# EDGAR Filing Document

**Accession Number:** 0000357310
**File Stem:** 0001133228-25-006808
**Filing Date:** 2025-6
**Character Count:** 320514
**Document Hash:** 7c2972eeb251b1b2d3486287468f2c01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006808.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001133228-25-006808

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**EFFECTIVENESS DATE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin Federal Tax Free Income Fund
- **CENTRAL INDEX KEY:** 0000357310

**ORGANIZATION NAME:**
- **EIN:** 942821264
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03395
- **FILM NUMBER:** 251082344

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906
- **BUSINESS PHONE:** 650-570-3000

**MAIL ADDRESS:**
- **STREET 1:** ONE FRANKLIN PARKWAY
- **CITY:** SAN MATEO
- **STATE:** CA
- **ZIP:** 94403-1906

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN FEDERAL TAX FREE INCOME FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRANKLIN CASH MANAGEMENT FUND
- **DATE OF NAME CHANGE:** 19831016

## Series and Classes Contracts Data

### FRANKLIN FEDERAL TAX-FREE INCOME FUND (Series ID: S000006760)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000018346 | Class A1      | FKTIX           |
| C000018348 | Class C       | FRFTX           |
| C000018349 | Advisor Class | FAFTX           |
| C000194409 | Class R6      | FFTQX           |
| C000199717 | Class A       | FFQAX           |

?xml version='1.0' encoding='ASCII'? 2025-05-1274200010400_FranklinFederalTax-FreeIncomeFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

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

Franklin Templeton

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: **April 30**

Date of reporting period: **April 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](i202405220716489.jpg) |
| Class A [FFQAX] | ![image](i202405220716489.jpg) |
| Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to April 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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**<sup>\*</sup>  |
| Class A | $78 | 0.77% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2025, Class A shares of Franklin Federal Tax-Free Income Fund returned 2.20%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 1.66% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight duration exposure to bonds with 20 or more years to maturity |

---

Franklin Federal Tax-Free Income Fund PAGE 1 1116-ATSR-0625

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 4/30/2015 — 4/30/2025

![image](ts4093img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 2.20 | 1.11 | 1.65 |
| **Class A (with sales charge)**  | -1.63 | 0.34 | 1.26 |
| **Bloomberg Municipal Bond Index**  | 1.66 | 1.17 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class A shares on 9/10/2018. Returns for periods before 9/10/2018, are based on the Fund's Class A1 performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8039568659 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1022 |
| **Total Management Fee Paid** | $38503388 |
| **Portfolio Turnover Rate** | 9.61% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin Federal Tax-Free Income Fund PAGE 2 1116-ATSR-0625

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4093img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2024, Paul M. Drury and Garrett L. Hamilton were added as portfolio managers of the Fund. Effective May 30, 2025, Paul M. Drury is anticipated to retire and step down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Tax-Free Income Fund PAGE 3 1116-ATSR-0625

962510024100241010810608107221168710679107721108711331100001052910545107091136811614125131152711858121051230618.216.113.410.59.18.17.56.75.82.41.70.5 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](i202405220716489.jpg) |
| Class A1 [FKTIX] | ![image](i202405220716489.jpg) |
| Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to April 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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**<sup>\*</sup>  |
| Class A1 | $63 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2025, Class A1 shares of Franklin Federal Tax-Free Income Fund returned 2.35%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 1.66% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight duration exposure to bonds with 20 or more years to maturity |

---

Franklin Federal Tax-Free Income Fund PAGE 1 116-ATSR-0625

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,625 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A1** 4/30/2015 — 4/30/2025

![image](ts4094img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 2.35 | 1.27 | 1.75 |
| **Class A1 (with sales charge)**  | -1.53 | 0.50 | 1.36 |
| **Bloomberg Municipal Bond Index**  | 1.66 | 1.17 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Effective 9/10/18, Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available.

Performance for periods prior to March 1, 2019, has been restated to reflect the current maximum sales charge, which is lower than the maximum sales charge prior to that date.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8039568659 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1022 |
| **Total Management Fee Paid** | $38503388 |
| **Portfolio Turnover Rate** | 9.61% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin Federal Tax-Free Income Fund PAGE 2 116-ATSR-0625

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4094img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2024, Paul M. Drury and Garrett L. Hamilton were added as portfolio managers of the Fund. Effective May 30, 2025, Paul M. Drury is anticipated to retire and step down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Tax-Free Income Fund PAGE 3 116-ATSR-0625

962510025100261011110622107521173710741108511118411447100001052910545107091136811614125131152711858121051230618.216.113.410.59.18.17.56.75.82.41.70.5 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](i202405220716489.jpg) |
| Class C [FRFTX] | ![image](i202405220716489.jpg) |
| Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to April 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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**<sup>\*</sup>  |
| Class C | $118 | 1.17% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2025, Class C shares of Franklin Federal Tax-Free Income Fund returned 1.79%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 1.66% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight duration exposure to bonds with 20 or more years to maturity |

---

Franklin Federal Tax-Free Income Fund PAGE 1 216-ATSR-0625

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 4/30/2015 — 4/30/2025

![image](ts4095img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 1.79 | 0.71 | 1.19 |
| **Class C (with sales charge)**  | 0.81 | 0.71 | 1.19 |
| **Bloomberg Municipal Bond Index**  | 1.66 | 1.17 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8039568659 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1022 |
| **Total Management Fee Paid** | $38503388 |
| **Portfolio Turnover Rate** | 9.61% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4095img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin Federal Tax-Free Income Fund PAGE 2 216-ATSR-0625

------

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2024, Paul M. Drury and Garrett L. Hamilton were added as portfolio managers of the Fund. Effective May 30, 2025, Paul M. Drury is anticipated to retire and step down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Tax-Free Income Fund PAGE 3 216-ATSR-0625

1000010359103021034110794108661179810737107871105911257100001052910545107091136811614125131152711858121051230618.216.113.410.59.18.17.56.75.82.41.70.5 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](i202405220716489.jpg) |
| Class R6 [FFTQX] | ![image](i202405220716489.jpg) |
| Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to April 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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**<sup>\*</sup>  |
| Class R6 | $49 | 0.48% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2025, Class R6 shares of Franklin Federal Tax-Free Income Fund returned 2.50%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 1.66% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight duration exposure to bonds with 20 or more years to maturity |

---

Franklin Federal Tax-Free Income Fund PAGE 1 8116-ATSR-0625

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 4/30/2015 — 4/30/2025

![image](ts4097img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 2.50 | 1.41 | 1.85 |
| **Bloomberg Municipal Bond Index**  | 1.66 | 1.17 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

The Fund began offering Class R6 shares on 8/1/2017. Returns for periods before 8/1/2017, are based on the Fund's Advisor Class performance, which has been adjusted to take into account differences in class-specific operating expenses and maximum sales charges. For periods after the share class offering, performance for the specific share class is used, reflecting the applicable expenses and maximum sales charges.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8039568659 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1022 |
| **Total Management Fee Paid** | $38503388 |
| **Portfolio Turnover Rate** | 9.61% |

---

\* Does not include derivatives, except purchased options, if any.

Franklin Federal Tax-Free Income Fund PAGE 2 8116-ATSR-0625

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4097img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2024, Paul M. Drury and Garrett L. Hamilton were added as portfolio managers of the Fund. Effective May 30, 2025, Paul M. Drury is anticipated to retire and step down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Tax-Free Income Fund PAGE 3 8116-ATSR-0625

1000010416104171048211027111771221711197113281169312014100001052910545107091136811614125131152711858121051230618.216.113.410.59.18.17.56.75.82.41.70.5 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](i202405220716489.jpg) |
| Advisor Class [FAFTX] | ![image](i202405220716489.jpg) |
| Annual Shareholder Report \| April 30, 2025  | ![image](i202405220716489.jpg) |
| ![image](i202408190904545.jpg) | ![image](i202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2024, to April 30, 2025.

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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (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**<sup>\*</sup>  |
| Advisor Class | $53 | 0.52% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended April 30, 2025, Advisor Class shares of Franklin Federal Tax-Free Income Fund returned 2.45%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 1.66% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight bonds with no external credit rating |
| ↑ | Security selection in AA rated bonds |
| ↑ | Security selection in BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Overweight duration exposure to bonds with 20 or more years to maturity |

---

Franklin Federal Tax-Free Income Fund PAGE 1 620-ATSR-0625

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 4/30/2015 — 4/30/2025

![image](ts4096img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 2.45 | 1.37 | 1.85 |
| **Bloomberg Municipal Bond Index**  | 1.66 | 1.17 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit https://www.franklintempleton.com/investments/options/mutual-funds.

Important data provider notices and terms available at www.franklintempletondatasources.com.

**KEY FUND STATISTICS** (as of April 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8039568659 |
| **Total Number of Portfolio Holdings**<sup>\*</sup>  | 1022 |
| **Total Management Fee Paid** | $38503388 |
| **Portfolio Turnover Rate** | 9.61% |

---

\* Does not include derivatives, except purchased options, if any.

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts4096img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Franklin Federal Tax-Free Income Fund PAGE 2 620-ATSR-0625

------

**HOW HAS THE FUND CHANGED?**

Effective September 30, 2024, Paul M. Drury and Garrett L. Hamilton were added as portfolio managers of the Fund. Effective May 30, 2025, Paul M. Drury is anticipated to retire and step down as a member of the Fund's portfolio management team.

This is a summary of certain changes to the Fund since May 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2025,

at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or

prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![image](i202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](i202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](i202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) DIAL BEN/342-5236. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Franklin Federal Tax-Free Income Fund PAGE 3 620-ATSR-0625

1000010426104371053611078112251226511236113621172312010100001052910545107091136811614125131152711858121051230618.216.113.410.59.18.17.56.75.82.41.70.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Mary C. Choksi, possesses the technical attributes identified in Item 3 to Form N-CSR to qualify as an "audit committee financial expert," and has designated Mary C. Choksi as the Audit Committee's financial expert. Mary C. Choksi is an "independent" Trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending April 30, 2024 and April 30, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $70,290 in April 30, 2024 and $75,115 in April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in April 30, 2024 and $0 in April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $0 in April 30, 2024 and $10,000 in April 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

There were no fees billed for tax services by the Auditors to the Registrant's investment manager and any entity controlling, controlled by, or under common control with the investment manager that provides ongoing services to the Registrant ("Service Affiliates") during the Reporting Periods that required pre-approval by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in April 30, 2024 and $0 in April 30, 2025.

The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Service Affiliates, other than the services reported in paragraphs (a) through (c) of this item, were $158,426 in April 30, 2024 and $0 in April 30, 2025. The services for which these fees were paid included professional fees in connection with SOC 1 Reports and professional fees relating to security counts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee is directly responsible for approving the services to be provided by the Auditors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pre-approval of all audit and audit related services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pre-approval of all non-audit related services to be provided to the Registrant by the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pre-approval of all non-audit related services to be provided by the Auditors to the Registrant and the Service Affiliates where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) establishment by the Audit Committee, if deemed necessary or appropriate, as an alternative to committee pre-approval of services to be provided by the Auditors, as required by paragraphs (ii) and (iii) above, of policies and procedures to permit such services to be pre-approved by other means, such as through establishment of guidelines or by action of a designated member or members of the committee; provided the policies and procedures are detailed as to the particular service and the committee is informed of each service and such policies and procedures do not include delegation of Audit Committee responsibilities, as contemplated under the Securities Exchange Act of 1934, to management; subject, in the case of (ii) through (iv), to any waivers, exceptions or exemptions that may be available under applicable law or rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $228,426 in April 30, 2024 and $377,023 in April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Franklin

#### Federal

#### Tax-Free

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

April

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 38
Notes

to

Financial

Statements

#### 42
Report

of

Independent

Registered

Public

Accounting

Firm

#### 51
Tax

Information

#### 52
Changes

In

and

Disagreements

with

Accountants

#### 53
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.66

$10.72

$10.97

$12.31

$11.60

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.38 0.37 0.34 0.31 0.33 Net

realized

and

unrealized

gains

(losses)

...........

(0.14)

(0.06)

(0.25)

(1.35)

0.71 Total

from

investment

operations

....................

0.24 0.31 0.09 (1.04)

1.04 Less

distributions

from:

Net

investment

income

..........................

(0.38)

(0.37)

(0.34)

(0.30)

(0.33)

Net

asset

value,

end

of

year

.......................

$10.52

$10.66

$10.72

$10.97

$12.31

Total

return

c

...................................

2.20%

2.92%

0.87%

(8.62)%

9.01%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d,e

....................................

0.77%

0.79%

0.79%

0.77%

0.78%

Net

investment

income

...........................

3.53%

3.50%

3.21%

2.56%

2.72%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,990,039

$1,968,264

$1,940,290

$1,916,791

$1,770,979

Portfolio

turnover

rate

............................

9.61%

15.32%

28.31%

22.08%

16.18%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.66

$10.72

$10.97

$12.31

$11.60

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.40 0.39 0.36 0.33 0.35 Net

realized

and

unrealized

gains

(losses)

...........

(0.14)

(0.07)

(0.26)

(1.35)

0.70 Total

from

investment

operations

....................

0.26 0.32 0.10 (1.02)

1.05 Less

distributions

from:

Net

investment

income

..........................

(0.40)

(0.38)

(0.35)

(0.32)

(0.34)

Net

asset

value,

end

of

year

.......................

$10.52

$10.66

$10.72

$10.97

$12.31

Total

return

c

...................................

2.35%

3.08%

1.02%

(8.48)%

9.17%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d,e

....................................

0.62%

0.64%

0.64%

0.63%

0.63%

Net

investment

income

...........................

3.68%

3.65%

3.35%

2.71%

2.89%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$4,024,438

$4,601,265

$5,215,087

$6,256,503

$6,919,289

Portfolio

turnover

rate

............................

9.61%

15.32%

28.31%

22.08%

16.18%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.65

$10.71

$10.96

$12.30

$11.59

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.34 0.33 0.30 0.26 0.29 Net

realized

and

unrealized

gains

(losses)

...........

(0.14)

(0.07)

(0.25)

(1.34)

0.70 Total

from

investment

operations

....................

0.20 0.26 0.05 (1.08)

0.99 Less

distributions

from:

Net

investment

income

..........................

(0.34)

(0.32)

(0.30)

(0.26)

(0.28)

Net

asset

value,

end

of

year

.......................

$10.51

$10.65

$10.71

$10.96

$12.30

Total

return

c

...................................

1.79%

2.51%

0.47%

(8.99)%

8.58%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d,e

....................................

1.17%

1.18%

1.19%

1.18%

1.18%

Net

investment

income

...........................

3.13%

3.09%

2.79%

2.15%

2.35%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$127,394

$180,672

$246,760

$340,772

$543,196

Portfolio

turnover

rate

............................

9.61%

15.32%

28.31%

22.08%

16.18%

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.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

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.

Annual

Report

a

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.67

$10.73

$10.98

$12.32

$11.61

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.41 0.40 0.37 0.35 0.37 Net

realized

and

unrealized

gains

(losses)

...........

(0.14)

(0.06)

(0.25)

(1.35)

0.70 Total

from

investment

operations

....................

0.27 0.34 0.12 (1.00)

1.07 Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.40)

(0.37)

(0.34)

(0.36)

Net

asset

value,

end

of

year

.......................

$10.53

$10.67

$10.73

$10.98

$12.32

Total

return

....................................

2.50%

3.22%

1.17%

(8.35)%

9.31%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.48%

0.49%

0.50%

0.48%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

c

......

0.48%

d

0.49%

d

0.49%

0.48%

d

0.49%

d

Net

investment

income

...........................

3.82%

3.79%

3.51%

2.88%

3.00%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$791,700

$824,024

$952,887

$761,716

$294,727

Portfolio

turnover

rate

............................

9.61%

15.32%

28.31%

22.08%

16.18%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$10.67

$10.73

$10.98

$12.32

$11.61

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.41 0.40 0.37 0.34 0.36 Net

realized

and

unrealized

gains

(losses)

...........

(0.14)

(0.07)

(0.26)

(1.35)

0.71 Total

from

investment

operations

....................

0.27 0.33 0.11 (1.01)

1.07 Less

distributions

from:

Net

investment

income

..........................

(0.41)

(0.39)

(0.36)

(0.33)

(0.36)

Net

asset

value,

end

of

year

.......................

$10.53

$10.67

$10.73

$10.98

$12.32

Total

return

....................................

2.45%

3.18%

1.12%

(8.39)%

9.27%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c,d

....................................

0.52%

0.54%

0.54%

0.52%

0.53%

Net

investment

income

...........................

3.78%

3.75%

3.44%

2.80%

2.98%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

.....................

$1,105,998

$1,135,784

$998,541

$1,383,620

$1,829,553

Portfolio

turnover

rate

............................

9.61%

15.32%

28.31%

22.08%

16.18%

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

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments,

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

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

#### $

#### –

####)
...............................................

#### —

#### Principal

#### Amount
a

#### a
a

#### Corporate

#### Bonds

#### 0.5%

#### Software

#### 0.5%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

....................................

$

35,660,000

35,758,579

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 35,660,000

####)
......................................

#### 35,758,579

#### Municipal

#### Bonds

#### 98.2%

#### Alabama

#### 3.2%
Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/46

...................

10,000,000

10,012,128

c

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

F

,

Mandatory

Put

,

5.5 %

,

12/01/28

.........................

24,715,000

25,771,176

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

12/01/30

.......................

17,015,000

18,053,958

Revenue

,

2023

,

Refunding

,

Mandatory

Put

,

5.5 %

,

2/01/29

................

4,000,000

4,184,665

Revenue

,

2024

A

,

Mandatory

Put

,

5.25 %

,

9/01/32

.........................

4,500,000

4,772,094

Chilton

County

Health

Care

Authority

,

County

of

Chilton

Sales

Tax

,

Revenue

,

2015

A

,

%

,

11/01/40

.....................................................

8,425,000

8,312,690

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5.5 %

,

10/01/53

..........

39,600,000

40,558,356

d

County

of

Mobile

,

Revenue

,

144A,

2020

,

%

,

11/01/45

.......................

12,700,000

11,065,095

c

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

,

Mandatory

Put

,

5.5 %

,

1/01/31

.........................

25,230,000

27,042,516

Revenue

,

2023

,

Mandatory

Put

,

5.75 %

,

11/01/31

.......................

15,000,000

16,311,279

Jacksonville

Public

Educational

Building

Authority

,

Jacksonville

State

University

,

Revenue

,

2023

A

,

AGMC

Insured

,

5.25 %

,

8/01/53

...

8,000,000

8,195,050

Jacksonville

State

University

,

Revenue

,

2023

A

,

AGMC

Insured

,

5.5 %

,

8/01/58

....

2,000,000

2,076,812

Southeast

Energy

Authority

A

Cooperative

District

,

c

Revenue

,

2021

B

,

Mandatory

Put

,

%

,

12/01/31

...........................

1,000,000

983,702

c

Revenue

,

2022

,

Mandatory

Put

,

5.5 %

,

12/01/29

........................

12,850,000

13,626,654

c

Revenue

,

2023

B

,

Mandatory

Put

,

%

,

6/01/30

............................

6,000,000

6,263,500

Revenue

,

2024

A

,

%

,

11/01/35

.......................................

20,000,000

20,605,850

c

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

6/01/35

............................

19,500,000

20,000,699

c

Revenue

,

2025

B

,

Mandatory

Put

,

5.25 %

,

1/01/33

.........................

14,000,000

14,778,378

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

%

,

4/01/49

........

5,000,000

5,034,198

257,648,800

#### Alaska

#### 0.2%
Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2015

,

Refunding

,

%

,

10/01/39

...

12,950,000

12,954,271

Northern

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2021

A

,

,

Refunding

,

%

,

6/01/50

...................

3,250,000

2,747,104

Revenue,

Senior

Lien

,

2021

,

,

Refunding

,

%

,

6/01/50

..................

1,080,000

1,028,338

16,729,713

#### Arizona

#### 2.1%
Arizona

Industrial

Development

Authority

,

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/32

.............

205,000

206,530

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/33

.............

220,000

221,405

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/34

.............

230,000

220,917

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/35

.............

235,000

222,972

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/36

.............

220,000

206,157

Leman

Academy

of

Excellence

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4.5 %

,

7/01/54

........................................................

10,000,000

8,481,866

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

c

Chandler

Industrial

Development

Authority

,

Intel

Corp.

,

Revenue

,

2022-1

,

Mandatory

Put

,

%

,

9/01/27

..................................................

$

9,000,000

$

9,145,098

City

of

Lake

Havasu

City

,

Wastewater

System

,

Revenue

,

2015

B

,

Refunding

,

AGMC

Insured

,

%

,

7/01/40

...............................................

15,000,000

15,036,763

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue

,

2017

A

,

%

,

7/01/47

..................................

10,000,000

10,011,047

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

%

,

7/01/40

...............

25,000,000

24,114,530

Airport

,

Revenue,

Senior

Lien

,

2018

,

%

,

7/01/48

..........................

6,000,000

6,005,731

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/45

..................................................

3,235,000

2,888,729

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/32

.....

6,000,000

6,806,633

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/34

.....

5,000,000

5,748,282

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/35

.....

9,860,000

11,391,364

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/56

........................................

10,000,000

8,690,681

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2019

E

,

%

,

1/01/45

...............

10,000,000

9,111,068

Banner

Health

Obligated

Group

,

Revenue

,

2019

F

,

%

,

1/01/45

...............

25,000,000

22,777,670

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.

,

Revenue

,

2009

A

,

Refunding

,

3.6 %

,

2/01/40

.............

19,500,000

17,136,267

Southern

California

Edison

Co.

,

Revenue

,

2000

A

,

Refunding

,

2.4 %

,

6/01/35

.....

5,000,000

3,983,757

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2023

A

,

%

,

1/01/47

.........................................................

6,245,000

6,520,253

168,927,720

#### Arkansas

#### 0.1%
Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/44

........................

6,100,000

6,077,684

City

of

Centerton

,

Sales

&

Use

Tax

,

Revenue

,

2024

,

AGMC

Insured

,

%

,

11/01/44

...............

2,250,000

2,091,171

Sales

&

Use

Tax

,

Revenue

,

2024

,

AGMC

Insured

,

4.125 %

,

11/01/49

...........

1,400,000

1,337,966

Sales

&

Use

Tax

,

Revenue

,

2024

,

AGMC

Insured

,

%

,

11/01/54

...............

1,625,000

1,576,276

11,083,097

#### California

#### 8.4%
d

Align

Affordable

Housing

Bond

Fund

LP

,

Coronado

Springs

Tower

LLC

,

Revenue

,

144A,

2020-2

,

A

,

%

,

9/01/27

.........................................

17,835,000

17,605,820

c

Align

Capital

Trust

,

Revenue

,

2020-4

A

,

Mandatory

Put

,

3.75 %

,

1/01/26

..........

9,777,791

9,649,341

c

ARC70

II

TRUST

,

Revenue

,

2021-1

,

A

,

Mandatory

Put

,

%

,

12/01/37

............

11,360,000

9,539,301

c

California

Community

Choice

Financing

Authority

,

Revenue

,

2023

,

Mandatory

Put

,

%

,

8/01/29

..........................

5,000,000

5,197,256

Revenue

,

2023

C

,

Mandatory

Put

,

5.25 %

,

10/01/31

........................

43,250,000

44,954,975

d

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

..........

22,400,000

18,363,076

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

....................................................

17,850,000

14,609,470

K

Street

Flats

,

Revenue

,

144A,

2021

,

%

,

2/01/57

......................

10,000,000

6,509,956

California

Statewide

Communities

Development

Authority

,

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AGMC

Insured

,

%

,

8/15/42

........................................................

425,000

439,282

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AGMC

Insured

,

5.125 %

,

8/15/47

........................................................

620,000

634,819

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AGMC

Insured

,

5.25 %

,

8/15/52

........................................................

7,815,000

7,996,018

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AGMC

Insured

,

5.375 %

,

8/15/57

........................................................

12,495,000

12,833,188

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

d

CMFA

Special

Finance

Agency

,

Latitude33

,

Revenue

,

144A,

2021

,

%

,

12/01/56

.......................

$

12,000,000

$

7,861,522

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

..........

5,300,000

4,446,230

d

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Senior

Lien

,

144A,

2022

,

%

,

8/01/58

.........................................................

26,500,000

19,573,141

d

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

,

3.25 %

,

2/01/57

............................................

27,500,000

19,216,035

Corona-Norco

Unified

School

District

,

GO

,

C

,

AGMC

Insured

,

6.2 %

,

8/01/29

..................................

3,250,000

3,480,678

GO

,

C

,

Pre-Refunded

,

AGMC

Insured

,

6.8 %

,

8/01/39

.......................

8,500,000

9,213,731

e

GO

,

C

,

AGMC

Insured

,

4.74 %,

8/01/39

.................................

7,500,000

3,874,274

d

CSCDA

Community

Improvement

Authority

,

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.6 %

,

5/01/47

.......

10,000,000

8,016,139

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.25 %

,

5/01/57

......

12,500,000

8,332,995

Acacia

on

Santa

Rosa

Creek

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

%

,

10/01/56

.

13,000,000

10,298,651

Crescent

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

,

4.3 %

,

7/01/59

..........

13,700,000

10,832,175

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/48

........

10,000,000

6,981,832

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

,

2.875 %

,

8/01/41

2,715,000

2,374,316

Monterey

Station

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

7/01/43

.

7,855,000

5,991,101

Park

Crossing

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25 %

,

12/01/58

.

18,750,000

12,430,477

Vineyard

Garden

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25 %

,

10/01/58

14,000,000

9,242,449

Waterscape

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

%

,

9/01/56

......

1,670,000

1,109,208

Westgate

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/47

......

15,000,000

10,188,246

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/49

...

30,000,000

19,297,995

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/58

...

25,000,000

17,762,560

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

A

,

Refunding

,

AGMC

Insured

,

5.4 %

,

1/15/30

.................

15,475,000

16,975,971

Revenue

,

2013

A

,

Refunding

,

6.85 %

,

1/15/42

.............................

20,000,000

22,854,312

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5 %

,

11/01/39

....................

12,500,000

14,856,074

e

New

Haven

Unified

School

District

,

GO

,

2009

,

AGMC

Insured

,

3.4 %,

8/01/31

................................

2,055,000

1,667,267

GO

,

2009

,

AGMC

Insured

,

3.45 %,

8/01/32

...............................

7,830,000

6,121,791

GO

,

2009

,

AGMC

Insured

,

3.54 %,

8/01/33

...............................

7,660,000

5,749,944

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue

,

2017

A

,

Refunding

,

%

,

3/01/47

......................................................

23,855,000

23,846,233

Oro

Grande

Elementary

School

District

,

COP

,

2020

,

Refunding

,

%

,

9/15/25

....................................

2,120,000

2,117,419

COP

,

2020

,

Refunding

,

%

,

9/15/27

....................................

2,400,000

2,398,436

COP

,

2020

,

Refunding

,

%

,

9/15/28

....................................

2,095,000

2,090,048

e

Rialto

Unified

School

District

,

GO

,

2011

A

,

AGMC

Insured

,

4.48 %,

8/01/36

........

20,000,000

12,214,392

San

Diego

County

Regional

Airport

Authority

,

Revenue,

Senior

Lien

,

2023

B

,

5.25 %

,

7/01/58

.........................................................

15,000,000

15,402,470

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/01/49

...............................

26,805,000

26,807,909

Revenue,

Second

Series

,

2019

E

,

%

,

5/01/50

............................

13,000,000

12,963,254

San

Jose

Unified

School

District

,

GO

,

2018

E

,

%

,

8/01/42

....................

10,600,000

10,603,171

e

San

Mateo

Foster

City

School

District

,

GO

,

A

,

5.479 %,

8/01/42

.................

50,000,000

53,330,485

e

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

6.124 %,

9/01/33

.........................................

6,065,000

5,834,849

GO

,

2011

A

,

6.48 %,

9/01/41

..........................................

20,000,000

20,441,424

e

Santa

Ana

Unified

School

District

,

GO

,

2009

B

,

AGMC

Insured

,

3.82 %,

8/01/35

.............................

10,000,000

6,807,005

GO

,

2009

B

,

AGMC

Insured

,

3.9 %,

8/01/36

..............................

18,865,000

12,261,554

GO

,

2009

B

,

AGMC

Insured

,

3.98 %,

8/01/37

.............................

10,000,000

6,197,447

f

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

4.52 %

,

(3-month

TSOF

+

1.645 %),

11/01/38

...........................................

6,000,000

5,744,489

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

State

of

California

,

GO

,

2002

,

NATL

Insured

,

%

,

10/01/32

....................

$

20,000

$

20,020

e

West

Contra

Costa

Unified

School

District

,

GO

,

,

Refunding

,

AGMC

Insured

,

3.23 %,

8/01/29

.......................

10,000,000

8,735,622

GO

,

,

Refunding

,

AGMC

Insured

,

3.26 %,

8/01/30

.......................

20,845,000

17,612,420

GO

,

,

Refunding

,

AGMC

Insured

,

3.3 %,

8/01/31

........................

20,000,000

16,326,508

GO

,

,

Refunding

,

AGMC

Insured

,

3.36 %,

8/01/32

.......................

10,730,000

8,443,124

677,279,895

#### Colorado

#### 2.9%
d

Access

Metropolitan

District

No.

,

GO

,

144A,

2023

,

6.75 %

,

12/01/53

..........

3,555,000

3,612,545

Baseline

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

AGMC

Insured

,

%

,

12/01/46

........................................................

2,000,000

1,832,178

d

Broadway

Park

North

Metropolitan

District

No.

,

GO

,

144A,

2020

,

Refunding

,

%

,

12/01/49

........................................................

1,575,000

1,379,191

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

1992

C

,

NATL

Insured

,

ETM,

6.125 %

,

11/15/25

.......

1,055,000

1,066,498

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/01/37

..................

10,000,000

10,135,802

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/01/43

..................

5,000,000

5,001,089

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

5.25 %

,

12/01/43

...............

11,045,000

11,202,032

Airport

System

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/01/48

..................

15,500,000

15,446,827

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75 %

,

11/15/45

...............

10,000,000

10,708,502

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

%

,

11/15/53

..................

10,000,000

10,070,023

Pledged

Excise

Tax

,

Revenue

,

2018

,

%

,

8/01/48

......................

39,690,000

39,849,732

e

Pledged

Excise

Tax

,

Revenue

,

2018

,

4.5 %,

8/01/35

.....................

2,000,000

1,273,260

e

Pledged

Excise

Tax

,

Revenue

,

2018

,

4.63 %,

8/01/36

....................

2,500,000

1,502,274

e

Pledged

Excise

Tax

,

Revenue

,

2018

,

4.75 %,

8/01/37

....................

2,455,000

1,389,442

e

Pledged

Excise

Tax

,

Revenue

,

2018

,

4.88 %,

8/01/38

....................

2,000,000

1,063,767

Colorado

Educational

&

Cultural

Facilities

Authority

,

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

%

,

9/01/62

...................

2,200,000

2,043,514

Colorado

Health

Facilities

Authority

,

AdventHealth

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

11/15/41

......

20,505,000

20,514,715

AdventHealth

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/48

...............

12,000,000

12,125,359

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/49

13,000,000

11,241,199

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5.25 %

,

11/01/52

......

10,500,000

10,769,767

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

...........................................

4,930,000

4,055,744

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

%

,

12/01/49

.....

1,752,000

1,567,319

d

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

%

,

12/01/49

...........

2,000,000

1,777,231

Evan's

Place

Metropolitan

District

,

GO

,

2020

,

%

,

12/01/50

.................

1,575,000

1,353,547

d

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55 %

,

12/01/47

3,500,000

3,475,147

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/01/46

.....................................

2,875,000

2,888,148

Prairie

Center

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

5.875 %

,

12/15/46

.

1,375,000

1,412,824

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5 %

,

11/15/38

............

20,000,000

23,371,210

Severance

Shores

Metropolitan

District

No.

,

GO

,

2020

A

,

%

,

12/01/49

.........

5,675,000

5,049,646

South

Maryland

Creek

Ranch

Metropolitan

District

,

GO

,

2023

,

Refunding

,

AGMC

Insured

,

%

,

12/01/48

........................

800,000

811,414

GO

,

2023

,

Refunding

,

AGMC

Insured

,

5.125 %

,

12/01/57

....................

2,150,000

2,179,384

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

,

Revenue

,

2020

A

,

Refunding

,

3.75 %

,

12/01/40

.................................................

500,000

425,567

Sterling

Ranch

Colorado

Metropolitan

District

No.

,

Revenue

,

2020

A

,

Refunding

,

4.25 %

,

12/01/50

.................................................

1,150,000

976,004

Westminster

Public

Schools

,

GO

,

2024

A

,

%

,

12/01/49

......................

15,000,000

15,629,115

237,200,016

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Connecticut

#### 0.2%
Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/38

..........

$

2,200,000

$

2,136,729

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/46

..........

6,000,000

5,365,734

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

%

,

7/01/41

...

5,000,000

4,616,917

University

of

Hartford

(The)

,

Revenue

,

2022

P

,

5.375 %

,

7/01/52

...............

6,000,000

5,360,879

17,480,259

#### Delaware

#### 0.1%
County

of

Kent

,

CHF-Dover

LLC

,

Revenue

,

2018

A

,

%

,

7/01/40

...........................

1,100,000

1,097,529

CHF-Dover

LLC

,

Revenue

,

2018

A

,

%

,

7/01/48

...........................

1,485,000

1,414,732

CHF-Dover

LLC

,

Revenue

,

2018

A

,

%

,

7/01/53

...........................

1,100,000

1,021,744

Delaware

State

Economic

Development

Authority

,

Newark

Charter

School,

Inc.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/41

..........

600,000

528,598

Newark

Charter

School,

Inc.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/51

..........

3,300,000

2,675,939

6,738,542

#### Florida

#### 9.2%
Alachua

County

Health

Facilities

Authority

,

Oak

Hammock

at

the

University

of

Florida

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

10/01/40

...........................................

2,500,000

2,201,266

Oak

Hammock

at

the

University

of

Florida

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

10/01/46

...........................................

1,750,000

1,429,149

Ave

Maria

Stewardship

Community

District

,

Assessments

,

Special

Assessment

,

2022

A

,

Refunding

,

%

,

5/01/42

...........................................

5,020,000

4,317,927

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

%

,

5/01/40

................

1,840,000

1,689,307

Assessment

Area

3A

,

Special

Assessment

,

2020

,

%

,

5/01/50

................

1,500,000

1,247,915

d

Bannon

Lakes

Community

Development

District

,

Phase

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

5/01/41

................................................

700,000

585,243

Brevard

County

Health

Facilities

Authority

,

Health

First,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

4/01/52

.......................................

10,000,000

9,975,293

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/31

......

1,500,000

1,563,040

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

,

%

,

11/01/53

.......................................................

2,125,000

1,962,223

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

,

%

,

11/01/58

.......................................................

2,000,000

1,822,991

Capital

Trust

Agency,

Inc.

,

d

Kingdom

Kensington

LLC

,

Revenue

,

144A,

2021

,

3.65 %

,

12/01/36

..........

22,800,000

19,194,827

Lutz

Preparatory

School,

Inc.

,

Revenue

,

2021

A

,

%

,

6/01/31

.................

500,000

493,971

Lutz

Preparatory

School,

Inc.

,

Revenue

,

2021

A

,

%

,

6/01/41

.................

325,000

287,371

Lutz

Preparatory

School,

Inc.

,

Revenue

,

2021

A

,

%

,

6/01/51

.................

385,000

310,670

Lutz

Preparatory

School,

Inc.

,

Revenue

,

2021

A

,

%

,

6/01/56

.................

485,000

382,801

d

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

2,000,000

1,325,354

Capital

Trust

Authority

,

d,e

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.53 %,

3/01/29

........................................................

55,690,000

45,300,468

Seaside

School

Consortium,

Inc.

,

Revenue

,

2024

A

,

5.125 %

,

6/15/59

...........

1,485,000

1,372,326

Central

Florida

Expressway

Authority

,

Revenue,

Senior

Lien

,

2016

B

,

Refunding

,

%

,

7/01/39

.....................

5,000,000

4,792,502

Revenue,

Senior

Lien

,

2016

B

,

Refunding

,

%

,

7/01/40

.....................

5,825,000

5,513,014

Revenue,

Senior

Lien

,

2018

,

%

,

7/01/48

................................

16,000,000

16,139,403

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

%

,

5/01/42

.................................

1,140,000

868,460

Special

Assessment

,

2021

,

%

,

5/01/52

.................................

1,845,000

1,549,824

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

City

of

Atlantic

Beach

,

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/38

...................................................

$

1,105,000

$

1,093,365

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/53

...................................................

9,235,000

8,361,637

City

of

Cape

Coral

,

Water

&

Sewer

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/39

......

10,000,000

10,216,349

City

of

Cocoa

,

Water

&

Sewer

,

Revenue

,

2018

B

,

%

,

10/01/48

.................

10,325,000

10,550,688

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

%

,

10/01/37

..........................

5,000,000

5,110,275

Utilities

System

,

Revenue

,

2019

A

,

%

,

10/01/47

..........................

28,010,000

28,383,247

Utilities

System

,

Revenue

,

2019

A

,

Pre-Refunded

,

%

,

10/01/47

...............

125,000

134,451

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/01/45

..

5,000,000

4,414,926

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/01/50

..

20,000,000

19,184,564

e

City

of

Melbourne

,

Water

&

Sewer

,

Revenue

,

2000

A

,

FGIC

Insured

,

ETM,

3.19 %,

10/01/26

........

1,500,000

1,433,976

Water

&

Sewer

,

Revenue

,

2002

B

,

Refunding

,

NATL

Insured

,

3.46 %,

10/01/26

....

4,500,000

4,287,563

City

of

Miami

Beach

,

Stormwater

,

Revenue

,

2015

,

%

,

9/01/41

.................

10,000,000

10,031,504

City

of

Palmetto

,

Renaissance

Arts

and

Education,

Inc.

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

6/01/52

...................................................

3,000,000

2,970,993

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/50

........................................................

4,730,000

3,814,583

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

9/01/56

.

10,150,000

7,828,164

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Foundation,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/47

........................................................

5,750,000

4,978,058

Baptist

Health

South

Florida

Foundation,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/47

........................................................

7,845,000

7,858,045

City

of

St.

Petersburg

,

Public

Utility

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/43

......

15,000,000

14,052,221

e

City

of

Tampa

,

State

of

Florida

Cigarette

Tax

,

Revenue

,

2020

A

,

4.43 %,

9/01/35

..............

755,000

479,962

State

of

Florida

Cigarette

Tax

,

Revenue

,

2020

A

,

4.56 %,

9/01/36

..............

800,000

479,578

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

%

,

9/01/49

.....

15,000,000

13,096,142

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2025

A

,

5.25 %

,

10/01/50

.............................

6,740,000

6,875,188

Seaport

Department

,

Revenue,

Senior

Lien

,

2022

A

,

Refunding

,

5.25 %

,

10/01/52

..

6,000,000

6,063,046

Transit

System

,

Revenue

,

2015

,

Refunding

,

%

,

7/01/35

....................

7,000,000

7,014,609

Transit

System

,

Revenue

,

2018

,

%

,

7/01/43

.............................

10,000,000

10,194,192

Transit

System

,

Revenue

,

2018

,

%

,

7/01/47

.............................

5,000,000

4,487,440

Transit

System

,

Revenue

,

2020

A

,

%

,

7/01/48

...........................

5,000,000

4,443,498

Water

&

Sewer

System

,

Revenue

,

2019

B

,

%

,

10/01/49

....................

27,500,000

23,396,884

County

of

Monroe

,

Airport

,

Revenue

,

2022

,

5.25 %

,

10/01/47

................................

1,000,000

1,016,388

Airport

,

Revenue

,

2022

,

%

,

10/01/52

..................................

1,500,000

1,448,410

County

of

Osceola

,

Transportation

,

Revenue

,

2019

,

Refunding

,

%

,

10/01/49

...

4,500,000

4,553,643

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

%

,

5/01/51

1,000,000

844,293

Cypress

Mill

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

5/01/43

.................................

560,000

554,616

Special

Assessment

,

2023

,

%

,

5/01/53

.................................

1,000,000

962,473

d

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2018

,

%

,

12/15/48

.................................

4,000,000

3,881,802

East

Palm

Drive

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

6/15/54

...................................

750,000

717,740

d

Epperson

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2018

,

5.5 %

,

11/01/39

.............................

1,490,000

1,515,886

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Escambia

County

Health

Facilities

Authority

,

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/36

.

$

4,165,000

$

4,294,710

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/37

.

6,000,000

6,167,869

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/40

.

4,000,000

4,055,723

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/45

.

19,465,000

17,077,624

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/50

.

18,985,000

15,939,933

Everlands

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.55 %

,

6/15/54

...............................................

1,000,000

984,569

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC

,

Revenue

,

2024

,

Refunding

,

AGMC

Insured

,

5.25 %

,

7/01/53

........................................................

40,000,000

40,192,612

River

City

Education

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/35

..........

325,000

310,144

River

City

Education

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/45

..........

600,000

506,965

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

2/01/33

....................................................

1,350,000

1,403,478

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

2/01/38

....................................................

1,400,000

1,425,597

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

2/01/39

....................................................

2,750,000

2,789,416

Florida

Housing

Finance

Corp.

,

Revenue

,

2020-1

,

GNMA

Insured

,

2.75 %

,

7/01/50

...

1,410,000

925,558

Florida

Municipal

Loan

Council

,

Shingle

Creek

Transit

&

Utility

Community

Development

District

,

Special

Assessment

,

2024

,

5.4 %

,

5/01/54

...............

820,000

808,541

Greater

Orlando

Aviation

Authority

,

Revenue

,

2017

A

,

%

,

10/01/47

.......................................

10,925,000

10,938,741

Revenue

,

2019

A

,

%

,

10/01/49

.......................................

15,000,000

13,192,400

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/36

.................................

2,500,000

2,507,634

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125 %

,

5/01/45

...................................................

2,170,000

2,167,069

Herons

Glen

Recreation

District

,

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/45

.............

1,515,000

1,424,339

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/50

.............

1,800,000

1,595,843

Hillsborough

County

Aviation

Authority

,

Revenue

,

2018

E

,

%

,

10/01/48

..........

5,000,000

5,005,276

Hillsborough

County

Industrial

Development

Authority

,

Florida

Health

Sciences

Center,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

8/01/50

.......................

6,500,000

5,573,206

Hollywood

Beach

Community

Development

District

I

,

Special

Assessment

,

2020

,

Refunding

,

%

,

10/01/45

............................................

4,000,000

3,424,877

Keys

Edge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/55

..............................................

1,000,000

948,439

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2021

,

3.6 %

,

6/15/41

.........................................................

750,000

661,825

d

Knightsbridge

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

5.2 %

,

6/15/44

....................................................

245,000

245,423

Lakes

by

the

Bay

South

Community

Development

District

,

Special

Assessment

,

2024

,

Refunding

,

%

,

5/01/34

.............................................

2,000,000

2,087,396

Lakewood

Ranch

Stewardship

District

,

Assessments

,

Special

Assessment

,

2024

,

5.55 %

,

5/01/54

...................................................

530,000

524,203

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2019

,

%

,

11/15/44

................................................

6,360,000

6,324,902

Leomas

Landing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.35 %

,

5/01/41

....................................

250,000

205,645

c

,d

,e

Leon

County

Housing

Finance

Authority

,

Revenue

,

144A,

2022

A

,

Mandatory

Put

,

0.461 %,

5/01/52

...................................................

27,000,000

24,367,500

Los

Cayos

Community

Development

District

,

Special

Assessment

,

2024

,

5.25 %

,

6/15/44

..............................

850,000

837,328

Special

Assessment

,

2024

,

5.55 %

,

6/15/54

..............................

800,000

785,415

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

Refunding

,

%

,

7/01/40

....

40,000,000

40,062,424

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Miami-Dade

County

Health

Facilities

Authority

,

Variety

Children's

Hospital

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/01/47

...........................

$

3,500,000

$

3,164,870

Mid-Bay

Bridge

Authority

,

Revenue

,

2015

A

,

Refunding

,

%

,

10/01/40

............

5,000,000

5,000,183

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

6.2 %

,

5/01/53

....................................................

4,800,000

4,997,404

North

Sumter

County

Utility

Dependent

District

,

Revenue,

Senior

Lien

,

2019

,

%

,

10/01/49

...............................

3,635,000

3,647,580

Revenue,

Senior

Lien

,

2019

,

%

,

10/01/54

...............................

7,000,000

6,992,176

Pacific

Ace

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/55

.........................................................

750,000

743,773

Palm

Beach

County

Educational

Facilities

Authority

,

Palm

Beach

Atlantic

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/41

.......................................................

3,695,000

3,216,531

Palm

Beach

Atlantic

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/46

.......................................................

7,570,000

6,320,215

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

B

,

%

,

11/15/42

.......................................................

1,000,000

1,006,879

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

B

,

%

,

5/15/36

....

1,235,000

1,239,306

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

B

,

%

,

5/15/41

....

5,060,000

5,046,131

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

B

,

%

,

5/15/47

....

130,000

125,236

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.625 %

,

5/15/58

.................................................

1,620,000

1,806,090

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment,

Senior

Lien

,

2020

,

Refunding

,

AGMC

Insured

,

2.625 %

,

5/01/34

........................................................

1,200,000

994,601

Special

Assessment,

Senior

Lien

,

2020

,

Refunding

,

AGMC

Insured

,

2.8 %

,

5/01/37

........................................................

995,000

783,241

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

5.25 %

,

5/01/52

.........................................................

2,500,000

2,468,912

Preserve

at

South

Branch

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

.....................................

750,000

658,005

Reunion

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

%

,

5/01/36

..............................

1,250,000

1,085,136

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3.3 %

,

5/01/42

.....................................

495,000

397,715

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/36

.....................................

750,000

629,578

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

%

,

1/01/37

........................................................

2,350,000

2,351,947

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

%

,

1/01/42

........................................................

1,600,000

1,550,682

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

%

,

1/01/47

........................................................

2,450,000

2,286,736

Sunnyside

Village

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/33

..............

600,000

606,750

Sunnyside

Village

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/38

..............

1,025,000

1,017,490

Sunnyside

Village

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/48

..............

1,850,000

1,715,018

Sarasota

County

Public

Hospital

District

,

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/52

............................

15,000,000

12,968,608

Sarasota

County

Public

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

%

,

7/01/48

........................................................

10,000,000

8,839,056

South

Broward

Hospital

District

,

South

Broward

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

%

,

5/01/45

.........................................

20,715,000

20,889,371

South

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

6/15/41

....................................

500,000

400,390

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

South

Fork

East

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/26

.............

$

100,000

$

99,146

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/31

.............

246,000

230,467

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/38

.............

597,000

495,810

St.

Johns

County

Industrial

Development

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/01/55

...

7,250,000

5,756,549

Tampa

Bay

Water

,

Revenue

,

2024

A

,

5.25 %

,

10/01/54

........................

8,000,000

8,395,398

Tampa

Sports

Authority

,

Revenue

,

1995

,

NATL

Insured

,

6.1 %

,

10/01/26

...........

760,000

779,736

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment

,

2020

,

%

,

6/15/40

.................................

1,000,000

889,284

Special

Assessment

,

2020

,

%

,

6/15/50

.................................

2,000,000

1,604,545

Tohoqua

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

%

,

5/01/51

......................................................

1,175,000

947,120

Touchstone

Community

Development

District

,

Special

Assessment,

Senior

Lien

,

2022

,

5.5 %

,

5/01/53

.................................................

1,800,000

1,823,188

Town

of

Palm

Beach

,

GO

,

2018

,

%

,

7/01/43

..............................

5,000,000

4,877,690

Two

Lakes

Community

Development

District

,

Special

Assessment

,

2024

,

%

,

5/01/55

1,720,000

1,694,450

University

of

North

Florida

Financing

Corp.

(The)

,

University

of

North

Florida

Dormitory

Facilities

,

Revenue

,

2016

,

Refunding

,

AGMC

Insured

,

%

,

11/01/35

............

5,000,000

5,058,772

d

Village

Community

Development

District

No.

,

Special

Assessment

,

144A,

2024

,

4.55 %

,

5/01/44

.........................

750,000

716,944

Special

Assessment

,

144A,

2024

,

4.8 %

,

5/01/55

..........................

1,750,000

1,657,658

Phase

I

,

Special

Assessment

,

144A,

2023

,

%

,

5/01/43

.....................

1,500,000

1,500,604

Phase

I

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

5/01/54

...................

6,075,000

6,082,139

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

10/15/47

5,000,000

5,019,046

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/15/49

.......................................................

3,000,000

3,017,510

Wildwood

Utility

Dependent

District

,

Revenue

,

2023

,

AGMC

Insured

,

5.5 %

,

10/01/53

.

6,970,000

7,407,083

741,821,117

#### Georgia

#### 3.8%
Atlanta

Development

Authority

(The)

,

Tuff

Yamacraw

LLC

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

%

,

1/01/26

..

5,000,000

5,032,505

Tuff

Yamacraw

LLC

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

%

,

1/01/27

..

5,000,000

5,089,657

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

........................................

15,040,000

13,210,034

City

of

Atlanta

,

Airport

Passenger

Facility

Charge

,

Revenue

,

2023

E

,

5.25 %

,

7/01/43

...........

4,250,000

4,447,234

Airport

Passenger

Facility

Charge

,

Revenue,

Sub.

Lien

,

2019

D

,

%

,

7/01/36

.....

15,800,000

15,380,644

Water

&

Wastewater

,

Revenue

,

2018

B

,

Refunding

,

%

,

11/01/47

..............

4,845,000

4,886,607

Columbia

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

5.125 %

,

4/01/53

....................................

1,875,000

1,894,056

Coweta

County

Development

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/44

...............................

10,000,000

10,158,143

Development

Authority

for

Fulton

County

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

........................................

20,000,000

17,722,700

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

C

,

Refunding

,

4.125 %

,

11/01/45

.......

2,500,000

2,226,755

Oglethorpe

Power

Corp.

,

Revenue

,

2017

D

,

Refunding

,

4.125 %

,

11/01/45

.......

18,500,000

16,477,987

d

Development

Authority

of

Rockdale

County

,

AHPC

Terraces

at

Fieldstone

LLC

,

Revenue

,

144A,

2021

,

3.5 %

,

12/01/36

...............................

39,080,000

31,558,863

Fayette

County

Hospital

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

7/01/46

........................................

15,000,000

15,021,886

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/42

..........

5,000,000

4,828,006

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Georgia
(continued)

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

%

,

8/01/47

............................

$

2,250,000

$

2,240,173

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5 %

,

9/15/28

......................................

5,000,000

5,244,699

c

Revenue

,

2021

C

,

Mandatory

Put

,

%

,

12/01/28

...........................

16,500,000

16,435,584

c

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/29

...........................

14,500,000

14,381,338

c,d

Revenue

,

144A,

2022

C

,

Mandatory

Put

,

%

,

11/01/27

......................

22,155,000

21,979,672

c

Revenue

,

2023

D

,

Mandatory

Put

,

%

,

12/01/30

...........................

33,595,000

34,855,115

c

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/31

..........................

20,000,000

20,982,314

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2025

A

,

%

,

7/01/55

........

12,500,000

13,027,425

Municipal

Electric

Authority

of

Georgia

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/63

...............................

7,920,000

7,713,511

Revenue

,

2022

A

,

5.5 %

,

7/01/63

......................................

2,500,000

2,573,240

Revenue

,

2023

A

,

5.5 %

,

7/01/64

......................................

5,000,000

5,154,912

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2013

A

,

%

,

10/01/43

........................................................

10,000,000

10,001,203

302,524,263

#### Hawaii

#### 1.4%
City

&

County

Honolulu

,

Wastewater

System

,

Revenue,

Senior

Lien

,

2024

A

,

%

,

7/01/49

..............

15,400,000

16,046,290

Wastewater

System

,

Revenue,

Senior

Lien

,

2024

A

,

5.25 %

,

7/01/54

............

7,000,000

7,365,144

State

of

Hawaii

,

Airports

System

,

Revenue

,

2018

A

,

%

,

7/01/43

...........................

20,805,000

20,893,020

Airports

System

,

Revenue

,

2018

A

,

%

,

7/01/48

...........................

21,315,000

21,335,360

Airports

System

,

Revenue

,

2022

A

,

%

,

7/01/47

...........................

10,000,000

8,862,340

Airports

System

,

Revenue

,

2022

A

,

%

,

7/01/47

...........................

13,200,000

13,252,535

Airports

System

,

Revenue

,

2025

C

,

Refunding

,

%

,

7/01/45

..................

2,390,000

2,426,839

Department

of

Budget

&

Finance

,

Revenue

,

2019

,

Refunding

,

3.2 %

,

7/01/39

.....

10,000,000

8,254,879

Department

of

Budget

&

Finance

,

Revenue

,

2019

,

3.5 %

,

10/01/49

.............

17,035,000

12,945,440

111,381,847

#### Idaho

#### 0.2%
Idaho

Health

Facilities

Authority

,

St.

Luke's

Health

System

Ltd.

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

3/01/37

........................................................

7,750,000

7,999,749

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2019

ID

,

%

,

12/01/43

.........

6,000,000

5,507,159

Idaho

Housing

&

Finance

Association

,

White

Pine

Charter

School,

Inc.

,

Revenue

,

2023

A

,

5.5 %

,

5/01/43

.............

350,000

360,767

White

Pine

Charter

School,

Inc.

,

Revenue

,

2023

A

,

5.75 %

,

5/01/48

.............

525,000

544,791

White

Pine

Charter

School,

Inc.

,

Revenue

,

2023

A

,

5.75 %

,

5/01/58

.............

1,000,000

1,027,149

15,439,615

#### Illinois

#### 5.6%
Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.75 %

,

4/01/48

...................................................

20,000,000

21,019,334

Chicago

Midway

International

Airport

,

Revenue,

Second

Lien

,

2016

B

,

Refunding

,

%

,

1/01/46

....................

10,000,000

10,013,736

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

BAM

Insured

,

5.5 %

,

1/01/53

.........

6,000,000

6,232,208

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2016

D

,

5.25 %

,

1/01/42

............................

10,000,000

10,121,067

Revenue,

Senior

Lien

,

2016

D

,

%

,

1/01/47

..............................

18,000,000

18,012,361

Revenue,

Senior

Lien

,

2017

D

,

Refunding

,

%

,

1/01/52

.....................

6,335,000

6,299,972

Revenue,

Senior

Lien

,

2018

A

,

Refunding

,

%

,

1/01/53

.....................

10,000,000

9,928,909

Revenue,

Senior

Lien

,

2022

A

,

%

,

1/01/55

..............................

36,500,000

36,289,618

Revenue,

Senior

Lien

,

2024

A

,

5.5 %

,

1/01/53

.............................

13,115,000

13,629,108

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Illinois
(continued)

Chicago

Park

District

,

GO

,

2020

C

,

BAM

Insured

,

%

,

1/01/41

.................................

$

1,400,000

$

1,271,828

GO

,

2020

C

,

BAM

Insured

,

%

,

1/01/42

.................................

4,300,000

3,858,944

GO

,

2020

D

,

BAM

Insured

,

%

,

1/01/37

.................................

1,000,000

948,943

GO

,

2020

D

,

BAM

Insured

,

%

,

1/01/38

.................................

1,000,000

941,109

Chicago

Transit

Authority

Sales

Tax

Receipts

Fund

,

Revenue,

Second

Lien

,

2022

A

,

Refunding

,

%

,

12/01/57

............................................

15,000,000

15,035,062

City

of

Chicago

,

GO

,

2023

A

,

5.5 %

,

1/01/39

...........................................

1,050,000

1,097,604

GO

,

2023

A

,

5.5 %

,

1/01/40

...........................................

15,555,000

16,148,630

GO

,

2023

A

,

5.5 %

,

1/01/43

...........................................

3,875,000

3,938,971

GO

,

2024

A

,

%

,

1/01/44

............................................

1,500,000

1,473,643

GO

,

2024

A

,

%

,

1/01/45

............................................

3,130,000

3,026,927

GO

,

2024

A

,

5.25 %

,

1/01/45

..........................................

5,690,000

5,692,993

City

of

Galesburg

,

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/46

......

7,000,000

5,781,668

City

of

Granite

City

,

Waste

Management

of

Illinois,

Inc.

,

Revenue

,

2002

,

1.25 %

,

5/01/27

.........................................................

5,750,000

5,389,187

Illinois

Finance

Authority

,

Bradley

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

8/01/46

................

2,250,000

1,867,463

Bradley

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

8/01/51

................

4,650,000

3,721,715

g

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/41

.........

1,356,780

393,466

g

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

3.25 %

,

5/15/27

........................................................

639,697

185,512

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

11/01/41

..............................

750,000

674,973

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

11/01/51

..............................

1,000,000

827,656

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

11/01/56

..............................

750,000

608,580

Illinois

Housing

Development

Authority

,

Revenue

,

2022

G

,

GNMA

Insured

,

%

,

10/01/46

........................................................

2,780,000

2,802,123

Macon

County

School

District

No.

Decatur

,

GO

,

2020

C

,

Refunding

,

AGMC

Insured

,

%

,

1/01/40

.......................

3,700,000

3,601,323

GO

,

2020

C

,

Refunding

,

AGMC

Insured

,

%

,

1/01/45

.......................

3,125,000

2,833,327

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

1996

,

ETM,

%

,

7/01/26

.....................................

3,330,000

3,411,231

e

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2002

A

,

NATL

Insured

,

4.81 %,

12/15/37

..........................................

10,000,000

5,490,162

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/15/50

............................................

8,500,000

8,439,427

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/52

............................................

36,000,000

29,007,122

Northern

Illinois

University

,

COP

,

2024

,

BAM

Insured

,

5.5 %

,

4/01/49

.............

2,000,000

2,080,341

e

Southwestern

Illinois

Development

Authority

,

Madison

County

Community

Unit

School

District

No.

Edwardsville

,

Revenue

,

2007

,

AGMC

Insured

,

3.87 %,

12/01/26

.....................................

2,465,000

2,320,769

Madison

County

Community

Unit

School

District

No.

Edwardsville

,

Revenue

,

2007

,

AGMC

Insured

,

ETM,

3.29 %,

12/01/26

................................

5,235,000

4,970,267

State

of

Illinois

,

GO

,

2016

,

%

,

11/01/35

.............................................

1,000,000

1,008,980

GO

,

2017

A

,

%

,

12/01/36

...........................................

6,070,000

6,176,844

GO

,

2017

A

,

4.25 %

,

12/01/40

.........................................

3,150,000

2,966,227

GO

,

2017

D

,

%

,

11/01/28

...........................................

6,425,000

6,633,527

GO

,

2019

A

,

%

,

11/01/28

...........................................

10,000,000

10,446,421

GO

,

2019

C

,

%

,

11/01/40

...........................................

2,500,000

2,268,179

GO

,

2020

,

5.75 %

,

5/01/45

...........................................

7,965,000

8,315,168

GO

,

2020

C

,

%

,

10/01/38

...........................................

9,750,000

9,049,008

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Illinois
(continued)

State

of

Illinois,

(continued)

GO

,

2020

C

,

%

,

10/01/39

...........................................

$

4,585,000

$

4,210,577

GO

,

2021

A

,

%

,

3/01/38

............................................

5,000,000

4,672,674

GO

,

2022

B

,

%

,

10/01/30

...........................................

14,650,000

15,544,617

GO

,

2022

B

,

%

,

10/01/31

...........................................

26,500,000

28,297,789

GO

,

2022

C

,

%

,

10/01/38

...........................................

15,000,000

15,660,673

GO

,

2022

C

,

5.5 %

,

10/01/40

.........................................

18,050,000

19,256,800

GO

,

2022

C

,

5.5 %

,

10/01/41

.........................................

10,000,000

10,611,998

GO

,

2022

C

,

5.5 %

,

10/01/44

.........................................

16,000,000

16,662,723

GO

,

2023

B

,

5.5 %

,

5/01/47

..........................................

2,500,000

2,576,515

Tri-County

River

Valley

Development

Authority

,

Cedars

of

Lebanon

Affordable

LLC

,

Revenue

,

2021

A

,

Pre-Refunded

,

3.75 %

,

12/01/36

.......................................................

9,850,000

9,995,954

Cedars

of

Lebanon

Affordable

LLC

,

Revenue

,

2021

B

,

Pre-Refunded

,

5.75 %

,

12/01/36

.......................................................

775,000

796,503

d

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

................

6,885,000

6,738,554

451,277,010

#### Indiana

#### 1.9%
City

of

Carmel

,

Waterworks

,

Revenue

,

2024

C

,

Refunding

,

BAM

Insured

,

5.25 %

,

5/01/51

.........................................................

2,150,000

2,211,292

City

of

Whiting

,

BP

Products

North

America,

Inc.

,

Revenue

,

2021

,

%

,

11/01/51

.....

10,000,000

6,765,008

Hammond

Multi-School

Building

Corp.

,

Hammond

School

City

,

Revenue

,

2018

,

%

,

7/15/38

.........................................................

3,000,000

3,065,909

Indiana

Finance

Authority

,

BHI

Senior

Living

Obligated

Group

,

Revenue

,

2016

A

,

5.25 %

,

11/15/46

.........

11,955,000

11,929,177

BHI

Senior

Living

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/53

............

15,000,000

13,880,016

BHI

Senior

Living

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/41

...

7,250,000

6,420,491

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

%

,

6/01/53

.....................

2,300,000

2,239,816

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5.125 %

,

6/01/58

..................

1,650,000

1,628,637

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5.375 %

,

6/01/64

..................

6,010,000

6,036,214

Citizens

Wastewater

of

Westfield

LLC

,

Revenue

,

2019

A

,

Refunding

,

%

,

10/01/48

16,665,000

16,773,751

CWA

Authority,

Inc.

,

Revenue,

First

Lien

,

2012

A

,

%

,

10/01/42

...............

24,690,000

22,323,950

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/43

..

7,000,000

5,898,267

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/51

..

3,000,000

2,326,157

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/37

..

5,000,000

4,606,372

Indianapolis

Power

&

Light

Co.

,

Revenue

,

2021

A

,

Refunding

,

1.4 %

,

8/01/29

.....

5,000,000

4,361,380

Marion

County

Capital

Improvement

Board

,

Revenue

,

2015

A

,

Refunding

,

5.25 %

,

2/01/37

........................................................

10,000,000

10,024,643

Ohio

Valley

Electric

Corp.

,

Revenue

,

2010

B

,

2.5 %

,

11/01/30

.................

3,925,000

3,616,037

Indiana

Municipal

Power

Agency

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/42

...............................

5,860,000

5,479,154

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/42

...............................

20,000,000

20,112,964

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue,

Senior

Lien

,

2023

E

,

6.125 %

,

3/01/57

...................................................

2,750,000

2,879,818

152,579,053

#### Iowa

#### 0.8%
Iowa

Finance

Authority

,

Iowa

Fertilizer

Co.

LLC

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

12/01/50

..........

9,650,000

10,774,340

Iowa

Health

System

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

%

,

2/15/48

..

7,500,000

7,540,517

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/36

....

1,400,000

1,404,882

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/41

....

3,600,000

3,590,132

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

%

,

5/15/48

....

3,225,000

3,094,742

c

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.602 %

,

5/15/26

.....................................

8,250,000

7,953,762

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Iowa
(continued)

Iowa

Finance

Authority,

(continued)

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75 %

,

5/15/33

........................................................

$

2,000,000

$

2,234,363

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.25 %

,

5/15/38

........................................................

2,750,000

3,103,040

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.5 %

,

5/15/53

........................................................

4,120,000

4,580,400

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

,

,

Refunding

,

%

,

6/01/49

............................

20,730,000

17,871,459

Revenue

,

2021

,

,

Refunding

,

%

,

6/01/49

...........................

2,705,000

2,552,900

64,700,537

#### Kansas

#### 0.3%
Wyandotte

County-Kansas

City

Unified

Government

,

Utility

System

,

Revenue

,

2016

C

,

Refunding

,

%

,

9/01/41

...................

5,000,000

5,059,126

Utility

System

,

Revenue

,

2016

C

,

Refunding

,

%

,

9/01/46

...................

16,565,000

16,741,565

21,800,691

#### Kentucky

#### 1.2%
City

of

Hazard

,

Appalachian

Regional

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/46

.............................................

2,000,000

1,464,107

City

of

Owensboro

,

Water

,

Revenue

,

2018

,

Refunding

,

BAM

Insured

,

%

,

9/15/45

...

5,000,000

4,581,244

County

of

Boyle

,

Centre

College

of

Kentucky

,

Revenue

,

2017

,

Pre-Refunded

,

%

,

6/01/37

.........................................................

2,000,000

2,020,161

County

of

Carroll

,

Kentucky

Utilities

Co.

,

Revenue

,

2008

A

,

Refunding

,

%

,

2/01/32

..............

3,000,000

2,499,441

c

Kentucky

Utilities

Co.

,

Revenue

,

2016

A

,

Refunding

,

Mandatory

Put

,

1.55 %

,

9/01/26

2,000,000

1,920,892

County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2012

A

,

%

,

10/01/33

...............................................

1,000,000

1,000,000

Hopkins

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

%

,

2/01/41

.......

2,340,000

1,485,375

Kentucky

Bond

Development

Corp.

,

Revenue

,

2018

A

,

%

,

9/01/48

........................................

2,500,000

2,499,086

Centre

College

of

Kentucky

,

Revenue

,

2021

,

%

,

6/01/51

....................

1,350,000

1,130,440

Transylvania

University

,

Revenue

,

2019

B

,

%

,

3/01/49

.....................

2,500,000

2,120,081

Transylvania

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/46

.............

735,000

627,034

Transylvania

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/49

.............

330,000

272,058

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/49

........................

21,200,000

20,745,500

Kentucky

Municipal

Power

Agency

,

Revenue

,

2015

A

,

Refunding

,

NATL

Insured

,

%

,

9/01/42

....................

10,000,000

10,007,274

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

%

,

9/01/35

....................

7,750,000

7,827,246

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

%

,

9/01/36

....................

8,015,000

8,087,632

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/45

...............................

2,000,000

1,721,214

c

Kentucky

Public

Energy

Authority

,

Revenue

,

2022

,

Mandatory

Put

,

4.121 %

,

(SOFR

+

1.2 %),

8/01/30

..................................................

5,000,000

4,945,409

Kentucky

Rural

Water

Finance

Corp.

,

Revenue

,

2001

A

,

%

,

2/01/26

.............

10,000

10,013

Kentucky

State

Property

&

Building

Commission

,

Commonwealth

of

Kentucky

,

Revenue

,

%

,

4/01/38

..............................................

2,500,000

2,540,286

Lewis

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

%

,

2/01/41

.........

2,000,000

1,279,108

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District

,

Revenue

,

2017

A

,

%

,

5/15/48

..................

2,750,000

2,511,168

Metropolitan

Sewer

District

,

Revenue

,

2018

A

,

Refunding

,

%

,

5/15/38

..........

5,000,000

4,733,115

Louisville/Jefferson

County

Metropolitan

Government

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2003

A

,

Refunding

,

%

,

10/01/33

..............................

4,000,000

3,248,336

Scott

County

School

District

Finance

Corp.

,

Scott

County

Board

of

Education

,

Revenue

,

2018

,

%

,

6/01/38

.........................................

1,615,000

1,578,204

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Kentucky
(continued)

Shelby

County

School

District

Finance

Corp.

,

Shelby

County

Public

School

District

,

Revenue

,

2018

,

%

,

8/01/38

.........................................

$

3,465,000

$

3,382,235

University

of

Kentucky

,

Revenue

,

2014

A

,

%

,

4/01/44

........................

2,250,000

2,029,510

96,266,169

#### Louisiana

#### 3.2%
City

of

Shreveport

,

Water

&

Sewer

,

Revenue

,

2016

B

,

%

,

12/01/41

..........................

10,000,000

10,094,948

Water

&

Sewer

,

Revenue,

Junior

Lien

,

2019

B

,

AGMC

Insured

,

%

,

12/01/44

.....

6,535,000

5,818,357

Lafayette

Consolidated

Government

,

Revenue

,

2015

,

Refunding

,

AGMC

Insured

,

%

,

11/01/30

........................................................

5,000,000

5,037,379

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

%

,

11/01/46

...................

8,900,000

7,730,005

Parish

of

Assumption

,

Revenue

,

144A,

2021

,

3.875 %

,

11/01/45

...............

4,355,000

3,730,129

Parish

of

Jefferson

,

Revenue

,

144A,

2019

,

%

,

11/01/44

....................

2,355,000

2,055,109

Parish

of

Lafourche

,

Revenue

,

144A,

2019

,

3.95 %

,

11/01/43

.................

2,000,000

1,749,372

Parish

of

St.

Bernard

,

Revenue

,

144A,

2021

,

%

,

11/01/45

...................

1,900,000

1,657,617

Parish

of

St.

Charles

,

Revenue

,

144A,

2022

,

4.5 %

,

11/01/47

.................

8,680,000

8,205,852

Parish

of

St.

John

the

Baptist

,

Revenue

,

144A,

2019

,

3.9 %

,

11/01/44

...........

3,865,000

3,325,159

Parish

of

St.

Tammany

LA

GOMESA

,

Revenue

,

144A,

2020

,

3.875 %

,

11/01/45

....

5,470,000

4,685,145

e

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.73 %,

12/01/44

.................................................

59,310,000

35,014,572

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.5 %

,

9/01/59

......

43,525,000

44,518,906

Franciscan

Missionaries

of

Our

Lady

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

%

,

7/01/47

..............................................

10,000,000

9,938,267

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2016

A

,

%

,

7/01/51

..............................................

9,000,000

8,836,670

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2016

A

,

%

,

7/01/56

..............................................

17,595,000

17,247,395

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/46

27,500,000

27,288,803

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AGMC

Insured

,

%

,

5/15/47

..............................................

9,925,000

7,474,855

d

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.375 %

,

1/01/40

2,500,000

2,260,513

d

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.5 %

,

1/01/50

.

14,000,000

11,969,640

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

B

,

%

,

1/01/48

........................................

9,675,000

9,675,150

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

MovEBR

Sales

Tax

,

Revenue

,

2019

,

%

,

8/01/44

.........................................

6,000,000

5,569,523

Port

New

Orleans

Board

of

Commissioners

,

Revenue

,

2020

E

,

%

,

4/01/44

........................................

8,110,000

8,137,953

Revenue

,

2020

E

,

%

,

4/01/47

........................................

10,000,000

9,930,777

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

%

,

6/01/40

......................................................

5,065,000

4,844,365

256,796,461

#### Maryland

#### 1.7%
Maryland

Economic

Development

Corp.

,

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

4.25 %

,

7/01/50

1,000,000

864,922

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

%

,

7/01/56

.

1,415,000

1,384,890

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

%

,

11/12/28

.............

10,000,000

10,073,266

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25 %

,

6/30/52

...........

10,000,000

9,902,900

University

of

Maryland

Leonardtown

Project

,

Revenue

,

2024

,

AGMC

Insured

,

%

,

7/01/54

........................................................

10,000,000

10,091,098

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2016

A

,

5.5 %

,

1/01/46

.........

12,500,000

12,546,664

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Maryland
(continued)

Maryland

Health

&

Higher

Educational

Facilities

Authority,

(continued)

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2021

B

,

%

,

1/01/51

..........

$

23,000,000

$

19,094,494

Loyola

University

Maryland,

Inc.

,

Revenue

,

2025

,

Refunding

,

%

,

10/01/54

......

28,325,000

28,532,523

MedStar

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

%

,

8/15/42

.......

13,285,000

13,286,442

MedStar

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

5/15/45

..............

15,465,000

15,275,784

Maryland

Stadium

Authority

,

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

%

,

6/01/49

.........................................................

11,750,000

10,814,837

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/33

...............

3,205,000

3,267,702

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/35

...............

3,455,000

3,228,192

138,363,714

#### Massachusetts

#### 1.6%
Commonwealth

of

Massachusetts

,

GO

,

2016

G

,

%

,

9/01/42

............................................

20,000,000

18,841,290

GO

,

2018

E

,

5.25 %

,

9/01/43

.........................................

10,000,000

10,315,948

Transportation

Fund

,

Revenue

,

2017

A

,

%

,

6/01/47

.......................

25,055,000

25,175,723

Transportation

Fund

,

Revenue

,

2018

A

,

%

,

6/01/48

.......................

5,000,000

5,053,155

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2005

A

,

%

,

7/01/28

10,000,000

10,615,771

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/41

.......

15,415,000

13,985,150

Springfield

College

,

Revenue

,

2021

A

,

%

,

6/01/56

........................

3,000,000

2,074,008

d

Waste

Management

of

Massachusetts,

Inc.

,

Revenue

,

144A,

2002

,

1.25 %

,

5/01/27

3,250,000

3,046,062

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2017

B

,

Refunding

,

4.25 %

,

7/01/46

.............................

1,930,000

1,689,919

Revenue

,

2021

C

,

%

,

7/01/51

........................................

3,200,000

2,068,072

Revenue,

Senior

Lien

,

2023

B

,

4.25 %

,

7/01/44

............................

4,500,000

4,359,627

Massachusetts

Port

Authority

,

Revenue

,

2021

E

,

%

,

7/01/51

..................

24,870,000

24,873,201

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien

,

2014-1

,

%

,

11/01/39

........................................................

8,185,000

8,184,754

130,282,680

#### Michigan

#### 0.6%
City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2006

B

,

NATL

Insured

,

%

,

7/01/36

.......................................

10,000

10,015

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Senior

Lien

,

2003

A

,

NATL

Insured

,

%

,

7/01/34

.........................................

10,000

10,017

Michigan

Finance

Authority

,

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/36

...

1,000,000

965,805

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/37

...

2,000,000

1,911,787

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/38

...

1,500,000

1,417,952

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/39

...

250,000

233,337

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/40

...

2,250,000

2,078,815

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/49

...

4,000,000

3,388,731

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

6/01/49

..

1,665,000

1,673,785

Michigan

State

Housing

Development

Authority

,

Revenue

,

2023

B

,

Refunding

,

%

,

6/01/54

.........................................................

3,500,000

3,546,817

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

%

,

6/30/48

....

13,345,000

13,102,205

United

Methodist

Retirement

Communities,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

11/15/49

...........................................

7,000,000

6,230,240

Pontiac

School

District

,

GO

,

2020

,

%

,

5/01/50

.............................

8,665,000

7,778,377

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2023

B

,

AGMC

Insured

,

5.5 %

,

12/01/48

.................................

5,000,000

5,249,137

47,597,020

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Minnesota

#### 0.1%
Minneapolis-St.

Paul

Metropolitan

Airports

Commission

,

Revenue

,

2024

B

,

5.25 %

,

1/01/49

.........................................................

$

6,000,000

$

6,122,226

#### Mississippi

#### 1.0%
Medical

Center

Educational

Building

Corp.

,

Mississippi

State

Institutions

of

Higher

Learning

,

Revenue

,

2023

A

,

%

,

6/01/53

................................

6,000,000

5,464,095

Mississippi

Business

Finance

Corp.

,

System

Energy

Resources,

Inc.

,

Revenue

,

2021

,

Refunding

,

2.375 %

,

6/01/44

..........................................

7,000,000

4,270,197

Mississippi

Development

Bank

,

City

of

Jackson

Water

&

Sewer

System

,

Revenue

,

2013

,

AGMC

Insured

,

6.875 %

,

12/01/40

.......................................................

3,400,000

3,458,474

d

County

of

Jackson

,

Revenue

,

144A,

2021

,

3.625 %

,

11/01/36

.................

2,510,000

2,277,284

d

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

..................................................

7,595,000

7,433,452

e

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

,

Refunding

,

2.34 %,

12/01/44

.................................................

51,565,000

30,442,192

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2016

A

,

%

,

9/01/36

...

6,350,000

6,384,831

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2016

A

,

%

,

9/01/46

...

20,000,000

19,770,902

79,501,427

#### Missouri

#### 0.6%
Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

BJC

Healthcare

Obligated

Group

,

Revenue

,

2015

A

,

%

,

1/01/45

..............

20,005,000

18,210,631

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

2/01/46

........................................................

4,000,000

3,779,916

Mercy

Health

,

Revenue

,

2023

,

%

,

12/01/52

.............................

5,000,000

5,066,846

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AGMC

Insured

,

%

,

3/01/49

...................................

20,000,000

19,924,174

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AGMC

Insured

,

%

,

10/01/45

.....................................................

5,000,000

5,056,054

52,037,621

#### Montana

#### 0.2%
Montana

Facility

Finance

Authority

,

Billings

Clinic

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/15/48

.......

10,000,000

9,902,558

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

%

,

7/01/43

....................................................

6,440,000

6,450,133

16,352,691

#### Nebraska

#### 0.5%
c

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

%

,

10/01/29

.....

10,000,000

10,344,566

Gretna

Public

Schools

,

GO

,

2022

,

%

,

12/15/47

............................

12,935,000

12,039,367

Omaha

Public

Power

District

Nebraska

City

Station

Unit

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/01/49

.............................................

10,000,000

10,035,129

Public

Power

Generation

Agency

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/39

.......

7,340,000

7,404,742

39,823,804

#### Nevada

#### 0.2%
Carson

City

,

Carson

Tahoe

Regional

Healthcare

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

9/01/47

.............................................

2,775,000

2,687,809

Las

Vegas

Convention

&

Visitors

Authority

,

County

of

Clark

&

City

of

Las

Vegas

Combined

Room

Tax

,

Revenue

,

2018

B

,

%

,

7/01/43

.......................

10,000,000

10,099,840

Reno-Tahoe

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

7/01/49

.....................................

2,700,000

2,737,659

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Nevada
(continued)

Reno-Tahoe

Airport

Authority,

(continued)

Revenue

,

2024

A

,

5.25 %

,

7/01/54

.....................................

$

1,860,000

$

1,881,870

17,407,178

#### New

#### Hampshire

#### 0.4%
New

Hampshire

Business

Finance

Authority

,

f

Revenue

,

FRN

,

2024-3

,

A

,

4.163 %

,

10/20/41

.............................

4,977,580

4,603,032

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

A

,

5.25 %

,

7/01/48

........

2,250,000

2,268,748

Roseville

Sustainable

Energy

Partner

LLC

,

Revenue

,

2024

C

,

5.25 %

,

7/01/54

....

15,285,000

15,298,350

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Elliot

Hospital

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

10/01/38

.......

4,000,000

4,005,341

University

System

of

New

Hampshire

,

Revenue

,

2015

,

Refunding

,

%

,

7/01/45

...

10,350,000

10,357,123

36,532,594

#### New

#### Jersey

#### 3.0%
Camden

County

Improvement

Authority

(The)

,

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

%

,

6/15/62

.........................................

5,075,000

5,241,142

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AGMC

Insured

,

%

,

11/15/62

........................................................

4,000,000

4,423,739

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2020

A

,

%

,

11/01/44

.......................

15,000,000

15,153,076

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

11/01/52

.......................

10,000,000

10,176,303

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

%

,

9/01/36

......................................................

14,000,000

14,181,191

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2021

C

,

Refunding

,

3.25 %

,

12/01/51

...........................

2,000,000

1,350,661

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/01/33

.............................

450,000

449,651

Revenue,

Senior

Lien

,

2020

B

,

3.5 %

,

12/01/39

............................

4,305,000

4,067,757

Revenue,

Senior

Lien

,

2023

B

,

%

,

12/01/44

.............................

8,000,000

7,363,382

New

Jersey

Transportation

Trust

Fund

Authority

,

e

State

of

New

Jersey

,

Revenue

,

2009

A

,

BAM

Insured

,

4.5 %,

12/15/39

..........

25,000,000

13,032,512

State

of

New

Jersey

,

Revenue

,

2015

AA

,

%

,

6/15/45

......................

15,000,000

14,756,496

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/36

..............

7,000,000

7,200,578

State

of

New

Jersey

,

Revenue

,

2019

AA

,

5.25 %

,

6/15/43

....................

5,000,000

5,105,207

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/35

......................

3,000,000

3,181,731

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/37

......................

5,220,000

5,483,397

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/38

......................

1,000,000

1,045,709

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/39

......................

4,240,000

4,416,954

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/40

......................

2,500,000

2,593,728

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/45

......................

18,935,000

19,277,491

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

......................

39,000,000

34,578,004

State

of

New

Jersey

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/31

...............

7,250,000

7,855,906

State

of

New

Jersey

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/33

...............

1,250,000

1,343,719

State

of

New

Jersey

,

Revenue

,

2022

BB

,

%

,

6/15/46

......................

17,000,000

15,248,735

State

of

New

Jersey

,

Revenue

,

2022

CC

,

Pre-Refunded

,

5.5 %

,

6/15/50

.........

2,000,000

2,315,700

Tobacco

Settlement

Financing

Corp.

,

Revenue

,

2018

B

,

Refunding

,

%

,

6/01/46

....

40,000,000

38,831,448

238,674,217

#### 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

17,945,341

New

Mexico

Hospital

Equipment

Loan

Council

,

Presbyterian

Healthcare

Services

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

8/01/46

....................................................

15,000,000

14,903,222

San

Juan

Regional

Medical

Center,

Inc.

,

Revenue

,

2020

,

Refunding

,

%

,

6/01/35

.

1,000,000

947,464

33,796,027

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York

#### 8.3%
Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/01/40

..............................

$

2,200,000

$

1,868,421

City

of

New

York

,

GO

,

2018

,

%

,

3/01/41

..........................................

11,355,000

11,606,686

GO

,

2022

,

5.5 %

,

5/01/46

.........................................

2,500,000

2,664,438

GO

,

2023

,

%

,

9/01/46

..........................................

6,000,000

5,406,171

GO

,

2025

,

5.25 %

,

2/01/53

........................................

4,250,000

4,485,006

Empire

State

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

%

,

3/15/45

................................................

36,905,000

33,813,324

Metropolitan

Transportation

Authority

,

Revenue

,

2015

,

%

,

11/15/40

.....................................

7,000,000

7,004,153

Revenue

,

2016

,

5.25 %

,

11/15/56

...................................

15,000,000

15,028,563

Revenue

,

2016

D

,

Refunding

,

%

,

11/15/31

..............................

1,180,000

1,205,160

Revenue

,

2019

,

%

,

11/15/45

.....................................

46,270,000

46,379,341

Revenue

,

2020

,

%

,

11/15/45

.....................................

10,000,000

8,823,681

Revenue

,

2020

,

%

,

11/15/47

.....................................

24,300,000

24,458,259

Revenue

,

2020

D

,

%

,

11/15/44

.......................................

35,000,000

35,439,313

Revenue

,

2020

D

,

%

,

11/15/50

.......................................

20,000,000

17,393,908

Revenue

,

2020

E

,

Refunding

,

%

,

11/15/45

..............................

905,000

798,928

Revenue

,

2021

,

%

,

11/15/44

.....................................

6,725,000

5,975,348

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

%

,

6/15/46

....................................

32,500,000

32,514,323

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2016

,

%

,

2/01/38

......................

10,000,000

10,053,485

Future

Tax

Secured

,

Revenue

,

2017

,

%

,

5/01/42

......................

11,095,000

11,154,867

Future

Tax

Secured

,

Revenue

,

2018

,

%

,

5/01/38

......................

11,945,000

12,230,689

Future

Tax

Secured

,

Revenue

,

2018

,

%

,

5/01/43

......................

19,800,000

18,382,876

Future

Tax

Secured

,

Revenue

,

2020

,

%

,

11/01/47

.....................

10,000,000

9,031,710

Future

Tax

Secured

,

Revenue

,

2024

,

5.25 %

,

2/01/53

....................

10,000,000

10,496,220

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/51

..............................

10,000,000

6,898,343

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25 %

,

10/01/35

..

40,000,000

44,692,764

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2007

,

5.5 %

,

10/01/37

...........

24,995,000

28,405,683

New

York

State

Dormitory

Authority

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

Refunding

,

%

,

3/15/48

5,000,000

4,583,619

State

of

New

York

Sales

Tax

,

Revenue

,

2017

A

,

%

,

3/15/43

.................

10,000,000

10,069,801

State

of

New

York

Sales

Tax

,

Revenue

,

2018

A

,

%

,

3/15/39

.................

13,270,000

13,583,299

State

of

New

York

Sales

Tax

,

Revenue

,

2018

C

,

Refunding

,

%

,

3/15/37

........

23,000,000

23,676,752

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Refunding

,

%

,

3/15/44

........

16,000,000

16,222,050

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Refunding

,

%

,

3/15/45

........

60,365,000

61,108,093

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Pre-Refunded

,

%

,

3/15/46

......

5,000

5,333

New

York

State

Thruway

Authority

,

Revenue

,

2019

B

,

%

,

1/01/50

........................................

20,000,000

17,597,412

Revenue,

Junior

Lien

,

2016

A

,

%

,

1/01/46

..............................

9,000,000

9,022,871

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

3/15/44

7,000,000

6,529,404

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

3/15/51

12,115,000

10,999,299

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/32

..........................

5,000,000

5,059,202

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/36

..........................

5,560,000

5,578,879

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/40

.........................

9,360,000

9,381,603

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625 %

,

4/01/40

......................

5,000,000

5,178,823

JFK

International

Air

Terminal

LLC

,

Revenue

,

2022

,

%

,

12/01/33

.............

7,500,000

7,877,630

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

A

,

Refunding

,

AGMC

Insured

,

5.25 %

,

12/31/54

.......................................................

12,500,000

12,700,979

JFK

NTO

LLC

,

Revenue

,

2023

,

AGMC

Insured

,

5.125 %

,

6/30/60

..............

2,000,000

2,010,119

JFK

NTO

LLC

,

Revenue

,

2023

,

5.375 %

,

6/30/60

..........................

2,500,000

2,507,318

JFK

NTO

LLC

,

Revenue

,

2024

,

AGMC

Insured

,

%

,

6/30/54

.................

13,500,000

13,443,809

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

,

%

,

11/01/47

...........

$

13,500,000

$

11,939,054

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2022

A

,

%

,

11/15/52

............

10,000,000

9,004,700

664,291,709

#### North

#### Carolina

#### 0.6%
Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2022

A

,

AGMC

Insured

,

5.5 %

,

7/01/52

.........................................................

5,000,000

5,186,008

North

Carolina

Medical

Care

Commission

,

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/50

.......................................

2,200,000

2,148,794

e

North

Carolina

Turnpike

Authority

,

Revenue

,

2009

B

,

AGMC

Insured

,

3.91 %,

1/01/33

.........................

25,000,000

18,620,735

Revenue

,

2009

B

,

AGMC

Insured

,

4.02 %,

1/01/34

.........................

15,000,000

10,657,608

Revenue

,

2009

B

,

AGMC

Insured

,

4.07 %,

1/01/35

.........................

15,215,000

10,304,304

46,917,449

#### North

#### Dakota

#### 0.5%
City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/38

..

2,300,000

2,088,671

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/41

..

2,000,000

1,743,394

Altru

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

AGMC

Insured

,

%

,

12/01/53

.......................................................

2,440,000

2,455,554

State

Board

of

Higher

Education

of

the

State

of

North

Dakota

,

Revenue

,

2019

A

,

AGMC

Insured

,

%

,

4/01/44

............................

10,000,000

9,123,644

Revenue

,

2019

A

,

AGMC

Insured

,

%

,

4/01/50

............................

9,620,000

8,321,465

University

of

North

Dakota

,

COP

,

2018

A

,

%

,

4/01/48

...........................................

5,500,000

5,528,956

COP

,

2018

A

,

%

,

4/01/57

...........................................

10,000,000

10,019,138

39,280,822

#### Ohio

#### 2.1%
Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/37

3,915,000

3,671,836

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/38

5,700,000

5,274,947

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/15/46

.............................................

20,000,000

20,038,554

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

6/01/48

.............................................

4,505,000

3,784,794

Cleveland-Cuyahoga

County

Port

Authority

,

County

of

Cuyahoga

,

Revenue

,

2013

,

%

,

7/01/37

.........................................................

6,000,000

6,556,929

Columbus

Regional

Airport

Authority

,

Revenue

,

2025

A

,

Refunding

,

5.5 %

,

1/01/50

..............................

5,000,000

5,220,617

Revenue

,

2025

A

,

Refunding

,

5.5 %

,

1/01/55

..............................

12,500,000

13,015,208

County

of

Butler

,

UC

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

11/15/45

........................................................

7,500,000

7,278,954

County

of

Franklin

,

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/40

...................

10,405,000

8,908,411

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/40

.......

5,000

5,270

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2023

A

,

5.75 %

,

1/01/53

...

4,530,000

4,658,367

UC

Health

Obligated

Group

,

Revenue

,

2020

,

%

,

9/15/50

...................

7,500,000

7,187,625

Northeast

Ohio

Regional

Sewer

District

,

Revenue

,

2017

,

Refunding

,

%

,

11/15/38

..

10,000,000

9,833,335

Ohio

Higher

Educational

Facility

Commission

,

Case

Western

Reserve

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/44

....

6,815,000

6,356,833

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/42

...........

1,350,000

1,274,530

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/45

...........

1,185,000

1,097,838

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

...........

2,530,000

2,261,350

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

,

5.75 %

,

2/15/35

.........................................................

$

35,000,000

$

39,359,058

State

of

Ohio

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2019

B

,

%

,

1/01/46

..

10,000,000

9,279,419

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/38

640,000

593,485

Summit

County

Development

Finance

Authority

,

UAkronPark,

Inc.

,

Revenue

,

2023

,

%

,

12/01/58

........................................................

9,665,000

10,196,301

165,853,661

#### Oklahoma

#### 0.1%
Oklahoma

Turnpike

Authority

,

Revenue

,

2023

,

5.5 %

,

1/01/53

...................

6,000,000

6,342,771

Oklahoma

Water

Resources

Board

,

Revenue

,

2023

B

,

%

,

10/01/48

.............

4,000,000

3,717,768

10,060,539

#### Oregon

#### 1.0%
County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/50

...

12,210,000

11,084,546

Oregon

City

School

District

No.

,

GO

,

2018

B

,

Refunding

,

%

,

6/15/49

..........

10,000,000

10,079,894

Port

of

Portland

,

Airport

,

Revenue

,

B

,

%

,

7/01/44

....................................

2,450,000

2,457,207

Airport

,

Revenue

,

A

,

%

,

7/01/38

....................................

10,000,000

10,243,374

Airport

,

Revenue

,

A

,

%

,

7/01/45

....................................

10,000,000

10,019,279

Airport

,

Revenue

,

,

5.5 %

,

7/01/48

....................................

18,500,000

19,321,054

State

of

Oregon

,

Housing

&

Community

Services

Department

,

Revenue

,

2018

A

,

3.6 %

,

1/01/33

....

5,080,000

4,956,279

Housing

&

Community

Services

Department

,

Revenue

,

2018

D

,

3.8 %

,

7/01/34

....

4,695,000

4,607,799

e

Washington

Clackamas

&

Yamhill

Counties

School

District

No.

88J

,

GO

,

2018

A

,

5.25 %,

6/15/42

..........................................

5,900,000

2,456,300

GO

,

2018

A

,

5.31 %,

6/15/43

..........................................

5,500,000

2,153,347

77,379,079

#### Pennsylvania

#### 1.4%
Allentown

Commercial

and

Industrial

Development

Authority

,

d

Executive

Education

Academy

Charter

School

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/59

....................................................

5,000,000

4,589,599

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

%

,

6/15/53

.......

1,600,000

1,645,382

d

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

A

,

6.75 %

,

9/01/61

.................................................

10,000,000

9,623,679

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/51

............................................

5,000,000

4,539,870

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/31

........

350,000

347,288

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/37

........

345,000

324,179

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/56

........

3,300,000

2,542,622

Lehigh

County

General

Purpose

Authority

,

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

%

,

6/01/52

....

13,785,000

10,976,048

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

%

,

6/01/57

....

5,000,000

3,883,296

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

%

,

11/15/43

.......................................................

600,000

532,784

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

%

,

11/15/45

.......................................................

1,000,000

995,626

Meadowood

Corp.

Obligated

Group

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/01/48

.......................................................

9,000,000

8,513,778

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.25 %

,

6/30/53

........................................................

4,000,000

3,966,278

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

%

,

6/30/61

5,020,000

5,252,382

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

,

5.25 %

,

7/01/49

......

$

1,000,000

$

1,006,399

UPMC

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

2/15/40

............

5,240,000

4,936,761

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2022-139

A

,

Refunding

,

%

,

10/01/37

...........................

9,100,000

8,731,773

Revenue

,

2023-143

A

,

5.45 %

,

4/01/51

..................................

10,000,000

10,328,177

Pennsylvania

Turnpike

Commission

,

Revenue

,

2020

B

,

%

,

12/01/50

.......................................

8,000,000

8,186,829

Revenue

,

2023

A

,

Refunding

,

%

,

12/01/53

..............................

7,585,000

7,842,913

Philadelphia

Gas

Works

Co.

,

Revenue

,

16th

A

,

AGMC

Insured

,

%

,

8/01/45

.......

1,000,000

918,838

School

District

of

Philadelphia

(The)

,

GO

,

2016

F

,

Refunding

,

%

,

9/01/36

.........

4,090,000

4,156,632

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AGMC

Insured

,

%

,

6/01/32

...........................

10,000,000

10,097,735

113,938,868

#### Rhode

#### Island

#### 0.1%
Rhode

Island

Housing

&

Mortgage

Finance

Corp.

,

Revenue

,

A

,

6.5 %

,

4/01/27

...

130,000

130,274

Rhode

Island

Student

Loan

Authority

,

Revenue,

Senior

Lien

,

2021

A

,

%

,

12/01/29

.............................

2,025,000

2,109,055

Revenue,

Senior

Lien

,

2024

A

,

4.125 %

,

12/01/43

..........................

2,590,000

2,283,338

4,522,667

#### South

#### Carolina

#### 2.2%
County

of

Greenwood

,

Self

Regional

Healthcare

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/37

........................................................

8,465,000

8,427,284

d

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.75 %

,

11/01/36

................................

1,270,000

1,002,811

c

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

8/01/31

.........................................................

10,000,000

10,466,905

South

Carolina

Jobs-Economic

Development

Authority

,

d

Revenue

,

144A,

2021

,

3.65 %

,

12/01/36

..............................

23,315,000

19,451,215

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

,

3.65 %

,

12/01/36

...........

22,470,000

18,746,249

AHPC

Vista

Towers

2021

LLC

,

Revenue

,

2021

,

4.75 %

,

12/01/26

...........

2,115,000

2,070,498

d,e

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

,

2.603 %,

6/01/37

..

17,900,000

14,047,136

d,e

Columbia

Portfolio

Obligated

Group

,

Revenue

,

144A,

2022

,

1.357 %,

6/01/52

..

32,000,000

23,042,262

d

FAH

Pelham

LLC

,

Revenue

,

144A,

2023

,

I

,

6.5 %

,

2/01/56

................

24,865,000

25,350,417

d

FAH

Pelham

LLC

,

Revenue

,

144A,

2023

,

I

,

%

,

8/01/39

.................

770,000

723,538

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

5/01/48

......

25,000,000

24,748,090

South

Carolina

Ports

Authority

,

Revenue

,

2018

,

%

,

7/01/48

.........................................

10,000,000

10,003,753

Revenue

,

2018

,

%

,

7/01/55

.........................................

10,400,000

10,228,679

South

Carolina

Public

Service

Authority

,

Revenue

,

2025

A

,

%

,

12/01/55

..........

5,000,000

5,020,556

173,329,393

#### South

#### Dakota

#### 0.4%
South

Dakota

Health

&

Educational

Facilities

Authority

,

Avera

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/42

.........

10,000,000

9,154,732

Avera

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/46

.........

15,000,000

14,910,666

Monument

Health

Obligated

Group

,

Revenue

,

2017

,

%

,

9/01/37

..............

10,920,000

10,410,998

34,476,396

#### Tennessee

#### 3.5%
Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CDFI

Phase

I

LLC

,

Revenue

,

2015

,

Refunding

,

%

,

10/01/35

................................

1,000,000

1,001,967

City

of

Germantown

,

GO

,

2017

,

%

,

8/01/45

...............................

2,525,000

2,391,784

City

of

Jackson

,

West

Tennessee

Healthcare

Obligated

Group

,

Revenue

,

2015

,

%

,

4/01/36

......

3,885,000

3,885,427

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Tennessee
(continued)

City

of

Jackson,

(continued)

West

Tennessee

Healthcare

Obligated

Group

,

Revenue

,

2015

,

%

,

4/01/41

......

$

24,265,000

$

21,441,464

West

Tennessee

Healthcare

Obligated

Group

,

Revenue

,

2018

A

,

%

,

4/01/41

....

2,255,000

2,266,034

West

Tennessee

Healthcare

Obligated

Group

,

Revenue

,

2018

A

,

Pre-Refunded

,

%

,

4/01/41

........................................................

115,000

121,968

City

of

Knoxville

,

Wastewater

System

,

Revenue

,

2015

A

,

Refunding

,

%

,

4/01/42

...

5,000,000

4,806,931

City

of

Memphis

,

Electric

System

,

Revenue

,

2020

A

,

%

,

12/01/42

..........................

2,470,000

1,945,657

Gas

,

Revenue

,

2020

,

%

,

12/01/42

....................................

1,000,000

787,715

City

of

Portland

,

Water

&

Sewer

,

Revenue

,

2020

,

AGMC

Insured

,

%

,

4/01/45

......

1,775,000

1,302,847

County

of

Coffee

,

GO

,

2019

,

Refunding

,

%

,

6/01/44

........................

2,760,000

2,541,399

County

of

Wilson

,

GO

,

2017

A

,

%

,

4/01/42

................................

5,000,000

4,766,472

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group

,

Revenue

,

1998

,

NATL

Insured

,

ETM,

5.25 %

,

7/01/28

.......................

8,500,000

8,773,241

Knox

Chapman

Utility

District

of

Knox

County

,

Revenue

,

2012

,

%

,

1/01/40

........

2,730,000

2,564,778

Knox

County

Health

Educational

&

Housing

Facility

Board

,

Covenant

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/42

....

18,000,000

18,074,011

Covenant

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/47

....

22,815,000

22,513,434

Provident

Group

-

UTK

Properties

LLC

,

Revenue

,

2024

,

BAM

Insured

,

5.5 %

,

7/01/54

........................................................

2,900,000

3,042,224

Provident

Group

-

UTK

Properties

LLC

,

Revenue

,

2024

,

BAM

Insured

,

5.5 %

,

7/01/59

........................................................

4,750,000

4,953,483

Provident

Group

-

UTK

Properties

LLC

,

Revenue

,

2024

,

BAM

Insured

,

%

,

7/01/64

........................................................

3,735,000

3,711,098

University

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

9/01/47

3,000,000

2,947,406

University

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

4/01/36

2,250,000

2,256,087

Madison

Suburban

Utility

District

,

Revenue

,

2021

,

%

,

2/01/45

.................

1,000,000

720,087

Memphis-Shelby

County

Airport

Authority

,

Revenue

,

2021

A

,

%

,

7/01/45

.........

12,235,000

12,275,537

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Blakeford

at

Green

Hills

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/45

.......

3,500,000

2,832,591

Blakeford

at

Green

Hills

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/55

.......

9,015,000

6,647,940

Trevecca

Nazarene

University

,

Revenue

,

2021

B

,

%

,

10/01/51

...............

8,690,000

7,002,452

Vanderbilt

University

Medical

Center

Obligated

Group

,

Revenue

,

2016

A

,

%

,

7/01/46

........................................................

5,000,000

4,971,312

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue

,

2019

B

,

%

,

7/01/44

........................................

20,000,000

20,053,458

Revenue

,

2019

B

,

%

,

7/01/49

........................................

3,000,000

2,598,043

Revenue

,

2019

B

,

%

,

7/01/49

........................................

17,475,000

17,408,272

Revenue

,

2022

B

,

5.25 %

,

7/01/47

.....................................

10,000,000

10,177,079

Revenue

,

2022

B

,

5.5 %

,

7/01/52

......................................

2,500,000

2,582,318

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2017

A

,

%

,

5/01/36

4,000,000

4,051,111

Rhodes

College

,

Revenue

,

2017

,

Refunding

,

%

,

8/01/40

...................

2,000,000

1,933,689

South

Blount

County

Utility

District

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/39

......

2,015,000

1,667,757

c

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5 %

,

12/01/30

..............

55,000,000

57,667,423

Tennessee

Housing

Development

Agency

,

Revenue

,

2013-1

C

,

%

,

7/01/43

......................................

750,000

672,053

Revenue

,

2017-3

,

3.65 %

,

7/01/47

.....................................

610,000

510,163

Revenue

,

2018-2

,

Refunding

,

3.85 %

,

7/01/42

.............................

1,005,000

931,521

Revenue

,

2018-4

,

Refunding

,

%

,

7/01/43

...............................

5,745,000

5,230,348

Revenue

,

2023-3

A

,

5.4 %

,

7/01/53

.....................................

6,000,000

6,194,635

White

House

Utility

District

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/34

.............

820,000

763,106

Williamson

County

HB

&

TS

Utility

District

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/44

.

1,200,000

917,344

283,903,666

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas

#### 10.3%
Abilene

Convention

Center

Hotel

Development

Corp.

,

City

of

Abilene

Abilene

Convention

Center

,

Revenue,

First

Lien

,

2021

A

,

%

,

10/01/50

................

$

5,510,000

$

4,196,503

Aldine

Independent

School

District

,

GO

,

2017

A

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/42

.........................................................

2,445,000

2,472,540

Arlington

Higher

Education

Finance

Corp.

,

Harmony

Public

Schools

,

Revenue

,

2024

,

PSF

Guaranty

,

%

,

2/15/54

..........

5,000,000

4,388,260

Riverwalk

Education

Foundation,

Inc.

,

Revenue

,

2025

,

PSF

Guaranty

,

4.5 %

,

8/15/55

5,500,000

5,299,523

Riverwalk

Education

Foundation,

Inc.

,

Revenue

,

2025

,

PSF

Guaranty

,

4.5 %

,

8/15/60

5,500,000

5,286,148

Aubrey

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

%

,

2/15/52

........

7,500,000

6,717,826

Austin

Community

College

District

,

GO

,

2023

,

5.25 %

,

8/01/53

..................

6,000,000

6,291,103

Carrollton-Farmers

Branch

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/53

.........................................................

10,000,000

8,923,242

Cedar

Hill

Independent

School

District

,

GO

,

2024

,

PSF

Guaranty

,

%

,

2/15/50

.....

8,000,000

7,310,289

City

of

Arlington

,

Special

Tax,

Senior

Lien

,

2018

A

,

AGMC

Insured

,

%

,

2/15/44

.....

20,000,000

18,493,320

City

of

Austin

,

Electric

Utility

,

Revenue

,

2015

A

,

Refunding

,

%

,

11/15/45

...................

10,000,000

10,006,677

d

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2019

,

4.625 %

,

11/01/39

............................

1,405,000

1,314,814

d

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2019

,

4.75 %

,

11/01/48

.............................

2,450,000

2,146,103

d

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/01/53

.................................................

500,000

456,322

Sutton

Fields

II

Public

Improvement

District

,

Special

Assessment

,

144A,

2019

,

4.25 %

,

9/01/49

..................................................

3,065,000

2,520,499

City

of

Corpus

Christi

,

Utility

System

,

Revenue

,

2023

,

Refunding

,

%

,

7/15/48

.....................

9,000,000

8,334,453

Utility

System

,

Revenue,

Junior

Lien

,

2015

A

,

%

,

7/15/40

...................

13,200,000

13,208,737

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

.....................................................

19,000,000

17,380,005

d

City

of

Dallas

Housing

Finance

Corp.

,

DHFC

-

Dylan

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

%

,

12/01/62

................................

18,285,000

16,448,807

City

of

Houston

,

Airport

System

,

Revenue,

Sub.

Lien

,

2023

A

,

Refunding

,

AGMC

Insured

,

5.25 %

,

7/01/48

.............................................

5,000,000

5,138,403

d

City

of

Kyle

,

Creeks

Public

Improvement

District

Improvement

Area

No.

3B

,

Special

Assessment

,

144A,

2025

,

5.125 %

,

9/01/46

...............................

891,000

825,238

City

of

Laredo

,

Waterworks

&

Sewer

System

,

Revenue

,

2016

,

Refunding

,

%

,

3/01/41

9,690,000

9,211,914

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25 %

,

9/01/38

..................................................

1,275,000

1,015,579

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25 %

,

9/01/44

..................................................

1,460,000

1,043,428

d

City

of

Mesquite

,

Heartland

Town

Center

Public

Improvement

District

Phase

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/43

...........................................

816,000

762,525

Heartland

Town

Center

Public

Improvement

District

Phase

,

Special

Assessment

,

144A,

2023

,

5.125 %

,

9/01/52

.......................................

373,000

338,618

City

of

Pflugerville

,

GO

,

2023

,

%

,

8/01/49

................................

3,500,000

3,172,102

d

City

of

Princeton

,

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/01/52

.........................

1,376,000

1,277,927

d

City

of

Royse

City

,

Waterscape

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2017

,

%

,

9/15/48

................................

2,700,000

2,489,078

Waterscape

Public

Improvement

District

Improvement

Area

No.

Phase

1B

,

Special

Assessment

,

144A,

2019

,

4.375 %

,

9/15/39

.............................

610,000

549,764

Waterscape

Public

Improvement

District

Improvement

Area

No.

Phase

1B

,

Special

Assessment

,

144A,

2019

,

4.5 %

,

9/15/48

...............................

1,260,000

1,072,753

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools

,

Revenue

,

2024

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/54

....

$

4,425,000

$

3,885,596

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2022

,

PSF

Guaranty

,

%

,

8/15/42

2,150,000

2,040,561

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2022

,

PSF

Guaranty

,

%

,

8/15/47

11,500,000

11,882,902

YES

Prep

Public

Schools,

Inc.

,

Revenue

,

2023

,

PSF

Guaranty

,

4.25 %

,

4/01/53

...

5,500,000

5,111,130

Comal

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/01/46

........

3,345,000

3,130,367

Community

Independent

School

District

,

GO

,

2022

B

,

PSF

Guaranty

,

%

,

2/15/50

...

2,750,000

2,512,140

Conroe

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

%

,

2/15/50

.......

15,000,000

13,702,584

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/32

....

90,000

96,897

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/33

....

100,000

107,141

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/34

....

100,000

106,471

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/35

....

85,000

90,011

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/36

....

85,000

89,431

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/41

....

600,000

549,434

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/46

....

700,000

617,259

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/50

....

650,000

548,439

County

of

Harris

,

Toll

Road

,

Revenue,

First

Lien

,

2024

A

,

Refunding

,

%

,

8/15/54

...

7,500,000

6,585,845

Crowley

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

5.25 %

,

2/01/53

....

7,500,000

7,876,588

Del

Valle

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

%

,

6/15/47

......

7,500,000

6,875,357

Forney

Independent

School

District

,

GO

,

2015

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/37

15,000,000

15,052,374

Frisco

Independent

School

District

,

GO

,

2016

,

PSF

Guaranty

,

%

,

8/15/46

........

20,000,000

20,123,136

FW

Texas

Street

Public

Facility

Corp.

,

Revenue

,

2025

,

%

,

5/01/38

..............

15,000,000

15,089,221

Galena

Park

Independent

School

District

,

GO

,

2024

,

PSF

Guaranty

,

%

,

8/15/49

...

1,350,000

1,028,536

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

5.8 %

,

10/01/45

..........

10,000,000

10,448,279

Gulf

Coast

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2003

B

,

1.5 %

,

5/01/28

....

2,000,000

1,828,502

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Houston

Methodist

Hospital

Obligated

Group

,

Revenue

,

2015

,

%

,

12/01/45

...........................

30,000,000

29,998,410

Harris

County-Houston

Sports

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

AGMC

Insured

,

3.125 %

,

11/15/56

.....................................

5,000,000

3,398,054

Harris-Waller

Counties

Municipal

Utility

District

No.

,

GO

,

2022

,

%

,

11/01/34

.............................................

795,000

789,751

GO

,

2022

,

%

,

11/01/38

.............................................

840,000

801,115

GO

,

2022

,

5.25 %

,

11/01/41

..........................................

1,435,000

1,354,746

GO

,

2022

,

5.5 %

,

11/01/44

...........................................

2,010,000

1,913,280

GO

,

2022

,

5.5 %

,

11/01/48

...........................................

5,445,000

5,075,416

Highland

Park

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/48

..

5,500,000

5,043,989

Houston

Higher

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2025

,

5.25 %

,

10/01/54

...................................................

1,500,000

1,450,462

Humble

Independent

School

District

,

GO

,

2018

,

PSF

Guaranty

,

%

,

2/15/43

.......

10,000,000

10,100,075

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2.375 %

,

9/01/31

..........................................

165,000

138,776

GO

,

2021

,

2.375 %

,

9/01/32

..........................................

170,000

139,237

GO

,

2021

,

2.375 %

,

9/01/33

..........................................

170,000

135,461

GO

,

2021

,

2.5 %

,

9/01/34

............................................

180,000

141,470

GO

,

2021

,

2.5 %

,

9/01/36

............................................

370,000

275,756

GO

,

2021

,

2.625 %

,

9/01/38

..........................................

385,000

276,499

GO

,

2021

,

%

,

9/01/41

.............................................

375,000

264,384

GO

,

2021

,

%

,

9/01/46

.............................................

750,000

486,687

GO

,

2021

,

%

,

9/01/51

.............................................

1,265,000

764,596

GO

,

2024

,

AGMC

Insured

,

4.375 %

,

9/01/48

..............................

1,685,000

1,557,079

GO

,

2024

,

AGMC

Insured

,

4.5 %

,

9/01/54

................................

3,695,000

3,445,668

d

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48 %

,

12/15/39

........................................................

12,306,609

9,007,920

Lamar

Consolidated

Independent

School

District

,

GO

,

2023

,

%

,

2/15/53

.............................................

5,000,000

4,454,505

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Lamar

Consolidated

Independent

School

District,

(continued)

GO

,

2023

A

,

PSF

Guaranty

,

%

,

2/15/58

................................

$

7,000,000

$

7,159,369

GO

,

2024

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/54

.........................

9,500,000

8,446,373

Lubbock-Cooper

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

4.375 %

,

2/15/53

.........................................................

15,000,000

14,342,409

Medina

Valley

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/53

..

15,000,000

13,384,863

New

Caney

Independent

School

District

,

GO

,

2023

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/53

.........................................................

5,555,000

5,754,573

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

NCCD-Cain

Hall

Redevelopment

I

LLC

,

Revenue

,

2016

,

%

,

4/01/46

........

6,000,000

6,040,960

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/39

.......................................................

5,650,000

5,455,166

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/49

.......................................................

11,470,000

10,260,927

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/54

.......................................................

230,000

200,812

Westminster

Manor

Obligated

Group

,

Revenue

,

2021

,

%

,

11/01/49

............

12,400,000

10,460,481

Newark

Higher

Education

Finance

Corp.

,

Abilene

Christian

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

4/01/57

...........................................

5,000,000

4,183,640

North

Harris

County

Regional

Water

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

%

,

12/15/46

.....................................................

18,460,000

18,559,005

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

First

Tier

,

2017

A

,

Refunding

,

%

,

1/01/43

.

10,000,000

10,143,073

North

Texas

Tollway

System

,

Revenue,

Second

Tier

,

2018

,

Refunding

,

%

,

1/01/48

10,000,000

10,091,870

e

Special

Projects

System

,

Revenue

,

2011

B

,

Pre-Refunded

,

5.62 %,

9/01/37

......

7,500,000

3,818,555

e

Special

Projects

System

,

Revenue

,

2011

B

,

Pre-Refunded

,

6.33 %,

9/01/43

......

7,500,000

2,433,748

Special

Projects

System

,

Revenue

,

2011

C

,

Pre-Refunded

,

6.75 %

,

9/01/45

......

25,000,000

29,764,640

Northwest

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/48

.....

7,000,000

6,492,504

Port

Freeport

,

Revenue,

Senior

Lien

,

2019

A

,

%

,

6/01/49

.....................

4,000,000

3,881,588

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/46

......

13,705,000

10,952,788

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/51

......

3,765,000

2,888,408

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/54

......

1,035,000

779,116

San

Antonio

Public

Facilities

Corp.

,

City

of

San

Antonio

,

Revenue

,

2012

,

Refunding

,

%

,

9/15/42

......................................................

36,500,000

33,624,300

San

Jacinto

River

Authority

,

Revenue

,

2011

,

AGMC

Insured

,

%

,

10/01/32

............................

5,000,000

5,004,066

Revenue

,

2011

,

AGMC

Insured

,

%

,

10/01/37

............................

3,000,000

3,001,829

Southeast

Regional

Management

District

,

GO

,

2024

A

,

AGMC

Insured

,

4.25 %

,

4/01/49

.............................

1,175,000

1,070,071

GO

,

2024

A

,

AGMC

Insured

,

4.25 %

,

4/01/53

.............................

1,755,000

1,575,637

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2018

B

,

%

,

7/01/43

...........

10,000,000

10,028,072

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2022

A

,

%

,

7/01/53

............

3,100,000

2,720,127

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2022

A

,

%

,

7/01/53

............

15,000,000

15,136,206

Texas

Health

Resources

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/15/41

15,165,000

15,255,217

Texas

Department

of

Housing

&

Community

Affairs

,

Revenue

,

2023

A

,

GNMA

Insured

,

5.25 %

,

1/01/53

.........................

14,000,000

14,305,593

Revenue

,

2024

A

,

GNMA

Insured

,

5.125 %

,

1/01/54

........................

3,000,000

3,072,348

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

%

,

12/15/29

................................

12,715,000

13,196,886

Revenue

,

2021

,

Refunding

,

%

,

12/15/32

................................

10,350,000

10,825,370

c

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

B

,

Mandatory

Put

,

5.5 %

,

1/01/34

....................................................

13,000,000

13,964,948

c

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V

,

Revenue

,

2024

,

Mandatory

Put

,

%

,

1/01/34

......................................................

12,500,000

13,002,877

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

,

NTE

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2023

,

5.5 %

,

12/31/58

.............................

$

6,000,000

$

6,154,486

e

Texas

Transportation

Commission

,

State

Highway

System

,

Revenue,

First

Tier

,

2019

A

,

5.3 %,

8/01/48

.........

6,250,000

1,879,816

State

Highway

System

,

Revenue,

First

Tier

,

2019

A

,

5.34 %,

8/01/49

........

5,000,000

1,417,259

State

Highway

System

,

Revenue,

First

Tier

,

2019

A

,

5.35 %,

8/01/50

........

5,500,000

1,475,283

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2018

B

,

%

,

10/15/43

.......................................................

25,000,000

23,536,385

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2019

A

,

%

,

10/15/49

.......................................................

20,000,000

18,134,096

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2022

,

%

,

10/15/47

16,050,000

16,643,142

d

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/01/41

.......................................

708,000

508,252

Valencia

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/47

...........................................

831,000

667,226

Town

of

Ponder

,

Ponder

Public

Improvement

District

No.

,

Special

Assessment

,

2017

,

%

,

9/01/45

500,000

486,689

Ponder

Public

Improvement

District

No.

,

Special

Assessment

,

2017

,

%

,

9/01/47

865,000

833,413

Travis

County

Development

Authority

,

Special

Assessment

,

2025

,

5.25 %

,

9/01/54

...

1,400,000

1,284,741

Viridian

Municipal

Management

District

,

GO

,

2023

,

AGMC

Insured

,

%

,

12/01/49

...

1,000,000

1,000,080

West

Travis

County

Public

Utility

Agency

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

%

,

8/15/41

......................................................

5,000,000

4,633,922

Westside

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

%

,

8/15/41

.....................................

790,000

577,938

GO,

Sub.

Lien

,

2021

,

%

,

8/15/45

.....................................

615,000

420,532

GO,

Sub.

Lien

,

2021

,

%

,

8/15/51

.....................................

1,570,000

995,555

GO,

Sub.

Lien

,

2022

,

5.625 %

,

8/15/52

..................................

1,065,000

1,055,737

Ysleta

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

%

,

8/15/56

........

23,445,000

23,892,919

825,359,923

#### Utah

#### 1.2%
Central

Utah

Water

Conservancy

District

,

Revenue

,

2017

B

,

Refunding

,

%

,

10/01/38

10,000,000

9,750,449

City

of

Bountiful

,

Sales

Tax

,

Revenue

,

2023

,

%

,

7/01/53

......................

6,840,000

6,248,330

City

of

Salt

Lake

City

,

Airport

,

Revenue

,

2018

A

,

%

,

7/01/48

..................................

25,110,000

25,024,011

Airport

,

Revenue

,

2021

A

,

%

,

7/01/51

..................................

10,000,000

9,975,787

Airport

,

Revenue

,

2023

A

,

5.25 %

,

7/01/53

...............................

10,000,000

10,106,766

Jordan

Valley

Water

Conservancy

District

,

Revenue

,

2017

B

,

Refunding

,

%

,

10/01/41

6,000,000

5,654,640

University

of

Utah

(The)

,

Revenue

,

2022

A

,

%

,

8/01/46

......................

9,645,000

9,957,975

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

%

,

10/15/26

........................................

550,000

542,778

Revenue

,

2021

,

%

,

10/15/28

........................................

350,000

347,267

Revenue

,

2021

,

%

,

10/15/32

........................................

540,000

525,101

Revenue

,

2021

,

%

,

10/15/41

........................................

1,450,000

1,285,943

Revenue

,

2021

,

%

,

10/15/45

........................................

2,000,000

1,406,075

Revenue

,

2022

,

%

,

10/15/37

........................................

1,200,000

1,233,548

Revenue

,

2022

,

%

,

10/15/46

........................................

3,650,000

3,610,232

Revenue

,

2024

,

5.5 %

,

10/15/44

.......................................

650,000

677,685

Revenue

,

2024

,

5.5 %

,

10/15/48

.......................................

650,000

670,037

Utah

State

University

,

Student

Fee

&

Housing

,

Revenue

,

2023

,

%

,

4/01/56

.......

10,120,000

10,266,784

97,283,408

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia

#### 0.6%
Amelia

County

Industrial

Development

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2002

,

Refunding

,

1.45 %

,

4/01/27

......................................

$

2,350,000

$

2,217,133

Hampton

Roads

Transportation

Accountability

Commission

,

Transportation

Fund

,

Revenue,

Senior

Lien

,

2020

A

,

%

,

7/01/60

..............................

19,000,000

19,303,569

Virginia

Housing

Development

Authority

,

Revenue

,

2023

F

,

FHA

Insured

,

%

,

11/01/43

11,120,000

11,237,191

Virginia

Resources

Authority

,

Revenue

,

2012

A

,

%

,

11/01/39

..................

70,000

70,052

Virginia

Small

Business

Financing

Authority

,

Capital

Beltway

Express

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

12/31/52

3,730,000

3,735,054

Capital

Beltway

Express

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

12/31/57

6,270,000

6,182,929

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/51

....................................................

4,000,000

3,286,417

46,032,345

#### Washington

#### 2.8%
Central

Puget

Sound

Regional

Transit

Authority

,

Sales

Motor

Vehicle

&

Rental

Car

Tax

,

Revenue

,

2021

,

Refunding

,

%

,

11/01/46

.............................

20,000,000

18,300,030

City

of

Seattle

,

Municipal

Light

&

Power

,

Revenue

,

2018

A

,

%

,

1/01/42

..........

10,855,000

10,300,861

County

of

Spokane

,

Airport

,

Revenue

,

2024

B

,

5.25 %

,

1/01/54

.................

11,690,000

11,821,435

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/37

..............

34,480,000

33,200,923

Grant

County

Public

Hospital

District

No.

,

GO

,

2023

,

5.125 %

,

12/01/52

.........

4,500,000

4,387,938

NJB

Properties

,

Revenue

,

2006

A

,

%

,

12/01/36

............................

5,000

5,004

Port

of

Seattle

,

Revenue

,

2018

A

,

%

,

5/01/38

........................................

15,000,000

15,051,192

Revenue

,

2019

,

%

,

4/01/44

.........................................

4,000,000

3,500,447

Skagit

County

Public

Hospital

District

No.

,

Revenue

,

2024

,

5.5 %

,

12/01/54

.......

3,050,000

3,130,204

University

of

Washington

,

Revenue

,

2018

,

%

,

4/01/48

.......................

29,450,000

29,709,466

Vancouver

Housing

Authority

,

Revenue

,

2024

,

%

,

8/01/34

....................

6,000,000

5,870,210

Washington

Health

Care

Facilities

Authority

,

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/29

.......................................................

250,000

265,104

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/33

.......................................................

250,000

262,846

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/34

.......................................................

300,000

268,763

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/45

.......................................................

1,200,000

1,068,000

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/48

.......................................................

910,000

802,461

Multicare

Health

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

%

,

8/15/41

25,000,000

22,761,763

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2012

A

,

%

,

10/01/42

..

10,175,000

10,193,370

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2014

D

,

Refunding

,

%

,

10/01/38

.......................................................

8,000,000

8,002,575

Washington

Higher

Education

Facilities

Authority

,

Seattle

Pacific

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/42

......................................

3,800,000

3,350,004

Washington

State

Convention

Center

Public

Facilities

District

,

Lodging

Tax

,

Revenue

,

2021

B

,

Refunding

,

%

,

7/01/43

.......................................

14,855,000

13,072,867

Washington

State

Housing

Finance

Commission

,

Revenue

,

2021-1

,

A

,

3.5 %

,

12/20/35

...................................

20,691,038

19,064,160

d

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

2,840,000

2,333,028

d

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

6.375 %

,

7/01/63

........................................................

6,220,000

6,699,678

223,422,329

#### West

#### Virginia

#### 0.8%
County

of

Ohio

,

Tax

Allocation

,

2024

,

Refunding

,

5.25 %

,

6/01/53

................

1,500,000

1,468,123

c

West

Virginia

Economic

Development

Authority

,

Kentucky

Power

Co.

,

Revenue

,

2014

A

,

Refunding

,

Mandatory

Put

,

4.7 %

,

6/17/26

.............................

6,000,000

6,036,549

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### West

#### Virginia
(continued)

West

Virginia

Hospital

Finance

Authority

,

Cabell

Huntington

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/43

........................................................

$

10,000,000

$

9,950,608

Vandalia

Health,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/38

.

3,040,000

3,071,864

Vandalia

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

%

,

9/01/53

.

3,000,000

3,221,735

West

Virginia

United

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

%

,

6/01/47

7,000,000

7,000,494

West

Virginia

United

Health

System

Obligated

Group

,

Revenue

,

2018

A

,

%

,

6/01/52

20,700,000

20,464,571

West

Virginia

Water

Development

Authority

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/36

..............................

5,000,000

5,060,664

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/45

..............................

5,435,000

5,453,401

61,728,009

#### Wisconsin

#### 4.7%
Public

Finance

Authority

,

Revenue

,

2023-1

,

A

,

5.75 %

,

7/01/62

...................................

23,793,410

24,103,502

d

Revenue

,

144A,

2022

,

,

%

,

12/28/44

................................

21,085,631

16,597,812

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/15/41

.......................................................

1,205,000

1,219,684

Blue

Ridge

Healthcare

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/50

2,185,000

1,550,879

CFC-SA

LLC

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

2/01/62

...................

10,000,000

9,598,324

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/41

..........

1,000,000

873,748

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/61

..........

10,000,000

7,710,141

d

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

,

6.81 %

,

4/28/36

........

10,000,000

10,140,483

c

Duke

Energy

Progress

LLC

,

Revenue

,

2022

B

,

Refunding

,

Mandatory

Put

,

%

,

10/01/30

.......................................................

2,200,000

2,193,934

EMU

Campus

Living

LLC

,

Revenue

,

2022

,

BAM

Insured

,

5.5 %

,

7/01/52

......

5,000,000

5,095,156

EMU

Campus

Living

LLC

,

Revenue

,

2022

,

BAM

Insured

,

5.625 %

,

7/01/55

....

6,620,000

6,743,532

d

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5 %

,

8/01/53

................

22,945,000

21,862,384

d

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

,

7.125 %

,

7/25/34

........................................................

22,825,000

23,419,137

d

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

A

,

3.8 %

,

12/01/37

24,375,000

20,392,081

NC

A&T

Real

Estate

Foundation

LLC

,

Revenue

,

2024

A

,

5.25 %

,

6/01/54

........

2,325,000

2,295,212

d

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

..................................................

11,975,000

11,720,288

d,e

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

.................................................

122,250,000

72,172,170

d

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

22,565,000

22,467,781

d

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

B

,

7.5 %

,

12/01/29

.....

2,645,000

2,735,370

RED

River

Valley

Alliance

LLC

,

Revenue

,

2021

,

%

,

9/30/51

.................

730,000

587,367

RED

River

Valley

Alliance

LLC

,

Revenue

,

2021

,

%

,

3/31/56

.................

30,185,000

23,724,474

Southeastern

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/39

............................................

4,755,000

3,972,016

Southeastern

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/46

............................................

11,980,000

9,065,600

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2021

A

,

%

,

6/15/41

............

1,280,000

1,117,421

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2021

A

,

%

,

6/15/51

............

10,000

7,997

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2021

A

,

%

,

6/15/61

............

6,000,000

4,626,693

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2022

,

5.25 %

,

6/15/52

...........

1,610,000

1,540,966

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2022

,

5.375 %

,

6/15/57

..........

1,550,000

1,496,573

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2025

,

Refunding

,

5.5 %

,

6/15/55

...

2,135,000

2,107,870

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

6/15/65

..

1,125,000

1,066,188

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/46

.......

5,075,000

3,965,039

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/51

.......

5,705,000

4,216,123

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/56

.......

2,250,000

1,616,899

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/41

...........................................

1,010,000

916,347

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Wisconsin
(continued)

Public

Finance

Authority,

(continued)

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/51

...........................................

$

2,185,000

$

1,775,306

e

Wisconsin

Center

District

,

Revenue,

Junior

Lien

,

2020

D

,

AGMC

Insured

,

5.01 %,

12/15/45

........................................................

20,000,000

7,200,374

Wisconsin

Health

&

Educational

Facilities

Authority

,

Children's

Hospital

of

Wisconsin

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/42

........................................................

15,000,000

13,814,344

Marshfield

Clinic

Health

System

Obligated

Group

,

Revenue

,

2017

C

,

Refunding

,

%

,

2/15/47

........................................................

20,000,000

19,783,196

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/47

....................................................

5,200,000

4,218,664

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/57

....................................................

1,400,000

1,049,970

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/15/36

........................................................

530,000

492,535

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/15/45

........................................................

475,000

396,752

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

9/15/36

........................................................

775,000

720,216

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

%

,

8/15/46

......

895,000

725,993

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

%

,

8/15/51

......

1,335,000

1,033,713

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

%

,

8/15/55

......

1,760,000

1,333,273

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

A

,

5.75 %

,

8/15/59

....

1,940,000

1,992,161

377,455,688

#### U.S.

#### Territories

#### 2.5%

#### District

#### of

#### Columbia

#### 2.0%
District

of

Columbia

,

Catholic

University

of

America

(The)

,

Revenue

,

2017

B

,

%

,

10/01/42

..........

20,535,000

20,550,284

Catholic

University

of

America

(The)

,

Revenue

,

2017

B

,

%

,

10/01/47

..........

25,110,000

23,775,770

Catholic

University

of

America

(The)

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/43

...

4,000,000

3,947,630

International

School

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/49

............

1,000,000

971,656

International

School

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/54

............

1,905,000

1,824,049

Water

&

Sewer

Authority

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

10/01/49

..........

25,000,000

25,278,168

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2018

A

,

Refunding

,

%

,

10/01/48

.......................

10,275,000

10,285,842

Aviation

,

Revenue

,

2019

A

,

Refunding

,

%

,

10/01/49

.......................

10,000,000

10,004,681

Aviation

,

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/53

.....................

6,000,000

6,096,385

Dulles

Toll

Road

,

Revenue,

Second

Lien

,

2009

C

,

Pre-Refunded

,

AGMC

Insured

,

6.5 %

,

10/01/41

..................................................

25,000,000

26,163,830

Dulles

Toll

Road

,

Revenue,

Sub.

Lien

,

2019

B

,

Refunding

,

%

,

10/01/49

........

13,555,000

11,712,091

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2021

A

,

%

,

7/15/43

...............................

12,775,000

11,922,297

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

%

,

7/15/56

.....................

12,000,000

12,340,519

164,873,202

#### Puerto

#### Rico

#### 0.5%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

5,780,000

5,623,760

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

B

,

6.625 %

,

1/01/27

....................................

317,172

312,668

Revenue

,

2000

B

,

6.625 %

,

1/01/28

....................................

2,419,017

2,371,155

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

..................................

27,576,000

26,382,977

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### Puerto

#### Rico
(continued)

Puerto

Rico

Sales

Tax

Financing

Corp.,

(continued)

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

...............................

$

5,593,000

$

5,162,804

39,853,364

#### Total

#### U.S.

#### Territories

#### ....................................................................
204,726,566

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 8,201,974,736

####)
...................................

#### 7,894,128,521

#### 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

#### $

#### 8,237,634,736

####)
.............................

#### 7,931,265,815

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 0.3%

#### Principal

#### Amount

#### Municipal

#### Bonds

#### 0.3%

#### California

#### 0.2%
h

Los

Angeles

Department

of

Water

&

Power

,

Power

System

,

Revenue

,

2002

,

Refunding

,

SPA

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.7 %

,

7/01/35

.......................................

10,200,000

10,200,000

Power

System

,

Revenue

,

2023

,

SPA

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.85 %

,

7/01/57

........................................................

5,125,000

5,125,000

Power

System

,

Revenue

,

2023

,

Refunding

,

SPA

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

3.5 %

,

7/01/47

..................................

3,100,000

3,100,000

18,425,000

#### Minnesota

#### 0.0%

#### †
h

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

2.55 %

,

11/15/48

.....

3,400,000

3,400,000

#### New

#### York

#### 0.1%
h

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2022

DD

,

Refunding

,

Daily

VRDN

and

Put

,

2.5 %

,

6/15/33

...................

2,700,000

2,700,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 24,525,000

####)
......................................

#### 24,525,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 24,525,000

####)
................................

#### 24,525,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 8,262,159,736

####)
99.0 #### %
..................................

#### $7,955,790,815

#### Other

#### Assets,

#### less

#### Liabilities
1.0 #### %
.............................................

#### 83,777,844

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $8,039,568,659
Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Non-income

producing.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2025,

the

aggregate

value

of

these

securities

was

$896,009,532,

representing

11.1%

of

net

assets.

e

The

rate

shown

represents

the

yield

at

period

end.

f

The

coupon

rate

shown

represents

the

rate

at

period

end.

g

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. h

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

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

April

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Federal

#### Tax-

#### Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$8,262,159,736

Value

-

Unaffiliated

issuers

..................................................................

$7,955,790,815

Cash

....................................................................................

116,241

Receivables:

Capital

shares

sold

........................................................................

1,697,725

Interest

.................................................................................

105,275,857

Unrealized

appreciation

on

unfunded

commitments

(Note

b)

..........................................

909,503

Total

assets

..........................................................................

8,063,790,141

Liabilities:

Payables:

Capital

shares

redeemed

...................................................................

16,316,303

Management

fees

.........................................................................

3,032,010

Distribution

fees

..........................................................................

807,185

Transfer

agent

fees

........................................................................

1,144,926

Distributions

to

shareholders

.................................................................

2,027,713

Accrued

expenses

and

other

liabilities

...........................................................

893,345

Total

liabilities

.........................................................................

24,221,482

Net

assets,

at

value

.................................................................

$8,039,568,659

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$9,190,136,005

Total

distributable

earnings

(losses)

.............................................................

(1,150,567,346)

Net

assets,

at

value

.................................................................

$8,039,568,659

Franklin

Federal

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Federal

#### Tax-

#### Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$1,990,038,653

Shares

outstanding

........................................................................

189,217,605

Net

asset

value

per

share

a

,b

..................................................................

$10.52

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$10.93

#### Class

#### A1:
Net

assets,

at

value

.......................................................................

$4,024,437,809

Shares

outstanding

........................................................................

382,624,740

Net

asset

value

per

share

a

,b

..................................................................

$10.52

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$10.93

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$127,394,208

Shares

outstanding

........................................................................

12,121,865

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$10.51

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$791,700,267

Shares

outstanding

........................................................................

75,203,472

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$10.53

#### Advisor

#### Class:
Net

assets,

at

value

.......................................................................

$1,105,997,722

Shares

outstanding

........................................................................

105,034,835

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$10.53

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

year

ended

April

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Federal

#### Tax-

#### Free

#### Income

#### Fund
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

f)

.............................................................

$57,028

Interest:

Unaffiliated

issuers

........................................................................

368,425,886

Total

investment

income

...................................................................

368,482,914

Expenses:

Management

fees

(Note

a)

...................................................................

38,507,745

Distribution

fees:

(Note

3c)

Class

A

................................................................................

5,052,618

Class

A1

...............................................................................

4,414,253

Class

C

................................................................................

1,008,694

Transfer

agent

fees:

(Note

3e)

Class

A

................................................................................

1,141,695

Class

A1

...............................................................................

2,495,163

Class

C

................................................................................

87,798

Class

R6

...............................................................................

110,558

Advisor

Class

............................................................................

651,302

Custodian

fees

(Note

4)

......................................................................

48,992

Reports

to

shareholders

fees

..................................................................

127,969

Registration

and

filing

fees

....................................................................

183,706

Professional

fees

...........................................................................

176,032

Trustees'

fees

and

expenses

..................................................................

92,944

Other

....................................................................................

647,758

Total

expenses

.........................................................................

54,747,227

Expense

reductions

(Note

4)

...............................................................

(40,073)

Expenses

waived/paid

by

affiliates

(Note

f

and

g)

..............................................

(4,357)

Net

expenses

.........................................................................

54,702,797

Net

investment

income

................................................................

313,780,117

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(53,657,033)

Non-controlled

affiliates

(Note

f)

............................................................

(282,878)

Net

realized

gain

(loss)

..................................................................

(53,939,911)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

(52,018,590)

Non-controlled

affiliates

(Note

f)

............................................................

291,970

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(51,726,620)

Net

realized

and

unrealized

gain

(loss)

............................................................

(105,666,531)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$208,113,586

Franklin

Federal

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Federal

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Year

#### Ended

#### April

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$313,780,117

$324,893,282

Net

realized

gain

(loss)

.................................................

(53,939,911)

(79,852,503)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(51,726,620)

12,396,194

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

208,113,586

257,436,973

Distributions

to

shareholders:

Class

A

.............................................................

(70,738,894)

(66,879,650)

Class

A1

............................................................

(160,948,680)

(174,734,353)

Class

C

.............................................................

(4,802,568)

(6,366,664)

Class

R6

............................................................

(31,174,415)

(31,965,222)

Advisor

Class

........................................................

(43,173,369)

(39,920,179)

Total

distributions

to

shareholders

..........................................

(310,837,926)

(319,866,068)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

50,235,206

40,419,438

Class

A1

............................................................

(529,565,288)

(580,112,407)

Class

C

.............................................................

(52,332,071)

(64,109,971)

Class

R6

............................................................

(22,049,972)

(113,909,215)

Advisor

Class

........................................................

(14,004,164)

136,583,996

Total

capital

share

transactions

............................................

(567,716,289)

(581,128,159)

Net

increase

(decrease)

in

net

assets

...................................

(670,440,629)

(643,557,254)

Net

assets:

Beginning

of

year

.......................................................

8,710,009,288

9,353,566,542

End

of

year

...........................................................

$8,039,568,659

$8,710,009,288

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

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

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

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

franklintempleton.com

Annual

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

April

30,

2025,

unfunded

commitments

were

as

follows:

c. #### 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

April

30,

2025, 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.

d. #### 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.

e. #### 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.

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.

f. #### 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

#### 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

franklintempleton.com

Annual

Report

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.

g. #### 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

April

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Year

#### Ended

#### April

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

39,094,355

$422,755,566

45,291,811

$479,825,027

Shares

issued

in

reinvestment

of

distributions

..........

6,181,886

66,861,343

5,947,644

63,025,429

Shares

redeemed

...............................

(40,669,921)

(439,381,703)

(47,583,185)

(502,431,018)

Net

increase

(decrease)

..........................

4,606,320

$50,235,206

3,656,270

$40,419,438

#### Class

#### A1

#### Shares:
Shares

sold

...................................

6,989,511

$75,720,306

9,207,147

$97,504,088

Shares

issued

in

reinvestment

of

distributions

..........

13,178,274

142,577,579

14,621,101

154,894,071

Shares

redeemed

...............................

(69,092,499)

(747,863,173)

(78,628,347)

(832,510,566)

Net

increase

(decrease)

..........................

(48,924,714)

$(529,565,288)

(54,800,099)

$(580,112,407)

#### Class

#### C

#### Shares:
Shares

sold

...................................

1,007,089

$10,887,435

1,616,526

$17,092,036

Shares

issued

in

reinvestment

of

distributions

..........

425,366

4,599,719

574,477

6,078,985

Shares

redeemed

a

..............................

(6,269,094)

(67,819,225)

(8,263,354)

(87,280,992)

Net

increase

(decrease)

..........................

(4,836,639)

$(52,332,071)

(6,072,351)

$(64,109,971)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

7,869,457

$85,412,404

34,234,418

$352,818,204

Shares

issued

in

reinvestment

of

distributions

..........

2,862,463

30,992,280

2,993,543

31,744,930

Shares

redeemed

...............................

(12,743,185)

(138,454,656)

(48,818,253)

(498,472,349)

Net

increase

(decrease)

..........................

(2,011,265)

$(22,049,972)

(11,590,292)

$(113,909,215)

#### Advisor

#### Class

#### Shares:
Shares

sold

...................................

25,054,287

$271,652,856

68,214,785

$704,957,450

Shares

issued

in

reinvestment

of

distributions

..........

3,734,871

40,448,007

3,481,166

36,923,548

Shares

redeemed

...............................

(30,158,290)

(326,105,027)

(58,321,729)

(605,297,002)

Net

increase

(decrease)

..........................

(1,369,132)

$(14,004,164)

13,374,222

$136,583,996

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Accounting

#### Estimates
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year

ended

April

30,

2025,

the

gross

effective

investment

management

fee

rate

was 0.450%

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.

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

through

January

31. The

maximum

annual

plan

rates,

based

on

the

average

daily

net

assets,

for

each

class,

are

as

follows:

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

franklintempleton.com

Annual

Report

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

year:

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

year

ended

April

30,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$1,402,078

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

year

ended

April

30,

2025,

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

..............................

$65,831

CDSC

retained

..............................................................................

$143,390

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Franklin

#### Federal

#### Tax-Free

#### Income

#### Fund

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Municipal

Green

Bond

ETF

...................

$1,963,763

$—

$(1,972,855)

$(282,878)

$291,970

$—

—

$57,028

#### Total

#### Affiliated

#### Securities

#### ...
$1,963,763

$—

$(1,972,855)

$(282,878)

$291,970

$—

$57,028

#### 3

#### .

#### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

year

ended

April

30,

2025,

these

purchase

and

sale

transactions

aggregated

$362,946,449

and

$423,852,545,

respectively,

with

net

realized

losses

of

$1,872,530.

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

year

ended

April

30,

2025,

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,

2025,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

April

30,

2025

and

2024

,

was

as

follows:

At

April

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income for

income

tax

purposes

were

as

follows:

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

308,965,459

Long

term

................................................................................

547,499,182

Total

capital

loss

carryforwards

...............................................................

$856,464,641

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.

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$2,182,181

$9,243,073

Tax

exempt

income

........................................................

308,655,745

310,622,995

$310,837,926

$319,866,068

Cost

of

investments

..........................................................................

$8,257,785,663

Unrealized

appreciation

........................................................................

$136,909,426

Unrealized

depreciation

........................................................................

(438,904,274)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(301,994,848)

#### 3

#### .

#### Transactions

#### with

#### Affiliates
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatment

of

bond

discounts

and

premiums.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

April

30,

2025,

aggregated

$811,781,127 and

$1,367,163,336,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

April

30,

2025,

the

aggregate

value

of

these

securities represents less

than

0.1%

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

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. 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

may,

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

year

ended

April

30,

2025,

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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

Distributable

earnings:

Undistributed

tax

exempt

income

.................................................................

$9,010,352

5. #### Income

#### Taxes
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

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

April

30,

2025,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year

.

10. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's

investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

11. #### 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.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Federal

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

Common

Stocks

........................

$

—

$

—

$

—

a

$

—

Corporate

Bonds

........................

—

—

35,758,579

35,758,579

Municipal

Bonds

.........................

—

7,894,128,521

—

7,894,128,521

Escrows

and

Litigation

Trusts

...............

—

—

1,378,715

1,378,715

Short

Term

Investments

...................

—

24,525,000

—

24,525,000

Total

Investments

in

Securities

...........

$—

$7,918,653,521

$37,137,294

$7,955,790,815

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.

9. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Abbreviations

#### Selected

#### Portfolio

#### AGMC
Assured

Guaranty

Municipal

Corp.

#### AMBAC
American

Municipal

Bond

Assurance

Corp.

#### BAM
Build

America

Mutual

Assurance

Co.

#### 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

#### SOFR
Secured

Overnight

Financing

Rate

#### SPA
Standby

Purchase

Agreement

#### TSOF
Term

SOFR

Franklin

Federal

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

Report

of

Independent

Registered

Public

Accounting

Firm

To

the

Board

of

Trustees

and

Shareholders

of

Franklin

Federal

Tax-Free

Income

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Franklin

Federal

Tax-Free

Income

Fund

(the

"Fund")

as

of

April

30,

2025,

the

related

statement

of

operations

for

the

year

ended

April

30,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

April

30,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2025

by

correspondence

with

the

custodian

and

private

placement

agents;

when

replies

were

not

received,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

June

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Federal

Tax-Free

Income

Fund

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

April

30,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$308,655,745

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$3,157,808

Section

163(j)

Interest

Earned

§163(j)

$366,409,021

Franklin

Federal

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

#### BOARD

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENTS

#### FRANKLIN

#### FEDERAL

#### TAX-FREE

#### INCOME

#### FUND
(Fund)

At

an

in-person

meeting

held

on

April

15,

2025

(Meeting),

the

Board

of

Trustees

(Board)

of

the

Fund,

including

a

majority

of

the

trustees

who

are

not

"interested

persons"

as

defined

in

the

Investment

Company

Act

of

1940

(Independent

Trustees),

reviewed

and

approved

the

continuance

of

the

investment

management

agreement

between

Franklin

Advisers,

Inc.

(Manager)

and

the

Fund

(Management

Agreement)

for

an

additional

one-year

period.

The

Independent

Trustees

received

advice

from

and

met

separately

with

Independent

Trustee

counsel

to

consider

the

renewal

of

the

Management

Agreement.

In

considering

the

continuance

of

the

Management

Agreement,

the

Board

reviewed

and

considered

information

provided

by

the

Manager

at

the

Meeting

and

throughout

the

year

at

meetings

of

the

Board

and

its

committees.

The

Board

also

reviewed

and

considered

information

provided

in

response

to

a

detailed

set

of

requests

for

information

submitted

to

the

Manager

by

Independent

Trustee

counsel

on

behalf

of

the

Independent

Trustees

in

connection

with

the

annual

contract

renewal

process.

In

addition,

prior

to

the

Meeting,

the

Independent

Trustees

held

a

virtual

contract

renewal

meeting

at

which

the

Independent

Trustees

first

conferred

amongst

themselves

and

Independent

Trustee

counsel

about

contract

renewal

matters,

and

then

met

with

management

to

request

additional

information

that

the

Independent

Trustees

also

considered

prior

to

and

at

the

Meeting.

The

Board

further

considered

all

of

the

factors

it

deemed

relevant

in

approving

the

continuance

of

the

Management

Agreement,

including,

but

not

limited

to:

(i) the

nature,

extent

and

quality

of

the

services

provided

by

the

Manager;

(ii) the

investment

performance

of

the

Fund;

(iii) the

costs

of

the

services

provided

and

profits

realized

by

the

Manager

and

its

affiliates

from

the

relationship

with

the

Fund;

(iv) the

extent

to

which

economies

of

scale

are

realized

as

the

Fund

grows;

and

(v) whether

fee

levels

reflect

these

economies

of

scale

for

the

benefit

of

Fund

investors.

In

approving

the

continuance

of

the

Management

Agreement,

the

Board,

including

a

majority

of

the

Independent

Trustees,

determined,

through

the

exercise

of

its

business

judgment,

that

the

terms

of

the

Management

Agreement

are

fair

and

reasonable

and

that

the

continuance

of

the

Management

Agreement

is

in

the

best

interests

of

the

Fund

and

its

shareholders.

While

attention

was

given

to

all

information

furnished,

the

following

discusses

some

primary

factors

relevant

to

the

Board's

determination.

#### 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

Franklin

Federal

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### Services
The

Board

reviewed

the

information

it

received

regarding

the

nature,

extent

and

quality

of

investment

management

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

This

information

included,

among

other

things,

the

qualifications,

background

and

experience

of

the

senior

management

and

investment

personnel

of

the

Manager,

as

well

as

information

on

succession

planning

where

appropriate;

the

structure

of

investment

personnel

compensation;

oversight

of

third-

party

service

providers;

investment

performance

reports

and

related

financial

information

for

the

Fund;

reports

on

expenses

and

shareholder

services;

legal

and

compliance

matters;

risk

controls;

pricing

and

other

services

provided

by

the

Manager

and

its

affiliates;

and

management

fees

charged

by

the

Manager

and

its

affiliates

to

US

funds

and

other

accounts,

including

management's

explanation

of

differences

among

accounts

where

relevant.

The

Board

also

reviewed

and

considered

an

annual

report

on

payments

made

by

Franklin

Templeton

(FT)

or

the

Fund

to

financial

intermediaries,

as

well

as

a

memorandum

relating

to

third-party

servicing

arrangements.

The

Board

acknowledged

the

ongoing

integration

of

acquired

third-party

fund

families

into

the

FT

family

of

funds

and

management's

continued

development

of

strategies

to

address

evolving

changes

in

domestic

policy

and

continuing

geopolitical

concerns.

The

Board

also

reviewed

and

considered

the

benefits

provided

to

Fund

shareholders

of

investing

in

a

fund

that

is

part

of

the

FT

family

of

funds.

The

Board

noted

the

financial

position

of

Franklin

Resources,

Inc.

(FRI),

the

Manager's

parent,

and

its

commitment

to

the

mutual

fund

business

as

evidenced

by

its

continued

reassessment

of

the

fund

offerings

in

response

to

FT

acquisitions

and

the

market

environment,

as

well

as

its

evaluation

of

ways

to

incorporate

private

assets

into

more

traditional

investment

vehicles.

The

Board

specifically

noted

FT's

commitment

to

technological

innovation

and

advancement,

including

its

continued

focus

on

developing

potential

use

cases

for

tokenization

and

the

blockchain

and

the

use

of

artificial

intelligence

tools

to

help

streamline

day-to-day

tasks.

Following

consideration

of

such

information,

the

Board

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

by

the

Manager

and

its

affiliates

to

the

Fund

and

its

shareholders.

#### Fund

#### Performance
The

Board

reviewed

and

considered

the

performance

results

of

the

Fund

over

various

time

periods

ended

December

31,

2024. The

Board

considered

the

performance

returns

for

the

Fund

in

comparison

to

the

performance

returns

of

mutual

funds

deemed

comparable

to

the

Fund

included

in

a

universe

(Performance

Universe)

selected

by

Broadridge

Financial

Solutions,

Inc.

(Broadridge),

an

independent

provider

of

investment

company

data.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

a

Performance

Universe.

The

Board

also

reviewed

and

considered

Fund

performance

reports

provided

and

discussions

that

occurred

with

portfolio

managers

at

Board

meetings

throughout

the

year.

A

summary

of

the

Fund's

performance

results

is

below.

The

class

Broadridge

used

to

calculate

the

performance

(and

expense)

data

for

the

Fund

was

changed

from

Class

A1

to

Class

A

this

year.

Class

A1

was

historically

used

to

calculate

the

performance

data

as

the

class

has

a

longer

track

record

than

Class

A;

however,

Class

A

has

a

Rule

12b-1

fee

that

is

more

aligned

with

the

fee

charged

by

a

majority

of

the

Fund's

Performance

Universe

peers

and

is

available

for

new

investor

purchases,

unlike

Class

A1

which

is

only

available

to

existing

Class

A1

shareholders.

The

Performance

Universe

for

the

Fund

included

the

Fund

and

all

retail

and

institutional

general

and

insured

municipal

debt

funds.

The

Board

noted

that

the

Fund's

annualized

income

return

for

the

one-,

three-

and

five-year

periods

was

above

the

median

of

its

Performance

Universe.

The

Board

also

noted

that

the

Fund's

annualized

total

return

for

the

one-

and

five-

year

periods

was

above

the

median

of

its

Performance

Universe,

but

for

the

three-year

period

was

below

the

median

of

its

Performance

Universe.

The

Board

further

noted

management's

view

regarding

the

income-related

attributes

of

the

Fund

(e.g.,

a

fund's

investment

objective)

as

set

forth

in

the

Fund's

registration

statement

and

that

the

evaluation

of

the

Fund's

performance

relative

to

its

peers

on

an

income

return

basis

was

appropriate

given

these

attributes.

The

Board

concluded

that

the

Fund's

performance

was

satisfactory.

Franklin

Federal

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

#### Comparative

#### Fees

#### and

#### Expenses
The

Board

reviewed

and

considered

information

regarding

the

Fund's

actual

total

expense

ratio

and

its

various

components,

including,

as

applicable,

management

fees;

transfer

agent

expenses;

underlying

fund

expenses;

Rule

12b-1

and

non-Rule

12b-1

service

fees;

and

other

non-management

fees.

The

Board

also

noted

the

quarterly

and

annual

reports

it

receives

on

all

marketing

support

payments

made

by

FT

to

financial

intermediaries.

The

Board

considered

the

actual

total

expense

ratio

and,

separately,

the

contractual

management

fee

rate,

without

the

effect

of

fee

waivers,

if

any

(Management

Rate)

of

the

Fund

in

comparison

to

the

median

expense

ratio

and

median

Management

Rate,

respectively,

of

other

mutual

funds

deemed

comparable

to

and

with

a

similar

expense

structure

to

the

Fund

selected

by

Broadridge

(Expense

Group).

Broadridge

fee

and

expense

data

is

based

upon

information

taken

from

each

fund's

most

recent

annual

or

semi-annual

report,

which

reflects

historical

asset

levels

that

may

be

quite

different

from

those

currently

existing,

particularly

in

a

period

of

market

volatility.

While

recognizing

such

inherent

limitation

and

the

fact

that

expense

ratios

and

Management

Rates

generally

increase

as

assets

decline

and

decrease

as

assets

grow,

the

Board

believed

the

independent

analysis

conducted

by

Broadridge

to

be

an

appropriate

measure

of

comparative

fees

and

expenses.

The

Broadridge

Management

Rate

includes

administrative

charges,

and

the

actual

total

expense

ratio,

for

comparative

consistency,

was

shown

for

Class

A

shares

for

the

Fund

and

Class

A

and

Investor

Class

for

each

other

fund

in

its

Expense

Group.

The

Board

received

a

description

of

the

methodology

used

by

Broadridge

to

select

the

mutual

funds

included

in

an

Expense

Group.

The

Expense

Group

for

the

Fund

included

the

Fund

and

other

general

and

insured

municipal

debt

funds.

The

Board

noted

that

the

Management

Rate

and

actual

total

expense

ratio

for

the

Fund

were

above

the

medians

of

its

Expense

Group.

The

Board

discussed

these

expenses

with

management

and

management

noted

that

both

the

Fund's

Management

Rate

and

actual

total

expense

ratio

were

approximately

five

basis

points

above

the

medians

of

the

Expense

Group.

Management

also

noted

the

Fund's

above

median,

positive

annualized

income

return

for

each

reporting

period

ended

December

31,

2024. The

Board

concluded

that

the

Management

Rate

charged

to

the

Fund

is

reasonable.

#### Profitability
The

Board

reviewed

and

considered

information

regarding

the

profits

realized

by

the

Manager

and

its

affiliates

in

connection

with

the

operation

of

the

Fund.

In

this

respect,

the

Board

considered

the

Fund

profitability

analysis

provided

by

the

Manager

that

addresses

the

overall

profitability

of

FT's

US

fund

business,

as

well

as

its

profits

in

providing

investment

management

and

other

services

to

each

of

the

individual

funds

during

the

12-month

period

ended

September

30,

2024,

being

the

most

recent

fiscal

year-end

for

FRI.

The

Board

noted

that

although

management

continually

makes

refinements

to

its

methodologies

used

in

calculating

profitability

in

response

to

organizational

and

product-related

changes,

the

overall

methodology

has

remained

consistent

with

that

used

in

the

Fund's

profitability

report

presentations

from

prior

years.

The

Board

also

noted

that

an

independent

registered

public

accounting

firm

has

been

engaged

by

the

Manager

to

periodically

review

and

assess

the

allocation

methodologies

to

be

used

solely

by

the

Fund's

Board

with

respect

to

the

profitability

analysis.

The

Board

noted

management's

belief

that

costs

incurred

in

establishing

the

infrastructure

necessary

for

the

type

of

mutual

fund

operations

conducted

by

the

Manager

and

its

affiliates

may

not

be

fully

reflected

in

the

expenses

allocated

to

the

Fund

in

determining

its

profitability,

as

well

as

the

fact

that

the

level

of

profits,

to

a

certain

extent,

reflected

operational

cost

savings

and

efficiencies

initiated

by

management.

As

part

of

this

evaluation,

the

Board

considered

management's

outsourcing

of

certain

operations,

which

effort

has

required

considerable

up-front

expenditures

by

the

Manager,

but

over

the

long

run

is

expected

to

result

in

greater

efficiencies.

The

Board

also

noted

management's

expenditures

in

improving

shareholder

services

provided

to

the

Fund,

as

well

as

the

need

to

implement

systems

and

meet

additional

regulatory

and

compliance

requirements

resulting

from

recent

US

Securities

and

Exchange

Commission

and

other

regulatory

requirements.

The

Board

also

considered

the

extent

to

which

the

Manager

and

its

affiliates

might

derive

ancillary

benefits

from

fund

operations,

including

revenues

generated

from

transfer

agent

services,

potential

benefits

resulting

from

personnel

and

systems

enhancements

necessitated

by

fund

growth,

as

well

as

increased

leverage

with

service

providers

and

counterparties.

Based

upon

its

consideration

of

all

these

factors,

the

Board

concluded

that

the

level

of

profits

realized

by

the

Manager

and

its

affiliates

from

providing

services

to

the

Fund

was

not

excessive

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

Franklin

Federal

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

#### Economies

#### of

#### Scale
The

Board

reviewed

and

considered

the

extent

to

which

the

Manager

may

realize

economies

of

scale,

if

any,

as

the

Fund

grows

larger

and

whether

the

Fund's

management

fee

structure

reflects

any

economies

of

scale

for

the

benefit

of

shareholders.

With

respect

to

possible

economies

of

scale,

the

Board

noted

the

existence

of

management

fee

breakpoints,

which

operate

generally

to

share

any

economies

of

scale

with

the

Fund's

shareholders

by

reducing

the

Fund's

effective

management

fees

as

the

Fund

grows

in

size.

The

Board

considered

the

Manager's

view

that

any

analyses

of

potential

economies

of

scale

in

managing

a

particular

fund

are

inherently

limited

in

light

of

the

joint

and

common

costs

and

investments

the

Manager

incurs

across

the

FT

family

of

funds

as

a

whole.

The

Board

concluded

that

to

the

extent

economies

of

scale

may

be

realized

by

the

Manager

and

its

affiliates,

the

Fund's

management

fee

structure

provided

a

sharing

of

benefits

with

the

Fund

and

its

shareholders

as

the

Fund

grows.

#### Conclusion
Based

on

its

review,

consideration

and

evaluation

of

all

factors

it

believed

relevant,

including

the

above-described

factors

and

conclusions,

the

Board

unanimously

approved

the

continuance

of

the

Management

Agreement

for

an

additional

one-year

period.

4316-AFSOI

06/25©

2025

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, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and chief financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940
 Act) that occurred during the period covered by this report that have materially affected or are likely to materially affect the Registrant's
 internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fftif-efp16118_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fftif-efp16118_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](fftif-efp16118_ex99906cert.htm)

Exhibit 99.906CERT

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, there unto duly authorized.

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund** | **Franklin Federal Tax-Free Income Fund** |
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | June 26, 2025 |

---

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: | June 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | June 26, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Federal Tax-Free Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 26, 2025 | /s/ Christopher Kings |
|  |  | Christopher Kings |
|  |  | Executive Officer – Finance and Administration |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of **Franklin Federal Tax-Free Income Fund**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial information included in this report, and the financial statements
 on which the financial information is based, fairly present in all material respects the
 financial condition, results of operations, changes in net assets, and cash flows (if the
 financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officers and I are responsible for establishing and maintaining
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed
 in this report any change 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 registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officers and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 26, 2025 | /s/ Jeffrey White |
|  |  | Jeffrey White |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer of **Franklin Federal Tax-Free Income Fund** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Chief Executive Officer –**<br> **Finance and Administration**<br> Franklin Federal Tax-Free Income Fund | **Chief Financial Officer, Chief**<br> **Accounting Officer and Treasurer**<br> Franklin Federal Tax-Free Income Fund |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: June 26, 2025 | Date: June 26, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.