# Portfolio overlap — FFQAX vs IORAX Comparing **Franklin Federal Tax-Free Income Fund** (2026-01-31) and **Invesco AMT-Free Municipal Income Fund** (2026-02-28). - Shared positions: 38 - Franklin Federal Tax-Free Income Fund covered by Invesco AMT-Free Municipal Income Fund: 0.05781356712073320300129006079 - Invesco AMT-Free Municipal Income Fund covered by Franklin Federal Tax-Free Income Fund: 0.05781356712073320300129006079 ## 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 | | ## Invesco AMT-Free Municipal Income Fund — top positions | Security | Weight | Shared | |----------|--------|--------| | Washington Metropolitan Area Transit Authority, Series 2020 A, RB | 0.012120 | | | California (State of) County Tobacco Securitization Agency, Series 2006 B, RB | 0.011490 | | | ILL ST TOLL 5% 1/1/45 | 0.010576 | | | Illinois (State of) Regional Transportation Authority, Series 2018 B, RB | 0.009918 | | | OH BUCGEN 5 06/01/2055 | 0.008578 | | | Inland Empire Tobacco Securitization Corp., Series 2007 F, RB | 0.008420 | | | Indianapolis Local Public Improvement Bond Bank, Series 2025, Ref. RB | 0.008081 | | | District of Columbia Tobacco Settlement Financing Corp., Series 2006 B, RB | 0.007991 | | | Water Works Board of the City of Birmingham (The), Series 2016B | 0.007906 | | | MIAMI-DADE WTSW 4% 10/1/49 | 0.007847 | ✓ | | SALT RIVER-SER B | 0.007769 | | | County of Broward Tourist Development Tax Revenue | 0.007726 | | | State of Hawaii Airports System, Series 2025B | 0.007693 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2022A-1 | 0.007435 | | | TX GPTTRN 4 10/01/2045 | 0.006996 | | | LOUISIANA STADIUM & EXPOSITION REGD B/E 5.00000000 | 0.006600 | | | TOBACCO SETTLEMENT FING CORP N TOBACCO SETTLEMENT FINANCING CORP | 0.006505 | | | PENNSYLVANIA ST REGD B/E 4.00000000 | 0.006144 | | | TSASC, Inc., Series B | 0.006131 | | | TOBACCO SETTLEMENT FING CORP NJ | 0.006056 | | | Aurora (City of), CO (Pipeline/Interceptor), Series 2023, RB | 0.006055 | | | NY ST DORM AUTH PIT 20D SF 4.0% 02-15-47 | 0.006010 | | | MSR Energy Authority, Series B | 0.005942 | | | M-S-R Energy Authority, Series 2009 B, RB | 0.005883 | ✓ | | LOWER AL GAS DIST GAS PROJ REV LWRUTL 09/46 FIXED 5 | 0.005847 | | | NYC HSG 4.80% 2/1/2053 | 0.005776 | | | Tender Option Bond Trust Receipts/Certificates | 0.005718 | | | PHILADELPHIA PA AUTH FOR INDL DEV HOSP REVENUE | 0.005693 | | | PUERTO RICO SALES TAX FING COR REGD ZCP OID B/E 0.00000000 | 0.005606 | | | Miami-Dade (County of), FL Transit System, Series 2020 A, RB | 0.005453 | ✓ | | FORNEY TX INDEP SCH DIST | 0.005337 | | | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Refunding Series 2024A-1 | 0.005263 | | | El Paso (City of), TX, Series 2022 A, RB | 0.005227 | | | NEW YORK NY | 0.005224 | | | San Antonio, TX Electric and Gas Systems Rev. A | 0.005207 | | | LOS ANGELES DEPT WTR | 0.005204 | | | San Diego (County of), CA Regional Airport Authority, Series 2025, RB | 0.005194 | | | Tender Option Bond Trust Receipts/Certificates | 0.005175 | | | BLACK BELT ENERGY GAS VAR | 0.005119 | | | NEW YORK NY REGD B/E 5.25000000 | 0.005112 | | | ST LOUIS MO AIR 5.25% 7/1/2049 | 0.005108 | | | NJ HLTH CARE FACS-A | 0.005092 | | | Pennsylvania Housing Finance Agency | 0.005088 | | | Chicago O'Hare International Airport, Series 2018B | 0.005081 | | | CALIFORNIA ST HLTH FACS FING AUTH REVENUE | 0.005018 | | | Port of Houston Authority, Harris County, Texas, Revenue Bonds, First Lien Series 2023 | 0.004985 | | | Maryland Transportation Authority, Revenue Bonds, Transportation Facilities Projects, Series 2021A | 0.004984 | | | Chicago Midway International Airport, Series 2025, RB | 0.004959 | | | DALLAS-FORT WORTH TX INTERNATI REGD B/E 5.00000000 | 0.004953 | | | MET TRANS AUTH-A-A2 | 0.004928 | ✓ | ## Sources - N-PORT (fund A) — accession `0002071691-26-007577` (as of 2026-01-31) - N-PORT (fund B) — accession `0000909466-26-000151` (as of 2026-02-28) --- _Informational only — not investment advice. 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