# Portfolio overlap — FFQAX vs FRALX Comparing **Franklin Federal Tax-Free Income Fund** (2026-01-31) and **Franklin Alabama Tax-Free Income Fund** (2026-02-28). - Shared positions: 23 - Franklin Federal Tax-Free Income Fund covered by Franklin Alabama Tax-Free Income Fund: 0.06686109311812069111121621081 - Franklin Alabama Tax-Free Income Fund covered by Franklin Federal Tax-Free Income Fund: 0.06686109311812069111121621080 ## 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 | | ## Franklin Alabama Tax-Free Income Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | University of Alabama (The), Series 2018 B-2 | 0.030907 | | | City of Huntsville, Series 2018 B | 0.029980 | | | Jefferson (County of), AL, Series 2024, Ref. Revenue Wts. | 0.028927 | ✓ | | Madison Water & Wastewater Board, Series 2017 | 0.028311 | | | Jacksonville State University, Series 2020 | 0.025919 | | | Special Care Facilities Financing Authority of the City of Pell City Alabama, Series 2021 A | 0.024626 | | | HUNTSVILLE HLTH-B | 0.021341 | | | Black Belt Energy Gas District (The), Series 2023 B, RB | 0.019911 | ✓ | | Bessemer Governmental Utility Services Corp., Series 2017 | 0.018654 | | | East Alabama Health Care Authority (The), Series 2018 A | 0.018654 | | | City of Trussville, Series 2018 A | 0.018366 | | | Madison City Board of Education, Series 2019 | 0.017902 | | | Florence City Board of Education, Series 2022 | 0.017375 | | | Alexander City Board of Education, Series 2022 | 0.017086 | | | Auburn University, Series 2025, RB | 0.016934 | | | Mobile (City of), AL Infirmary Health System Special Care Facilities Financing Authority, Series 2021 A, Ref. RB | 0.016447 | | | City of Bessemer, Series 2017 | 0.015769 | | | Jacksonville State University, Series 2017 | 0.015557 | | | University of Montevallo, Series 2017 | 0.015426 | | | City of Lincoln, Series 2020 | 0.014467 | | | S E ENERGY-B-REV | 0.013388 | | | DCH HLTH CARE -A-REV | 0.013365 | | | SOUTHEAST ENERGY AUTH VAR | 0.013189 | ✓ | | BLACK BELT ENRY GAS-A | 0.013157 | ✓ | | Homewood Educational Building Authority, Series 2019 A | 0.012943 | | | Public Finance Authority, Series 2025 A-2 | 0.012797 | ✓ | | SOUTHEAST ENERGY AUTH VAR | 0.012489 | | | Columbia Industrial Development Board, Series 2014 D | 0.012409 | | | Water Works Board of the City of Birmingham (The), Series 2016B | 0.012405 | | | UNIV SOUTH AL 5% 4/1/2049 | 0.012379 | ✓ | | Talladega County Board of Education, Series 2017 | 0.012358 | | | Opelika Utilities Board, Series 2017 | 0.012156 | | | DCH Healthcare Authority, Series 2015 | 0.012131 | | | Mobile (County of), AL (Gomessa), Series 2020, Revenue Wts. | 0.012049 | ✓ | | Mobile County Board of School Commissioners, Series 2022, RB | 0.011857 | | | HUNTSVILLE HLTH CARE | 0.011572 | | | LIMESTONE CO WTR SWR | 0.011362 | | | City of Tuscaloosa, Series 2020 A | 0.011178 | | | Alabama Community College System, Series 2019 | 0.010945 | | | Birmingham-Jefferson Civic Center Authority, Series 2018 A | 0.010240 | | | Alabama State University, Series 2022 | 0.009998 | | | Selma Industrial Development Board, Series 2020A | 0.009783 | | | Alabama State University, Series 2022 | 0.009767 | | | Alabaster Board of Education, Series 2022 | 0.009500 | | | Alabaster Board of Education, Series 2022 | 0.009352 | | | Capital Trust Authority, Series 2024 | 0.008953 | ✓ | | Public Finance Authority, Series 2024 A-2 | 0.008653 | ✓ | | City of Tuscaloosa, Series 2025B | 0.008096 | | | Black Belt Energy Gas District, Series 2025, RB | 0.007955 | | | Homewood Educational Building Authority, Series 2021 A | 0.007465 | | ## Sources - N-PORT (fund A) — accession `0002071691-26-007577` (as of 2026-01-31) - N-PORT (fund B) — accession `0002071691-26-008606` (as of 2026-02-28) --- _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 _