority
,
Revenue
,
2022
A
,
AGMC
Insured
,
5.5
%
,
7/01/52
.........................................................
5,000,000
5,337,104
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission
,
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/50
.......................................
$
2,200,000
$
2,246,189
North
Carolina
Turnpike
Authority
,
Revenue
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
1/01/33
......................
25,000,000
18,411,490
Revenue
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
1/01/34
......................
15,000,000
10,559,263
Revenue
,
2009
B
,
AGMC
Insured
,
Zero
Cpn.,
1/01/35
......................
15,215,000
10,221,084
46,775,130
North
Dakota
0.7%
City
of
Grand
Forks
,
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/38
..
2,300,000
2,158,667
Altru
Health
System
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
12/01/41
..
3,875,000
3,526,292
Altru
Health
System
Obligated
Group
,
Revenue
,
2023
A
,
AGMC
Insured
,
5
%
,
12/01/53
.......................................................
2,440,000
2,517,183
City
of
Horace
,
GO
,
2023
B
,
Refunding
,
5.125
%
,
7/01/25
.....................
14,500,000
14,510,568
State
Board
of
Higher
Education
of
the
State
of
North
Dakota
,
Revenue
,
2019
A
,
AGMC
Insured
,
4
%
,
4/01/44
............................
10,000,000
9,752,468
Revenue
,
2019
A
,
AGMC
Insured
,
4
%
,
4/01/50
............................
9,620,000
8,924,282
University
of
North
Dakota
,
COP
,
2018
A
,
5
%
,
4/01/48
...........................................
5,500,000
5,624,911
COP
,
2018
A
,
5
%
,
4/01/57
...........................................
10,000,000
10,201,195
57,215,566
Ohio
1.8%
Akron
Bath
Copley
Joint
Township
Hospital
District
,
Summa
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/37
3,915,000
3,735,920
Summa
Health
System
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/38
5,700,000
5,397,123
American
Municipal
Power,
Inc.
,
Combined
Hydroelectric
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/46
.............................................
20,000,000
20,201,836
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
4
%
,
6/01/48
.............................................
4,505,000
4,042,802
Cleveland-Cuyahoga
County
Port
Authority
,
County
of
Cuyahoga
,
Revenue
,
2013
,
5
%
,
7/01/37
.........................................................
6,000,000
6,636,896
County
of
Butler
,
UC
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
11/15/45
........................................................
7,500,000
7,436,213
County
of
Franklin
,
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
4
%
,
7/01/40
...................
10,405,000
9,399,097
Ohio
Living
Obligated
Group
,
Revenue
,
2022
,
Pre-Refunded
,
4
%
,
7/01/40
.......
5,000
5,332
County
of
Hamilton
,
Life
Enriching
Communities
Obligated
Group
,
Revenue
,
2023
A
,
5.75
%
,
1/01/53
...
4,530,000
4,764,469
UC
Health
Obligated
Group
,
Revenue
,
2020
,
5
%
,
9/15/50
...................
7,500,000
7,515,176
Northeast
Ohio
Regional
Sewer
District
,
Revenue
,
2017
,
Refunding
,
4
%
,
11/15/38
..
10,000,000
10,067,011
Ohio
Higher
Educational
Facility
Commission
,
Case
Western
Reserve
University
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
12/01/44
....
6,815,000
6,705,516
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/42
...........
1,350,000
1,356,971
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/45
...........
1,185,000
1,184,935
Judson
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
12/01/50
...........
2,530,000
2,475,760
Ohio
Turnpike
&
Infrastructure
Commission
,
Revenue,
Junior
Lien
,
2013
A-4
,
5.75
%
,
2/15/35
.........................................................
35,000,000
40,064,902
State
of
Ohio
,
Cleveland
Clinic
Health
System
Obligated
Group
,
Revenue
,
2019
B
,
4
%
,
1/01/46
..
10,000,000
9,786,897
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/38
640,000
613,713
Premier
Health
Partners
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
11/15/40
855,000
805,251
Summit
County
Development
Finance
Authority
,
UAkronPark,
Inc.
,
Revenue
,
2023
,
6
%
,
12/01/58
........................................................
9,665,000
10,562,399
152,758,219
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Oklahoma
0.2%
Edmond
Public
Works
Authority
,
Revenue
,
2017
,
5
%
,
7/01/47
..................
$
4,500,000
$
4,595,739
Oklahoma
Turnpike
Authority
,
Revenue
,
2023
,
5.5
%
,
1/01/53
...................
6,000,000
6,586,550
Oklahoma
Water
Resources
Board
,
Revenue
,
2023
B
,
4
%
,
10/01/48
.............
4,000,000
3,909,279
15,091,568
Oregon
1.1%
County
of
Yamhill
,
Linfield
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/50
...
12,210,000
11,770,775
Oregon
City
School
District
No.
62
,
GO
,
2018
B
,
Refunding
,
5
%
,
6/15/49
..........
10,000,000
10,360,103
Port
of
Portland
,
Airport
,
Revenue
,
25
B
,
5
%
,
7/01/44
....................................
2,450,000
2,509,649
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/38
....................................
10,000,000
10,411,089
Airport
,
Revenue
,
27
A
,
5
%
,
7/01/45
....................................
10,000,000
10,299,461
Airport
,
Revenue
,
28
,
5
%
,
7/01/52
.....................................
13,755,000
14,149,815
Airport
,
Revenue
,
29
,
5.5
%
,
7/01/48
....................................
18,500,000
20,129,835
State
of
Oregon
,
Housing
&
Community
Services
Department
,
Revenue
,
2018
A
,
3.6
%
,
1/01/33
....
5,080,000
5,037,396
Housing
&
Community
Services
Department
,
Revenue
,
2018
D
,
3.8
%
,
7/01/34
....
4,695,000
4,688,052
Washington
Clackamas
&
Yamhill
Counties
School
District
No.
88J
,
GO
,
2018
A
,
Zero
Cpn.,
6/15/42
.......................................
5,900,000
2,570,311
GO
,
2018
A
,
Zero
Cpn.,
6/15/43
.......................................
5,500,000
2,263,815
94,190,301
Pennsylvania
1.6%
Allegheny
County
Sanitary
Authority
,
Revenue
,
2013
,
Refunding
,
BAM
Insured
,
5.25
%
,
12/01/44
........................................................
5,000,000
5,006,494
Allentown
Commercial
and
Industrial
Development
Authority
,
h
Executive
Education
Academy
Charter
School
,
Revenue
,
2024
,
Refunding
,
5
%
,
7/01/59
........................................................
5,000,000
4,968,300
Lincoln
Leadership
Academy
Charter
School
,
Revenue
,
2023
,
6
%
,
6/15/53
.......
1,600,000
1,691,918
Commonwealth
Financing
Authority
,
Commonwealth
of
Pennsylvania
,
Revenue
,
2015
A
,
5
%
,
6/01/33
....................................................
4,550,000
4,587,783
g
Erie
County
Industrial
Development
Authority
,
CFC
-
Erie
I
LLC
,
Revenue
,
144A,
2024
A
,
6.75
%
,
9/01/61
.................................................
10,000,000
10,078,045
Huntingdon
County
General
Authority
,
Juniata
College
,
Revenue
,
2021
TT-3
,
Refunding
,
5
%
,
10/01/51
............................................
5,000,000
4,790,665
Lancaster
Industrial
Development
Authority
,
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/31
........
350,000
352,061
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/37
........
345,000
341,939
Landis
Homes
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
7/01/56
........
3,300,000
2,838,757
Lehigh
County
General
Purpose
Authority
,
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/52
....
13,785,000
11,786,254
Lehigh
Valley
Academy
Regional
Charter
School
,
Revenue
,
2022
,
4
%
,
6/01/57
....
5,000,000
4,186,810
Montgomery
County
Industrial
Development
Authority
,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
4
%
,
11/15/43
.......................................................
600,000
572,992
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
C
,
5
%
,
11/15/45
.......................................................
1,000,000
1,028,827
Meadowood
Corp.
Obligated
Group
(The)
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
12/01/48
.......................................................
9,000,000
9,012,288
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
5.25
%
,
6/30/53
........................................................
4,000,000
4,120,158
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
6
%
,
6/30/61
5,020,000
5,493,612
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2023
B-1
,
5.25
%
,
7/01/49
......
1,000,000
1,056,077
UPMC
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
2/15/40
............
5,240,000
5,198,875
Pennsylvania
Housing
Finance
Agency
,
Revenue
,
2022-139
A
,
Refunding
,
4
%
,
10/01/37
...........................
9,100,000
8,859,171
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
Pennsylvania
Housing
Finance
Agency,
(continued)
Revenue
,
2023-143
A
,
5.45
%
,
4/01/51
..................................
$
10,000,000
$
10,421,926
Pennsylvania
Turnpike
Commission
,
Revenue
,
2020
B
,
5
%
,
12/01/50
.......................................
8,000,000
8,434,090
Revenue
,
2023
A
,
Refunding
,
5
%
,
12/01/53
..............................
7,585,000
8,098,080
Philadelphia
Gas
Works
Co.
,
Revenue
,
16th
A
,
AGMC
Insured
,
4
%
,
8/01/45
.......
1,000,000
983,867
School
District
of
Philadelphia
(The)
,
GO
,
2016
F
,
Refunding
,
5
%
,
9/01/33
...................................
6,415,000
6,550,996
GO
,
2016
F
,
Refunding
,
5
%
,
9/01/36
...................................
4,090,000
4,164,350
State
Public
School
Building
Authority
,
School
District
of
Philadelphia
(The)
,
Revenue
,
2016
A
,
Refunding
,
AGMC
Insured
,
5
%
,
6/01/32
...........................
10,000,000
10,307,806
134,932,141
Rhode
Island
0.1%
Rhode
Island
Housing
&
Mortgage
Finance
Corp.
,
Revenue
,
10
A
,
6.5
%
,
4/01/27
...
130,000
130,296
Rhode
Island
Student
Loan
Authority
,
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
12/01/27
.............................
1,000,000
1,041,883
Revenue,
Senior
Lien
,
2021
A
,
5
%
,
12/01/29
.............................
2,025,000
2,142,000
Revenue,
Senior
Lien
,
2024
A
,
4.125
%
,
12/01/43
..........................
2,700,000
2,566,461
5,880,640
South
Carolina
2.0%
County
of
Greenwood
,
Self
Regional
Healthcare
,
Revenue
,
2017
,
Refunding
,
4
%
,
10/01/37
........................................................
8,465,000
8,490,409
g
County
of
Richland
,
Village
at
Sandhill
Improvement
District
,
Special
Assessment
,
144A,
2021
,
Refunding
,
3.75
%
,
11/01/36
................................
1,270,000
1,023,267
f
Patriots
Energy
Group
Financing
Agency
,
Revenue
,
2023
A-1
,
Mandatory
Put
,
5.25
%
,
8/01/31
.........................................................
10,000,000
10,816,321
South
Carolina
Jobs-Economic
Development
Authority
,
g
Revenue
,
144A,
2021
A-1
,
3.65
%
,
12/01/36
..............................
23,315,000
20,273,395
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-1
,
3.65
%
,
12/01/36
...........
22,470,000
19,538,631
AHPC
Vista
Towers
2021
LLC
,
Revenue
,
2021
A-2
,
4.75
%
,
12/01/26
...........
2,115,000
2,044,485
g
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-1
,
Zero
Cpn.,
6/01/37
17,900,000
14,414,671
g
Columbia
Portfolio
Obligated
Group
,
Revenue
,
144A,
2022
A-2
,
Zero
Cpn.,
6/01/52
32,000,000
24,241,133
g
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
A-1
,
I
,
6.5
%
,
2/01/56
................
24,865,000
26,173,635
g
FAH
Pelham
LLC
,
Revenue
,
144A,
2023
A-2
,
I
,
10
%
,
8/01/39
.................
770,000
724,471
Prisma
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
5/01/48
......
25,000,000
25,351,468
South
Carolina
Ports
Authority
,
Revenue
,
2018
,
5
%
,
7/01/48
.........................................
10,000,000
10,132,220
Revenue
,
2018
,
5
%
,
7/01/55
.........................................
10,400,000
10,496,802
173,720,908
South
Dakota
0.4%
South
Dakota
Health
&
Educational
Facilities
Authority
,
Avera
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
7/01/42
.........
10,000,000
9,599,311
Avera
Health
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
7/01/46
.........
15,000,000
15,193,271
Monument
Health
Obligated
Group
,
Revenue
,
2017
,
4
%
,
9/01/37
..............
10,920,000
10,626,443
35,419,025
Tennessee
3.7%
Chattanooga
Health
Educational
&
Housing
Facility
Board
,
CDFI
Phase
I
LLC
,
Revenue
,
2015
,
Refunding
,
5
%
,
10/01/35
................................
1,000,000
1,004,672
City
of
Germantown
,
GO
,
2017
,
4
%
,
8/01/43
.............................................
2,330,000
2,330,237
GO
,
2017
,
4
%
,
8/01/45
.............................................
2,525,000
2,515,694
City
of
Jackson
,
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
5
%
,
4/01/36
......
3,885,000
3,895,540
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
29
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
City
of
Jackson,
(continued)
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
Pre-Refunded
,
5
%
,
4/01/36
........................................................
$
115,000
$
115,637
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
4
%
,
4/01/41
......
24,265,000
22,720,530
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2015
,
Pre-Refunded
,
4
%
,
4/01/41
........................................................
735,000
736,065
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
4/01/41
....
2,255,000
2,308,482
West
Tennessee
Healthcare
Obligated
Group
,
Revenue
,
2018
A
,
Pre-Refunded
,
5
%
,
4/01/41
........................................................
115,000
124,024
City
of
Knoxville
,
Wastewater
System
,
Revenue
,
2015
A
,
Refunding
,
4
%
,
4/01/42
...
5,000,000
4,986,656
City
of
Memphis
,
Electric
System
,
Revenue
,
2020
A
,
3
%
,
12/01/42
..........................
2,470,000
2,061,953
Gas
,
Revenue
,
2020
,
3
%
,
12/01/42
....................................
1,000,000
841,517
City
of
Portland
,
Water
&
Sewer
,
Revenue
,
2020
,
AGMC
Insured
,
3
%
,
4/01/45
......
1,775,000
1,394,391
County
of
Coffee
,
GO
,
2019
,
Refunding
,
4
%
,
6/01/44
........................
2,760,000
2,677,565
County
of
Maury
,
GO
,
2015
,
Refunding
,
4
%
,
4/01/34
.........................
1,775,000
1,777,019
County
of
Wilson
,
GO
,
2017
A
,
4
%
,
4/01/42
................................
5,000,000
4,986,656
Harpeth
Valley
Utilities
District
of
Davidson
and
Williamson
Counties
,
Revenue
,
2014
,
Refunding
,
5
%
,
9/01/44
.............................................
4,400,000
4,405,406
Johnson
City
Health
&
Educational
Facilities
Board
,
Ballad
Health
Obligated
Group
,
Revenue
,
1998
,
NATL
Insured
,
ETM,
5.25
%
,
7/01/28
.......................
8,500,000
8,765,091
Knox
Chapman
Utility
District
of
Knox
County
,
Revenue
,
2012
,
Refunding
,
4
%
,
1/01/40
4,000,000
3,962,303
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/42
....
18,000,000
18,336,372
Covenant
Health
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
1/01/47
....
22,815,000
23,074,304
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5.5
%
,
7/01/54
........................................................
2,900,000
3,130,082
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5.5
%
,
7/01/59
........................................................
4,750,000
5,109,128
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5
%
,
7/01/64
........................................................
3,735,000
3,857,111
University
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
9/01/47
3,000,000
2,924,295
University
Health
System
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
5
%
,
4/01/36
2,250,000
2,271,638
Madison
Suburban
Utility
District
,
Revenue
,
2021
,
3
%
,
2/01/45
.................
1,000,000
769,690
Memphis-Shelby
County
Airport
Authority
,
Revenue
,
2018
,
5
%
,
7/01/47
.........................................
11,000,000
11,105,801
Revenue
,
2021
A
,
5
%
,
7/01/45
........................................
12,235,000
12,664,449
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
3,023,532
Blakeford
at
Green
Hills
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
.......
9,015,000
7,229,063
Trevecca
Nazarene
University
,
Revenue
,
2021
B
,
4
%
,
10/01/51
...............
8,690,000
7,373,834
Vanderbilt
University
Medical
Center
Obligated
Group
,
Revenue
,
2016
A
,
5
%
,
7/01/46
........................................................
5,000,000
5,049,574
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2019
B
,
5
%
,
7/01/44
........................................
20,000,000
20,609,534
Revenue
,
2019
B
,
4
%
,
7/01/49
........................................
3,000,000
2,757,303
Revenue
,
2019
B
,
5
%
,
7/01/49
........................................
17,475,000
17,916,644
Revenue
,
2022
B
,
5.25
%
,
7/01/47
.....................................
10,000,000
10,601,287
Revenue
,
2022
B
,
5.5
%
,
7/01/52
......................................
2,500,000
2,685,346
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
5/01/36
4,000,000
4,089,270
Rhodes
College
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/01/40
...................
2,000,000
1,981,022
South
Blount
County
Utility
District
,
Revenue
,
2019
,
Refunding
,
3
%
,
12/01/39
......
2,015,000
1,760,765
f
Tennergy
Corp.
,
Revenue
,
2022
A
,
Mandatory
Put
,
5.5
%
,
12/01/30
..............
55,000,000
59,522,595
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Tennessee
(continued)
Tennessee
Housing
Development
Agency
,
Revenue
,
2013-1
C
,
4
%
,
7/01/43
......................................
$
750,000
$
699,300
Revenue
,
2017-3
,
3.65
%
,
7/01/47
.....................................
610,000
530,778
Revenue
,
2018-2
,
Refunding
,
3.85
%
,
7/01/42
.............................
1,005,000
934,015
Revenue
,
2018-4
,
Refunding
,
4
%
,
7/01/43
...............................
5,745,000
5,460,475
Revenue
,
2023-3
A
,
5.4
%
,
7/01/53
.....................................
6,000,000
6,251,480
White
House
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
1/01/34
.............
820,000
780,756
Williamson
County
HB
&
TS
Utility
District
,
Revenue
,
2020
,
Refunding
,
3
%
,
9/01/44
.
1,200,000
976,505
315,085,386
Texas
10.4%
Abilene
Convention
Center
Hotel
Development
Corp.
,
City
of
Abilene
Abilene
Convention
Center
,
Revenue,
First
Lien
,
2021
A
,
4
%
,
10/01/50
................
5,510,000
4,417,176
Aldine
Independent
School
District
,
GO
,
2017
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/42
.........................................................
2,445,000
2,509,541
Arlington
Higher
Education
Finance
Corp.
,
Harmony
Public
Schools
,
Revenue
,
2024
,
PSF
Guaranty
,
4
%
,
2/15/54
..........................................
5,000,000
4,730,860
Aubrey
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
2/15/52
........
7,500,000
7,191,878
Austin
Community
College
District
,
GO
,
2023
,
5.25
%
,
8/01/53
..................
6,000,000
6,534,857
Carrollton-Farmers
Branch
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/53
.........................................................
10,000,000
9,712,328
h
Cedar
Hill
Independent
School
District
,
GO
,
2024
,
PSF
Guaranty
,
4
%
,
2/15/50
.....
8,000,000
7,750,982
Central
Texas
Turnpike
System
,
Revenue
,
2015
C
,
Refunding
,
5
%
,
8/15/42
........
36,750,000
36,754,491
City
of
Arlington
,
Special
Tax,
Senior
Lien
,
2018
A
,
AGMC
Insured
,
4
%
,
2/15/44
.....
20,000,000
19,516,664
City
of
Austin
,
Electric
Utility
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
11/15/45
...................
10,000,000
10,083,909
g
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2019
,
4.625
%
,
11/01/39
............................
1,405,000
1,347,531
g
Whisper
Valley
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2019
,
4.75
%
,
11/01/48
.............................
2,450,000
2,302,325
g
City
of
Celina
,
Sutton
Fields
II
Public
Improvement
District
,
Special
Assessment
,
144A,
2019
,
4.25
%
,
9/01/49
...............................................
3,065,000
2,663,544
City
of
Corpus
Christi
,
Utility
System
,
Revenue
,
2023
,
Refunding
,
4
%
,
7/15/48
.....................
9,000,000
8,789,795
Utility
System
,
Revenue,
Junior
Lien
,
2015
A
,
5
%
,
7/15/40
...................
13,200,000
13,299,871
City
of
Dallas
,
DHFC
-
Briscoe
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
2022
A
,
6
%
,
12/01/62
.....................................................
19,000,000
18,636,285
g
City
of
Dallas
Housing
Finance
Corp.
,
DHFC
-
Dylan
Apartments
LLC
(The)
,
Revenue,
Senior
Lien
,
144A,
2022
A
,
6
%
,
12/01/62
................................
18,285,000
17,622,613
City
of
Houston
,
Airport
System
,
Revenue,
Sub.
Lien
,
2023
A
,
Refunding
,
AGMC
Insured
,
5.25
%
,
7/01/48
.............................................
5,000,000
5,335,827
City
of
Laredo
,
Waterworks
&
Sewer
System
,
Revenue
,
2016
,
Refunding
,
4
%
,
3/01/41
9,690,000
9,626,789
City
of
Leander
,
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/38
..................................................
1,275,000
1,041,888
Oak
Creek
Public
Improvement
District
,
Special
Assessment
,
2020
,
Refunding
,
3.25
%
,
9/01/44
..................................................
1,460,000
1,103,573
g
City
of
Mesquite
,
Heartland
Town
Center
Public
Improvement
District
Phase
2
,
Special
Assessment
,
144A,
2023
,
5
%
,
9/01/43
...........................................
816,000
802,701
Heartland
Town
Center
Public
Improvement
District
Phase
2
,
Special
Assessment
,
144A,
2023
,
5.125
%
,
9/01/52
.......................................
373,000
366,279
City
of
Pflugerville
,
GO
,
2023
,
4
%
,
8/01/49
................................
3,500,000
3,348,757
g
City
of
Princeton
,
Eastridge
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2022
,
5.25
%
,
9/01/52
.........................
1,376,000
1,321,794
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
g
City
of
Royse
City
,
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2017
,
5
%
,
9/15/48
................................
$
2,700,000
$
2,637,992
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
Phase
1B
,
Special
Assessment
,
144A,
2019
,
4.375
%
,
9/15/39
.............................
610,000
568,579
Waterscape
Public
Improvement
District
Improvement
Area
No.
1
Phase
1B
,
Special
Assessment
,
144A,
2019
,
4.5
%
,
9/15/48
...............................
1,260,000
1,137,231
Clifton
Higher
Education
Finance
Corp.
,
IDEA
Public
Schools
,
Revenue
,
2024
,
Refunding
,
PSF
Guaranty
,
4
%
,
8/15/54
....
4,425,000
4,213,848
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2022
,
PSF
Guaranty
,
4
%
,
8/15/42
2,150,000
2,101,700
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2022
,
PSF
Guaranty
,
5
%
,
8/15/47
11,500,000
12,269,212
YES
Prep
Public
Schools,
Inc.
,
Revenue
,
2023
,
PSF
Guaranty
,
4.25
%
,
4/01/53
...
5,500,000
5,459,447
Comal
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/01/46
........
3,345,000
3,286,081
Community
Independent
School
District
,
GO
,
2022
B
,
PSF
Guaranty
,
4
%
,
2/15/50
...
2,750,000
2,651,932
Conroe
Local
Government
Corp.
,
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/32
....
90,000
98,836
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/33
....
100,000
109,328
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/34
....
100,000
108,713
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/35
....
85,000
92,011
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
5
%
,
10/01/36
....
85,000
91,597
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/41
....
600,000
584,110
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/46
....
700,000
641,039
Conroe
Convention
Center
Hotel
,
Revenue,
Third
Lien
,
2021
C
,
4
%
,
10/01/50
....
650,000
581,622
County
of
Harris
,
Toll
Road
,
Revenue,
First
Lien
,
2024
A
,
Refunding
,
4
%
,
8/15/54
...
7,500,000
7,101,224
Crowley
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
5.25
%
,
2/01/53
....
7,500,000
8,083,893
Del
Valle
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
4
%
,
6/15/47
......
7,500,000
7,293,939
Forney
Independent
School
District
,
GO
,
2015
,
Refunding
,
PSF
Guaranty
,
5
%
,
8/15/37
15,000,000
15,134,966
Frisco
Independent
School
District
,
GO
,
2016
,
PSF
Guaranty
,
5
%
,
8/15/46
........
20,000,000
20,354,564
Galena
Park
Independent
School
District
,
GO
,
2024
,
PSF
Guaranty
,
3
%
,
8/15/49
...
1,350,000
1,085,182
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2013
B
,
5.8
%
,
10/01/45
..........
10,000,000
10,723,839
Gulf
Coast
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2003
B
,
1.5
%
,
5/01/28
....
2,000,000
1,864,916
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Houston
Methodist
Hospital
Obligated
Group
,
Revenue
,
2015
,
5
%
,
12/01/45
...........................
30,000,000
30,110,319
Harris
County-Houston
Sports
Authority
,
Revenue,
Senior
Lien
,
2020
A
,
Refunding
,
AGMC
Insured
,
3.125
%
,
11/15/56
.....................................
5,000,000
3,669,350
Harris-Waller
Counties
Municipal
Utility
District
No.
4
,
GO
,
2022
,
5
%
,
11/01/34
.............................................
795,000
800,129
GO
,
2022
,
5
%
,
11/01/38
.............................................
840,000
827,312
GO
,
2022
,
5.25
%
,
11/01/41
..........................................
1,435,000
1,421,285
GO
,
2022
,
5.5
%
,
11/01/44
...........................................
2,010,000
2,012,996
GO
,
2022
,
5.5
%
,
11/01/48
...........................................
5,445,000
5,350,961
Highland
Park
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/48
..
5,500,000
5,340,408
Humble
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
.......
10,000,000
10,280,703
Kaufman
County
Fresh
Water
Supply
District
No.
1-D
,
GO
,
2021
,
2.375
%
,
9/01/31
..........................................
165,000
139,316
GO
,
2021
,
2.375
%
,
9/01/32
..........................................
170,000
140,290
GO
,
2021
,
2.375
%
,
9/01/33
..........................................
170,000
137,045
GO
,
2021
,
2.5
%
,
9/01/34
............................................
180,000
143,646
GO
,
2021
,
2.5
%
,
9/01/36
............................................
370,000
282,852
GO
,
2021
,
2.625
%
,
9/01/38
..........................................
385,000
287,065
GO
,
2021
,
3
%
,
9/01/41
.............................................
375,000
280,053
GO
,
2021
,
3
%
,
9/01/46
.............................................
750,000
516,715
GO
,
2021
,
3
%
,
9/01/51
.............................................
1,265,000
822,154
g
Lakeside
Place
PFC
,
Torrey
Chase
Apartments
LP
,
Revenue
,
144A,
2021
,
3.48
%
,
12/15/39
........................................................
12,427,738
9,776,952
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Lamar
Consolidated
Independent
School
District
,
GO
,
2018
,
PSF
Guaranty
,
5
%
,
2/15/43
..................................
$
6,800,000
$
7,010,491
GO
,
2023
,
4
%
,
2/15/53
.............................................
5,000,000
4,776,168
GO
,
2023
A
,
PSF
Guaranty
,
5
%
,
2/15/58
................................
7,000,000
7,413,974
h
GO
,
2024
,
Refunding
,
PSF
Guaranty
,
4
%
,
2/15/54
.........................
9,500,000
9,172,384
Lubbock-Cooper
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4.375
%
,
2/15/53
.........................................................
15,000,000
15,124,917
Medina
Valley
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/53
..
15,000,000
14,447,808
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
NCCD-Cain
Hall
Redevelopment
I
LLC
,
Revenue
,
2016
A-1
,
5
%
,
4/01/46
........
6,000,000
6,066,275
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/39
.......................................................
5,650,000
5,690,073
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/49
.......................................................
11,470,000
11,041,223
Quality
Senior
Housing
Foundation
of
East
Texas,
Inc.
,
Revenue
,
2019
A-1
,
5
%
,
12/01/54
.......................................................
230,000
218,346
Westminster
Manor
,
Revenue
,
2021
,
4
%
,
11/01/49
.........................
12,400,000
11,250,041
Newark
Higher
Education
Finance
Corp.
,
Abilene
Christian
University
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/57
...........................................
5,000,000
4,380,689
North
Harris
County
Regional
Water
Authority
,
Revenue,
Senior
Lien
,
2016
,
Refunding
,
5
%
,
12/15/46
.....................................................
18,460,000
18,802,583
North
Texas
Tollway
Authority
,
North
Texas
Tollway
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/35
.........
10,000,000
10,023,818
North
Texas
Tollway
System
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
1/01/38
.........
10,000,000
10,023,818
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
2017
A
,
Refunding
,
5
%
,
1/01/43
.
10,000,000
10,284,055
North
Texas
Tollway
System
,
Revenue,
First
Tier
,
I
,
Pre-Refunded
,
6.5
%
,
1/01/43
..
25,000,000
25,117,555
North
Texas
Tollway
System
,
Revenue,
Second
Tier
,
2018
,
Refunding
,
5
%
,
1/01/48
25,250,000
25,949,824
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
Zero
Cpn.,
9/01/37
....
7,500,000
3,795,919
Special
Projects
System
,
Revenue
,
2011
B
,
Pre-Refunded
,
Zero
Cpn.,
9/01/43
....
7,500,000
2,419,320
Special
Projects
System
,
Revenue
,
2011
C
,
Pre-Refunded
,
6.75
%
,
9/01/45
......
25,000,000
30,495,790
Northwest
Independent
School
District
,
GO
,
2023
,
PSF
Guaranty
,
4
%
,
2/15/48
.....
7,000,000
6,847,840
Port
Freeport
,
Revenue,
Senior
Lien
,
2019
A
,
5
%
,
6/01/49
.....................
4,000,000
4,035,891
San
Antonio
Education
Facilities
Corp.
,
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/46
......
13,705,000
11,406,811
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/51
......
3,765,000
3,017,173
University
of
the
Incarnate
Word
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
4/01/54
......
1,035,000
816,388
San
Antonio
Public
Facilities
Corp.
,
City
of
San
Antonio
,
Revenue
,
2012
,
Refunding
,
4
%
,
9/15/42
......................................................
36,500,000
35,225,438
San
Jacinto
River
Authority
,
Revenue
,
2011
,
AGMC
Insured
,
5
%
,
10/01/32
............................
5,000,000
5,002,718
Revenue
,
2011
,
AGMC
Insured
,
5
%
,
10/01/37
............................
3,000,000
3,001,021
Sherman
Independent
School
District
,
GO
,
2023
B
,
PSF
Guaranty
,
5
%
,
2/15/53
....
5,000,000
5,292,725
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2018
B
,
5
%
,
7/01/43
...........
10,000,000
10,359,040
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2022
A
,
4
%
,
7/01/53
............
3,100,000
2,971,890
CHRISTUS
Health
Obligated
Group
,
Revenue
,
2022
A
,
5
%
,
7/01/53
............
15,000,000
15,708,204
Texas
Health
Resources
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
2/15/41
15,165,000
15,422,820
Texas
Department
of
Housing
&
Community
Affairs
,
Revenue
,
2023
A
,
GNMA
Insured
,
5.25
%
,
1/01/53
.........................
14,000,000
14,485,860
Revenue
,
2024
A
,
GNMA
Insured
,
5.125
%
,
1/01/54
........................
3,000,000
3,099,956
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
III
,
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/29
................................
12,715,000
13,421,911
Revenue
,
2021
,
Refunding
,
5
%
,
12/15/32
................................
10,350,000
11,069,689
f
Texas
Municipal
Gas
Acquisition
&
Supply
Corp.
IV
,
Revenue
,
2023
B
,
Mandatory
Put
,
5.5
%
,
1/01/34
....................................................
13,000,000
14,558,446
Texas
Private
Activity
Bond
Surface
Transportation
Corp.
,
NTE
Mobility
Partners
LLC
,
Revenue,
Senior
Lien
,
2023
,
5.5
%
,
12/31/58
.............................
6,000,000
6,442,198
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
33
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Texas
Transportation
Commission
,
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
Zero
Cpn.,
8/01/48
......
$
6,250,000
$
1,953,369
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
Zero
Cpn.,
8/01/49
......
5,000,000
1,480,935
State
Highway
249
System
,
Revenue,
First
Tier
,
2019
A
,
Zero
Cpn.,
8/01/50
......
5,500,000
1,538,448
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2018
B
,
4
%
,
10/15/43
.......................................................
25,000,000
25,152,800
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2019
A
,
4
%
,
10/15/49
.......................................................
20,000,000
19,302,028
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2022
,
5
%
,
10/15/47
16,050,000
17,249,781
g
Town
of
Little
Elm
,
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
3.125
%
,
9/01/41
.......................................
708,000
531,440
Valencia
Public
Improvement
District
Improvement
Area
No.
3
,
Special
Assessment
,
144A,
2021
,
4
%
,
9/01/47
...........................................
831,000
700,234
Town
of
Ponder
,
Ponder
Public
Improvement
District
No.
1
,
Special
Assessment
,
2017
,
5
%
,
9/01/45
500,000
502,727
Ponder
Public
Improvement
District
No.
1
,
Special
Assessment
,
2017
,
5
%
,
9/01/47
865,000
868,041
Viridian
Municipal
Management
District
,
GO
,
2023
,
AGMC
Insured
,
5
%
,
12/01/49
...
1,000,000
1,019,330
West
Travis
County
Public
Utility
Agency
,
Revenue
,
2017
,
Refunding
,
BAM
Insured
,
4
%
,
8/15/41
......................................................
5,000,000
4,943,531
Westside
211
Special
Improvement
District
,
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/41
.....................................
790,000
607,759
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/45
.....................................
615,000
444,614
GO,
Sub.
Lien
,
2021
,
3
%
,
8/15/51
.....................................
1,570,000
1,065,465
GO,
Sub.
Lien
,
2022
,
5.625
%
,
8/15/52
..................................
1,065,000
1,082,427
Ysleta
Independent
School
District
,
GO
,
2022
,
PSF
Guaranty
,
5
%
,
8/15/56
........
23,445,000
24,718,195
896,279,824
Utah
1.0%
Central
Utah
Water
Conservancy
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
10/01/38
10,000,000
10,041,316
City
of
Bountiful
,
Sales
Tax
,
Revenue
,
2023
,
4
%
,
7/01/53
......................
6,840,000
6,539,089
City
of
Salt
Lake
City
,
Airport
,
Revenue
,
2018
A
,
5
%
,
7/01/48
..................................
25,110,000
25,509,739
Airport
,
Revenue
,
2021
A
,
5
%
,
7/01/51
..................................
10,000,000
10,276,945
Airport
,
Revenue
,
2023
A
,
5.25
%
,
7/01/53
...............................
10,000,000
10,554,708
Jordan
Valley
Water
Conservancy
District
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
10/01/41
6,000,000
5,969,769
University
of
Utah
(The)
,
Revenue
,
2022
A
,
5
%
,
8/01/46
......................
9,645,000
10,279,086
Utah
Infrastructure
Agency
,
Revenue
,
2021
,
3
%
,
10/15/26
........................................
550,000
543,048
Revenue
,
2021
,
4
%
,
10/15/28
........................................
350,000
352,567
Revenue
,
2021
,
4
%
,
10/15/32
........................................
540,000
535,276
Revenue
,
2021
,
4
%
,
10/15/38
........................................
500,000
476,752
Revenue
,
2021
,
4
%
,
10/15/41
........................................
1,450,000
1,340,860
Revenue
,
2021
,
3
%
,
10/15/45
........................................
2,000,000
1,468,114
Revenue
,
2022
,
5
%
,
10/15/37
........................................
1,200,000
1,249,827
Revenue
,
2022
,
5
%
,
10/15/46
........................................
3,650,000
3,701,024
Revenue
,
2024
,
5.5
%
,
10/15/44
.......................................
650,000
697,607
Revenue
,
2024
,
5.5
%
,
10/15/48
.......................................
650,000
688,189
90,223,916
Virginia
0.6%
Amelia
County
Industrial
Development
Authority
,
Waste
Management,
Inc.
,
Revenue
,
2002
,
Refunding
,
1.45
%
,
4/01/27
......................................
2,350,000
2,208,073
Hampton
Roads
Transportation
Accountability
Commission
,
Transportation
Fund
,
Revenue,
Senior
Lien
,
2020
A
,
5
%
,
7/01/60
..............................
19,000,000
19,788,876
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Housing
Development
Authority
,
Revenue
,
2023
F
,
FHA
Insured
,
5
%
,
11/01/43
$
11,120,000
$
11,646,721
Virginia
Resources
Authority
,
Revenue
,
2012
A
,
5
%
,
11/01/39
..................
70,000
70,035
Virginia
Small
Business
Financing
Authority
,
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/52
3,730,000
3,860,872
Capital
Beltway
Express
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
5
%
,
12/31/57
6,270,000
6,456,558
National
Senior
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
1/01/51
....................................................
4,000,000
3,502,452
47,533,587
Washington
2.6%
Central
Puget
Sound
Regional
Transit
Authority
,
Sales
Motor
Vehicle
&
Rental
Car
Tax
,
Revenue
,
2021
S-1
,
Refunding
,
4
%
,
11/01/46
.............................
20,000,000
19,679,958
City
of
Seattle
,
Municipal
Light
&
Power
,
Revenue
,
2018
A
,
4
%
,
1/01/42
..........
10,855,000
10,856,489
Everett
Housing
Authority
,
Revenue
,
2022
,
Refunding
,
4
%
,
7/01/37
..............
34,480,000
33,696,304
Grant
County
Public
Hospital
District
No.
1
,
GO
,
2023
,
5.125
%
,
12/01/52
.........
4,500,000
4,589,420
NJB
Properties
,
Revenue
,
2006
A
,
5
%
,
12/01/36
............................
5,000
5,005
Port
of
Seattle
,
Revenue
,
2018
A
,
5
%
,
5/01/38
........................................
15,000,000
15,313,251
Revenue
,
2019
,
4
%
,
4/01/44
.........................................
4,000,000
3,740,912
Skagit
County
Public
Hospital
District
No.
1
,
Revenue
,
2024
,
5.5
%
,
12/01/54
.......
3,050,000
3,231,212
University
of
Washington
,
Revenue
,
2018
,
5
%
,
4/01/48
.......................
29,450,000
30,139,348
Vancouver
Housing
Authority
,
Revenue
,
2024
,
4
%
,
8/01/34
....................
6,000,000
5,895,416
Washington
Health
Care
Facilities
Authority
,
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
4
%
,
9/01/45
........................................................
2,610,000
2,430,389
g
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/29
.......................................................
250,000
269,725
g
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
5
%
,
12/01/33
.......................................................
250,000
269,619
g
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
3
%
,
12/01/34
.......................................................
300,000
273,437
g
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
4
%
,
12/01/45
.......................................................
1,200,000
1,119,221
g
Fred
Hutchinson
Cancer
Center
Obligated
Group
,
Revenue
,
144A,
2021
,
4
%
,
12/01/48
.......................................................
910,000
829,406
Multicare
Health
System
Obligated
Group
,
Revenue
,
2017
B
,
Refunding
,
4
%
,
8/15/41
25,000,000
23,827,863
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2012
A
,
5
%
,
10/01/42
..
10,175,000
10,019,305
Providence
St.
Joseph
Health
Obligated
Group
,
Revenue
,
2014
D
,
Refunding
,
5
%
,
10/01/38
.......................................................
8,000,000
8,001,069
Washington
Higher
Education
Facilities
Authority
,
Seattle
Pacific
University
,
Revenue
,
2020
A
,
Refunding
,
5
%
,
10/01/42
......................................
3,800,000
3,634,583
Washington
State
Convention
Center
Public
Facilities
District
,
Lodging
Tax
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
7/01/43
.......................................
14,855,000
14,297,161
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
20,870,837
19,653,612
g
Madison
at
Rivers
Edge
Apartments
LLC
,
Revenue
,
144A,
2021
A
,
3.65
%
,
1/01/37
2,965,000
2,578,653
g
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.375
%
,
7/01/63
........................................................
7,625,000
8,345,437
222,696,795
West
Virginia
0.7%
County
of
Ohio
,
Tax
Allocation
,
2024
,
Refunding
,
5.25
%
,
6/01/53
................
1,500,000
1,532,790
f
West
Virginia
Economic
Development
Authority
,
Kentucky
Power
Co.
,
Revenue
,
2014
A
,
Refunding
,
Mandatory
Put
,
4.7
%
,
6/17/26
.............................
6,000,000
6,062,459
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
West
Virginia
(continued)
West
Virginia
Hospital
Finance
Authority
,
Cabell
Huntington
Hospital
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/43
........................................................
$
10,000,000
$
10,080,022
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
9/01/38
.
3,040,000
3,120,496
Vandalia
Health,
Inc.
Obligated
Group
,
Revenue
,
2023
B
,
Refunding
,
6
%
,
9/01/53
.
3,000,000
3,354,953
West
Virginia
United
Health
System
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
6/01/47
7,000,000
7,079,190
West
Virginia
United
Health
System
Obligated
Group
,
Revenue
,
2018
A
,
5
%
,
6/01/52
20,700,000
21,046,452
West
Virginia
Water
Development
Authority
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/36
..............................
5,000,000
5,110,108
Revenue
,
2016
A
,
Refunding
,
5
%
,
10/01/45
..............................
5,435,000
5,521,480
62,907,950
Wisconsin
4.3%
Public
Finance
Authority
,
Revenue
,
2023-1
,
A
,
5.75
%
,
7/01/62
...................................
23,854,842
25,068,670
g
Revenue
,
144A,
2022
,
B-1
,
4
%
,
12/28/44
................................
21,085,631
17,558,188
a
2017
IAVF
Rubix
LLC
,
Revenue
,
2020
A
,
4.25
%
,
12/01/50
...................
3,750,000
3,339,000
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
11/15/41
.......................................................
1,205,000
1,253,321
a,g
AL-FL
Portfolio
Obligated
Group
,
Revenue
,
144A,
2021
A
,
3.4
%
,
12/01/36
.......
39,000,000
35,958,000
Blue
Ridge
Healthcare
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
1/01/50
2,185,000
1,632,666
CFC-SA
LLC
,
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
2/01/62
...................
10,000,000
10,096,945
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/41
..........
1,000,000
917,915
Coral
Academy
of
Science
Las
Vegas
,
Revenue
,
2021
A
,
4
%
,
7/01/61
..........
10,000,000
8,270,564
g
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
10,000,000
10,175,728
f
Duke
Energy
Progress
LLC
,
Revenue
,
2022
B
,
Refunding
,
Mandatory
Put
,
4
%
,
10/01/30
.......................................................
2,200,000
2,217,120
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.5
%
,
7/01/52
......
5,000,000
5,370,692
EMU
Campus
Living
LLC
,
Revenue
,
2022
A-1
,
BAM
Insured
,
5.625
%
,
7/01/55
....
6,620,000
7,125,220
g
FAH
Tree
House
LLC
,
Revenue
,
144A,
2023
A
,
6.5
%
,
8/01/53
................
22,945,000
22,942,019
g
Greystone
Housing
Impact
Investors
LP
,
Revenue
,
144A,
2023-1
,
B-1
,
7.125
%
,
7/25/34
........................................................
23,045,000
24,151,524
g
Hope
Housing
Foundation
Obligated
Group
,
Revenue
,
144A,
2022
A
,
3.8
%
,
12/01/37
24,375,000
21,185,304
NC
A&T
Real
Estate
Foundation
LLC
,
Revenue
,
2024
A
,
5.25
%
,
6/01/54
........
2,325,000
2,384,997
g
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.5
%
,
12/01/52
.....
22,565,000
23,219,681
g
Pine
Forest
2022
Obligated
Group
,
Revenue
,
144A,
2022
B
,
7.5
%
,
12/01/29
.....
2,645,000
2,702,356
RED
River
Valley
Alliance
LLC
,
Revenue
,
2021
,
4
%
,
9/30/51
.................
730,000
631,032
RED
River
Valley
Alliance
LLC
,
Revenue
,
2021
,
4
%
,
3/31/56
.................
30,185,000
25,600,922
Southeastern
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/39
............................................
4,755,000
4,016,140
Southeastern
Regional
Medical
Center
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
2/01/46
............................................
11,980,000
9,613,338
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/41
............
1,280,000
1,184,886
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/51
............
10,000
8,800
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2021
A
,
4
%
,
6/15/61
............
6,000,000
5,059,292
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2022
,
5.25
%
,
6/15/52
...........
1,610,000
1,654,710
Triad
Math
&
Science
Academy
Co.
,
Revenue
,
2022
,
5.375
%
,
6/15/57
..........
1,550,000
1,598,477
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/46
.......
5,075,000
4,173,062
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/51
.......
5,705,000
4,492,610
UNC
Health
Appalachian
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
7/01/56
.......
2,250,000
1,721,924
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/41
...........................................
1,010,000
960,964
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/51
...........................................
2,185,000
1,919,345
a,f,g
WV
2020
Holdings
LLC
Obligated
Group
,
Revenue
,
144A,
2020
A-2
,
Mandatory
Put
,
4
%
,
12/01/35
...................................................
29,600,000
29,147,120
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Wisconsin
Center
District
,
Revenue,
Junior
Lien
,
2020
D
,
AGMC
Insured
,
Zero
Cpn.,
12/15/45
........................................................
$
20,000,000
$
7,691,132
Wisconsin
Health
&
Educational
Facilities
Authority
,
Children's
Hospital
of
Wisconsin
Obligated
Group
,
Revenue
,
2017
,
Refunding
,
4
%
,
8/15/42
........................................................
15,000,000
14,622,422
Marshfield
Clinic
Health
System
Obligated
Group
,
Revenue
,
2017
C
,
Refunding
,
5
%
,
2/15/47
........................................................
20,000,000
19,867,278
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/47
....................................................
5,200,000
4,520,339
Oakwood
Lutheran
Senior
Ministries
Obligated
Group
,
Revenue
,
2021
,
Refunding
,
4
%
,
1/01/57
....................................................
1,400,000
1,146,319
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
9/15/36
........................................................
530,000
515,315
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
9/15/41
........................................................
510,000
474,339
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
4
%
,
9/15/45
........................................................
475,000
424,650
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/36
........................................................
775,000
753,527
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/41
........................................................
770,000
716,159
St.
John's
Communities,
Inc.
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
9/15/45
........................................................
650,000
581,100
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/46
......
895,000
784,538
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/51
......
1,335,000
1,133,791
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
8/15/55
......
1,760,000
1,467,960
Wisconsin
Masonic
Home
Obligated
Group
,
Revenue
,
2024
A
,
5.75
%
,
8/15/59
....
1,940,000
2,080,887
374,132,288
U.S.
Territories
2.9%
District
of
Columbia
2.1%
District
of
Columbia
,
Revenue
,
2006
B-1
,
BHAC,
FGIC
Insured
,
5
%
,
2/01/25
.....................
7,000,000
7,008,818
Catholic
University
of
America
(The)
,
Revenue
,
2017
B
,
5
%
,
10/01/42
..........
20,535,000
20,881,097
Catholic
University
of
America
(The)
,
Revenue
,
2017
B
,
5
%
,
10/01/47
..........
25,110,000
25,294,754
Catholic
University
of
America
(The)
,
Revenue
,
2018
,
Refunding
,
5
%
,
10/01/43
...
4,000,000
4,073,946
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/49
............
1,000,000
1,010,762
International
School
Obligated
Group
,
Revenue
,
2019
,
5
%
,
7/01/54
............
1,905,000
1,918,369
Water
&
Sewer
Authority
,
Revenue,
Senior
Lien
,
2018
A
,
5
%
,
10/01/49
..........
25,000,000
25,792,945
Metropolitan
Washington
Airports
Authority
,
Aviation
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
10/01/48
.......................
10,275,000
10,449,061
Aviation
,
Revenue
,
2019
A
,
Refunding
,
5
%
,
10/01/49
.......................
10,000,000
10,196,458
Aviation
,
Revenue
,
2023
A
,
Refunding
,
5.25
%
,
10/01/53
.....................
6,000,000
6,321,178
Dulles
Toll
Road
,
Revenue,
Second
Lien
,
2009
C
,
Pre-Refunded
,
AGMC
Insured
,
6.5
%
,
10/01/41
..................................................
25,000,000
26,682,330
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/49
........
13,555,000
12,509,702
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue
,
2021
A
,
4
%
,
7/15/43
...............................
12,775,000
12,577,804
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
.....................
12,000,000
12,769,213
177,486,437
Puerto
Rico
0.8%
HTA
HRRB
Custodial
Trust
,
Revenue
,
2007
CC
,
5.25
%
,
7/01/34
....................................
458,954
460,516
Revenue
,
2007
CC
,
5.25
%
,
7/01/36
....................................
2,305,353
2,315,407
HTA
TRRB
Custodial
Trust
,
Revenue
,
2005
L
,
5.25
%
,
7/01/41
.....................................
11,899,431
11,553,631
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
37
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
Puerto
Rico
(continued)
HTA
TRRB
Custodial
Trust,
(continued)
Revenue
,
2007
N
,
5.25
%
,
7/01/36
.....................................
$
2,238,588
$
2,248,351
Revenue
,
2007
N
,
5.25
%
,
7/01/39
.....................................
85,547
86,035
Puerto
Rico
Electric
Power
Authority
,
k
Revenue
,
2013
A
,
5
%
,
7/01/42
........................................
18,925,000
8,137,750
Revenue
,
VV
,
Refunding
,
NATL
Insured
,
5.25
%
,
7/01/32
....................
5,780,000
5,714,785
k
Revenue
,
XX
,
5.25
%
,
7/01/40
........................................
15,000,000
6,450,000
Puerto
Rico
Industrial
Tourist
Educational
Medical
&
Environmental
Control
Facilities
Financing
Authority
,
Revenue
,
2000
B
,
6.625
%
,
1/01/27
....................................
317,172
313,921
Revenue
,
2000
B
,
6.625
%
,
1/01/28
....................................
2,419,017
2,391,263
Puerto
Rico
Sales
Tax
Financing
Corp.
,
Sales
Tax
,
Revenue
,
A-1
,
5
%
,
7/01/58
..................................
27,576,000
27,639,419
Sales
Tax
,
Revenue
,
A-2
,
4.784
%
,
7/01/58
...............................
5,593,000
5,551,321
72,862,399
Total
U.S.
Territories
....................................................................
250,348,836
Total
Municipal
Bonds
(Cost
$
8,520,845,211
)
...................................
8,440,433,120
Shares
Escrows
and
Litigation
Trusts
0.0%
†
a
,b
Puerto
Rico
Electric
Power
Authority,
Escrow
Account
........................
1,723,393
1,378,715
Total
Escrows
and
Litigation
Trusts
(Cost
$
–
)
...................................
1,378,715
Total
Long
Term
Investments
(Cost
$
8,575,078,258
)
.............................
8,496,204,512
a
a
a
a
a
Short
Term
Investments
0.6%
Principal
Amount
Municipal
Bonds
0.6%
Massachusetts
0.0%
†
l
Massachusetts
Health
&
Educational
Facilities
Authority
,
Baystate
Total
Home
Care,
Inc.
,
Revenue
,
2009
K-1
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
3.95
%
,
7/01/39
.
1,300,000
1,300,000
Michigan
0.0%
†
l
University
of
Michigan
,
Revenue
,
2012
D-1
,
Daily
VRDN
and
Put
,
3.85
%
,
12/01/24
..
1,000,000
1,000,000
Minnesota
0.0%
†
l
City
of
Minneapolis
,
Fairview
Health
Services
Obligated
Group
,
Revenue
,
2018
C
,
Refunding
,
LOC
Bank
of
America
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
11/15/48
.....
2,500,000
2,500,000
New
Mexico
0.0%
†
l
New
Mexico
Hospital
Equipment
Loan
Council
,
Presbyterian
Healthcare
Services
Obligated
Group
,
Revenue
,
2008
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4.05
%
,
8/01/34
...................................
1,400,000
1,400,000
New
York
0.2%
l
City
of
New
York
,
GO
,
2020
B-3
,
Daily
VRDN
and
Put
,
4
%
,
10/01/46
.............
6,700,000
6,700,000
l
New
York
City
Municipal
Water
Finance
Authority
,
Water
&
Sewer
System
,
Revenue
,
2017
BB-1B
,
SPA
State
Street
Bank
&
Trust
Co.
,
Daily
VRDN
and
Put
,
4
%
,
6/15/49
....................................
4,300,000
4,300,000
Water
&
Sewer
System
,
Revenue
,
2022
DD
,
Refunding
,
Daily
VRDN
and
Put
,
4
%
,
6/15/33
........................................................
1,300,000
1,300,000
12,300,000
Franklin
Federal
Tax-Free
Income
Fund
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Short
Term
Investments
(continued)
a
a
Principal
Amount
a
Value
Municipal
Bonds
(continued)
Ohio
0.1%
l
County
of
Hamilton
,
TriHealth
Obligated
Group
,
Revenue
,
2021
B
,
Refunding
,
SPA
JPMorgan
Chase
Bank
NA
,
Daily
VRDN
and
Put
,
4.07
%
,
8/15/51
..........
$
9,750,000
$
9,750,000
Oregon
0.2%
l
Oregon
State
Facilities
Authority
,
PeaceHealth
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
LOC
US
Bank
NA
,
Daily
VRDN
and
Put
,
3.9
%
,
8/01/34
..................................
10,700,000
10,700,000
PeaceHealth
Obligated
Group
,
Revenue
,
2018
B
,
Refunding
,
LOC
TD
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
8/01/34
....................................
7,500,000
7,500,000
18,200,000
Pennsylvania
0.1%
l
Delaware
County
Industrial
Development
Authority
,
United
Parcel
Service,
Inc.
,
Revenue
,
2015
,
Refunding
,
Daily
VRDN
and
Put
,
4
%
,
9/01/45
................
2,500,000
2,500,000
l
General
Authority
of
Southcentral
Pennsylvania
,
WellSpan
Health
Obligated
Group
,
Revenue
,
2019
E
,
Refunding
,
SPA
US
Bank
NA
,
Daily
VRDN
and
Put
,
4
%
,
6/01/35
1,300,000
1,300,000
3,800,000
Tennessee
0.0%
†
l
Shelby
County
Health
Educational
&
Housing
Facilities
Board
,
Methodist
Le
Bonheur
Healthcare
Obligated
Group
,
Revenue
,
2008
A
,
AGMC
Insured
,
SPA
JPMorgan
Chase
&
Co.
,
Daily
VRDN
and
Put
,
4.05
%
,
6/01/42
........................
1,000,000
1,000,000
Total
Municipal
Bonds
(Cost
$
51,250,000
)
......................................
51,250,000
Total
Short
Term
Investments
(Cost
$
51,250,000
)
................................
51,250,000
a
Total
Investments
(Cost
$
8,626,328,258
)
99.2
%
..................................
$8,547,454,512
Other
Assets,
less
Liabilities
0.8
%
.............................................
69,155,069
Net
Assets
100.0%
...........................................................
$8,616,609,581
See
Abbreviations
on
page
52
.
†
Rounds
to
less
than
0.1%
of
net
assets.  
a
Fair
valued
using
significant
unobservable
inputs.
See
Note
9
regarding
fair
value
measurements.  
b
Non-income
producing.  
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.  
d
See
Note
1(c)
regarding
senior
floating
rate
interests.  
e
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.  
f
The
maturity
date
shown
represents
the
mandatory
put
date.  
g
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
October
31,
2024,
the
aggregate
value
of
these
securities
was
$911,987,636,
representing
10.6%
of
net
assets.  
h
Security
purchased
on
a
when-issued
basis.
See
Note
1(b).  
i
The
coupon
rate
shown
represents
the
rate
at
period
end.  
j
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1(b).  
k
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7.  
l
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
Financial
Statements
Statement
of
Assets
and
Liabilities
October
31,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
39
Franklin
Federal
Tax-
Free
Income
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$8,624,072,525
Cost
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
2,255,733
Value
-
Unaffiliated
issuers
..................................................................
$8,545,459,773
Value
-
Non-controlled
affiliates
(Note
3
f
)
........................................................
1,994,739
Cash
....................................................................................
554,097
Receivables:
Capital
shares
sold
........................................................................
3,090,908
Interest
.................................................................................
112,811,190
Unrealized
appreciation
on
unfunded
commitments
(Note
1b)
..........................................
909,503
Total
assets
..........................................................................
8,664,820,210
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
25,013,440
Capital
shares
redeemed
...................................................................
14,728,831
Management
fees
.........................................................................
3,267,363
Distribution
fees
..........................................................................
901,647
Transfer
agent
fees
........................................................................
1,229,692
Trustees'
fees
and
expenses
.................................................................
49
Distributions
to
shareholders
.................................................................
2,199,834
Accrued
expenses
and
other
liabilities
...........................................................
869,773
Total
liabilities
.........................................................................
48,210,629
Net
assets,
at
value
.................................................................
$8,616,609,581
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$9,497,976,365
Total
distributable
earnings
(losses)
.............................................................
(881,366,784)
Net
assets,
at
value
.................................................................
$8,616,609,581
Franklin
Federal
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Assets
and
Liabilities
(continued)
October
31,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Franklin
Federal
Tax-
Free
Income
Fund
Class
A:
Net
assets,
at
value
.......................................................................
$2,028,071,105
Shares
outstanding
........................................................................
186,660,857
Net
asset
value
per
share
a,b
..................................................................
$10.87
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
b
................................
$11.29
Class
A1:
Net
assets,
at
value
.......................................................................
$4,454,449,545
Shares
outstanding
........................................................................
409,959,409
Net
asset
value
per
share
a,b
..................................................................
$10.87
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
96.25%)
b
................................
$11.29
Class
C:
Net
assets,
at
value
.......................................................................
$154,582,079
Shares
outstanding
........................................................................
14,238,081
Net
asset
value
and
maximum
offering
price
per
share
a,b
............................................
$10.86
Class
R6:
Net
assets,
at
value
.......................................................................
$814,626,248
Shares
outstanding
........................................................................
74,905,584
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.88
Advisor
Class:
Net
assets,
at
value
.......................................................................
$1,164,880,604
Shares
outstanding
........................................................................
107,087,179
Net
asset
value
and
maximum
offering
price
per
share
b
.............................................
$10.88
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Federal
Tax-Free
Income
Fund
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
October
31,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
41
Franklin
Federal
Tax-
Free
Income
Fund
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
f
)
.............................................................
$37,462
Interest:
Unaffiliated
issuers
........................................................................
189,007,966
Total
investment
income
...................................................................
189,045,428
Expenses:
Management
fees
(Note
3
a
)
...................................................................
19,641,297
Distribution
fees:
(Note
3c
)
    Class
A
................................................................................
2,533,059
    Class
A1
...............................................................................
2,304,887
    Class
C
................................................................................
551,655
Transfer
agent
fees:
(Note
3e
)
    Class
A
................................................................................
599,828
Class
A1
...............................................................................
1,364,918
    Class
C
................................................................................
50,293
    Class
R6
...............................................................................
60,995
    Advisor
Class
............................................................................
345,231
Custodian
fees
(Note
4)
.....................................................................
19,802
Reports
to
shareholders
fees
..................................................................
121,081
Registration
and
filing
fees
....................................................................
192,861
Professional
fees
...........................................................................
152,342
Trustees'
fees
and
expenses
..................................................................
47,369
Other
....................................................................................
253,391
Total
expenses
.........................................................................
28,239,009
Expense
reductions
(Note
4)
...............................................................
(26,985)
Expenses
waived/paid
by
affiliates
(Note
3
f
and
3
g
)
..............................................
(3,016)
Net
expenses
.........................................................................
28,209,008
Net
investment
income
................................................................
160,836,420
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(11,155,954)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
174,828,076
Non-controlled
affiliates
(Note
3
f
)
............................................................
30,976
Unfunded
commitments
(Note
1b)
.............................................................
909,503
Net
change
in
unrealized
appreciation
(depreciation)
............................................
175,768,555
Net
realized
and
unrealized
gain
(loss)
............................................................
164,612,601
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$325,449,021
Franklin
Federal
Tax-Free
Income
Fund
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
Franklin
Federal
Tax-Free
Income
Fund
Six
Months
Ended
October
31,
2024
(unaudited)
Year
Ended
April
30,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$160,836,420
$324,893,282
Net
realized
gain
(loss)
.................................................
(11,155,954)
(79,852,503)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
175,768,555
12,396,194
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
325,449,021
257,436,973
Distributions
to
shareholders:
Class
A
.............................................................
(35,237,182)
(66,879,650)
Class
A1
............................................................
(83,573,966)
(174,734,353)
Class
C
.............................................................
(2,611,136)
(6,366,664)
Class
R6
............................................................
(15,837,314)
(31,965,222)
Advisor
Class
........................................................
(21,713,201)
(39,920,179)
Total
distributions
to
shareholders
..........................................
(158,972,799)
(319,866,068)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
22,437,797
40,419,438
Class
A1
............................................................
(234,897,762)
(580,112,407)
Class
C
.............................................................
(29,578,279)
(64,109,971)
Class
R6
............................................................
(25,540,406)
(113,909,215)
Advisor
Class
........................................................
7,702,721
136,583,996
Total
capital
share
transactions
............................................
(259,875,929)
(581,128,159)
Net
increase
(decrease)
in
net
assets
...................................
(93,399,707)
(643,557,254)
Net
assets:
Beginning
of
period
.....................................................
8,710,009,288
9,353,566,542
End
of
period
..........................................................
$8,616,609,581
$8,710,009,288
Franklin
Federal
Tax-Free
Income
Fund
43
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Franklin
Federal
Tax-Free
Income
Fund (Fund)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-end
management
investment
company.
The Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
Fund
offers five
classes
of
shares:
Class
A,
Class
A1,
Class
C,
Class
R6
and
Advisor
Class.
Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its
initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees. 
The
following
summarizes
the Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities
and
exchange
traded
funds listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may purchase
securities
on
a when-issued,
forward
commitment or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
These
types
of
securities
may
be
considered
unfunded
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
44
franklintempleton.com
Semiannual
Report
and
the
Fund
may
be
obligated
to
perform
on
such
agreements
at
a
future
date.
Unfunded
commitments
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations.
At
October
31,
2024,
unfunded
commitments
were
as
follows:
c.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
Secured
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
d.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
October
31,
2024, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Dividends
from
net
investment
income
are
normally
declared
daily;
these
dividends
may
be
reinvested
or
paid
monthly
to
shareholders.
Distributions
from
net
realized
capital
gains
and
other
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods. 
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund
are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Borrower
Unfunded
Commitment
Franklin
Federal
Tax-Free
Income
Fund
Puerto
Rico
Electric
Power
Authority,
Restructured
Power
Revenue
,
B-1,
6%,
7/01/41
$3,809,333
B-2,
7.125%,
7/01/59
18,500,231
$22,309,564
1.
Organization
and
Significant
Accounting
Policies
(continued)
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
45
franklintempleton.com
Semiannual
Report
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
g.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
h.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
October
31,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
Transactions
in
the
Fund's
shares
were
as
follows:
Six
Months
Ended
October
31,
2024
Year
Ended
April
30,
2024
Shares
Amount
Shares
Amount
Class
A
Shares:
Shares
sold
a
...................................
17,081,579
$185,992,308
45,291,811
$479,825,027
Shares
issued
in
reinvestment
of
distributions
..........
3,066,542
33,293,996
5,947,644
63,025,429
Shares
redeemed
...............................
(18,098,549)
(196,848,507)
(47,583,185)
(502,431,018)
Net
increase
(decrease)
..........................
2,049,572
$22,437,797
3,656,270
$40,419,438
Class
A1
Shares:
Shares
sold
...................................
3,262,063
$35,541,301
9,207,147
$97,504,088
Shares
issued
in
reinvestment
of
distributions
..........
6,818,963
74,037,354
14,621,101
154,894,071
Shares
redeemed
...............................
(31,671,071)
(344,476,417)
(78,628,347)
(832,510,566)
Net
increase
(decrease)
..........................
(21,590,045)
$(234,897,762)
(54,800,099)
$(580,112,407)
Class
C
Shares:
Shares
sold
...................................
369,904
$4,031,474
1,616,526
$17,092,036
Shares
issued
in
reinvestment
of
distributions
..........
230,227
2,497,474
574,477
6,078,985
Shares
redeemed
a
..............................
(3,320,554)
(36,107,227)
(8,263,354)
(87,280,992)
Net
increase
(decrease)
..........................
(2,720,423)
$(29,578,279)
(6,072,351)
$(64,109,971)
Class
R6
Shares:
Shares
sold
...................................
3,856,831
$42,087,351
34,234,418
$352,818,204
Shares
issued
in
reinvestment
of
distributions
..........
1,448,457
15,742,283
2,993,543
31,744,930
Shares
redeemed
...............................
(7,614,441)
(83,370,040)
(48,818,253)
(498,472,349)
Net
increase
(decrease)
..........................
(2,309,153)
$(25,540,406)
(11,590,292)
$(113,909,215)
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Insurance
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
3
.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the 
Fund
 are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Advisers
based
on
the
month-end
net
assets
of
the
Fund
as
follows:
For
the
period
ended
October
31,
2024,
the
annualized
gross
effective
investment
management
fee
rate
was 0.446%
of
the
Fund’s
average daily
net
assets.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by
Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
Six
Months
Ended
October
31,
2024
Year
Ended
April
30,
2024
Shares
Amount
Shares
Amount
Advisor
Class
Shares:
Shares
sold
...................................
11,895,907
$129,811,358
68,214,785
$704,957,450
Shares
issued
in
reinvestment
of
distributions
..........
1,867,204
20,300,407
3,481,166
36,923,548
Shares
redeemed
...............................
(13,079,899)
(142,409,044)
(58,321,729)
(605,297,002)
Net
increase
(decrease)
..........................
683,212
$7,702,721
13,374,222
$136,583,996
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
Over
$15
billion,
up
to
and
including
$17.5
billion
0.380%
Over
$17.5
billion,
up
to
and
including
$20
billion
0.360%
In
excess
of
$20
billion
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Fund's
Class
A
and
A1
reimbursement
distribution
plans,
the
Fund
reimburses
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of the
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
Under
the
Class
A
and
A1
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Fund's
Class
C
compensation
distribution
plan,
the
Fund
pays
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of
the
Fund's
shares
up
to
the
maximum
annual
plan
rate.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Fund.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Fund
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Fund's
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Fund
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
October
31,
2024,
the Fund
paid
transfer
agent
fees
as
noted
in
the
Statement of
Operations,
of
which
$774,455
was
retained
by
Investor
Services.
f.
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.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
October
31,
2024,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Class
A
....................................................................................
0.25%
Class
A1
...................................................................................
0.10%
Class
C
....................................................................................
0.65%
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..............................
$36,500
CDSC
retained
..............................................................................
$76,313
3
.
Transactions
with
Affiliates
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
g.
Waiver
and
Expense
Reimbursements
Transfer
agent
fees
on
Class
R6
shares
of
the
Fund have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
August
31,
2025.
h.
Interfund
Transactions
The
Fund
engaged
in
purchases
and
sales
of
investments
with
funds
or
other
accounts
that
have
common
investment
managers
(or
affiliated
investment
managers),
directors,
trustees
or
officers.
During
the
period
ended
October
31,
2024,
these
purchase
and
sale
transactions
aggregated
$154,879,030
and
$197,712,913,
respectively,
with
net
realized
losses
of
$100,725.
4.
Expense
Offset
Arrangement
The Fund has
entered
into
an
arrangement
with
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
custodian
expenses.
During
the
period
ended
October
31,
2024,
the
custodian
fees
were
reduced
as
noted
in
the
Statement
of
Operations. 
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
April
30,
2024,
the
capital
loss
carryforwards
were
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
Federal
Tax-Free
Income
Fund
Non-Controlled
Affiliates
Dividends
Franklin
Municipal
Green
Bond
ETF
...................
$1,963,763
$—
$—
$—
$30,976
$1,994,739
83,000
$37,462
Total
Affiliated
Securities
...
$1,963,763
$—
$—
$—
$30,976
$1,994,739
$37,462
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$306,930,191
Long
term
................................................................................
495,950,869
Total
capital
loss
carryforwards
...............................................................
$802,881,060
a
a
Includes
$90,841,159
from
the
merged
Franklin
Florida
Tax-Free
Income
Fund,
Franklin
Kentucky
Tax-Free
Income
Fund
and
Franklin
Tennessee
Municipal
Bond
Fund,
which
may
be
carried
over
to
offset
future
capital
gains,
subject
to
certain
limitations.
3
.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
49
franklintempleton.com
Semiannual
Report
At
October
31,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
October
31,
2024,
aggregated
$234,581,636 and
$493,814,161,
respectively. 
7.
Defaulted
Securities
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
October
31,
2024,
the
aggregate
value
of
these
securities was
$14,587,750, representing 0.2%
of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying Schedule
of
Investments.
8.
Credit
Facility
The
Fund,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Fund
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Fund
and
other
costs
incurred
by
the
Fund,
pay
its
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
its
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statement
of
Operations.
During
the
period
ended
October
31,
2024,
the Fund
did
not
use
the
Global
Credit
Facility.
9.
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)
Cost
of
investments
..........................................................................
$8,624,302,445
Unrealized
appreciation
........................................................................
$220,454,277
Unrealized
depreciation
........................................................................
(297,302,210)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(76,847,933)
5.
Income
Taxes
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
50
franklintempleton.com
Semiannual
Report
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
October
31,
2024,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
........................
$
—
$
—
$
—
a
$
—
Management
Investment
Companies
.........
1,994,739
—
—
1,994,739
Corporate
Bonds
........................
—
—
36,022,618
36,022,618
Senior
Floating
Rate
Interests
...............
—
—
16,375,320
16,375,320
Municipal
Bonds
:
Alabama
.............................
—
225,770,365
—
225,770,365
Alaska
...............................
—
17,068,958
—
17,068,958
Arizona
..............................
—
207,978,068
—
207,978,068
Arkansas
.............................
—
11,334,754
—
11,334,754
California
.............................
—
700,015,888
—
700,015,888
Colorado
.............................
—
232,194,348
—
232,194,348
Connecticut
...........................
—
18,223,052
—
18,223,052
Delaware
.............................
—
8,123,500
—
8,123,500
Florida
...............................
—
829,175,559
—
829,175,559
Georgia
..............................
—
324,523,359
—
324,523,359
Hawaii
...............................
—
110,234,658
—
110,234,658
Idaho
................................
—
15,976,872
—
15,976,872
Illinois
...............................
—
471,719,976
38,135,689
509,855,665
Indiana
..............................
—
193,591,430
—
193,591,430
Iowa
................................
—
67,085,922
—
67,085,922
Kansas
..............................
—
21,961,745
—
21,961,745
Kentucky
.............................
—
98,687,019
—
98,687,019
Louisiana
.............................
—
232,834,500
26,363,300
259,197,800
Maryland
.............................
—
137,023,120
—
137,023,120
Massachusetts
........................
—
155,801,436
—
155,801,436
Michigan
.............................
—
48,493,695
—
48,493,695
Minnesota
............................
—
6,358,323
—
6,358,323
Mississippi
............................
—
42,733,403
31,099,919
73,833,322
Missouri
..............................
—
54,226,999
—
54,226,999
Montana
.............................
—
16,676,994
—
16,676,994
Nebraska
.............................
—
40,834,310
—
40,834,310
Nevada
..............................
—
17,951,716
—
17,951,716
New
Hampshire
........................
—
37,424,726
—
37,424,726
New
Jersey
...........................
—
262,860,945
—
262,860,945
New
Mexico
...........................
—
34,917,180
—
34,917,180
New
York
.............................
—
727,839,312
—
727,839,312
North
Carolina
.........................
—
46,775,130
—
46,775,130
North
Dakota
..........................
—
57,215,566
—
57,215,566
Ohio
................................
—
152,758,219
—
152,758,219
Oklahoma
............................
—
15,091,568
—
15,091,568
Oregon
..............................
—
94,190,301
—
94,190,301
Pennsylvania
..........................
—
134,932,141
—
134,932,141
Rhode
Island
..........................
—
5,880,640
—
5,880,640
South
Carolina
.........................
—
173,720,908
—
173,720,908
South
Dakota
..........................
—
35,419,025
—
35,419,025
Tennessee
............................
—
315,085,386
—
315,085,386
Texas
...............................
—
896,279,824
—
896,279,824
Utah
................................
—
90,223,916
—
90,223,916
Virginia
..............................
—
47,533,587
—
47,533,587
Washington
...........................
—
222,696,795
—
222,696,795
9.
Fair
Value
Measurements
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
51
franklintempleton.com
Semiannual
Report
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
.
At
October
31,
2024
,
the
reconciliation
is
as
follows:
Level
3
financial
instruments
include
fair
value
of
immaterial
assets
and/or
liabilities
developed
using
various
valuation
techniques
and
unobservable
inputs.
May
also
include
values
derived
using
recent
transactions,
private
transaction
prices
or
non-public
third-party
pricing
information
which
is
unobservable.
Level
1
Level
2
Level
3
Total
Franklin
Federal
Tax-Free
Income
Fund
(continued)
Assets:
(continued)
Investments
in
Securities:
(continued)
Municipal
Bonds:
(continued)
West
Virginia
..........................
$
—
$
62,907,950
$
—
$
62,907,950
Wisconsin
............................
—
305,688,168
68,444,120
374,132,288
U.S.
Territories
..........................
District
of
Columbia
.....................
—
177,486,437
—
177,486,437
Puerto
Rico
...........................
—
72,862,399
—
72,862,399
Escrows
and
Litigation
Trusts
...............
—
—
1,378,715
1,378,715
Short
Term
Investments
...................
—
51,250,000
—
51,250,000
Total
Investments
in
Securities
...........
$1,994,739
$8,327,640,092
$217,819,681
$8,547,454,512
Other
Financial
Instruments:
Unfunded
Commitments
..................
$—
$—
$909,503
$909,503
Total
Other
Financial
Instruments
.........
$—
$—
$909,503
$909,503
a
Includes
financial
instruments
determined
to
have
no
value.
Balance
at
Beginning
of
Period
Purchases
Sales
a
Transfer
Into
Level
3
b
Transfer
Out
of
Level
3
Net
Accretion
(
Amortiza
-
tion
)
Net
Realized
Gain
(Loss)
Net
Unr
ealized
Appreciation
(Depreciation)
Balance
at
End
of
Period
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Assets
Held
at
Period
End
a
a
a
a
a
a
a
a
a
a
a
Franklin
Federal
Tax-Free
Income
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
United
States
.
$
—
c
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
c
$
—
Corporate
Bonds
:
United
States
.
34,256,079
—
—
—
—
—
—
1,766,539
36,022,618
1,766,539
Senior
Floating
Rate
Interests
:
United
States
.
22,747,843
—
(6,343,783)
—
—
—
—
(28,740)
16,375,320
(22,957)
Municipal
Bonds
:
United
States
.
—
—
—
140,775,950
—
(4,200)
—
23,271,278
164,043,028
23,271,278
Escrows
and
Litigation
Trusts
1,378,715
—
—
—
—
—
—
—
1,378,715
—
Total
Investments
in
Securities
.......
$58,382,637
$—
$(6,343,783)
$140,775,950
$—
$(4,200)
$—
$25,009,077
$217,819,681
$25,014,860
Other
Financial
Instruments:
Unfunded
Commitments
.
$909,503
$—
$—
$—
$—
$—
$—
$—
$909,503
$—
a
Sales
include
all
sales
of
securities,
maturities,
paydowns
and
securities
tendered
in
corporate
actions.
b
Transferred
into
Level
3
as
a
result
of
the
unavailability
of
a
quoted
market
price
in
an
active
market
for
identical
securities
and
other
significant
observable
valuation
inputs.
May
include
amounts
related
to
a
corporate
action.
c
Includes
financial
instruments
determined
to
have
no
value.
9.
Fair
Value
Measurements
(continued)
Franklin
Federal
Tax-Free
Income
Fund
Notes
to
Financial
Statements
(unaudited)
52
franklintempleton.com
Semiannual
Report
10.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
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.
CME
Chicago
Mercantile
Exchange
COP
Certificate
of
Participation
ETF
Exchange-Traded
Fund
ETM
Escrowed
to
Maturity
FGIC
Financial
Guaranty
Insurance
Co.
FHA
Federal
Housing
Administration
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
LOC
Letter
of
Credit
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
SPA
Standby
Purchase
Agreement
TSOF
Term
SOFR
Franklin
Federal
Tax-Free
Income
Fund
53
franklintempleton.com
Semiannual
Report
Changes
In
and
Disagreements
with
Accountants
For
the
period
covered
by
this
report
Not
applicable.
Results
of
Meeting(s)
of
Shareholders
For
the
period
covered
by
this
report
Not
applicable.
Remuneration
Paid
to
Directors,
Officers
and
Others
For
the
period
covered
by
this
report
Refer
to
the
financial
statements
included
herein.
Board
Approval
of
Management
and
Subadvisory
Agreements
For
the
period
covered
by
this
report
Not
applicable.
4316-SFSOI
12/24
©
2024
Franklin
Templeton.
All
rights
reserved.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. N/A

 

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies. N/A

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. N/A

 

Item 15. Submission of Matters to a Vote of Security Holders.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

 

Item 16. Controls and Procedures.

 

(a) Evaluation of Disclosure Controls and Procedures. The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

 

Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

 

(b) Changes in Internal Controls. There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected or is reasonably likely to materially affect the internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company. N/A

 

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

(a) N/A

 

(b) N/A

 

Item 19. Exhibits.

 

(a) (1) N/A

 

(a) (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffery White, Chief Financial Officer, Chief Accounting Officer and Treasurer

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffery White, Chief Financial Officer, Chief Accounting Officer and Treasurer

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

FRANKLIN FEDERAL TAX-FREE INCOME FUND

 

By /s/ CHRISTOPHER KINGS  
  Christopher Kings  
  Chief Executive Officer - Finance and Administration  
     
Date December 27, 2024  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /s/ CHRISTOPHER KINGS  
  Christopher Kings  
  Chief Executive Officer - Finance and Administration  
     
Date December 27, 2024  

 

By /s/ JEFFREY WHITE  
  Jeffrey White  
  Chief Financial Officer, Chief Accounting Officer and Treasurer  
     
Date December 27, 2024