# Portfolio overlap — FFQAX vs DMTFX Comparing **Franklin Federal Tax-Free Income Fund** (2026-01-31) and **Nomura Tax-Free USA Fund** (2026-02-27). - Shared positions: 40 - Franklin Federal Tax-Free Income Fund covered by Nomura Tax-Free USA Fund: 0.05623873633136139663558465593 - Nomura Tax-Free USA Fund covered by Franklin Federal Tax-Free Income Fund: 0.05623873633136139663558465593 ## Franklin Federal Tax-Free Income Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | Public Finance Authority, Series 2025 A-2 | 0.011381 | | | Public Finance Authority, Series 2024 A-2 | 0.010144 | | | New York State Dormitory Authority, Series 2018 E | 0.007985 | | | TENNERGY CORP TN GAS REVENUE TGYPWR 10/53 ADJUSTABLE VAR | 0.007549 | | | SAN MATEO SD-CABS-CON | 0.007237 | | | Louisiana (State of) Public Facilities Authority (I-10 Calcasieu River Bridge), Series 2024, RB | 0.006596 | ✓ | | NY LBTDEV 5.25 10/01/2035 | 0.006064 | | | Capital Trust Authority, Series 2024 | 0.006057 | | | MET TRANS AUTH-A-A2 | 0.006046 | | | California (State of) Community Choice Financing Authority (Green Bonds), Series 2023 C, RB | 0.005904 | | | Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 0.005330 | ✓ | | Miami-Dade (County of), FL Expressway Authority, Series 2010 A, RB | 0.005155 | | | Ohio Turnpike & Infrastructure Commission, Series 2013 A-4 | 0.005137 | | | Public Finance Authority, Series 2025 A-1 | 0.005038 | | | Louisiana Local Government Environmental Facilities & Community Development Authority, Series 2024 A-2 | 0.004922 | | | Haven at Elgin LLC | 0.004802 | | | TOBACCO SETTLEMENT FING CORP N TOBGEN 06/46 FIXED 5 | 0.004696 | | | NY MTA TRANSP 5% 11/15/2044 | 0.004652 | | | Chicago O'Hare International Airport, Series 2022 A | 0.004643 | | | NJ TRANSPRTN TRUST-AA | 0.004581 | | | MAIN STR NAT GA 5% MT | 0.004566 | | | NY ST UDC PIT REV 20A SF 4.0% 03-15-45 | 0.004564 | | | SAN ANTONIO TX PUB FACS CORP L SANFAC 09/42 FIXED OID 4 | 0.004554 | | | EVERETT WAS 4% 7/1/2037 | 0.004410 | | | Mississippi Home Corp., Series 2024-2 A-2 | 0.004279 | | | STATE OF ILLINOIS MCCORMICK PLACE EXPANSION PROJECT FUND 4.0% 06-15-52 | 0.003912 | ✓ | | N TX TWY-C-CONV CABS | 0.003910 | | | New York Liberty Development Corp., Series 2007 | 0.003882 | | | HOUSTON METHODIST HOSPITAL OBLIGATED GROUP 5.0% 12-01-45 | 0.003848 | | | DENVER COLO CT 5% 8/1/2048 | 0.003827 | | | State of Illinois, Series 2022 B | 0.003801 | | | Maryland (State of) Health & Higher Educational Facilities Authority (Loyola University Maryland, Inc.), Series 2025, Ref. RB | 0.003669 | | | FLORIDA ST DEV FIN CORP REGD B/E AMT AG 5.25000000 | 0.003543 | | | Louisiana (State of) Public Facilities Authority (Ochsner Clinic Foundation), Series 2017, Ref. RB | 0.003539 | | | S E ENERGY COOP DT | 0.003531 | | | San Francisco (City & County of), CA Airport Commission (San Francisco International Airport), Series 2019 A, RB | 0.003467 | | | PUERTO RICO SALES TAX FING COR REGD OID B/E 5.00000000 | 0.003463 | ✓ | | Black Belt Energy Gas District (The) (Gas), Series 2022 F, RB | 0.003352 | | | PREREF MET WASHINGTON DC ARPTS AUTH D REGD OID B/E AG PREREFUNDED 10/01/26 @ 100 6.50000000 | 0.003294 | ✓ | | SOUTH CAROLINA ST JOBS-ECON DEV AUTH ECON DEV REVENUE | 0.003262 | | | City of Chicago, Series 2025A | 0.003260 | ✓ | | District of Columbia Water & Sewer Authority (Green Bonds), Series 2018 A, RB | 0.003245 | | | MA ST TRANS REV 5% 6/1/47 | 0.003244 | | | SLT LAKE U 5% 7/1/48@ | 0.003236 | | | PHOENIX CIVIC IMPT-D | 0.003219 | | | MASSACHUSETTS ST PORT AUTH REGD B/E AMT 5.00000000 | 0.003217 | | | TX WTR DEV BRD-B | 0.003208 | | | MIAMI-DADE WTSW 4% 10/1/49 | 0.003201 | | | District of Columbia, Series 2017 B | 0.003172 | | | MET TRANSPRTN AUTH NY REVENUE | 0.003171 | | ## Nomura Tax-Free USA Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | PUERTO RICO SALES TAX FING COR REGD ZCP OID B/E 0.00000000 | 0.031306 | | | Puerto Rico, GDB Debt Recovery Authority Commonwealth Bonds, Taxable Series 2018 | 0.022106 | | | PUERTO RICO SALES TAX FING COR REGD OID B/E 4.75000000 | 0.017631 | | | Puerto Rico, General Obligation Bonds, Vintage CW NT Claims Taxable Series 2022 | 0.017422 | | | CALIFORNIA ST EDUCTNL | 0.016245 | | | New York Counties Tobacco Trust V, Series 2005 S4B, RB | 0.014811 | | | RESTRUCTURED-SER A1 | 0.014282 | | | PUERTO RICO SALES TAX FING COR REGD ZCP OID B/E 0.00000000 | 0.013192 | | | NY LIBERTY DEV-BAM | 0.011543 | | | George L. Smith II GA World Congress Center Auth. Rev. (Convention Center Hotel) A | 0.010088 | | | STATE OF ILLINOIS MCCORMICK PLACE EXPANSION PROJECT FUND 4.0% 06-15-52 | 0.009681 | ✓ | | HILLSBR FL IDA 3.50% 8/1/2055 | 0.009253 | | | STATE OF ILLINOIS MCCORMICK PLACE EXPANSION PROJECT FUND AG 0.0% 12-15-56 | 0.009104 | | | FL ST DFC(BRIGHTLINE FL)/AGM 5.25% 7/1/53@ | 0.008675 | | | NEW YORK ST DORM AUTH REVENUES NON ST SUPPORTED DEBT | 0.007893 | | | PREREF IOWA ST FIN AUTH MIDWSTRN DISA REGD B/E PREREFUNDED 12/01/32 @ 100 5.00000000 | 0.007850 | | | STATE OF ILLINOIS MCCORMICK PLACE EXPANSION PROJECT FUND BAM-TCRS 0.0% 12-15-54 | 0.007752 | | | County of Montgomery MD | 0.007438 | | | KAISER FOUNDATION HOSPITALS 5.0% 11-01-47 | 0.007349 | | | STATE OF ILLINOIS 4.0% 11-01-39 | 0.007131 | | | Salt River Project Agricultural Improvement & Power District, Series 2025, RB | 0.007032 | | | WI PUBTRN 6.5 12/31/2065 | 0.007023 | ✓ | | Inland Empire Tobacco Securitization Corp | 0.006899 | | | BUCKEYE TOBACCO SETTLEMENT FIN BUCGEN 06/48 FIXED 4 | 0.006873 | ✓ | | WI PUBTRN 5.75 12/31/2065 | 0.006833 | ✓ | | NY TRNSPRTN DEV CRP-A | 0.006705 | ✓ | | Tender Option Bond Trust Receipts/Certificates | 0.006327 | | | MUNI ELEC AUTH OF GEORGIA | 0.006304 | | | PREREF MET WASHINGTON DC ARPTS AUTH D REGD OID B/E AG PREREFUNDED 10/01/26 @ 100 6.50000000 | 0.006242 | ✓ | | WASHINGTON ST HSG FIN COMMISSI REGD OID B/E BAM 5.25000000 | 0.006178 | ✓ | | ARKANSAS ST DEV FIN AUTH INDL REGD B/E AMT 6.87500000 | 0.006104 | | | SALT RIVER-SER B | 0.006038 | | | Chicago O'Hare International Airport, Series E | 0.005969 | | | NYC MUNI WTR-AA3-ADJ | 0.005883 | | | New Jersey Transportation Trust Fund Authority, Series 2009 A | 0.005731 | ✓ | | Washington Metropolitan Area Transit Authority, Series 2025, RB | 0.005625 | | | MONTGOMERY HGR EDU-B | 0.005624 | | | OR FACS AUTH-B-REF | 0.005466 | | | Wisconsin (State of) Public Finance Authority, Series 2023, RB | 0.005331 | ✓ | | MASSACHUSETTS ST DEV FIN AGY REVENUE | 0.005313 | | | Fairfax (County of), VA, Series 2025 A, GO Bonds | 0.005111 | | | UNIV TX 5% 8/15/49 | 0.004910 | | | State of California, Series 2024 | 0.004884 | | | State of California | 0.004870 | | | VIRGINIA ST CLG BLDG | 0.004864 | | | Orange (County of), FL Health Facilities Authority (Orlando Health Obligated Group), Series 2022, RB | 0.004793 | | | State of Illinois | 0.004778 | | | TX TTFTRN 5.5 10/01/2055 | 0.004758 | | | NEW YORK ST DORM AUTH REVENUES REGD B/E 5.50000000 | 0.004752 | | | PUERTO RICO SALES TAX FING COR REGD OID B/E 5.00000000 | 0.004749 | ✓ | ## Sources - N-PORT (fund A) — accession `0002071691-26-007577` (as of 2026-01-31) - N-PORT (fund B) — accession `0000940400-26-014618` (as of 2026-02-27) --- _Informational only — not investment advice. FundWatcher presents publicly available data and makes no recommendation to buy or sell any security. Verify all figures against the source filing before relying on them._ _Data sourced from U.S. SEC EDGAR filings (Forms N-PORT, N-CEN, and prospectus Risk/Return summaries). FundWatcher is not affiliated with the SEC._ _Use of this data is subject to the FundWatcher Terms of Service. Information may be used only for personal, non-commercial research and may not be redistributed. See _