# EDGAR Filing Document

**Accession Number:** 0000357310
**File Stem:** 0001133228-25-014165
**Filing Date:** 2025-12
**Character Count:** 243127
**Document Hash:** 3189bd422e8e60488ed986a3824b2705
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-014165.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001133228-25-014165

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**EFFECTIVENESS DATE**: 20251229

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03395
- **FILM NUMBER:** 251607403

**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'? 2025-11-1874200010400_FranklinFederalTax-FreeIncomeFund_ClassA_TSRSemiAnnual

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: **October 31, 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](img2199_202405220716489.jpg) |
| Class A [FFQAX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to October 31, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A | $40 | 0.78% |

---

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8004892420 |
| **Total Number of Portfolio Holdings** | 1002 |
| **Portfolio Turnover Rate** | 6.65% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5752img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Tax-Free Income Fund PAGE 1 1116-STSR-1225

18.515.814.410.68.17.87.76.85.72.51.80.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKTIX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to October 31, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class A1 | $33 | 0.63% |

---

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8004892420 |
| **Total Number of Portfolio Holdings** | 1002 |
| **Portfolio Turnover Rate** | 6.65% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5751img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Tax-Free Income Fund PAGE 1 116-STSR-1225

18.515.814.410.68.17.87.76.85.72.51.80.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRFTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to October 31, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class C | $61 | 1.18% |

---

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8004892420 |
| **Total Number of Portfolio Holdings** | 1002 |
| **Portfolio Turnover Rate** | 6.65% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5753img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Tax-Free Income Fund PAGE 1 216-STSR-1225

18.515.814.410.68.17.87.76.85.72.51.80.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FFTQX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to October 31, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Class R6 | $25 | 0.48% |

---

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8004892420 |
| **Total Number of Portfolio Holdings** | 1002 |
| **Portfolio Turnover Rate** | 6.65% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5754img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Tax-Free Income Fund PAGE 1 8116-STSR-1225

18.515.814.410.68.17.87.76.85.72.51.80.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FAFTX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| October 31, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to October 31, 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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>†</sup>  |
| Advisor Class | $27 | 0.53% |

---

† Annualized.

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $8004892420 |
| **Total Number of Portfolio Holdings** | 1002 |
| **Portfolio Turnover Rate** | 6.65% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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

![image](ts5750img003.jpg)

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

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

Franklin Federal Tax-Free Income Fund PAGE 1 620-STSR-1225

18.515.814.410.68.17.87.76.85.72.51.80.3 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

#### Semi-Annual
\|

October

31,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 37
Notes

to

Financial

Statements

#### 41
Changes

In

and

Disagreements

with

Accountants

#### 49
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.52

$10.66

$10.72

$10.97

$12.31

$11.60

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.20 0.38 0.37 0.34 0.31 0.33 Net

realized

and

unrealized

gains

(losses)

0.29 (0.14)

(0.06)

(0.25)

(1.35)

0.71 Total

from

investment

operations

........

0.49 0.24 0.31 0.09 (1.04)

1.04 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.38)

(0.37)

(0.34)

(0.30)

(0.33)

Net

asset

value,

end

of

period

..........

$10.81

$10.52

$10.66

$10.72

$10.97

$12.31

Total

return

c

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

4.70%

2.20%

2.92%

0.87%

(8.62)%

9.01%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

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

0.78%

0.77%

e,f

0.79%

e,f

0.79%

e,f

0.77%

e,f

0.78%

e,f

Net

investment

income

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

3.78%

3.53%

3.50%

3.21%

2.56%

2.72%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$2,014,131

$1,990,039

$1,968,264

$1,940,290

$1,916,791

$1,770,979

Portfolio

turnover

rate

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

6.65%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.52

$10.66

$10.72

$10.97

$12.31

$11.60

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.40 0.39 0.36 0.33 0.35 Net

realized

and

unrealized

gains

(losses)

0.29 (0.14)

(0.07)

(0.26)

(1.35)

0.70 Total

from

investment

operations

........

0.50 0.26 0.32 0.10 (1.02)

1.05 Less

distributions

from:

Net

investment

income

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

(0.21)

(0.40)

(0.38)

(0.35)

(0.32)

(0.34)

Net

asset

value,

end

of

period

..........

$10.81

$10.52

$10.66

$10.72

$10.97

$12.31

Total

return

c

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

4.78%

2.35%

3.08%

1.02%

(8.48)%

9.17%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

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

0.63%

0.62%

e,f

0.64%

e,f

0.64%

e,f

0.63%

e,f

0.63%

e,f

Net

investment

income

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

3.93%

3.68%

3.65%

3.35%

2.71%

2.89%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$3,881,509

$4,024,438

$4,601,265

$5,215,087

$6,256,503

$6,919,289

Portfolio

turnover

rate

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

6.65%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.51

$10.65

$10.71

$10.96

$12.30

$11.59

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.18 0.34 0.33 0.30 0.26 0.29 Net

realized

and

unrealized

gains

(losses)

0.29 (0.14)

(0.07)

(0.25)

(1.34)

0.70 Total

from

investment

operations

........

0.47 0.20 0.26 0.05 (1.08)

0.99 Less

distributions

from:

Net

investment

income

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

(0.18)

(0.34)

(0.32)

(0.30)

(0.26)

(0.28)

Net

asset

value,

end

of

period

..........

$10.80

$10.51

$10.65

$10.71

$10.96

$12.30

Total

return

c

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

4.49%

1.79%

2.51%

0.47%

(8.99)%

8.58%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

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

1.18%

1.17%

e,f

1.18%

e,f

1.19%

e,f

1.18%

e,f

1.18%

e,f

Net

investment

income

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

3.38%

3.13%

3.09%

2.79%

2.15%

2.35%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$110,346

$127,394

$180,672

$246,760

$340,772

$543,196

Portfolio

turnover

rate

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

6.65%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.53

$10.67

$10.73

$10.98

$12.32

$11.61

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.22 0.41 0.40 0.37 0.35 0.37 Net

realized

and

unrealized

gains

(losses)

0.28 (0.14)

(0.06)

(0.25)

(1.35)

0.70 Total

from

investment

operations

........

0.50 0.27 0.34 0.12 (1.00)

1.07 Less

distributions

from:

Net

investment

income

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

(0.21)

(0.41)

(0.40)

(0.37)

(0.34)

(0.36)

Net

asset

value,

end

of

period

..........

$10.82

$10.53

$10.67

$10.73

$10.98

$12.32

Total

return

c

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

4.85%

2.50%

3.22%

1.17%

(8.35)%

9.31%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

before

waiver

and

payments

by

affiliates

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

0.48%

0.48%

0.49%

0.50%

0.48%

0.49%

Expenses

net

of

waiver

and

payments

by

affiliates

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

0.48%

0.48%

e,f

0.49%

e,f

0.49%

e

0.48%

e,f

0.49%

e,f

Net

investment

income

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

4.08%

3.82%

3.79%

3.51%

2.88%

3.00%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$902,482

$791,700

$824,024

$952,887

$761,716

$294,727

Portfolio

turnover

rate

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

6.65%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$10.53

$10.67

$10.73

$10.98

$12.32

$11.61

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.21 0.41 0.40 0.37 0.34 0.36 Net

realized

and

unrealized

gains

(losses)

0.29 (0.14)

(0.07)

(0.26)

(1.35)

0.71 Total

from

investment

operations

........

0.50 0.27 0.33 0.11 (1.01)

1.07 Less

distributions

from:

Net

investment

income

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

(0.21)

(0.41)

(0.39)

(0.36)

(0.33)

(0.36)

Net

asset

value,

end

of

period

..........

$10.82

$10.53

$10.67

$10.73

$10.98

$12.32

Total

return

c

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

4.83%

2.45%

3.18%

1.12%

(8.39)%

9.27%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

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

0.53%

0.52%

e,f

0.54%

e,f

0.54%

e,f

0.52%

e,f

0.53%

e,f

Net

investment

income

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

4.02%

3.78%

3.75%

3.44%

2.80%

2.98%

#### Supplemental

#### data
Net

assets,

end

of

period

(000's)

........

$1,096,424

$1,105,998

$1,135,784

$998,541

$1,383,620

$1,829,553

Portfolio

turnover

rate

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

6.65%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited),

October

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

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

37,413,510

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 35,660,000

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

#### 37,413,510

#### Municipal

#### Bonds

#### 97.4%

#### Alabama

#### 3.3%
Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/46

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

10,000,000

10,013,701

c

Black

Belt

Energy

Gas

District

,

Revenue

,

2022

F

,

Mandatory

Put

,

5.5 %

,

12/01/28

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

24,715,000

26,127,465

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

12/01/30

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

17,015,000

18,481,905

Revenue

,

2023

,

Refunding

,

Mandatory

Put

,

5.5 %

,

2/01/29

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

4,000,000

4,246,632

Revenue

,

2024

A

,

Mandatory

Put

,

5.25 %

,

9/01/32

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

4,500,000

4,941,331

Chilton

County

Health

Care

Authority

,

County

of

Chilton

Sales

Tax

,

Revenue

,

2015

A

,

%

,

11/01/40

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

8,425,000

8,427,810

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5.5 %

,

10/01/53

..........

39,600,000

41,775,747

d

County

of

Mobile

,

Revenue

,

144A,

2020

,

%

,

11/01/45

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

12,700,000

11,257,204

c

Energy

Southeast

A

Cooperative

District

,

Revenue

,

2023

,

Mandatory

Put

,

5.5 %

,

1/01/31

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

25,230,000

27,846,588

Revenue

,

2023

,

Mandatory

Put

,

5.75 %

,

11/01/31

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

15,000,000

16,866,090

Jacksonville

Public

Educational

Building

Authority

,

Jacksonville

State

University

,

Revenue

,

2023

A

,

AG

Insured

,

5.25 %

,

8/01/53

.....

8,000,000

8,212,929

Jacksonville

State

University

,

Revenue

,

2023

A

,

AG

Insured

,

5.5 %

,

8/01/58

......

2,000,000

2,080,755

Southeast

Energy

Authority

A

Cooperative

District

,

c

Revenue

,

2022

,

Mandatory

Put

,

5.5 %

,

12/01/29

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

12,850,000

13,931,331

c

Revenue

,

2023

B

,

Mandatory

Put

,

%

,

6/01/30

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

6,000,000

6,399,993

Revenue

,

2024

A

,

%

,

11/01/35

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

20,000,000

21,343,036

c

Revenue

,

2025

A

,

Mandatory

Put

,

%

,

6/01/35

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

19,500,000

20,891,376

c

Revenue

,

2025

B

,

Mandatory

Put

,

5.25 %

,

1/01/33

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

14,000,000

15,087,527

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

%

,

4/01/49

........

5,000,000

5,097,288

263,028,708

#### Alaska

#### 0.1%
Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2015-3

,

%

,

10/01/39

...........

200,000

200,247

Alaska

Railroad

Corp.

,

Revenue

,

2025

,

AG

Insured

,

%

,

10/01/50

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

2,800,000

3,059,869

Northern

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien

,

2021

A

,

,

Refunding

,

%

,

6/01/50

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

3,250,000

2,724,169

Revenue,

Senior

Lien

,

2021

,

,

Refunding

,

%

,

6/01/50

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

735,000

717,208

6,701,493

#### Arizona

#### 2.0%
Arizona

Industrial

Development

Authority

,

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/32

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

205,000

206,552

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/33

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

220,000

221,542

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/34

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

230,000

228,421

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/35

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

235,000

231,162

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

7/01/36

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

220,000

213,935

Leman

Academy

of

Excellence

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

4.5 %

,

7/01/54

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

10,000,000

8,563,157

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

$

9,150,394

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport

,

Revenue

,

2017

A

,

%

,

7/01/47

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

10,000,000

10,045,762

Airport

,

Revenue,

Junior

Lien

,

2017

D

,

Refunding

,

%

,

7/01/40

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

25,000,000

25,072,405

Airport

,

Revenue,

Senior

Lien

,

2018

,

%

,

7/01/48

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

6,000,000

6,058,783

Phoenix

Sky

Harbor

International

Airport

Customer

Facility

Charges

,

Revenue

,

2019

A

,

%

,

7/01/45

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

3,235,000

3,097,559

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/32

.....

6,000,000

7,036,951

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/34

.....

5,000,000

6,017,040

State

of

Arizona

Distribution

,

Revenue

,

2005

B

,

NATL

Insured

,

5.5 %

,

7/01/35

.....

9,860,000

11,962,703

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/56

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

10,000,000

8,642,802

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2019

E

,

%

,

1/01/45

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

10,000,000

9,363,601

Banner

Health

Obligated

Group

,

Revenue

,

2019

F

,

%

,

1/01/45

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

25,000,000

23,409,002

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.

,

Revenue

,

2009

A

,

Refunding

,

3.6 %

,

2/01/40

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

19,500,000

18,112,167

Southern

California

Edison

Co.

,

Revenue

,

2000

A

,

Refunding

,

2.4 %

,

6/01/35

.....

5,000,000

4,259,599

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2023

A

,

%

,

1/01/47

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

6,245,000

6,571,018

158,464,555

#### Arkansas

#### 0.1%
Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/44

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

3,600,000

3,620,770

City

of

Centerton

,

Sales

&

Use

Tax

,

Revenue

,

2024

,

AG

Insured

,

%

,

11/01/44

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

2,250,000

2,180,752

Sales

&

Use

Tax

,

Revenue

,

2024

,

AG

Insured

,

4.125 %

,

11/01/49

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

1,400,000

1,364,811

Sales

&

Use

Tax

,

Revenue

,

2024

,

AG

Insured

,

%

,

11/01/54

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

1,625,000

1,647,905

8,814,238

#### California

#### 8.5%
d

Align

Affordable

Housing

Bond

Fund

LP

,

Coronado

Springs

Tower

LLC

,

Revenue

,

144A,

2020-2

,

A

,

%

,

9/01/27

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

17,835,000

17,793,623

c

ARC70

II

TRUST

,

Revenue

,

2021-1

,

A

,

Mandatory

Put

,

%

,

12/01/37

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

11,360,000

9,684,456

c

California

Community

Choice

Financing

Authority

,

Revenue

,

2023

,

Mandatory

Put

,

%

,

8/01/29

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

5,000,000

5,330,728

Revenue

,

2023

C

,

Mandatory

Put

,

5.25 %

,

10/01/31

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

43,250,000

46,403,768

d

California

Community

Housing

Agency

,

Aster

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

..........

22,400,000

18,767,374

Brio

Apartments

&

Next

on

Lex

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/56

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

17,850,000

14,763,312

K

Street

Flats

,

Revenue

,

144A,

2021

,

%

,

2/01/57

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

10,000,000

6,769,230

California

Statewide

Communities

Development

Authority

,

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

%

,

8/15/42

425,000

443,979

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

5.125 %

,

8/15/47

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

620,000

637,053

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

5.25 %

,

8/15/52

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

7,815,000

8,033,432

Enloe

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

AG

Insured

,

5.375 %

,

8/15/57

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

12,495,000

12,912,088

d

CMFA

Special

Finance

Agency

,

Latitude33

,

Revenue

,

144A,

2021

,

%

,

12/01/56

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

12,000,000

7,936,845

Solana

at

Grand

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

8/01/56

..........

5,300,000

4,575,021

d

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Senior

Lien

,

144A,

2022

,

%

,

8/01/58

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

26,500,000

20,130,945

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

d

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

,

3.25 %

,

2/01/57

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

$

27,500,000

$

19,925,917

Corona-Norco

Unified

School

District

,

GO

,

C

,

AG

Insured

,

6.2 %

,

8/01/29

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

3,250,000

3,460,605

GO

,

C

,

Pre-Refunded

,

AG

Insured

,

6.8 %

,

8/01/39

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

8,500,000

9,117,078

e

GO

,

C

,

AG

Insured

,

4.35 %,

8/01/39

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

7,500,000

4,176,321

d

CSCDA

Community

Improvement

Authority

,

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.6 %

,

5/01/47

.......

10,000,000

8,262,108

777

Place-Pomona

,

Revenue,

Senior

Lien

,

144A,

2021

,

3.25 %

,

5/01/57

......

12,500,000

8,608,430

Acacia

on

Santa

Rosa

Creek

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

%

,

10/01/56

.

13,000,000

10,731,769

Crescent

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

,

4.3 %

,

7/01/59

..........

13,700,000

10,976,922

Escondido

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/48

........

10,000,000

7,222,889

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

,

2.875 %

,

8/01/41

2,620,000

2,419,053

Monterey

Station

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

7/01/43

.

7,855,000

6,149,203

Park

Crossing

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25 %

,

12/01/58

.

18,750,000

12,934,594

Vineyard

Garden

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

3.25 %

,

10/01/58

14,000,000

9,921,391

Waterscape

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

A

,

%

,

9/01/56

......

1,670,000

1,145,386

Westgate

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

6/01/47

......

15,000,000

10,531,973

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/49

...

30,000,000

20,392,665

Wood

Creek

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

12/01/58

...

25,000,000

17,730,910

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue

,

2013

A

,

Refunding

,

AG

Insured

,

5.4 %

,

1/15/30

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

15,475,000

17,282,051

Revenue

,

2013

A

,

Refunding

,

6.85 %

,

1/15/42

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

20,000,000

22,908,504

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5 %

,

11/01/39

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

12,500,000

15,716,252

e

New

Haven

Unified

School

District

,

GO

,

2009

,

AG

Insured

,

2.61 %,

8/01/31

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

2,055,000

1,771,764

GO

,

2009

,

AG

Insured

,

2.68 %,

8/01/32

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

7,830,000

6,550,992

GO

,

2009

,

AG

Insured

,

2.77 %,

8/01/33

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

7,660,000

6,196,628

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue

,

2017

A

,

Refunding

,

%

,

3/01/47

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

23,855,000

23,909,101

Oro

Grande

Elementary

School

District

,

COP

,

2020

,

Refunding

,

%

,

9/15/28

.......

2,095,000

2,117,742

e

Rialto

Unified

School

District

,

GO

,

2011

A

,

AG

Insured

,

3.97 %,

8/01/36

...........

20,000,000

13,154,066

San

Diego

County

Regional

Airport

Authority

,

Revenue,

Senior

Lien

,

2023

B

,

5.25 %

,

7/01/58

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

15,000,000

15,719,853

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue

,

2019

A

,

Refunding

,

%

,

5/01/49

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

26,805,000

27,132,546

Revenue,

Second

Series

,

2019

E

,

%

,

5/01/50

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

13,000,000

13,136,409

San

Jose

Unified

School

District

,

GO

,

2018

E

,

%

,

8/01/42

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

10,600,000

10,631,096

e

San

Mateo

Foster

City

School

District

,

GO

,

A

,

5.414 %,

8/01/42

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

50,000,000

55,333,440

e

San

Mateo

Union

High

School

District

,

GO

,

2011

A

,

6.228 %,

9/01/33

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

6,065,000

6,158,738

GO

,

2011

A

,

6.588 %,

9/01/41

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

20,000,000

21,604,534

e

Santa

Ana

Unified

School

District

,

GO

,

2009

B

,

AG

Insured

,

3.16 %,

8/01/35

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

10,000,000

7,386,220

GO

,

2009

B

,

AG

Insured

,

3.3 %,

8/01/36

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

18,865,000

13,304,413

GO

,

2009

B

,

AG

Insured

,

3.45 %,

8/01/37

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

10,000,000

6,714,713

f

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

4.524 %

,

(3-month

TSOF

+

1.645 %),

11/01/38

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

6,000,000

5,885,206

State

of

California

,

GO

,

2002

,

NATL

Insured

,

%

,

10/01/32

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

20,000

20,030

e

West

Contra

Costa

Unified

School

District

,

GO

,

,

Refunding

,

AG

Insured

,

2.69 %,

8/01/29

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

10,000,000

9,051,336

GO

,

,

Refunding

,

AG

Insured

,

2.74 %,

8/01/30

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

20,845,000

18,335,562

GO

,

,

Refunding

,

AG

Insured

,

2.78 %,

8/01/31

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

20,000,000

17,078,082

GO

,

,

Refunding

,

AG

Insured

,

2.85 %,

8/01/32

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

10,730,000

8,876,322

683,864,668

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado

#### 2.6%
d

Access

Metropolitan

District

No.

,

GO

,

144A,

2023

,

6.75 %

,

12/01/53

..........

$

3,555,000

$

3,686,595

Baseline

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

12/01/46

2,000,000

1,927,726

d

Broadway

Park

North

Metropolitan

District

No.

,

GO

,

144A,

2020

,

Refunding

,

%

,

12/01/49

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

1,575,000

1,496,679

City

&

County

of

Denver

,

Airport

System

,

Revenue

,

1992

C

,

NATL

Insured

,

ETM,

6.125 %

,

11/15/25

.......

1,055,000

1,055,835

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

5.75 %

,

11/15/45

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

10,000,000

10,804,303

Airport

System

,

Revenue

,

2022

D

,

Refunding

,

%

,

11/15/53

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

10,000,000

10,236,824

Airport

System

,

Revenue,

Sub.

Lien

,

2018

A

,

Refunding

,

%

,

12/01/37

..........

10,000,000

10,360,793

Airport

System

,

Revenue,

Sub.

Lien

,

2018

A

,

Refunding

,

%

,

12/01/43

..........

5,000,000

5,075,679

Airport

System

,

Revenue,

Sub.

Lien

,

2018

A

,

Refunding

,

5.25 %

,

12/01/43

.......

11,045,000

11,322,661

Airport

System

,

Revenue,

Sub.

Lien

,

2018

A

,

Refunding

,

%

,

12/01/48

..........

15,500,000

15,621,456

Pledged

Excise

Tax

,

Revenue

,

2018

,

%

,

8/01/48

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

39,690,000

39,722,816

e

Pledged

Excise

Tax

,

Revenue

,

2018

,

4.16 %,

8/01/35

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

2,000,000

1,344,554

e

Pledged

Excise

Tax

,

Revenue

,

2018

,

4.21 %,

8/01/36

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

2,500,000

1,604,112

e

Pledged

Excise

Tax

,

Revenue

,

2018

,

4.26 %,

8/01/37

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

2,455,000

1,503,642

e

Pledged

Excise

Tax

,

Revenue

,

2018

,

4.34 %,

8/01/38

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

2,000,000

1,163,294

Colorado

Educational

&

Cultural

Facilities

Authority

,

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

%

,

9/01/62

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

2,200,000

2,131,004

Colorado

Health

Facilities

Authority

,

BSLC

II

Obligated

Group

,

Revenue,

Second

Tier

,

2025

,

5.625 %

,

9/15/59

........

6,505,000

6,525,791

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/49

13,000,000

11,362,139

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2022

A

,

5.25 %

,

11/01/52

......

10,500,000

10,846,090

Covenant

Living

Communities

and

Services

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

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

4,930,000

4,117,670

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

%

,

12/01/49

.....

1,752,000

1,667,148

d

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

%

,

12/01/49

...........

2,000,000

1,975,058

Evan's

Place

Metropolitan

District

,

GO

,

2020

,

%

,

12/01/50

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

1,575,000

1,490,427

d

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55 %

,

12/01/47

3,500,000

3,557,235

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/01/46

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

2,875,000

2,927,002

Prairie

Center

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

5.875 %

,

12/15/46

.

1,375,000

1,450,085

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5 %

,

11/15/38

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

20,000,000

24,424,886

South

Maryland

Creek

Ranch

Metropolitan

District

,

GO

,

2023

,

Refunding

,

AG

Insured

,

%

,

12/01/48

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

800,000

824,509

GO

,

2023

,

Refunding

,

AG

Insured

,

5.125 %

,

12/01/57

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

2,150,000

2,214,910

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

,

Revenue

,

2020

A

,

Refunding

,

3.75 %

,

12/01/40

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

500,000

510,296

Sterling

Ranch

Colorado

Metropolitan

District

No.

,

Revenue

,

2020

A

,

Refunding

,

4.25 %

,

12/01/50

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

1,150,000

1,174,139

Westminster

Public

Schools

,

GO

,

2024

A

,

%

,

12/01/49

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

15,000,000

15,900,706

210,026,064

#### Connecticut

#### 0.2%
Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/38

..........

2,200,000

2,207,435

Hartford

HealthCare

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/46

..........

6,000,000

5,624,417

Stamford

Hospital

Obligated

Group

(The)

,

Revenue

,

M

,

Refunding

,

%

,

7/01/41

...

5,000,000

4,796,119

University

of

Hartford

(The)

,

Revenue

,

2022

P

,

5.375 %

,

7/01/52

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

6,000,000

5,482,665

18,110,636

#### Delaware

#### 0.1%
County

of

Kent

,

CHF-Dover

LLC

,

Revenue

,

2018

A

,

%

,

7/01/40

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

1,100,000

1,104,525

CHF-Dover

LLC

,

Revenue

,

2018

A

,

%

,

7/01/48

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

1,485,000

1,412,694

CHF-Dover

LLC

,

Revenue

,

2018

A

,

%

,

7/01/53

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

1,100,000

1,025,401

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Delaware
(continued)

Delaware

State

Economic

Development

Authority

,

Newark

Charter

School,

Inc.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/41

..........

$

600,000

$

553,339

Newark

Charter

School,

Inc.

,

Revenue

,

2021

,

Refunding

,

%

,

9/01/51

..........

3,300,000

2,785,376

6,881,335

#### Florida

#### 8.3%
Abbott

Square

Community

Development

District

,

Special

Assessment

,

2025

,

5.625 %

,

5/01/55

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

1,300,000

1,342,492

Alachua

County

Health

Facilities

Authority

,

Oak

Hammock

at

the

University

of

Florida

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

10/01/40

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

2,500,000

2,353,346

Oak

Hammock

at

the

University

of

Florida

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

10/01/46

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

1,750,000

1,476,973

Ave

Maria

Stewardship

Community

District

,

Assessments

,

Special

Assessment

,

2022

A

,

Refunding

,

%

,

5/01/42

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

5,020,000

4,574,762

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A

,

Special

Assessment

,

2020

,

%

,

5/01/40

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

1,840,000

1,780,299

Assessment

Area

3A

,

Special

Assessment

,

2020

,

%

,

5/01/50

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

1,500,000

1,288,689

d

Bannon

Lakes

Community

Development

District

,

Phase

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

5/01/41

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

700,000

623,646

Brevard

County

Health

Facilities

Authority

,

Health

First,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

4/01/52

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

10,000,000

10,083,640

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F

,

Revenue

,

2020

,

Refunding

,

%

,

10/01/31

......

1,500,000

1,599,377

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

,

%

,

11/01/53

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

2,125,000

2,037,982

Provident

Group

-

Continuum

Properties

LLC

,

Revenue,

Senior

Lien

,

2023

,

%

,

11/01/58

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

2,000,000

1,897,572

Capital

Trust

Agency,

Inc.

,

d

Kingdom

Kensington

LLC

,

Revenue

,

144A,

2021

,

3.65 %

,

12/01/36

..........

22,800,000

20,073,503

Lutz

Preparatory

School,

Inc.

,

Revenue

,

2021

A

,

%

,

6/01/31

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

500,000

505,427

Lutz

Preparatory

School,

Inc.

,

Revenue

,

2021

A

,

%

,

6/01/41

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

325,000

300,683

Lutz

Preparatory

School,

Inc.

,

Revenue

,

2021

A

,

%

,

6/01/51

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

385,000

323,315

Lutz

Preparatory

School,

Inc.

,

Revenue

,

2021

A

,

%

,

6/01/56

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

485,000

399,467

d

SHI

-

Lake

Osborne

LLC

,

Revenue

,

144A,

2021

,

3.68 %

,

1/01/57

...........

2,000,000

1,350,895

Capital

Trust

Authority

,

d,e

Gulf

Coast

Portfolio

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

5.31 %,

3/01/29

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

55,485,000

46,705,703

Seaside

School

Consortium,

Inc.

,

Revenue

,

2024

A

,

5.125 %

,

6/15/59

...........

1,485,000

1,434,967

Central

Florida

Expressway

Authority

,

Revenue,

Senior

Lien

,

2016

B

,

Refunding

,

%

,

7/01/39

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

5,000,000

5,003,298

Revenue,

Senior

Lien

,

2016

B

,

Refunding

,

%

,

7/01/40

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

5,825,000

5,826,981

Revenue,

Senior

Lien

,

2018

,

%

,

7/01/48

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

16,000,000

16,244,250

Centre

Lake

Community

Development

District

,

Special

Assessment

,

2021

,

%

,

5/01/42

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

1,140,000

925,742

Special

Assessment

,

2021

,

%

,

5/01/52

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

1,845,000

1,628,360

City

of

Atlantic

Beach

,

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/38

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

1,105,000

1,125,838

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/53

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

9,235,000

8,868,914

City

of

Cocoa

,

Water

&

Sewer

,

Revenue

,

2018

B

,

%

,

10/01/48

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

10,325,000

10,543,057

City

of

Gainesville

,

Utilities

System

,

Revenue

,

2017

A

,

%

,

10/01/37

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

5,000,000

5,161,877

Utilities

System

,

Revenue

,

2019

A

,

%

,

10/01/47

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

18,010,000

18,475,982

Utilities

System

,

Revenue

,

2019

A

,

Pre-Refunded

,

%

,

10/01/47

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

125,000

136,045

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

City

of

Jacksonville

,

Genesis

Health,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/01/45

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

$

5,000,000

$

4,563,161

e

City

of

Melbourne

,

Water

&

Sewer

,

Revenue

,

2000

A

,

FGIC

Insured

,

ETM,

2.9 %,

10/01/26

.........

1,500,000

1,461,152

Water

&

Sewer

,

Revenue

,

2002

B

,

Refunding

,

NATL

Insured

,

3.14 %,

10/01/26

....

4,500,000

4,374,022

City

of

Miami

Beach

,

Stormwater

,

Revenue

,

2015

,

%

,

9/01/41

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

10,000,000

10,009,673

City

of

Palmetto

,

Renaissance

Arts

and

Education,

Inc.

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

6/01/52

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

3,000,000

3,022,701

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/50

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

4,730,000

3,843,717

John

Knox

Village

of

Florida,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

9/01/56

.

10,150,000

7,961,805

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/47

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

5,750,000

5,167,455

Baptist

Health

South

Florida

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/47

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

7,845,000

7,920,464

City

of

St.

Petersburg

,

Public

Utility

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/43

......

15,000,000

15,004,197

e

City

of

Tampa

,

State

of

Florida

Cigarette

Tax

,

Revenue

,

2020

A

,

3.82 %,

9/01/35

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

755,000

522,174

State

of

Florida

Cigarette

Tax

,

Revenue

,

2020

A

,

3.94 %,

9/01/36

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

800,000

526,333

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

%

,

9/01/49

.....

15,000,000

13,375,606

County

of

Miami-Dade

,

Aviation

,

Revenue

,

2025

A

,

5.25 %

,

10/01/50

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

6,740,000

7,081,709

Seaport

Department

,

Revenue,

Senior

Lien

,

2022

A

,

Refunding

,

5.25 %

,

10/01/52

..

6,000,000

6,135,397

Transit

System

,

Revenue

,

2018

,

%

,

7/01/43

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

10,000,000

10,261,438

Transit

System

,

Revenue

,

2018

,

%

,

7/01/47

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

5,000,000

4,694,740

Transit

System

,

Revenue

,

2020

A

,

%

,

7/01/48

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

5,000,000

4,651,080

Water

&

Sewer

System

,

Revenue

,

2019

B

,

%

,

10/01/49

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

27,500,000

25,112,565

County

of

Monroe

,

Airport

,

Revenue

,

2022

,

5.25 %

,

10/01/47

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

1,000,000

1,022,832

Airport

,

Revenue

,

2022

,

%

,

10/01/52

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

1,500,000

1,502,393

County

of

Osceola

,

Transportation

,

Revenue

,

2019

,

Refunding

,

%

,

10/01/49

...

4,500,000

4,538,379

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

%

,

5/01/51

1,000,000

886,919

Cypress

Mill

Community

Development

District

,

Special

Assessment

,

2023

,

%

,

5/01/43

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

560,000

565,886

Special

Assessment

,

2023

,

%

,

5/01/53

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

1,000,000

994,561

d

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2018

,

%

,

12/15/48

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

4,000,000

4,022,312

East

Palm

Drive

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

6/15/54

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

750,000

756,251

d

Epperson

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2018

,

5.5 %

,

11/01/39

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

1,490,000

1,541,707

Escambia

County

Health

Facilities

Authority

,

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/36

.

4,165,000

4,338,985

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/37

.

6,000,000

6,215,975

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/40

.

4,000,000

4,085,327

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/45

.

19,465,000

17,449,286

Baptist

Hospital,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/15/50

.

18,985,000

16,325,272

Everlands

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.55 %

,

6/15/54

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

1,000,000

1,010,306

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC

,

Revenue

,

2024

,

Refunding

,

AG

Insured

,

5.25 %

,

7/01/47

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

28,000,000

27,903,324

River

City

Education

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/35

..........

325,000

320,200

River

City

Education

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/45

..........

600,000

518,818

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Florida

Development

Finance

Corp.,

(continued)

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

2/01/33

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

$

1,350,000

$

1,450,378

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

2/01/38

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

1,400,000

1,467,568

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

2/01/39

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

2,750,000

2,867,562

Florida

Housing

Finance

Corp.

,

Revenue

,

2020-1

,

GNMA

Insured

,

2.75 %

,

7/01/50

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

1,410,000

1,054,772

Revenue

,

2025-3

,

GNMA

Insured

,

5.05 %

,

7/01/50

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

2,825,000

2,887,641

Florida

Municipal

Loan

Council

,

Shingle

Creek

Transit

&

Utility

Community

Development

District

,

Special

Assessment

,

2024

,

5.4 %

,

5/01/54

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

820,000

831,894

Greater

Orlando

Aviation

Authority

,

Revenue

,

2019

A

,

%

,

10/01/49

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

15,000,000

13,586,720

Revenue,

Sub.

Lien

,

2017

A

,

%

,

10/01/47

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

10,925,000

10,974,596

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/36

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

2,500,000

2,517,546

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125 %

,

5/01/45

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

2,170,000

2,198,616

Herons

Glen

Recreation

District

,

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/45

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

1,515,000

1,504,817

Special

Assessment

,

2020

,

Refunding

,

BAM

Insured

,

%

,

5/01/50

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

1,800,000

1,704,552

Hillsborough

County

Aviation

Authority

,

Revenue

,

2018

E

,

%

,

10/01/48

..........

5,000,000

5,049,353

Hillsborough

County

Industrial

Development

Authority

,

Florida

Health

Sciences

Center,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

8/01/50

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

6,500,000

5,784,994

Hollywood

Beach

Community

Development

District

I

,

Special

Assessment

,

2020

,

Refunding

,

%

,

10/01/45

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

4,000,000

3,560,698

Keys

Edge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/55

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

1,000,000

992,462

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2021

,

3.6 %

,

6/15/41

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

750,000

703,436

d

Knightsbridge

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

5.2 %

,

6/15/44

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

245,000

251,602

Lakes

by

the

Bay

South

Community

Development

District

,

Special

Assessment

,

2024

,

Refunding

,

%

,

5/01/34

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

2,000,000

2,179,848

Lakewood

Ranch

Stewardship

District

,

Special

Assessment

,

2025

,

%

,

5/01/56

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

7,210,000

7,473,073

Assessment

Calusa

,

Special

Assessment

,

2025

,

5.9 %

,

5/01/55

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

1,000,000

1,032,522

Assessments

,

Special

Assessment

,

2024

,

5.55 %

,

5/01/54

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

530,000

538,726

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group

,

Revenue

,

2019

,

%

,

11/15/44

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

6,360,000

6,388,500

Leomas

Landing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.35 %

,

5/01/41

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

250,000

219,086

Los

Cayos

Community

Development

District

,

Special

Assessment

,

2024

,

5.25 %

,

6/15/44

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

850,000

863,881

Special

Assessment

,

2024

,

5.55 %

,

6/15/54

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

800,000

809,894

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

Refunding

,

%

,

7/01/40

....

40,000,000

40,170,384

Miami-Dade

County

Health

Facilities

Authority

,

Variety

Children's

Hospital

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/01/47

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

3,500,000

3,168,275

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

6.2 %

,

5/01/53

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

4,800,000

5,028,765

d

Newton

Road

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

6/15/55

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

875,000

889,855

Pacific

Ace

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/55

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

750,000

758,482

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Palm

Beach

County

Educational

Facilities

Authority

,

Palm

Beach

Atlantic

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/41

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

$

3,695,000

$

3,337,328

Palm

Beach

Atlantic

University

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/46

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

7,570,000

6,461,909

Palm

Beach

County

Health

Facilities

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

B

,

%

,

11/15/42

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

1,000,000

1,013,269

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

B

,

%

,

5/15/36

....

1,235,000

1,238,319

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

B

,

%

,

5/15/41

....

5,060,000

5,062,788

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

B

,

%

,

5/15/47

....

130,000

124,375

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

C

,

Refunding

,

7.625 %

,

5/15/58

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

1,620,000

1,803,346

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment,

Senior

Lien

,

2020

,

Refunding

,

AG

Insured

,

2.625 %

,

5/01/34

1,200,000

1,065,842

Special

Assessment,

Senior

Lien

,

2020

,

Refunding

,

AG

Insured

,

2.8 %

,

5/01/37

995,000

842,234

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

5.25 %

,

5/01/52

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

2,500,000

2,526,721

Preserve

at

South

Branch

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

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

750,000

700,062

Reunion

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

%

,

5/01/36

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

1,250,000

1,152,273

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3.3 %

,

5/01/42

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

495,000

422,541

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/36

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

750,000

669,186

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

%

,

1/01/37

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

2,350,000

2,361,832

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

%

,

1/01/42

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

1,600,000

1,599,966

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group

,

Revenue

,

2017

A

,

%

,

1/01/47

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

2,450,000

2,322,005

Sunnyside

Village

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/33

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

600,000

613,101

Sunnyside

Village

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/38

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

1,025,000

1,032,471

Sunnyside

Village

Obligated

Group

,

Revenue

,

2018

,

%

,

5/15/48

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

1,850,000

1,744,896

Sarasota

County

Public

Hospital

District

,

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/52

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

15,000,000

13,229,007

Sarasota

County

Public

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

%

,

7/01/48

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

10,000,000

9,033,895

South

Broward

Hospital

District

,

South

Broward

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

%

,

5/01/45

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

20,715,000

21,020,072

South

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

6/15/41

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

500,000

427,700

South

Fork

East

Community

Development

District

,

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/26

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

100,000

99,694

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/31

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

246,000

239,091

Assessments

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/38

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

597,000

528,652

St.

Johns

County

Industrial

Development

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/01/55

...

7,250,000

6,017,134

Tampa

Sports

Authority

,

Revenue

,

1995

,

NATL

Insured

,

6.1 %

,

10/01/26

...........

515,000

525,672

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment

,

2020

,

%

,

6/15/40

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

1,000,000

934,704

Special

Assessment

,

2020

,

%

,

6/15/50

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

2,000,000

1,647,460

Tohoqua

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

%

,

5/01/51

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

1,175,000

994,517

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Touchstone

Community

Development

District

,

Special

Assessment,

Senior

Lien

,

2022

,

5.5 %

,

5/01/53

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

$

1,800,000

$

1,847,202

Town

of

Palm

Beach

,

GO

,

2018

,

%

,

7/01/43

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

5,000,000

5,032,880

Two

Lakes

Community

Development

District

,

Special

Assessment

,

2024

,

%

,

5/01/55

1,720,000

1,731,659

University

of

North

Florida

Financing

Corp.

(The)

,

University

of

North

Florida

Dormitory

Facilities

,

Revenue

,

2016

,

Refunding

,

AG

Insured

,

%

,

11/01/35

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

5,000,000

5,084,074

d

Village

Community

Development

District

No.

,

Special

Assessment

,

144A,

2024

,

4.55 %

,

5/01/44

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

750,000

723,599

Special

Assessment

,

144A,

2024

,

4.8 %

,

5/01/55

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

1,750,000

1,671,259

Phase

I

,

Special

Assessment

,

144A,

2023

,

%

,

5/01/43

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

1,500,000

1,521,483

Phase

I

,

Special

Assessment

,

144A,

2023

,

5.25 %

,

5/01/54

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

6,075,000

6,098,931

g

Village

Community

Development

District

No.

,

Special

Assessment

,

2025

,

5.125 %

,

5/01/56

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

5,500,000

5,504,426

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/15/49

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

3,000,000

3,068,228

West

Lake

Community

Development

District

,

Special

Assessment

,

2025

,

5.5 %

,

6/15/55

885,000

882,663

Wildwood

Utility

Dependent

District

,

Revenue

,

2023

,

AG

Insured

,

5.5 %

,

10/01/53

...

6,970,000

7,486,149

664,136,317

#### Georgia

#### 3.5%
Atlanta

Development

Authority

(The)

,

d

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

%

,

7/01/50

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

1,650,000

1,714,831

d

PRG

-

CAU

Properties

LLC

,

Revenue

,

144A,

2025

A

,

%

,

7/01/55

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

1,550,000

1,602,868

Tuff

Yamacraw

LLC

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

%

,

1/01/26

..

5,000,000

5,010,248

Tuff

Yamacraw

LLC

,

Revenue

,

2005

A

,

Refunding

,

AMBAC

Insured

,

%

,

1/01/27

..

5,000,000

5,082,102

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

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

15,040,000

13,884,725

City

of

Atlanta

,

Airport

Passenger

Facility

Charge

,

Revenue,

Sub.

Lien

,

2019

D

,

%

,

7/01/36

.....

10,000,000

10,106,581

Airport

Passenger

Facility

Charge

,

Revenue,

Sub.

Lien

,

2023

E

,

5.25 %

,

7/01/43

...

4,250,000

4,543,264

Water

&

Wastewater

,

Revenue

,

2018

B

,

Refunding

,

%

,

11/01/47

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

4,845,000

4,908,563

Columbia

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

5.125 %

,

4/01/53

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

1,875,000

1,934,262

Coweta

County

Development

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/44

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

10,000,000

10,247,444

Development

Authority

for

Fulton

County

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

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

20,000,000

18,166,224

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.

,

Revenue

,

2017

C

,

Refunding

,

4.125 %

,

11/01/45

.......

2,500,000

2,300,490

Oglethorpe

Power

Corp.

,

Revenue

,

2017

D

,

Refunding

,

4.125 %

,

11/01/45

.......

18,500,000

17,023,624

Development

Authority

of

Rockdale

County

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

7,985,000

8,289,282

e

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

3.8 %,

12/01/45

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

40,517,316

19,153,123

Fayette

County

Hospital

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

7/01/46

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

15,000,000

15,048,686

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/42

..........

5,065,000

5,072,254

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2025

C

,

5.125 %

,

12/01/50

........

10,250,000

10,562,362

Glynn-Brunswick

Memorial

Hospital

Authority

,

Southeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2017

,

%

,

8/01/47

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

2,250,000

2,255,175

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2007

A

,

5.5 %

,

9/15/28

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

5,000,000

5,287,530

c

Revenue

,

2021

C

,

Mandatory

Put

,

%

,

12/01/28

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

10,000,000

10,205,510

c

Revenue

,

2022

A

,

Mandatory

Put

,

%

,

12/01/29

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

5,000,000

5,141,712

c

Revenue

,

2023

D

,

Mandatory

Put

,

%

,

12/01/30

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

33,595,000

35,801,405

c

Revenue

,

2023

,

Mandatory

Put

,

%

,

6/01/31

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

20,000,000

21,548,314

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2025

A

,

%

,

7/01/55

........

12,500,000

13,242,123

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Georgia
(continued)

Municipal

Electric

Authority

of

Georgia

,

PowerSouth

Energy

Cooperative

,

Revenue

,

2021

A

,

Refunding

,

%

,

1/01/63

.....

$

7,920,000

$

7,851,456

PowerSouth

Energy

Cooperative

,

Revenue

,

2022

A

,

5.5 %

,

7/01/63

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

2,500,000

2,562,579

PowerSouth

Energy

Cooperative

,

Revenue

,

2023

A

,

5.5 %

,

7/01/64

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

5,000,000

5,133,003

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2013

A

,

%

,

10/01/43

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

10,000,000

10,003,182

Savannah

Georgia

Convention

Center

Authority

,

Revenue

,

2025

A

,

5.25 %

,

6/01/61

..

4,325,000

4,316,891

277,999,813

#### Hawaii

#### 1.4%
City

&

County

Honolulu

,

Wastewater

System

,

Revenue,

Senior

Lien

,

2024

A

,

%

,

7/01/49

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

15,400,000

16,264,259

Wastewater

System

,

Revenue,

Senior

Lien

,

2024

A

,

5.25 %

,

7/01/54

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

7,000,000

7,545,364

State

of

Hawaii

,

Airports

System

,

Revenue

,

2018

A

,

%

,

7/01/43

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

20,805,000

21,136,548

Airports

System

,

Revenue

,

2018

A

,

%

,

7/01/48

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

21,315,000

21,507,886

Airports

System

,

Revenue

,

2022

A

,

%

,

7/01/47

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

10,000,000

9,046,573

Airports

System

,

Revenue

,

2022

A

,

%

,

7/01/47

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

13,200,000

13,608,891

Airports

System

,

Revenue

,

2025

C

,

Refunding

,

%

,

7/01/45

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

2,390,000

2,488,876

Department

of

Budget

&

Finance

,

Revenue

,

2019

,

Refunding

,

3.2 %

,

7/01/39

.....

10,000,000

8,883,393

Department

of

Budget

&

Finance

,

Revenue

,

2019

,

3.5 %

,

10/01/49

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

17,035,000

13,686,168

114,167,958

#### 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

8,143,584

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2019

ID

,

%

,

12/01/43

.........

6,000,000

5,764,773

Idaho

Housing

&

Finance

Association

,

White

Pine

Charter

School,

Inc.

,

Revenue

,

2023

A

,

5.5 %

,

5/01/43

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

350,000

365,020

White

Pine

Charter

School,

Inc.

,

Revenue

,

2023

A

,

5.75 %

,

5/01/48

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

525,000

549,814

White

Pine

Charter

School,

Inc.

,

Revenue

,

2023

A

,

5.75 %

,

5/01/58

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

1,000,000

1,037,517

15,860,708

#### Illinois

#### 5.7%
Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.75 %

,

4/01/48

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

20,000,000

20,985,148

Chicago

Midway

International

Airport

,

Revenue,

Second

Lien

,

2016

B

,

Refunding

,

%

,

1/01/46

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

10,000,000

10,033,733

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

BAM

Insured

,

5.5 %

,

1/01/53

.........

6,000,000

6,302,841

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2016

D

,

5.25 %

,

1/01/42

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

10,000,000

10,142,771

Revenue,

Senior

Lien

,

2016

D

,

%

,

1/01/47

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

6,500,000

6,539,899

Revenue,

Senior

Lien

,

2017

D

,

Refunding

,

%

,

1/01/52

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

6,335,000

6,287,340

Revenue,

Senior

Lien

,

2018

A

,

Refunding

,

%

,

1/01/53

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

10,000,000

10,021,991

Revenue,

Senior

Lien

,

2022

A

,

%

,

1/01/55

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

36,500,000

36,744,802

Revenue,

Senior

Lien

,

2024

A

,

5.5 %

,

1/01/53

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

13,115,000

13,954,017

Chicago

Park

District

,

GO

,

2020

C

,

BAM

Insured

,

%

,

1/01/41

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

1,400,000

1,350,230

GO

,

2020

C

,

BAM

Insured

,

%

,

1/01/42

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

4,300,000

4,035,517

City

of

Chicago

,

GO

,

2023

A

,

5.5 %

,

1/01/39

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

4,210,000

4,370,950

GO

,

2023

A

,

5.5 %

,

1/01/40

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

15,555,000

16,077,486

GO

,

2023

A

,

5.5 %

,

1/01/43

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

3,875,000

3,915,244

GO

,

2024

A

,

%

,

1/01/44

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

1,500,000

1,455,504

GO

,

2024

A

,

%

,

1/01/45

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

3,130,000

3,034,552

GO

,

2024

A

,

5.25 %

,

1/01/45

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

5,690,000

5,646,266

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Illinois
(continued)

City

of

Chicago,

(continued)

GO

,

2025

A

,

%

,

1/01/50

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

$

24,280,000

$

25,485,745

City

of

Galesburg

,

Knox

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/46

......

7,000,000

5,533,849

City

of

Granite

City

,

Waste

Management

of

Illinois,

Inc.

,

Revenue

,

2002

,

1.25 %

,

5/01/27

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

5,750,000

5,528,859

Illinois

Finance

Authority

,

Bradley

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

8/01/46

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

2,250,000

1,871,659

Bradley

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

8/01/51

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

4,650,000

3,705,170

h

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

A

,

%

,

5/15/41

.........

1,116,452

55,822

h

Christian

Homes,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

3.25 %

,

5/15/27

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

526,387

26,319

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

11/01/41

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

750,000

706,611

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

11/01/51

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

1,000,000

861,699

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

11/01/56

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

750,000

635,434

Illinois

Housing

Development

Authority

,

Revenue

,

2022

G

,

GNMA

Insured

,

%

,

10/01/46

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

2,780,000

2,843,042

Macon

County

School

District

No.

Decatur

,

GO

,

2020

C

,

Refunding

,

AG

Insured

,

%

,

1/01/40

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

3,700,000

3,645,610

GO

,

2020

C

,

Refunding

,

AG

Insured

,

%

,

1/01/45

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

3,125,000

3,007,780

Metropolitan

Pier

&

Exposition

Authority

,

Revenue

,

1996

,

ETM,

%

,

7/01/26

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

1,725,000

1,770,064

e

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2002

A

,

NATL

Insured

,

4.03 %,

12/15/37

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

10,000,000

6,195,073

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2020

A

,

Refunding

,

%

,

6/15/50

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

8,500,000

8,518,022

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/52

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

36,000,000

30,866,439

e

Southwestern

Illinois

Development

Authority

,

Madison

County

Community

Unit

School

District

No.

Edwardsville

,

Revenue

,

2007

,

AG

Insured

,

3.52 %,

12/01/26

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

2,465,000

2,374,085

Madison

County

Community

Unit

School

District

No.

Edwardsville

,

Revenue

,

2007

,

AG

Insured

,

ETM,

2.98 %,

12/01/26

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

5,235,000

5,070,878

State

of

Illinois

,

GO

,

2016

,

%

,

11/01/35

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

1,000,000

1,015,578

GO

,

2017

A

,

%

,

12/01/36

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

6,070,000

6,235,903

GO

,

2017

A

,

4.25 %

,

12/01/40

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

3,150,000

3,120,639

GO

,

2017

D

,

%

,

11/01/28

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

6,425,000

6,678,288

GO

,

2019

A

,

%

,

11/01/28

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

10,000,000

10,609,939

GO

,

2019

C

,

%

,

11/01/40

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

2,500,000

2,414,021

GO

,

2020

,

5.75 %

,

5/01/45

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

7,965,000

8,399,472

GO

,

2020

C

,

%

,

10/01/38

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

9,750,000

9,625,436

GO

,

2020

C

,

%

,

10/01/39

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

4,585,000

4,474,566

GO

,

2021

A

,

%

,

3/01/38

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

5,000,000

4,965,893

GO

,

2022

B

,

%

,

10/01/30

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

14,650,000

16,050,360

GO

,

2022

B

,

%

,

10/01/31

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

26,500,000

29,410,339

GO

,

2022

C

,

%

,

10/01/38

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

15,000,000

16,142,770

GO

,

2022

C

,

5.5 %

,

10/01/40

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

18,050,000

19,766,802

GO

,

2022

C

,

5.5 %

,

10/01/41

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

10,000,000

10,871,171

GO

,

2022

C

,

5.5 %

,

10/01/44

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

16,000,000

17,051,096

GO

,

2023

B

,

5.5 %

,

5/01/47

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

2,500,000

2,632,476

Tri-County

River

Valley

Development

Authority

,

Cedars

of

Lebanon

Affordable

LLC

,

Revenue

,

2021

A

,

Pre-Refunded

,

3.75 %

,

12/01/36

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

9,790,000

10,052,256

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Illinois
(continued)

Tri-County

River

Valley

Development

Authority,

(continued)

Cedars

of

Lebanon

Affordable

LLC

,

Revenue

,

2021

B

,

Pre-Refunded

,

5.75 %

,

12/01/36

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

$

775,000

$

793,749

d

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

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

6,885,000

6,952,333

456,863,538

#### Indiana

#### 2.1%
City

of

Carmel

,

Waterworks

,

Revenue

,

2024

C

,

Refunding

,

BAM

Insured

,

5.25 %

,

5/01/51

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

2,150,000

2,238,500

City

of

Whiting

,

BP

Products

North

America,

Inc.

,

Revenue

,

2021

,

%

,

11/01/51

.....

10,000,000

7,283,124

Hammond

Multi-School

Building

Corp.

,

Hammond

School

City

,

Revenue

,

2018

,

%

,

7/15/38

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

3,000,000

3,093,503

Indiana

Finance

Authority

,

BHI

Senior

Living

Obligated

Group

,

Revenue

,

2016

A

,

5.25 %

,

11/15/46

.........

11,955,000

11,975,813

BHI

Senior

Living

Obligated

Group

,

Revenue

,

2018

A

,

%

,

11/15/53

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

15,000,000

14,384,205

BHI

Senior

Living

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/41

...

7,250,000

6,707,492

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

%

,

6/01/53

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

2,300,000

2,285,689

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5.125 %

,

6/01/58

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

1,650,000

1,653,377

CHF

-

Tippecanoe

LLC

,

Revenue

,

2023

A

,

5.375 %

,

6/01/64

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

6,010,000

6,093,153

Citizens

Wastewater

of

Westfield

LLC

,

Revenue

,

2019

A

,

Refunding

,

%

,

10/01/48

16,665,000

16,999,010

CWA

Authority,

Inc.

,

Revenue,

First

Lien

,

2012

A

,

%

,

10/01/42

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

24,690,000

23,706,210

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/43

..

7,000,000

6,082,758

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/51

..

3,000,000

2,397,894

Greencroft

Goshen

Obligated

Group

,

Revenue

,

2023

A

,

Refunding

,

%

,

11/15/37

..

5,000,000

4,817,838

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5.375 %

,

5/01/50

.

5,400,000

5,412,240

Indiana

Masonic

Home,

Inc.

Obligated

Group

,

Revenue

,

2025

B

,

5.5 %

,

5/01/54

...

5,400,000

5,437,029

Indianapolis

Power

&

Light

Co.

,

Revenue

,

2021

A

,

Refunding

,

1.4 %

,

8/01/29

.....

5,000,000

4,551,742

Ohio

Valley

Electric

Corp.

,

Revenue

,

2010

B

,

2.5 %

,

11/01/30

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

3,925,000

3,711,164

Westminster

Village

Greenwood,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

5.75 %

,

5/15/55

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

7,765,000

7,932,248

Westminster

Village

Greenwood,

Inc.

Obligated

Group

,

Revenue

,

2025

A

,

5.75 %

,

5/15/60

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

2,000,000

2,024,615

Indiana

Municipal

Power

Agency

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/42

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

5,860,000

5,864,651

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/42

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

20,000,000

20,144,406

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue,

Senior

Lien

,

2023

E

,

6.125 %

,

3/01/57

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

2,750,000

2,894,327

167,690,988

#### Iowa

#### 0.5%
Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/36

....

1,400,000

1,403,762

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

5/15/41

....

3,600,000

3,601,984

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2018

A

,

%

,

5/15/48

....

3,225,000

3,069,914

c

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

Mandatory

Put

,

3.539 %

,

5/15/26

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

8,250,000

8,096,046

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

6.75 %

,

5/15/33

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

2,000,000

2,282,889

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.25 %

,

5/15/38

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

2,750,000

3,140,200

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

7.5 %

,

5/15/53

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

4,120,000

4,573,631

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

,

,

Refunding

,

%

,

6/01/49

..

20,730,000

17,621,841

43,790,267

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Kansas

#### 0.3%
Wyandotte

County-Kansas

City

Unified

Government

,

Utility

System

,

Revenue

,

2016

C

,

Refunding

,

%

,

9/01/41

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

$

5,000,000

$

5,032,115

Utility

System

,

Revenue

,

2016

C

,

Refunding

,

%

,

9/01/46

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

16,565,000

16,579,127

21,611,242

#### Kentucky

#### 1.3%
City

of

Hazard

,

Appalachian

Regional

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/46

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

2,000,000

1,528,450

City

of

Owensboro

,

Water

,

Revenue

,

2018

,

Refunding

,

BAM

Insured

,

%

,

9/15/45

...

5,000,000

4,863,943

County

of

Boyle

,

Centre

College

of

Kentucky

,

Revenue

,

2017

,

Pre-Refunded

,

%

,

6/01/37

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

2,000,000

2,036,960

County

of

Carroll

,

Kentucky

Utilities

Co.

,

Revenue

,

2008

A

,

Refunding

,

%

,

2/01/32

..

3,000,000

2,655,213

County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2012

A

,

%

,

10/01/33

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

1,000,000

1,000,705

Hopkins

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

%

,

2/01/41

.......

2,340,000

1,618,259

Kentucky

Bond

Development

Corp.

,

Revenue

,

2018

A

,

%

,

9/01/48

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

2,500,000

2,515,016

Centre

College

of

Kentucky

,

Revenue

,

2021

,

%

,

6/01/51

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

1,350,000

1,117,795

Transylvania

University

,

Revenue

,

2019

B

,

%

,

3/01/49

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

2,500,000

2,245,885

Transylvania

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/46

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

735,000

670,709

Transylvania

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/49

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

330,000

294,674

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/49

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

21,200,000

21,363,106

Kentucky

Municipal

Power

Agency

,

Revenue

,

2015

A

,

Refunding

,

NATL

Insured

,

%

,

9/01/42

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

10,000,000

10,002,982

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

%

,

9/01/35

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

7,750,000

7,818,668

Revenue

,

2016

A

,

Refunding

,

NATL

Insured

,

%

,

9/01/36

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

8,015,000

8,081,451

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/45

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

2,000,000

1,762,732

Kentucky

Public

Energy

Authority

,

c

Revenue

,

2022

,

Mandatory

Put

,

4.061 %

,

8/01/30

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

5,000,000

5,039,514

Revenue

,

2025

B

,

%

,

12/01/33

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

12,650,000

13,204,648

Kentucky

Rural

Water

Finance

Corp.

,

Revenue

,

2001

A

,

%

,

2/01/26

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

10,000

10,012

Lewis

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

%

,

2/01/41

.........

2,000,000

1,383,127

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District

,

Revenue

,

2017

A

,

%

,

5/15/48

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

2,750,000

2,616,598

Metropolitan

Sewer

District

,

Revenue

,

2018

A

,

Refunding

,

%

,

5/15/38

..........

5,000,000

5,023,140

Louisville/Jefferson

County

Metropolitan

Government

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2003

A

,

Refunding

,

%

,

10/01/33

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

4,000,000

3,488,431

Shelby

County

School

District

Finance

Corp.

,

Shelby

County

Public

School

District

,

Revenue

,

2018

,

%

,

8/01/38

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

3,465,000

3,473,859

University

of

Kentucky

,

Revenue

,

2014

A

,

%

,

4/01/44

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

2,250,000

2,173,357

105,989,234

#### Louisiana

#### 3.3%
City

of

Shreveport

,

Water

&

Sewer

,

Revenue

,

2016

B

,

%

,

12/01/41

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

10,000,000

10,002,623

Water

&

Sewer

,

Revenue,

Junior

Lien

,

2019

B

,

AG

Insured

,

%

,

12/01/44

........

6,535,000

6,133,740

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans

,

Revenue

,

144A,

2021

,

%

,

11/01/46

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

8,900,000

7,781,173

Parish

of

Assumption

,

Revenue

,

144A,

2021

,

3.875 %

,

11/01/45

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

4,355,000

3,781,282

Parish

of

Jefferson

,

Revenue

,

144A,

2019

,

%

,

11/01/44

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

2,355,000

2,107,529

Parish

of

Lafourche

,

Revenue

,

144A,

2019

,

3.95 %

,

11/01/43

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

2,000,000

1,806,263

Parish

of

St.

Bernard

,

Revenue

,

144A,

2021

,

%

,

11/01/45

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

1,900,000

1,679,711

Parish

of

St.

Charles

,

Revenue

,

144A,

2022

,

4.5 %

,

11/01/47

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

8,680,000

8,264,659

Parish

of

St.

John

the

Baptist

,

Revenue

,

144A,

2019

,

3.9 %

,

11/01/44

...........

3,865,000

3,411,244

Parish

of

St.

Tammany

LA

GOMESA

,

Revenue

,

144A,

2020

,

3.875 %

,

11/01/45

....

5,470,000

4,749,394

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Louisiana
(continued)

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority,

(continued)

e

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.4 %,

12/01/44

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

$

59,310,000

$

37,743,686

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.5 %

,

9/01/59

......

50,725,000

51,746,216

Calcasieu

Bridge

Partners

LLC

,

Revenue,

Senior

Lien

,

2024

,

5.75 %

,

9/01/64

.....

2,000,000

2,075,279

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2016

A

,

%

,

7/01/51

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

9,000,000

9,001,034

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary

,

Revenue

,

2016

A

,

%

,

7/01/56

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

17,595,000

17,595,917

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

5/15/46

27,500,000

27,651,668

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

AG

Insured

,

%

,

5/15/47

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

9,925,000

7,974,262

Ochsner

Clinic

Foundation

Obligated

Group

,

Revenue

,

2025

A

,

Refunding

,

5.25 %

,

5/15/55

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

17,500,000

18,367,660

d

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.375 %

,

1/01/40

2,500,000

2,039,209

d

Provident

Group

-

HSC

Properties,

Inc.

,

Revenue

,

144A,

2020

,

5.5 %

,

1/01/50

.

14,000,000

10,755,430

South

Quad

L3C

,

Revenue

,

2025

,

AG

Insured

,

5.25 %

,

7/01/65

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

5,000,000

5,206,745

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

B

,

%

,

1/01/48

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

9,675,000

9,686,005

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

MovEBR

Sales

Tax

,

Revenue

,

2019

,

%

,

8/01/44

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

6,000,000

5,905,047

Terrebonne

Levee

&

Conservation

District

,

Sales

Tax

,

Revenue

,

2020

B

,

Refunding

,

%

,

6/01/40

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

5,065,000

5,098,550

260,564,326

#### Maine

#### 0.0%

#### †
Finance

Authority

of

Maine

,

University

of

New

England

,

Revenue

,

2025

,

5.5 %

,

7/01/55

2,500,000

2,667,421

#### Maryland

#### 1.8%
Maryland

Economic

Development

Corp.

,

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

4.25 %

,

7/01/50

1,000,000

895,500

Morgan

View

&

Thurgood

Marshall

Student

Housing

,

Revenue

,

2020

,

%

,

7/01/56

.

1,415,000

1,420,071

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

A

,

%

,

11/12/28

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

10,000,000

10,075,014

Purple

Line

Transit

Partners

LLC

,

Revenue

,

2022

B

,

5.25 %

,

6/30/52

...........

10,000,000

9,968,421

University

of

Maryland

Leonardtown

Project

,

Revenue

,

2024

,

AG

Insured

,

%

,

7/01/54

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

10,000,000

10,231,531

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2016

A

,

5.5 %

,

1/01/46

.........

12,500,000

12,643,099

Adventist

Healthcare

Obligated

Group

,

Revenue

,

2021

B

,

%

,

1/01/51

..........

23,000,000

19,575,173

Loyola

University

Maryland,

Inc.

,

Revenue

,

2025

,

Refunding

,

%

,

10/01/54

......

28,325,000

28,925,300

MedStar

Health

Obligated

Group

,

Revenue

,

2015

,

Refunding

,

%

,

8/15/42

.......

13,285,000

13,289,546

MedStar

Health

Obligated

Group

,

Revenue

,

2017

A

,

%

,

5/15/45

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

15,465,000

15,600,325

Maryland

Stadium

Authority

,

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

%

,

6/01/49

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

11,750,000

10,938,128

Town

of

Chestertown

,

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/33

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

3,205,000

3,302,541

Washington

College

,

Revenue

,

2021

A

,

Refunding

,

%

,

3/01/35

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

3,455,000

3,340,713

140,205,362

#### Massachusetts

#### 1.7%
Commonwealth

of

Massachusetts

,

GO

,

2016

G

,

%

,

9/01/42

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

20,000,000

19,770,610

GO

,

2018

E

,

5.25 %

,

9/01/43

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

10,000,000

10,393,761

Transportation

Fund

,

Revenue

,

2017

A

,

%

,

6/01/47

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

25,055,000

25,354,650

Transportation

Fund

,

Revenue

,

2018

A

,

%

,

6/01/48

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

5,000,000

5,087,777

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2005

A

,

%

,

7/01/28

10,000,000

10,662,490

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Massachusetts
(continued)

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/41

.......

$

15,415,000

$

15,196,515

Springfield

College

,

Revenue

,

2021

A

,

%

,

6/01/56

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

3,000,000

2,279,193

d

Waste

Management

of

Massachusetts,

Inc.

,

Revenue

,

144A,

2002

,

1.25 %

,

5/01/27

3,250,000

3,125,007

Massachusetts

Educational

Financing

Authority

,

Revenue

,

2021

C

,

%

,

7/01/51

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

3,200,000

2,213,566

Revenue

,

2025

B

,

5.5 %

,

7/01/55

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

6,000,000

6,113,486

Revenue,

Sub.

Lien

,

2017

B

,

Refunding

,

4.25 %

,

7/01/46

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

1,930,000

1,751,383

Massachusetts

Port

Authority

,

Revenue

,

2021

E

,

%

,

7/01/51

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

24,870,000

25,258,164

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien

,

2014-1

,

%

,

11/01/39

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

8,185,000

8,187,957

135,394,559

#### Michigan

#### 0.8%
City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System

,

Revenue,

Second

Lien

,

2006

B

,

NATL

Insured

,

%

,

7/01/36

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

10,000

10,018

Great

Lakes

Water

Authority

Water

Supply

System

,

Revenue,

Senior

Lien

,

2003

A

,

NATL

Insured

,

%

,

7/01/34

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

10,000

10,018

Michigan

Finance

Authority

,

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/36

...

1,000,000

1,005,457

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/37

...

2,000,000

1,994,440

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/38

...

1,500,000

1,476,640

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/39

...

250,000

244,353

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/40

...

2,250,000

2,175,019

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

A

,

,

Refunding

,

%

,

6/01/49

...

4,000,000

3,464,535

Tobacco

Settlement

,

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

6/01/49

..

825,000

820,530

Michigan

State

Housing

Development

Authority

,

Revenue

,

2023

B

,

Refunding

,

%

,

6/01/54

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

3,500,000

3,577,804

Revenue

,

2025

C

,

%

,

6/01/46

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

2,000,000

2,034,395

Revenue

,

2025

C

,

5.05 %

,

6/01/51

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

10,000,000

10,149,925

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation

,

Revenue

,

2018

,

%

,

6/30/48

....

13,345,000

13,144,677

United

Methodist

Retirement

Communities,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

11/15/49

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

7,000,000

6,563,929

Pontiac

School

District

,

GO

,

2020

,

%

,

5/01/50

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

8,665,000

8,045,106

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2023

B

,

AG

Insured

,

5.5 %

,

12/01/48

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

5,000,000

5,317,163

60,034,009

#### Mississippi

#### 1.0%
Medical

Center

Educational

Building

Corp.

,

Mississippi

State

Institutions

of

Higher

Learning

,

Revenue

,

2023

A

,

%

,

6/01/53

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

6,000,000

5,593,587

Mississippi

Business

Finance

Corp.

,

System

Energy

Resources,

Inc.

,

Revenue

,

2021

,

Refunding

,

2.375 %

,

6/01/44

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

7,000,000

4,511,583

Mississippi

Development

Bank

,

City

of

Jackson

Water

&

Sewer

System

,

Revenue

,

2013

,

AG

Insured

,

6.875 %

,

12/01/40

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

3,400,000

3,455,735

d

County

of

Jackson

,

Revenue

,

144A,

2021

,

3.625 %

,

11/01/36

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

2,510,000

2,376,792

d

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

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

7,595,000

7,669,277

e

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024-2

,

Refunding

,

2.34 %,

12/01/44

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

51,565,000

32,814,924

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2016

A

,

%

,

9/01/36

...

6,350,000

6,397,528

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Mississippi
(continued)

Mississippi

Hospital

Equipment

&

Facilities

Authority,

(continued)

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2016

A

,

%

,

9/01/46

...

$

20,000,000

$

20,003,212

82,822,638

#### Missouri

#### 0.7%
Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

BJC

Healthcare

Obligated

Group

,

Revenue

,

2015

A

,

%

,

1/01/45

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

20,005,000

18,561,703

Lutheran

Senior

Services

Obligated

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

2/01/46

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

4,000,000

3,908,344

Mercy

Health

,

Revenue

,

2023

,

%

,

12/01/52

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

5,000,000

5,201,049

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AG

Insured

,

%

,

3/01/49

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

20,000,000

20,115,926

Missouri

Housing

Development

Commission

,

Revenue

,

2025

D

,

GNMA

Insured

,

5.05 %

,

11/01/45

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

5,000,000

5,210,954

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AG

Insured

,

%

,

10/01/45

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

5,000,000

5,152,995

58,150,971

#### Montana

#### 0.1%
Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

%

,

7/01/43

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

6,440,000

6,573,533

#### Nebraska

#### 0.5%
c

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

%

,

10/01/29

.....

10,000,000

10,550,599

Gretna

Public

Schools

,

GO

,

2022

,

%

,

12/15/47

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

12,935,000

12,549,064

Omaha

Public

Power

District

Nebraska

City

Station

Unit

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/01/49

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

10,000,000

9,998,820

Public

Power

Generation

Agency

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/39

.......

7,340,000

7,400,182

40,498,665

#### Nevada

#### 0.1%
Carson

City

,

Carson

Tahoe

Regional

Healthcare

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

9/01/47

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

2,775,000

2,763,629

City

of

Las

Vegas

,

Special

Improvement

District

No.

819

,

Special

Assessment

,

2025

,

5.5 %

,

6/01/55

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

850,000

852,008

Reno-Tahoe

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

7/01/54

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

1,860,000

1,939,842

5,555,479

#### New

#### Hampshire

#### 0.7%
New

Hampshire

Business

Finance

Authority

,

f

Revenue

,

FRN

,

2024-3

,

A

,

4.163 %

,

10/20/41

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

4,962,314

4,890,251

Greater

Raleigh

Area

Christian

Education,

Inc.

,

Revenue

,

2025

,

%

,

8/01/65

.....

10,000,000

10,085,916

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

A

,

5.25 %

,

7/01/48

........

2,250,000

2,264,456

Roseville

Sustainable

Energy

Partner

LLC

,

Revenue

,

2024

C

,

5.25 %

,

7/01/54

....

21,315,000

21,384,736

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Elliot

Hospital

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

10/01/38

.......

4,000,000

4,033,327

University

System

of

New

Hampshire

,

Revenue

,

2015

,

Refunding

,

%

,

7/01/45

...

10,350,000

10,352,060

53,010,746

#### New

#### Jersey

#### 3.0%
Camden

County

Improvement

Authority

(The)

,

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

%

,

6/15/62

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

5,075,000

5,280,079

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

%

,

11/15/62

.

4,000,000

4,467,627

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey

,

Revenue

,

2020

A

,

%

,

11/01/44

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

15,000,000

15,483,000

State

of

New

Jersey

,

Revenue

,

2022

A

,

%

,

11/01/52

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

10,000,000

10,306,806

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

%

,

9/01/36

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

14,000,000

14,196,585

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue

,

2021

C

,

Refunding

,

3.25 %

,

12/01/51

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

$

2,000,000

$

1,448,409

Revenue

,

2025

1-C

,

Refunding

,

5.5 %

,

12/01/55

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

5,500,000

5,611,822

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/01/33

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

410,000

409,932

Revenue,

Senior

Lien

,

2020

B

,

3.5 %

,

12/01/39

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

3,900,000

3,770,664

Revenue,

Senior

Lien

,

2023

B

,

%

,

12/01/44

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

7,070,000

6,801,528

New

Jersey

Transportation

Trust

Fund

Authority

,

e

State

of

New

Jersey

,

Revenue

,

2009

A

,

BAM

Insured

,

3.95 %,

12/15/39

.........

25,000,000

14,463,347

State

of

New

Jersey

,

Revenue

,

2015

AA

,

%

,

6/15/45

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

15,000,000

15,004,674

State

of

New

Jersey

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/15/36

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

7,000,000

7,382,451

State

of

New

Jersey

,

Revenue

,

2019

AA

,

5.25 %

,

6/15/43

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

5,000,000

5,192,194

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/35

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

3,000,000

3,286,413

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/37

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

5,220,000

5,659,057

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/38

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

1,000,000

1,077,881

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/39

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

4,240,000

4,543,869

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/40

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

2,500,000

2,663,849

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/45

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

12,000,000

12,457,100

State

of

New

Jersey

,

Revenue

,

2020

AA

,

%

,

6/15/50

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

39,000,000

35,656,401

State

of

New

Jersey

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/31

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

7,250,000

8,122,151

State

of

New

Jersey

,

Revenue

,

2021

A

,

Refunding

,

%

,

6/15/33

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

1,250,000

1,393,365

State

of

New

Jersey

,

Revenue

,

2022

BB

,

%

,

6/15/46

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

17,000,000

16,016,113

State

of

New

Jersey

,

Revenue

,

2022

CC

,

Pre-Refunded

,

5.5 %

,

6/15/50

.........

2,000,000

2,394,082

Tobacco

Settlement

Financing

Corp.

,

Revenue,

Sub.

Lien

,

2018

B

,

Refunding

,

%

,

6/01/46

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

37,675,000

36,737,514

239,826,913

#### 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

19,000,459

New

Mexico

Hospital

Equipment

Loan

Council

,

Presbyterian

Healthcare

Services

Obligated

Group

,

Revenue

,

2017

A

,

Refunding

,

%

,

8/01/46

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

15,000,000

15,114,339

San

Juan

Regional

Medical

Center,

Inc.

,

Revenue

,

2020

,

Refunding

,

%

,

6/01/35

.

1,000,000

994,724

35,109,522

#### New

#### York

#### 7.9%
Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/01/40

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

2,200,000

1,878,815

City

of

New

York

,

GO

,

2018

,

%

,

3/01/41

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

11,355,000

11,685,460

GO

,

2022

,

5.5 %

,

5/01/46

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

2,500,000

2,681,396

GO

,

2023

,

%

,

9/01/46

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

6,000,000

5,642,312

GO

,

2025

,

5.25 %

,

2/01/53

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

4,250,000

4,532,878

Empire

State

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

%

,

3/15/45

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

36,905,000

35,197,302

Metropolitan

Transportation

Authority

,

Revenue

,

2016

,

5.25 %

,

11/15/56

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

15,000,000

15,033,942

Revenue

,

2016

D

,

Refunding

,

%

,

11/15/31

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

1,180,000

1,205,618

Revenue

,

2019

,

%

,

11/15/45

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

46,270,000

46,895,760

Revenue

,

2020

,

%

,

11/15/45

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

10,000,000

9,224,022

Revenue

,

2020

,

%

,

11/15/47

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

24,300,000

24,806,475

Revenue

,

2020

D

,

%

,

11/15/44

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

35,000,000

35,981,477

Revenue

,

2020

D

,

%

,

11/15/50

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

20,000,000

17,949,392

Revenue

,

2020

E

,

Refunding

,

%

,

11/15/45

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

905,000

835,188

Revenue

,

2021

,

%

,

11/15/44

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

6,725,000

6,229,382

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

%

,

6/15/46

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

32,500,000

32,618,700

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2018

,

%

,

5/01/43

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

$

19,800,000

$

19,178,829

Future

Tax

Secured

,

Revenue

,

2026

,

%

,

5/01/42

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

12,025,000

13,158,463

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2020

,

%

,

11/01/47

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

10,000,000

9,485,326

Future

Tax

Secured

,

Revenue,

Sub.

Lien

,

2024

,

5.25 %

,

2/01/53

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

10,000,000

10,592,931

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

%

,

11/15/51

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

10,000,000

7,241,798

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2005

,

Refunding

,

5.25 %

,

10/01/35

..

40,000,000

46,777,896

Goldman

Sachs

Headquarters

LLC

,

Revenue

,

2007

,

5.5 %

,

10/01/37

...........

24,995,000

29,914,151

New

York

State

Dormitory

Authority

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

Refunding

,

%

,

3/15/48

5,000,000

4,700,944

State

of

New

York

Sales

Tax

,

Revenue

,

2018

A

,

%

,

3/15/39

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

13,270,000

13,787,870

State

of

New

York

Sales

Tax

,

Revenue

,

2018

C

,

Refunding

,

%

,

3/15/37

........

23,000,000

24,023,017

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Refunding

,

%

,

3/15/44

........

16,000,000

16,447,403

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Refunding

,

%

,

3/15/45

........

60,365,000

61,963,852

State

of

New

York

Sales

Tax

,

Revenue

,

2018

E

,

Pre-Refunded

,

%

,

3/15/46

......

5,000

5,311

New

York

State

Thruway

Authority

,

Revenue

,

2019

B

,

%

,

1/01/50

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

20,000,000

18,546,530

Revenue,

Junior

Lien

,

2016

A

,

%

,

1/01/46

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

9,000,000

9,002,803

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

3/15/44

7,000,000

6,749,529

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2022

A

,

Refunding

,

%

,

3/15/51

12,115,000

11,195,077

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/32

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

5,000,000

5,146,648

Delta

Air

Lines,

Inc.

,

Revenue

,

2018

,

%

,

1/01/36

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

5,560,000

5,653,859

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/40

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

9,360,000

9,509,043

Delta

Air

Lines,

Inc.

,

Revenue

,

2023

,

5.625 %

,

4/01/40

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

5,000,000

5,252,907

JFK

Millennium

Partners

LLC

,

Revenue

,

2024

A

,

Refunding

,

AG

Insured

,

5.25 %

,

12/31/54

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

12,500,000

12,882,611

JFK

NTO

LLC

,

Revenue

,

2023

,

AG

Insured

,

5.125 %

,

6/30/60

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

2,000,000

2,010,934

JFK

NTO

LLC

,

Revenue

,

2023

,

5.375 %

,

6/30/60

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

2,500,000

2,513,551

JFK

NTO

LLC

,

Revenue

,

2024

,

AG

Insured

,

%

,

6/30/54

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

13,500,000

13,574,594

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

,

%

,

11/01/47

...........

13,500,000

12,408,907

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2022

A

,

%

,

11/15/52

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

10,000,000

9,278,339

633,401,242

#### North

#### Carolina

#### 0.6%
Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2022

A

,

AG

Insured

,

5.5 %

,

7/01/52

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

5,000,000

5,219,865

North

Carolina

Medical

Care

Commission

,

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/50

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

2,200,000

2,187,194

e

North

Carolina

Turnpike

Authority

,

Revenue

,

2009

B

,

AG

Insured

,

3.27 %,

1/01/33

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

25,000,000

19,845,923

Revenue

,

2009

B

,

AG

Insured

,

3.37 %,

1/01/34

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

15,000,000

11,439,963

Revenue

,

2009

B

,

AG

Insured

,

3.48 %,

1/01/35

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

15,215,000

11,115,977

49,808,922

#### North

#### Dakota

#### 0.6%
City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/38

..

2,300,000

2,203,946

Altru

Health

System

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

12/01/41

..

2,000,000

1,825,940

Altru

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

AG

Insured

,

%

,

12/01/53

2,440,000

2,496,587

North

Dakota

Housing

Finance

Agency

,

Revenue

,

2025

A

,

%

,

7/01/50

...........

5,500,000

5,590,688

State

Board

of

Higher

Education

of

the

State

of

North

Dakota

,

Revenue

,

2019

A

,

AG

Insured

,

%

,

4/01/44

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

10,000,000

9,716,315

Revenue

,

2019

A

,

AG

Insured

,

%

,

4/01/50

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

9,620,000

8,814,540

University

of

North

Dakota

,

COP

,

2018

A

,

%

,

4/01/48

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

5,500,000

5,597,525

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### North

#### Dakota
(continued)

University

of

North

Dakota,

(continued)

COP

,

2018

A

,

%

,

4/01/57

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

$

10,000,000

$

10,130,556

46,376,097

#### Ohio

#### 1.9%
Akron

Bath

Copley

Joint

Township

Hospital

District

,

Summa

Health

System

Obligated

Group

,

Revenue

,

2020

,

Pre-Refunded

,

%

,

11/15/38

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

5,700,000

6,031,417

American

Municipal

Power,

Inc.

,

Combined

Hydroelectric

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/15/46

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

20,000,000

20,120,102

Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

6/01/48

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

4,505,000

3,906,841

Cleveland-Cuyahoga

County

Port

Authority

,

County

of

Cuyahoga

,

Revenue

,

2013

,

%

,

7/01/37

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

6,000,000

6,852,820

Columbus

Regional

Airport

Authority

,

Revenue

,

2025

A

,

Refunding

,

5.5 %

,

1/01/55

...

17,835,000

18,884,048

County

of

Franklin

,

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

%

,

7/01/40

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

10,405,000

9,593,082

Ohio

Living

Obligated

Group

,

Revenue

,

2022

,

Pre-Refunded

,

%

,

7/01/40

.......

5,000

5,313

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group

,

Revenue

,

2023

A

,

5.75 %

,

1/01/53

...

4,530,000

4,659,747

UC

Health

Obligated

Group

,

Revenue

,

2020

,

%

,

9/15/50

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

7,500,000

7,403,919

Ohio

Higher

Educational

Facility

Commission

,

Case

Western

Reserve

University

,

Revenue

,

2021

A

,

Refunding

,

%

,

12/01/44

....

6,815,000

6,666,299

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/42

...........

1,350,000

1,345,953

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/45

...........

1,185,000

1,140,944

Judson

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

12/01/50

...........

2,530,000

2,361,240

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

,

5.75 %

,

2/15/35

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

35,000,000

39,885,940

State

of

Ohio

,

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2019

B

,

%

,

1/01/46

..

9,445,000

8,841,141

Cleveland

Clinic

Health

System

Obligated

Group

,

Revenue

,

2019

B

,

Pre-Refunded

,

%

,

1/01/46

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

555,000

577,932

Premier

Health

Partners

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

11/15/38

640,000

626,059

Summit

County

Development

Finance

Authority

,

UAkronPark,

Inc.

,

Revenue

,

2023

,

%

,

12/01/58

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

9,665,000

10,246,755

West

Central

Ohio

Port

Authority

,

Global

Impact

STEM

Academy

,

Revenue

,

2025

A

,

5.5 %

,

12/01/62

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

3,500,000

3,545,023

152,694,575

#### Oklahoma

#### 0.1%
Oklahoma

Turnpike

Authority

,

Revenue

,

2023

,

5.5 %

,

1/01/53

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

6,000,000

6,404,647

Oklahoma

Water

Resources

Board

,

Revenue

,

2023

B

,

%

,

10/01/48

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

4,000,000

3,798,090

10,202,737

#### Oregon

#### 0.8%
County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/50

...

12,210,000

11,463,827

Oregon

City

School

District

No.

,

GO

,

2018

B

,

Refunding

,

%

,

6/15/49

..........

10,000,000

10,165,676

Port

of

Portland

,

Airport

,

Revenue

,

B

,

%

,

7/01/44

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

2,450,000

2,485,584

Airport

,

Revenue

,

A

,

%

,

7/01/38

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

10,000,000

10,530,099

Airport

,

Revenue

,

A

,

%

,

7/01/45

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

10,000,000

10,204,465

Airport

,

Revenue

,

,

5.5 %

,

7/01/48

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

18,500,000

19,708,494

64,558,145

#### Pennsylvania

#### 1.5%
Allentown

Commercial

and

Industrial

Development

Authority

,

d

Executive

Education

Academy

Charter

School

,

Revenue

,

144A,

2024

,

Refunding

,

%

,

7/01/59

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

5,000,000

4,704,561

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Allentown

Commercial

and

Industrial

Development

Authority,

(continued)

Lincoln

Leadership

Academy

Charter

School

,

Revenue

,

2023

,

%

,

6/15/53

.......

$

1,600,000

$

1,648,853

d

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

A

,

6.75 %

,

9/01/61

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

10,000,000

9,850,801

Huntingdon

County

General

Authority

,

Juniata

College

,

Revenue

,

2021

,

Refunding

,

%

,

10/01/51

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

5,000,000

4,675,164

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/31

........

305,000

309,119

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/37

........

345,000

340,345

Landis

Homes

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/56

........

3,300,000

2,631,488

Lehigh

County

General

Purpose

Authority

,

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

%

,

6/01/52

....

13,785,000

11,430,700

Lehigh

Valley

Academy

Regional

Charter

School

,

Revenue

,

2022

,

%

,

6/01/57

....

5,000,000

4,053,308

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

%

,

11/15/43

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

600,000

541,049

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

C

,

%

,

11/15/45

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

1,000,000

1,000,856

Meadowood

Corp.

Obligated

Group

(The)

,

Revenue

,

2018

A

,

Refunding

,

%

,

12/01/48

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

9,000,000

8,969,986

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

5.25 %

,

6/30/53

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

4,000,000

4,054,055

Commonwealth

of

Pennsylvania

Motor

License

Fund

,

Revenue

,

2022

,

%

,

6/30/61

5,020,000

5,311,944

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2023

,

5.25 %

,

7/01/49

......

1,000,000

1,005,566

UPMC

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

2/15/40

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

5,240,000

5,164,479

Pennsylvania

Housing

Finance

Agency

,

Revenue

,

2022-139

A

,

Refunding

,

%

,

10/01/37

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

9,100,000

9,250,710

Revenue

,

2023-143

A

,

5.45 %

,

4/01/51

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

10,000,000

10,490,078

Revenue

,

2025-149

A

,

Refunding

,

5.2 %

,

4/01/53

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

2,815,000

2,917,160

Pennsylvania

Turnpike

Commission

,

Revenue

,

2020

B

,

%

,

12/01/50

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

8,000,000

8,277,554

Revenue

,

2023

A

,

Refunding

,

%

,

12/01/53

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

7,585,000

7,968,899

School

District

of

Philadelphia

(The)

,

GO

,

2016

F

,

Refunding

,

%

,

9/01/36

.........

4,090,000

4,124,242

State

Public

School

Building

Authority

,

School

District

of

Philadelphia

(The)

,

Revenue

,

2016

A

,

Refunding

,

AG

Insured

,

%

,

6/01/32

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

10,000,000

10,176,442

118,897,359

#### Rhode

#### Island

#### 0.1%
Rhode

Island

Housing

&

Mortgage

Finance

Corp.

,

Revenue

,

A

,

6.5 %

,

4/01/27

...

130,000

130,293

Rhode

Island

Student

Loan

Authority

,

Revenue,

Senior

Lien

,

2024

A

,

4.125 %

,

12/01/43

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

2,435,000

2,365,283

Revenue,

Senior

Lien

,

2025

A

,

%

,

12/01/44

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

5,225,000

5,294,906

7,790,482

#### South

#### Carolina

#### 1.1%
County

of

Greenwood

,

Self

Regional

Healthcare

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/37

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

8,465,000

8,492,946

d

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.75 %

,

11/01/36

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

1,265,000

1,061,498

c

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

8/01/31

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

10,000,000

10,914,355

South

Carolina

Jobs-Economic

Development

Authority

,

d

FAH

Pelham

LLC

,

Revenue

,

144A,

2023

,

I

,

6.5 %

,

2/01/56

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

24,865,000

25,479,156

d

FAH

Pelham

LLC

,

Revenue

,

144A,

2023

,

I

,

%

,

8/01/39

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

770,000

730,008

Prisma

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

5/01/48

......

15,000,000

15,161,209

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### South

#### Carolina
(continued)

South

Carolina

Ports

Authority

,

Revenue

,

2018

,

%

,

7/01/48

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

$

10,000,000

$

10,080,531

Revenue

,

2018

,

%

,

7/01/55

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

10,400,000

10,450,343

South

Carolina

Public

Service

Authority

,

Revenue

,

2025

A

,

%

,

12/01/55

..........

5,000,000

5,156,693

87,526,739

#### South

#### Dakota

#### 0.4%
South

Dakota

Health

&

Educational

Facilities

Authority

,

Avera

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/42

.........

10,000,000

9,398,445

Avera

Health

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

7/01/46

.........

15,000,000

15,122,591

Monument

Health

Obligated

Group

,

Revenue

,

2017

,

%

,

9/01/37

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

10,920,000

10,901,805

35,422,841

#### Tennessee

#### 3.8%
Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CDFI

Phase

I

LLC

,

Revenue

,

2015

,

Refunding

,

%

,

10/01/35

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

1,000,000

1,000,356

City

of

Germantown

,

GO

,

2017

,

%

,

8/01/45

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

2,525,000

2,488,474

City

of

Jackson

,

West

Tennessee

Healthcare

Obligated

Group

,

Revenue

,

2015

,

%

,

4/01/36

......

3,885,000

3,886,911

West

Tennessee

Healthcare

Obligated

Group

,

Revenue

,

2015

,

%

,

4/01/41

......

24,265,000

23,317,202

West

Tennessee

Healthcare

Obligated

Group

,

Revenue

,

2018

A

,

%

,

4/01/41

....

2,255,000

2,303,333

West

Tennessee

Healthcare

Obligated

Group

,

Revenue

,

2018

A

,

Pre-Refunded

,

%

,

4/01/41

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

115,000

122,569

City

of

Knoxville

,

Wastewater

System

,

Revenue

,

2015

A

,

Refunding

,

%

,

4/01/42

...

5,000,000

5,000,012

City

of

Memphis

,

Memphis

Light

Gas

&

Water

Division

Electric

System

,

Revenue

,

2020

A

,

%

,

12/01/42

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

2,470,000

1,998,213

Memphis

Light

Gas

&

Water

Division

Gas

,

Revenue

,

2020

,

%

,

12/01/42

........

1,000,000

822,717

City

of

Portland

,

Water

&

Sewer

,

Revenue

,

2020

,

AG

Insured

,

%

,

4/01/45

........

1,775,000

1,367,463

County

of

Coffee

,

GO

,

2019

,

Refunding

,

%

,

6/01/44

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

2,760,000

2,633,319

County

of

Wilson

,

GO

,

2017

A

,

%

,

4/01/42

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

5,000,000

4,999,822

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group

,

Revenue

,

1998

,

NATL

Insured

,

ETM,

5.25 %

,

7/01/28

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

8,500,000

8,759,255

Knox

County

Health

Educational

&

Housing

Facility

Board

,

Covenant

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/42

....

18,000,000

18,180,376

Covenant

Health

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/47

....

22,815,000

22,941,975

Provident

Group

-

UTK

Properties

LLC

,

Revenue

,

2024

,

BAM

Insured

,

5.5 %

,

7/01/54

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

2,900,000

3,068,354

Provident

Group

-

UTK

Properties

LLC

,

Revenue

,

2024

,

BAM

Insured

,

5.5 %

,

7/01/59

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

4,750,000

5,022,638

Provident

Group

-

UTK

Properties

LLC

,

Revenue

,

2024

,

BAM

Insured

,

%

,

7/01/64

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

3,735,000

3,808,220

University

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

9/01/47

3,000,000

3,002,770

University

Health

System

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

4/01/36

2,250,000

2,271,995

Madison

Suburban

Utility

District

,

Revenue

,

2021

,

%

,

2/01/45

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

1,000,000

755,554

Memphis-Shelby

County

Airport

Authority

,

Revenue

,

2021

A

,

%

,

7/01/45

.........

12,235,000

12,452,987

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Blakeford

at

Green

Hills

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/45

.......

3,500,000

2,986,563

Blakeford

at

Green

Hills

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/01/55

.......

9,015,000

7,126,430

Trevecca

Nazarene

University

,

Revenue

,

2021

B

,

%

,

10/01/51

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

8,690,000

6,970,451

Vanderbilt

University

Medical

Center

Obligated

Group

,

Revenue

,

2016

A

,

%

,

7/01/46

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

5,000,000

5,008,362

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue

,

2019

B

,

%

,

7/01/44

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

20,000,000

20,345,328

Revenue

,

2019

B

,

%

,

7/01/49

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

3,000,000

2,691,111

Revenue

,

2019

B

,

%

,

7/01/49

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

17,475,000

17,758,880

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Tennessee
(continued)

Metropolitan

Nashville

Airport

Authority

(The),

(continued)

Revenue

,

2019

B

,

%

,

7/01/54

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

$

11,495,000

$

11,598,087

Revenue

,

2022

B

,

5.25 %

,

7/01/47

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

10,000,000

10,394,036

Revenue

,

2022

B

,

5.5 %

,

7/01/52

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

2,500,000

2,623,037

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2017

A

,

%

,

5/01/36

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

4,000,000

4,069,052

South

Blount

County

Utility

District

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/39

......

2,015,000

1,785,173

c

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5 %

,

12/01/30

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

55,000,000

59,666,849

Tennessee

Housing

Development

Agency

,

Revenue

,

2013-1

C

,

%

,

7/01/43

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

635,000

608,294

Revenue

,

2017-3

,

3.65 %

,

7/01/47

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

610,000

555,808

Revenue

,

2018-2

,

Refunding

,

3.85 %

,

7/01/42

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

1,005,000

978,720

Revenue

,

2018-4

,

Refunding

,

%

,

7/01/43

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

5,745,000

5,586,326

Revenue

,

2023-3

A

,

5.4 %

,

7/01/53

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

6,000,000

6,227,554

Revenue

,

2025-2A

,

Refunding

,

5.1 %

,

7/01/45

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

1,250,000

1,296,987

White

House

Utility

District

,

Revenue

,

2020

,

Refunding

,

%

,

1/01/34

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

820,000

812,496

Williamson

County

HB

&

TS

Utility

District

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/44

.

1,200,000

942,494

300,236,553

#### 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

4,378,126

Aldine

Independent

School

District

,

GO

,

2017

A

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/42

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

2,445,000

2,484,000

Arlington

Higher

Education

Finance

Corp.

,

Harmony

Public

Schools

,

Revenue

,

2024

,

PSF

Guaranty

,

%

,

2/15/54

..........

5,000,000

4,509,700

Riverwalk

Education

Foundation,

Inc.

,

Revenue

,

2025

,

PSF

Guaranty

,

4.5 %

,

8/15/55

5,500,000

5,427,249

Riverwalk

Education

Foundation,

Inc.

,

Revenue

,

2025

,

PSF

Guaranty

,

4.5 %

,

8/15/60

5,500,000

5,422,125

Aubrey

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

%

,

2/15/52

........

7,500,000

7,040,960

Austin

Community

College

District

,

GO

,

2023

,

5.25 %

,

8/01/53

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

6,000,000

6,367,924

Carrollton-Farmers

Branch

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/53

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

10,000,000

9,270,697

Cedar

Hill

Independent

School

District

,

GO

,

2024

,

PSF

Guaranty

,

%

,

2/15/50

.....

8,000,000

7,562,447

City

of

Arlington

,

Special

Tax,

Senior

Lien

,

2018

A

,

AG

Insured

,

%

,

2/15/44

.......

20,000,000

19,214,350

City

of

Austin

,

Airport

System

,

Revenue

,

2019

B

,

%

,

11/15/44

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

8,110,000

8,281,034

Electric

Utility

,

Revenue

,

2015

A

,

Refunding

,

%

,

11/15/45

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

10,000,000

10,002,465

d

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2019

,

4.625 %

,

11/01/39

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

1,405,000

1,399,956

d

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2019

,

4.75 %

,

11/01/48

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

2,450,000

2,277,586

d

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B

,

Special

Assessment

,

144A,

2024

,

5.375 %

,

9/01/53

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

500,000

502,367

Sutton

Fields

II

Public

Improvement

District

,

Special

Assessment

,

144A,

2019

,

4.25 %

,

9/01/49

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

3,065,000

2,672,250

City

of

Corpus

Christi

,

Utility

System

,

Revenue

,

2023

,

Refunding

,

%

,

7/15/48

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

9,000,000

8,342,468

Utility

System

,

Revenue,

Senior

Lien

,

2025

,

Refunding

,

AG

Insured

,

%

,

7/15/55

..

7,500,000

7,832,776

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

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

19,000,000

17,645,167

d

City

of

Dallas

Housing

Finance

Corp.

,

DHFC

-

Dylan

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

%

,

12/01/62

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

18,285,000

16,697,754

City

of

Houston

,

Airport

System

,

Revenue,

Sub.

Lien

,

2023

A

,

Refunding

,

AG

Insured

,

5.25 %

,

7/01/48

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

5,000,000

5,233,130

d

City

of

Kyle

,

Creeks

Public

Improvement

District

Improvement

Area

No.

3B

,

Special

Assessment

,

144A,

2025

,

5.125 %

,

9/01/46

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

891,000

880,170

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

City

of

Laredo

,

Waterworks

&

Sewer

System

,

Revenue

,

2016

,

Refunding

,

%

,

3/01/41

$

9,690,000

$

9,693,407

City

of

Leander

,

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25 %

,

9/01/38

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

1,275,000

1,079,094

Oak

Creek

Public

Improvement

District

,

Special

Assessment

,

2020

,

Refunding

,

3.25 %

,

9/01/44

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

1,460,000

1,109,672

d

City

of

Manor

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/52

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

975,000

987,919

d

City

of

Mesquite

,

Heartland

Town

Center

Public

Improvement

District

Phase

,

Special

Assessment

,

144A,

2023

,

%

,

9/01/43

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

816,000

806,911

Heartland

Town

Center

Public

Improvement

District

Phase

,

Special

Assessment

,

144A,

2023

,

5.125 %

,

9/01/52

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

373,000

360,059

City

of

Pflugerville

,

GO

,

2023

,

%

,

8/01/49

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

3,500,000

3,263,777

d

City

of

Princeton

,

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/01/52

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

1,376,000

1,356,406

d

City

of

Royse

City

,

Waterscape

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2017

,

%

,

9/15/48

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

2,700,000

2,639,051

Waterscape

Public

Improvement

District

Improvement

Area

No.

Phase

1B

,

Special

Assessment

,

144A,

2019

,

4.375 %

,

9/15/39

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

610,000

586,663

Waterscape

Public

Improvement

District

Improvement

Area

No.

Phase

1B

,

Special

Assessment

,

144A,

2019

,

4.5 %

,

9/15/48

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

1,260,000

1,132,026

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools

,

Revenue

,

2024

,

Refunding

,

PSF

Guaranty

,

%

,

8/15/54

....

4,425,000

4,049,984

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2022

,

PSF

Guaranty

,

%

,

8/15/42

2,150,000

2,119,070

International

Leadership

of

Texas,

Inc.

,

Revenue

,

2022

,

PSF

Guaranty

,

%

,

8/15/47

11,500,000

11,819,225

YES

Prep

Public

Schools,

Inc.

,

Revenue

,

2023

,

PSF

Guaranty

,

4.25 %

,

4/01/53

...

5,500,000

5,229,682

Comal

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/01/46

........

3,345,000

3,240,469

Community

Independent

School

District

,

GO

,

2022

B

,

PSF

Guaranty

,

%

,

2/15/50

...

2,750,000

2,611,448

Conroe

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

%

,

2/15/50

.......

15,000,000

14,087,632

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/32

....

90,000

100,233

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/33

....

100,000

110,848

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/34

....

100,000

110,044

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/35

....

85,000

92,948

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/36

....

85,000

92,344

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/41

....

600,000

590,105

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/46

....

700,000

650,635

Conroe

Convention

Center

Hotel

,

Revenue,

Third

Lien

,

2021

C

,

%

,

10/01/50

....

650,000

576,452

County

of

Harris

,

Toll

Road

,

Revenue,

First

Lien

,

2024

A

,

Refunding

,

%

,

8/15/54

...

7,500,000

6,918,772

Crowley

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

5.25 %

,

2/01/53

....

7,500,000

7,970,531

Del

Valle

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

%

,

6/15/47

......

7,500,000

7,188,080

Frisco

Independent

School

District

,

GO

,

2016

,

PSF

Guaranty

,

%

,

8/15/46

........

20,000,000

20,069,388

FW

Texas

Street

Public

Facility

Corp.

,

Revenue

,

2025

,

%

,

5/01/38

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

15,000,000

15,864,111

Galena

Park

Independent

School

District

,

GO

,

2024

,

PSF

Guaranty

,

%

,

8/15/49

...

1,350,000

1,077,747

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

5.8 %

,

10/01/45

..........

10,000,000

10,610,451

Gulf

Coast

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2003

B

,

1.5 %

,

5/01/28

....

2,000,000

1,888,595

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Houston

Methodist

Hospital

Obligated

Group

,

Revenue

,

2015

,

%

,

12/01/45

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

30,000,000

30,005,760

Harris

County-Houston

Sports

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

AG

Insured

,

3.125 %

,

11/15/56

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

5,000,000

3,584,777

Harris-Waller

Counties

Municipal

Utility

District

No.

,

GO

,

2022

,

%

,

11/01/34

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

795,000

825,743

GO

,

2022

,

%

,

11/01/38

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

840,000

857,429

GO

,

2022

,

5.25 %

,

11/01/41

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

1,435,000

1,460,792

GO

,

2022

,

5.5 %

,

11/01/44

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

2,010,000

2,054,186

GO

,

2022

,

5.5 %

,

11/01/48

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

5,445,000

5,529,424

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Highland

Park

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/48

..

$

5,500,000

$

5,261,662

Houston

Higher

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2025

,

5.25 %

,

10/01/54

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

1,500,000

1,441,434

Humble

Independent

School

District

,

GO

,

2018

,

PSF

Guaranty

,

%

,

2/15/43

.......

10,000,000

10,140,699

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO

,

2021

,

2.375 %

,

9/01/31

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

165,000

146,766

GO

,

2021

,

2.375 %

,

9/01/32

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

170,000

148,352

GO

,

2021

,

2.375 %

,

9/01/33

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

170,000

145,184

GO

,

2021

,

2.5 %

,

9/01/34

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

180,000

152,027

GO

,

2021

,

2.5 %

,

9/01/36

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

370,000

297,106

GO

,

2021

,

2.625 %

,

9/01/38

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

385,000

298,023

GO

,

2021

,

%

,

9/01/41

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

375,000

280,393

GO

,

2021

,

%

,

9/01/46

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

750,000

509,808

GO

,

2021

,

%

,

9/01/51

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

1,265,000

801,918

GO

,

2024

,

AG

Insured

,

4.375 %

,

9/01/48

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

1,685,000

1,601,650

GO

,

2024

,

AG

Insured

,

4.5 %

,

9/01/54

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

3,695,000

3,499,649

d

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48 %

,

12/15/39

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

12,183,357

9,337,760

Lamar

Consolidated

Independent

School

District

,

GO

,

2023

,

%

,

2/15/53

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

5,000,000

4,532,755

GO

,

2024

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/54

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

9,500,000

8,708,685

Lubbock-Cooper

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

4.375 %

,

2/15/53

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

15,000,000

14,881,769

Medina

Valley

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/53

..

15,000,000

13,973,253

New

Caney

Independent

School

District

,

GO

,

2023

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/53

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

5,555,000

5,796,605

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

NCCD-Cain

Hall

Redevelopment

I

LLC

,

Revenue

,

2016

,

%

,

4/01/46

........

6,000,000

6,001,523

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/39

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

5,650,000

5,643,727

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/49

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

11,470,000

10,410,729

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.

,

Revenue

,

2019

,

%

,

12/01/54

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

230,000

203,626

Westminster

Manor

Obligated

Group

,

Revenue

,

2021

,

%

,

11/01/49

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

12,400,000

10,543,622

Newark

Higher

Education

Finance

Corp.

,

Abilene

Christian

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

4/01/57

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

5,000,000

4,221,619

North

Harris

County

Regional

Water

Authority

,

Revenue,

Senior

Lien

,

2016

,

Refunding

,

%

,

12/15/46

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

18,460,000

18,603,157

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System

,

Revenue,

Second

Tier

,

2018

,

Refunding

,

%

,

1/01/48

10,000,000

10,140,208

e

Special

Projects

System

,

Revenue

,

2011

B

,

Pre-Refunded

,

5.4 %,

9/01/37

.......

7,500,000

4,026,289

e

Special

Projects

System

,

Revenue

,

2011

B

,

Pre-Refunded

,

6.2 %,

9/01/43

.......

7,500,000

2,566,146

Special

Projects

System

,

Revenue

,

2011

C

,

Pre-Refunded

,

6.75 %

,

9/01/45

......

25,000,000

30,458,977

Northwest

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/48

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

7,000,000

6,610,269

GO

,

2025

,

PSF

Guaranty

,

5.25 %

,

2/15/55

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

4,750,000

5,080,290

Port

Freeport

,

Revenue,

Senior

Lien

,

2019

A

,

%

,

6/01/49

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

4,000,000

4,018,391

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/46

......

14,205,000

11,745,478

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/51

......

3,765,000

2,991,597

University

of

the

Incarnate

Word

,

Revenue

,

2021

A

,

Refunding

,

%

,

4/01/54

......

1,035,000

807,973

San

Antonio

Public

Facilities

Corp.

,

City

of

San

Antonio

,

Revenue

,

2012

,

Refunding

,

%

,

9/15/42

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

36,500,000

34,396,191

San

Jacinto

River

Authority

,

Revenue

,

2011

,

AG

Insured

,

%

,

10/01/32

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

5,000,000

5,005,114

Revenue

,

2011

,

AG

Insured

,

%

,

10/01/37

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

3,000,000

3,002,498

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Southeast

Regional

Management

District

,

GO

,

2024

A

,

AG

Insured

,

4.25 %

,

4/01/49

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

$

1,175,000

$

1,078,902

GO

,

2024

A

,

AG

Insured

,

4.25 %

,

4/01/53

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

1,755,000

1,585,913

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2018

B

,

%

,

7/01/43

...........

10,000,000

10,273,762

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2022

A

,

%

,

7/01/53

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

3,100,000

2,751,943

CHRISTUS

Health

Obligated

Group

,

Revenue

,

2022

A

,

%

,

7/01/53

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

15,000,000

15,347,127

Texas

Health

Resources

Obligated

Group

,

Revenue

,

2016

A

,

Refunding

,

%

,

2/15/41

15,165,000

15,303,371

Texas

Department

of

Housing

&

Community

Affairs

,

Revenue

,

2023

A

,

GNMA

Insured

,

5.25 %

,

1/01/53

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

14,000,000

14,497,132

Revenue

,

2024

A

,

GNMA

Insured

,

5.125 %

,

1/01/54

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

3,000,000

3,128,946

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue

,

2021

,

Refunding

,

%

,

12/15/29

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

12,715,000

13,486,934

Revenue

,

2021

,

Refunding

,

%

,

12/15/32

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

10,350,000

11,308,573

c

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

B

,

Mandatory

Put

,

5.5 %

,

1/01/34

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

13,000,000

14,752,010

c

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V

,

Revenue

,

2024

,

Mandatory

Put

,

%

,

1/01/34

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

12,500,000

13,767,537

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

,

NTE

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2023

,

5.5 %

,

12/31/58

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

6,000,000

6,246,886

e

Texas

Transportation

Commission

,

State

Highway

System

,

Revenue,

First

Tier

,

2019

A

,

5.08 %,

8/01/48

........

6,250,000

2,022,706

State

Highway

System

,

Revenue,

First

Tier

,

2019

A

,

5.09 %,

8/01/49

........

5,000,000

1,538,033

State

Highway

System

,

Revenue,

First

Tier

,

2019

A

,

5.1 %,

8/01/50

.........

5,500,000

1,604,560

Texas

Water

Development

Board

,

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2018

B

,

%

,

10/15/43

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

25,000,000

24,212,982

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2019

A

,

%

,

10/15/49

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

20,000,000

18,573,662

State

Water

Implementation

Revenue

Fund

for

Texas

,

Revenue

,

2022

,

%

,

10/15/47

16,050,000

16,821,649

d

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

3.125 %

,

9/01/41

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

708,000

543,983

Valencia

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2021

,

%

,

9/01/47

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

811,000

697,119

Town

of

Ponder

,

Ponder

Public

Improvement

District

No.

,

Special

Assessment

,

2017

,

%

,

9/01/45

500,000

501,899

Ponder

Public

Improvement

District

No.

,

Special

Assessment

,

2017

,

%

,

9/01/47

865,000

867,176

Travis

County

Development

Authority

,

Special

Assessment

,

2025

,

5.25 %

,

9/01/54

...

1,400,000

1,377,430

Viridian

Municipal

Management

District

,

GO

,

2023

,

AG

Insured

,

%

,

12/01/49

......

1,000,000

1,012,086

West

Travis

County

Public

Utility

Agency

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

%

,

8/15/41

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

5,000,000

4,954,873

Westside

Special

Improvement

District

,

GO,

Sub.

Lien

,

2021

,

%

,

8/15/41

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

790,000

613,066

GO,

Sub.

Lien

,

2021

,

%

,

8/15/45

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

615,000

439,853

GO,

Sub.

Lien

,

2021

,

%

,

8/15/51

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

1,570,000

1,043,328

GO,

Sub.

Lien

,

2022

,

5.625 %

,

8/15/52

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

1,065,000

1,073,473

Ysleta

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

%

,

8/15/56

........

23,445,000

24,064,072

821,770,499

#### Utah

#### 1.4%
City

of

Bountiful

,

Sales

Tax

,

Revenue

,

2023

,

%

,

7/01/53

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

6,840,000

6,282,922

City

of

Salt

Lake

City

,

Airport

,

Revenue

,

2018

A

,

%

,

7/01/48

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

25,110,000

25,293,474

Airport

,

Revenue

,

2021

A

,

%

,

7/01/51

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

20,455,000

20,774,255

Airport

,

Revenue

,

2023

A

,

5.25 %

,

7/01/53

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

10,000,000

10,335,640

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Utah
(continued)

County

of

Utah

,

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/50

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

$

15,725,000

$

16,134,603

Downtown

Revitalization

Public

Infrastructure

District

,

City

of

Salt

Lake

City

Revitalization

Sales

Tax

,

Revenue,

Second

Lien

,

2025

B

,

AG

Insured

,

5.5 %

,

6/01/55

3,750,000

4,041,622

University

of

Utah

(The)

,

Revenue

,

2022

A

,

%

,

8/01/46

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

9,645,000

10,046,839

Utah

Infrastructure

Agency

,

Revenue

,

2021

,

%

,

10/15/26

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

550,000

546,643

Revenue

,

2021

,

%

,

10/15/28

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

350,000

352,590

Revenue

,

2021

,

%

,

10/15/32

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

540,000

540,900

Revenue

,

2021

,

%

,

10/15/41

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

1,450,000

1,336,127

Revenue

,

2021

,

%

,

10/15/45

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

2,000,000

1,464,800

Revenue

,

2022

,

%

,

10/15/37

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

1,200,000

1,254,376

Revenue

,

2022

,

%

,

10/15/46

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

3,650,000

3,617,759

Revenue

,

2024

,

5.5 %

,

10/15/44

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

650,000

675,170

Revenue

,

2024

,

5.5 %

,

10/15/48

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

750,000

769,636

Utah

State

University

,

Student

Fee

&

Housing

,

Revenue

,

2023

,

%

,

4/01/56

.......

10,120,000

10,434,566

113,901,922

#### Virginia

#### 0.6%
Amelia

County

Industrial

Development

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2002

,

Refunding

,

1.45 %

,

4/01/27

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

2,350,000

2,270,786

Hampton

Roads

Transportation

Accountability

Commission

,

Transportation

Fund

,

Revenue,

Senior

Lien

,

2020

A

,

%

,

7/01/60

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

19,000,000

19,489,545

Virginia

Housing

Development

Authority

,

Revenue

,

2023

F

,

FHA

Insured

,

%

,

11/01/43

11,120,000

11,472,532

Virginia

Resources

Authority

,

Revenue

,

2012

A

,

%

,

11/01/39

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

70,000

70,048

Virginia

Small

Business

Financing

Authority

,

Capital

Beltway

Express

LLC

,

Revenue,

Senior

Lien

,

2022

,

Refunding

,

%

,

12/31/52

10,000,000

10,022,195

National

Senior

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/51

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

4,000,000

3,465,925

46,791,031

#### Washington

#### 2.4%
Central

Puget

Sound

Regional

Transit

Authority

,

Sales

Motor

Vehicle

&

Rental

Car

Tax

,

Revenue

,

2021

,

Refunding

,

%

,

11/01/46

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

20,000,000

19,660,960

City

of

Seattle

,

Municipal

Light

&

Power

,

Revenue

,

2018

A

,

%

,

1/01/42

..........

10,855,000

10,840,707

County

of

Spokane

,

Airport

,

Revenue

,

2024

B

,

5.25 %

,

1/01/49

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

11,690,000

12,115,079

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/37

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

34,480,000

34,046,111

Grant

County

Public

Hospital

District

No.

,

GO

,

2023

,

5.125 %

,

12/01/52

.........

4,500,000

4,524,441

NJB

Properties

,

Revenue

,

2006

A

,

%

,

12/01/36

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

5,000

5,005

Port

of

Seattle

,

Revenue

,

2018

A

,

%

,

5/01/38

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

15,000,000

15,198,147

Revenue

,

2019

,

%

,

4/01/44

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

4,000,000

3,716,692

Skagit

County

Public

Hospital

District

No.

,

Revenue

,

2024

,

5.5 %

,

12/01/54

.......

3,050,000

3,143,754

Vancouver

Housing

Authority

,

Revenue

,

2024

,

%

,

8/01/34

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

6,000,000

5,989,935

Revenue

,

2025

,

%

,

8/01/40

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

3,400,000

3,517,538

Washington

Health

Care

Facilities

Authority

,

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/29

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

250,000

269,988

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/33

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

250,000

273,230

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/34

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

300,000

287,814

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/45

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

1,200,000

1,106,219

d

Fred

Hutchinson

Cancer

Center

Obligated

Group

,

Revenue

,

144A,

2021

,

%

,

12/01/48

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

910,000

826,393

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Washington
(continued)

Washington

Health

Care

Facilities

Authority,

(continued)

Multicare

Health

System

Obligated

Group

,

Revenue

,

2017

B

,

Refunding

,

%

,

8/15/41

$

25,000,000

$

24,090,820

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2012

A

,

%

,

10/01/42

..

10,175,000

10,178,273

Providence

St.

Joseph

Health

Obligated

Group

,

Revenue

,

2014

D

,

Refunding

,

%

,

10/01/38

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

8,000,000

8,008,817

Washington

Higher

Education

Facilities

Authority

,

Seattle

Pacific

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/42

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

3,800,000

3,484,714

Washington

State

Convention

Center

Public

Facilities

District

,

Lodging

Tax

,

Revenue

,

2021

B

,

Refunding

,

%

,

7/01/43

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

14,855,000

13,660,774

d

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC

,

Revenue

,

144A,

2021

A

,

3.65 %

,

1/01/37

2,840,000

2,443,546

Provident

Group

-

SH

II

Properties

LLC

,

Revenue

,

144A,

2025

A

,

BAM

Insured

,

5.25 %

,

7/01/64

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

10,000,000

10,126,725

Seattle

Academy

of

Arts

&

Sciences

,

Revenue

,

144A,

2023

,

Refunding

,

6.375 %

,

7/01/63

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

5,720,000

6,201,396

193,717,078

#### West

#### Virginia

#### 0.6%
County

of

Ohio

,

Tax

Allocation

,

2024

,

Refunding

,

5.25 %

,

6/01/53

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

1,500,000

1,506,953

c

West

Virginia

Economic

Development

Authority

,

Kentucky

Power

Co.

,

Revenue

,

2014

A

,

Refunding

,

Mandatory

Put

,

4.7 %

,

6/17/26

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

6,000,000

6,032,862

West

Virginia

Hospital

Finance

Authority

,

Cabell

Huntington

Hospital

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

1/01/43

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

8,250,000

7,762,742

Vandalia

Health,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

9/01/38

.

3,040,000

3,124,309

Vandalia

Health,

Inc.

Obligated

Group

,

Revenue

,

2023

B

,

Refunding

,

%

,

9/01/53

.

3,000,000

3,262,618

West

Virginia

United

Health

System

Obligated

Group

,

Revenue

,

2017

A

,

%

,

6/01/47

7,000,000

7,040,631

West

Virginia

United

Health

System

Obligated

Group

,

Revenue

,

2018

A

,

%

,

6/01/52

10,000,000

10,060,197

West

Virginia

Water

Development

Authority

,

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/36

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

5,000,000

5,051,938

Revenue

,

2016

A

,

Refunding

,

%

,

10/01/45

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

5,435,000

5,440,738

49,282,988

#### Wisconsin

#### 6.4%
Public

Finance

Authority

,

Revenue

,

2025

,

Refunding

,

5.375 %

,

12/01/36

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

37,350,000

38,773,285

Revenue

,

2023-1

,

A

,

5.75 %

,

7/01/62

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

23,689,164

24,863,715

d

Revenue

,

144A,

2022

,

,

%

,

12/28/44

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

21,085,631

17,012,830

e

Revenue,

Sub.

Lien

,

2025

,

Refunding

,

4.075 %,

12/01/45

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

184,234,136

87,090,148

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

11/15/41

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

1,205,000

1,227,610

Blue

Ridge

Healthcare

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

1/01/50

2,185,000

1,603,339

CFC-SA

LLC

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

2/01/62

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

10,000,000

9,980,214

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/41

..........

1,000,000

905,221

Coral

Academy

of

Science

Las

Vegas

,

Revenue

,

2021

A

,

%

,

7/01/61

..........

10,000,000

7,897,829

d

Dominium

Holdings

I

LLC

,

Revenue

,

144A,

2024-1

,

,

6.81 %

,

4/28/36

........

10,000,000

10,307,377

c

Duke

Energy

Progress

LLC

,

Revenue

,

2022

B

,

Refunding

,

Mandatory

Put

,

%

,

10/01/30

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

2,200,000

2,254,694

EMU

Campus

Living

LLC

,

Revenue

,

2022

,

BAM

Insured

,

5.5 %

,

7/01/52

......

5,000,000

5,248,996

EMU

Campus

Living

LLC

,

Revenue

,

2022

,

BAM

Insured

,

5.625 %

,

7/01/55

....

6,620,000

6,992,851

d

FAH

Tree

House

LLC

,

Revenue

,

144A,

2023

A

,

6.5 %

,

8/01/53

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

22,945,000

22,145,413

d

Greystone

Housing

Impact

Investors

LP

,

Revenue

,

144A,

2023-1

,

,

7.125 %

,

7/25/34

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

20,575,000

21,469,508

d

Hope

Housing

Foundation

Obligated

Group

,

Revenue

,

144A,

2022

A

,

3.8 %

,

12/01/37

24,375,000

21,406,532

NC

A&T

Real

Estate

Foundation

LLC

,

Revenue

,

2024

A

,

5.25 %

,

6/01/54

........

2,325,000

2,359,937

d

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

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

11,975,000

12,092,112

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Wisconsin
(continued)

Public

Finance

Authority,

(continued)

d,e

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

2.34 %,

12/01/44

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

$

122,250,000

$

77,797,431

d

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

A

,

6.5 %

,

12/01/52

.....

22,565,000

22,661,648

d

Pine

Forest

2022

Obligated

Group

,

Revenue

,

144A,

2022

B

,

7.5 %

,

12/01/29

.....

2,645,000

2,759,532

RED

River

Valley

Alliance

LLC

,

Revenue

,

2021

,

%

,

9/30/51

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

730,000

606,820

RED

River

Valley

Alliance

LLC

,

Revenue

,

2021

,

%

,

3/31/56

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

30,185,000

24,477,822

Southeastern

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/39

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

4,755,000

4,199,534

Southeastern

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2021

A

,

Refunding

,

%

,

2/01/46

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

11,980,000

9,661,115

SR

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

5.75 %

,

12/31/65

......

13,775,000

14,278,423

SR

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

6.5 %

,

12/31/65

.......

7,980,000

8,770,990

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2021

A

,

%

,

6/15/41

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

1,280,000

1,144,684

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2021

A

,

%

,

6/15/51

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

10,000

8,091

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2021

A

,

%

,

6/15/61

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

6,000,000

4,660,653

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2022

,

5.25 %

,

6/15/52

...........

1,610,000

1,577,861

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2022

,

5.375 %

,

6/15/57

..........

1,550,000

1,539,072

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2025

,

Refunding

,

5.5 %

,

6/15/55

...

2,135,000

2,146,286

Triad

Math

&

Science

Academy

Co.

,

Revenue

,

2025

,

Refunding

,

5.25 %

,

6/15/65

..

2,125,000

2,032,475

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/46

.......

5,075,000

4,114,003

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/51

.......

5,705,000

4,385,290

UNC

Health

Appalachian

Obligated

Group

,

Revenue

,

2021

A

,

%

,

7/01/56

.......

2,250,000

1,685,122

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/41

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

1,010,000

959,745

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

10/01/51

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

2,185,000

1,847,010

Wisconsin

Health

&

Educational

Facilities

Authority

,

Children's

Hospital

of

Wisconsin

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/15/42

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

15,000,000

14,603,050

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/47

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

5,200,000

4,324,228

Oakwood

Lutheran

Senior

Ministries

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

1/01/57

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

1,400,000

1,088,255

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/15/36

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

530,000

512,412

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2021

B

,

Refunding

,

%

,

9/15/45

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

475,000

405,978

St.

John's

Communities,

Inc.

Obligated

Group

,

Revenue

,

2022

,

Refunding

,

%

,

9/15/36

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

775,000

749,281

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

%

,

8/15/46

......

895,000

741,719

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

%

,

8/15/51

......

1,335,000

1,053,366

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2021

A

,

%

,

8/15/55

......

1,760,000

1,356,312

Wisconsin

Masonic

Home

Obligated

Group

,

Revenue

,

2024

A

,

5.75 %

,

8/15/59

....

1,940,000

1,990,712

511,770,531

#### U.S.

#### Territories

#### 2.6%

#### District

#### of

#### Columbia

#### 2.1%
District

of

Columbia

,

Catholic

University

of

America

(The)

,

Revenue

,

2017

B

,

%

,

10/01/42

..........

20,535,000

20,699,726

Catholic

University

of

America

(The)

,

Revenue

,

2017

B

,

%

,

10/01/47

..........

25,110,000

25,143,504

Catholic

University

of

America

(The)

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/43

...

4,000,000

4,021,641

International

School

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/49

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

1,000,000

988,007

International

School

Obligated

Group

,

Revenue

,

2019

,

%

,

7/01/54

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

1,905,000

1,856,309

Water

&

Sewer

Authority

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

10/01/49

..........

25,000,000

25,450,155

Metropolitan

Washington

Airports

Authority

,

Aviation

,

Revenue

,

2018

A

,

Refunding

,

%

,

10/01/48

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

10,275,000

10,376,419

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### U.S.

#### Territories
(continued)

#### District

#### of

#### Columbia
(continued)

Metropolitan

Washington

Airports

Authority,

(continued)

Aviation

,

Revenue

,

2019

A

,

Refunding

,

%

,

10/01/49

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

$

10,000,000

$

10,095,941

Aviation

,

Revenue

,

2023

A

,

Refunding

,

5.25 %

,

10/01/53

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

6,000,000

6,234,979

Dulles

Toll

Road

,

Revenue,

Second

Lien

,

2009

C

,

Pre-Refunded

,

AG

Insured

,

6.5 %

,

10/01/41

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

25,000,000

25,834,578

Dulles

Toll

Road

,

Revenue,

Sub.

Lien

,

2019

B

,

Refunding

,

%

,

10/01/49

........

13,555,000

12,097,955

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue

,

2021

A

,

%

,

7/15/43

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

12,775,000

12,540,181

Dedicated

,

Revenue,

Second

Lien

,

2025

A

,

%

,

7/15/60

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

12,000,000

12,493,998

167,833,393

#### Puerto

#### Rico

#### 0.5%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

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

5,780,000

5,857,830

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue

,

2000

B

,

6.625 %

,

1/01/27

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

317,172

315,140

Revenue

,

2000

B

,

6.625 %

,

1/01/28

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

2,419,017

2,400,915

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax

,

Revenue

,

,

%

,

7/01/58

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

27,546,000

26,803,258

Sales

Tax

,

Revenue

,

,

4.784 %

,

7/01/58

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

5,593,000

5,269,463

40,646,606

#### Total

#### U.S.

#### Territories

#### ....................................................................
208,479,999

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 7,861,512,402

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

#### 7,797,045,646

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 7,897,172,402

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

#### 7,834,459,156

#### a
a

a

a

#### Short

#### Term

#### Investments

#### 1.0%

#### Municipal

#### Bonds

#### 1.0%

#### Arizona

#### 0.2%
i

Arizona

Health

Facilities

Authority

,

Banner

Health

Obligated

Group

,

Revenue

,

2015

C

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.9 %

,

1/01/46

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

15,400,000

15,400,000

#### Georgia

#### 0.2%
i

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

3.95 %

,

4/01/47

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

17,800,000

17,800,000

#### Michigan

#### 0.1%
i

Grand

Traverse

County

Hospital

Finance

Authority

,

Munson

Healthcare

Obligated

Group

,

Revenue

,

2019

C

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

3.85 %

,

7/01/41

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

3,600,000

3,600,000

i

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

3.9 %

,

6/01/34

5,000,000

5,000,000

8,600,000

#### Minnesota

#### 0.1%
i

City

of

Minneapolis

,

Fairview

Health

Services

Obligated

Group

,

Revenue

,

2018

C

,

Refunding

,

LOC

Bank

of

America

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

11/15/48

.....

200,000

200,000

i

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

2.9 %

,

11/15/64

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

7,300,000

7,300,000

7,500,000

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds
(continued)

#### Missouri

#### 0.1%
i

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

3.95 %

,

6/01/44

........

$

5,300,000

$

5,300,000

#### Oregon

#### 0.3%
i

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

LOC

TD

Bank

NA

,

Daily

VRDN

and

Put

,

3.95 %

,

8/01/34

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

22,795,000

22,795,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $

#### 77,395,000

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

#### 77,395,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 77,395,000

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

#### 77,395,000

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 7,974,567,402

####)
98.9 #### %
..................................

#### $7,911,854,156

#### Other

#### Assets,

#### less

#### Liabilities
1.1 #### %
.............................................

#### 93,038,264

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $8,004,892,420
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

October

31,

2025,

the

aggregate

value

of

these

securities

was

$799,404,136,

representing

10.0%

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

Security

purchased

on

a

when-issued

basis.

See

Note

1(b).

h

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. i

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

October

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Federal

#### Tax-

#### Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$7,974,567,402

Value

-

Unaffiliated

issuers

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

$7,911,854,156

Cash

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

27,248

Receivables:

Investment

securities

sold

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

11,294,710

Capital

shares

sold

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

2,485,093

Interest

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

103,918,108

Total

assets

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

8,029,579,315

Liabilities:

Payables:

Investment

securities

purchased

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

5,500,000

Capital

shares

redeemed

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

13,269,305

Management

fees

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

3,011,655

Distribution

fees

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

815,822

Transfer

agent

fees

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

917,371

Trustees'

fees

and

expenses

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

Distributions

to

shareholders

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

522,030

Accrued

expenses

and

other

liabilities

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

650,546

Total

liabilities

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

24,686,895

Net

assets,

at

value

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

$8,004,892,420

Net

assets

consist

of:

Paid-in

capital

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

$8,942,672,773

Total

distributable

earnings

(losses)

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

(937,780,353)

Net

assets,

at

value

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

$8,004,892,420

Franklin

Federal

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

October

31,

2025

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Federal

#### Tax-

#### Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

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

$2,014,131,016

Shares

outstanding

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

186,392,402

Net

asset

value

per

share

a

,b

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

$10.81

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$11.23

#### Class

#### A1:
Net

assets,

at

value

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

$3,881,509,112

Shares

outstanding

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

359,177,843

Net

asset

value

per

share

a

,b

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

$10.81

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

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

$11.23

#### Class

#### C:
Net

assets,

at

value

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

$110,346,428

Shares

outstanding

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

10,219,201

Net

asset

value

and

maximum

offering

price

per

share

a

,b

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

$10.80

#### Class

#### R6:
Net

assets,

at

value

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

$902,481,950

Shares

outstanding

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

83,435,710

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.82

#### Advisor

#### Class:
Net

assets,

at

value

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

$1,096,423,914

Shares

outstanding

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

101,343,565

Net

asset

value

and

maximum

offering

price

per

share

b

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

$10.82

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

six

months

ended

October

31,

2025

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Franklin

#### Federal

#### Tax-

#### Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

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

$181,674,664

Expenses:

Management

fees

(Note

a)

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

17,855,873

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

2,471,061

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

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

1,964,515

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

382,122

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

623,921

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

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

1,239,626

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

37,062

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

56,222

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

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

345,166

Custodian

fees

(Note

4)

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

25,629

Reports

to

shareholders

fees

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

110,122

Registration

and

filing

fees

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

118,449

Professional

fees

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

80,819

Trustees'

fees

and

expenses

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

43,249

Other

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

232,405

Total

expenses

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

25,586,241

Net

expenses

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

25,586,241

Net

investment

income

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

156,088,423

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(33,710,989)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

243,655,675

Unfunded

commitments

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

(909,503)

Net

realized

and

unrealized

gain

(loss)

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

209,035,183

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$365,123,606

Franklin

Federal

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Federal

#### Tax-Free

#### Income

#### Fund

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025
(unaudited)

#### Year

#### Ended

#### April

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$156,088,423

$313,780,117

Net

realized

gain

(loss)

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

(33,710,989)

(53,939,911)

Net

change

in

unrealized

appreciation

(depreciation)

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

242,746,172

(51,726,620)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

365,123,606

208,113,586

Distributions

to

shareholders:

Class

A

.............................................................

(36,420,479)

(70,738,894)

Class

A1

............................................................

(75,317,654)

(160,948,680)

Class

C

.............................................................

(1,931,373)

(4,802,568)

Class

R6

............................................................

(17,172,031)

(31,174,415)

Advisor

Class

........................................................

(21,495,076)

(43,173,369)

Total

distributions

to

shareholders

..........................................

(152,336,613)

(310,837,926)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(29,052,098)

50,235,206

Class

A1

............................................................

(246,289,424)

(529,565,288)

Class

C

.............................................................

(19,966,138)

(52,332,071)

Class

R6

............................................................

86,289,981

(22,049,972)

Advisor

Class

........................................................

(38,445,553)

(14,004,164)

Total

capital

share

transactions

............................................

(247,463,232)

(567,716,289)

Net

increase

(decrease)

in

net

assets

...................................

(34,676,239)

(670,440,629)

Net

assets:

Beginning

of

period

.....................................................

8,039,568,659

8,710,009,288

End

of

period

..........................................................

$8,004,892,420

$8,039,568,659

Franklin

Federal

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Franklin

Federal

Tax-Free

Income

Fund (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers

five classes

of

shares:

Class

A,

Class

A1,

Class

C,

Class

R6

and

Advisor

Class.

Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

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.

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

October

31,

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. 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

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

October

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

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:

#### Six

#### Months

#### Ended

#### October

#### 31,

#### 2025

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

18,259,497

$192,096,275

39,094,355

$422,755,566

Shares

issued

in

reinvestment

of

distributions

..........

3,306,847

34,790,645

6,181,886

66,861,343

Shares

redeemed

...............................

(24,391,547)

(255,939,018)

(40,669,921)

(439,381,703)

Net

increase

(decrease)

..........................

(2,825,203)

$(29,052,098)

4,606,320

$50,235,206

#### Class

#### A1

#### Shares:
Shares

sold

...................................

2,775,738

$29,156,000

6,989,511

$75,720,306

Shares

issued

in

reinvestment

of

distributions

..........

6,405,046

67,374,636

13,178,274

142,577,579

Shares

redeemed

...............................

(32,627,681)

(342,820,060)

(69,092,499)

(747,863,173)

Net

increase

(decrease)

..........................

(23,446,897)

$(246,289,424)

(48,924,714)

$(529,565,288)

#### Class

#### C

#### Shares:
Shares

sold

...................................

457,335

$4,821,240

1,007,089

$10,887,435

Shares

issued

in

reinvestment

of

distributions

..........

179,463

1,885,251

425,366

4,599,719

Shares

redeemed

a

..............................

(2,539,462)

(26,672,629)

(6,269,094)

(67,819,225)

Net

increase

(decrease)

..........................

(1,902,664)

$(19,966,138)

(4,836,639)

$(52,332,071)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

11,115,175

$116,518,637

7,869,457

$85,412,404

Shares

issued

in

reinvestment

of

distributions

..........

1,638,573

17,259,918

2,862,463

30,992,280

Shares

redeemed

...............................

(4,521,510)

(47,488,574)

(12,743,185)

(138,454,656)

Net

increase

(decrease)

..........................

8,232,238

$86,289,981

(2,011,265)

$(22,049,972)

#### Advisor

#### Class

#### Shares:
Shares

sold

...................................

13,459,277

$141,590,356

25,054,287

$271,652,856

Shares

issued

in

reinvestment

of

distributions

..........

1,930,316

20,324,891

3,734,871

40,448,007

Shares

redeemed

...............................

(19,080,863)

(200,360,800)

(30,158,290)

(326,105,027)

Net

increase

(decrease)

..........................

(3,691,270)

$(38,445,553)

(1,369,132)

$(14,004,164)

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

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

a. #### Management

#### Fees
The

Fund

pays

an

investment

management

fee,

calculated

daily

and

paid

monthly,

to

Advisers

based

on

the

month-end

net

assets

of

the

Fund

as

follows:

For

the

period

ended

October

31,

2025,

the

annualized

gross

effective

investment

management

fee

rate

was 0.448%

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:

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

period:

#### 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

Class

A

....................................................................................

0.25%

Class

A1

...................................................................................

0.10%

Class

C

....................................................................................

0.65%

3. #### Transactions

#### with

#### Affiliates
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

e. #### Transfer

#### Agent

#### Fees
Each

class

of

shares

pays

transfer

agent

fees,

calculated

monthly

and

paid

monthly, to

Investor

Services

for

its

performance

of

shareholder

servicing

obligations. The

fees

are based

on

a

fixed

margin

earned

by

Investor

Services

and

are allocated

to

the Fund

based

upon

relative

assets

and

relative

transactions. In

addition,

each

class reimburses

Investor

Services

for

out

of

pocket

expenses

incurred

and,

except

for

Class

R6, reimburses

shareholder

servicing

fees

paid

to

third

parties.

These

fees

paid

to

third

parties

are

accrued

and

allocated

daily

based

upon

their

relative

proportion

of

such

classes'

aggregate

net

assets.

Class

R6

pays

Investor

Services

transfer

agent

fees

allocated

specifically

to

that

class

based

upon

its

relative

assets

and

relative

transactions.

For

the

period

ended

October

31,

2025,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$880,762

was

retained

by

Investor

Services.

f. #### 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,

2026. g. #### Interfund

#### Transactions
The

Fund

engaged

in

purchases

and

sales

of

investments

with

funds

or

other

accounts

that

have

common

investment

managers

(or

affiliated

investment

managers),

directors,

trustees

or

officers.

During

the

period

ended

October

31,

2025,

these

purchase

and

sale

transactions

aggregated

$158,595,000

and

$178,266,660,

respectively,

with

net

realized

losses

of

$715,754.

4. #### Expense

#### Offset

#### Arrangement
The Fund has

entered

into

an

arrangement

with

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

custodian

expenses.

During

the

period

ended

October

31,

2025,

there

were

no

credits

earned.

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:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$21,807

CDSC

retained

..............................................................................

$129,535

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.

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

October

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

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

period

ended

October

31,

2025,

aggregated

$521,812,057 and

$850,868,101,

respectively.

7. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

October

31,

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

period

ended

October

31,

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.)

Cost

of

investments

..........................................................................

$7,970,193,329

Unrealized

appreciation

........................................................................

$218,184,941

Unrealized

depreciation

........................................................................

(276,524,114)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(58,339,173)

5. #### Income

#### Taxes
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

October

31,

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

period

.

10. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

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:

a

Common

Stocks

........................

$

—

$

—

$

—

b

$

—

Corporate

Bonds

........................

—

—

37,413,510

37,413,510

Municipal

Bonds

.........................

—

7,797,045,646

—

7,797,045,646

Short

Term

Investments

...................

—

77,395,000

—

77,395,000

Total

Investments

in

Securities

...........

$—

$7,874,440,646

$37,413,510

$7,911,854,156

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

9. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

#### Abbreviations

#### Selected

#### Portfolio

#### AMBAC
American

Municipal

Bond

Assurance

Corp.

#### BAM
Build

America

Mutual

Assurance

Co.

#### COP
Certificate

of

Participation

#### 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

#### TSOF
Term

SOFR

Franklin

Federal

Tax-Free

Income

Fund

franklintempleton.com

Semiannual

Report

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Not

applicable.

4316-SFSOI

12/25©

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) Not applicable

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.](fftfif-efp20784_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.](fftfif-efp20784_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**

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | December 29, 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: | December 29, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | December 29, 2025 |

---

## 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: December 29, 2025

---

| |
|:---|
| /s/ Christopher Kings |
| Christopher Kings |
| Chief 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: December 29, 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 **October 31, 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** | **Chief Financial Officer, Chief<br> Accounting Officer and Treasurer** |
| Franklin Federal Tax-Free Income Fund | Franklin Federal Tax-Free Income Fund |
| /s/ Christopher Kings | /s/ Jeffrey White |
| Christopher Kings | Jeffrey White |
| Date: December 29, 2025 | Date: December 29, 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.