# EDGAR Filing Document

**Accession Number:** 0000357310
**File Stem:** 0001133228-26-009573
**Filing Date:** 2026-6
**Character Count:** 291421
**Document Hash:** f2e68c38ab43fd8f51caee3e0b202716
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009573.hdr.sgml**: 20260625

**ACCESSION NUMBER**: 0001133228-26-009573

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260625

**DATE AS OF CHANGE**: 20260625

**EFFECTIVENESS DATE**: 20260625

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03395
- **FILM NUMBER:** 261119804

**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'? 2026-05-2074200010400_FranklinFederalTax-FreeIncomeFund_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-03395**

**Franklin Federal Tax-Free Income Fund** 

(Exact name of registrant as specified in charter)

**One Franklin Parkway, San Mateo, CA 94403-1906**

(Address of principal executive offices) (Zip code)

Alison Baur

Franklin Templeton

One Franklin Parkway

San Mateo, CA 94403-1906

(Name and address of agent for service)

Registrant's telephone number, including area code: **(650) 312-2000**

Date of fiscal year end: **April 30**

Date of reporting period: **April 30, 2026**

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) |
| Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A | $80 | 0.78% |

---

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

For the twelve months ended April 30, 2026, Class A shares of Franklin Federal Tax-Free Income Fund returned 6.24%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 6.34% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 20 years or more to maturity |
| ↑ | BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Selection in A rated bonds |
| ↓ | Selection in AAA rated bonds |

---

Franklin Federal Tax-Free Income Fund PAGE 1 1116-ATSR-0626

------

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

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

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

**Class A** 4/30/2016 — 4/30/2026

![image](ts7469img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 6.24 | 0.59 | 1.85 |
| **Class A (with sales charge)**  | 2.25 | -0.17 | 1.46 |
| **Bloomberg Municipal Bond Index**  | 6.34 | 0.90 | 2.20 |

---

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

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

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

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7755931120 |
| **Total Number of Portfolio Holdings** | 979 |
| **Total Management Fee Paid** | $35589401 |
| **Portfolio Turnover Rate** | 9.99% |

---

Franklin Federal Tax-Free Income Fund PAGE 2 1116-ATSR-0626

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7469img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective May 30, 2025, Paul M. Drury stepped down as portfolio manager of the Fund.

This is a summary of a certain change to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

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

Franklin Federal Tax-Free Income Fund PAGE 3 1116-ATSR-0626

9625962597051018610295112221025410343106461088011558100001001410170107971103011884109471126211497116881242918.615.815.212.07.67.26.76.55.62.52.00.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class A1 [FKTIX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class A1 | $65 | 0.63% |

---

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

For the twelve months ended April 30, 2026, Class A1 shares of Franklin Federal Tax-Free Income Fund returned 6.39%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 6.34% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 20 years or more to maturity |
| ↑ | BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Selection in A rated bonds |
| ↓ | Selection in AAA rated bonds |

---

Franklin Federal Tax-Free Income Fund PAGE 1 116-ATSR-0626

------

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

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

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

**Class A1** 4/30/2016 — 4/30/2026

![image](ts7470img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A1**  | 6.39 | 0.74 | 1.97 |
| **Class A1 (with sales charge)**  | 2.40 | -0.03 | 1.58 |
| **Bloomberg Municipal Bond Index**  | 6.34 | 0.90 | 2.20 |

---

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

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

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

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7755931120 |
| **Total Number of Portfolio Holdings** | 979 |
| **Total Management Fee Paid** | $35589401 |
| **Portfolio Turnover Rate** | 9.99% |

---

Franklin Federal Tax-Free Income Fund PAGE 2 116-ATSR-0626

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7470img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective May 30, 2025, Paul M. Drury stepped down as portfolio manager of the Fund.

This is a summary of a certain change to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

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

Franklin Federal Tax-Free Income Fund PAGE 3 116-ATSR-0626

9625962697071019810323112691031310418107381099111693100001001410170107971103011884109471126211497116881242918.615.815.212.07.67.26.76.55.62.52.00.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class C [FRFTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class C | $121 | 1.18% |

---

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

For the twelve months ended April 30, 2026, Class C shares of Franklin Federal Tax-Free Income Fund returned 5.82%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 6.34% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 20 years or more to maturity |
| ↑ | BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Selection in A rated bonds |
| ↓ | Selection in AAA rated bonds |

---

Franklin Federal Tax-Free Income Fund PAGE 1 216-ATSR-0626

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 4/30/2016 — 4/30/2026

![image](ts7468img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 5.82 | 0.19 | 1.41 |
| **Class C (with sales charge)**  | 4.82 | 0.19 | 1.41 |
| **Bloomberg Municipal Bond Index**  | 6.34 | 0.90 | 2.20 |

---

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

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7755931120 |
| **Total Number of Portfolio Holdings** | 979 |
| **Total Management Fee Paid** | $35589401 |
| **Portfolio Turnover Rate** | 9.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7468img004.jpg)

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

Franklin Federal Tax-Free Income Fund PAGE 2 216-ATSR-0626

------

**HOW HAS THE FUND CHANGED?**

Effective May 30, 2025, Paul M. Drury stepped down as portfolio manager of the Fund.

This is a summary of a certain change to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

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

Franklin Federal Tax-Free Income Fund PAGE 3 216-ATSR-0626

10000994599821042110490113901036510414106761086711499100001001410170107971103011884109471126211497116881242918.615.815.212.07.67.26.76.55.62.52.00.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [FFTQX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Class R6 | $50 | 0.48% |

---

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

For the twelve months ended April 30, 2026, Class R6 shares of Franklin Federal Tax-Free Income Fund returned 6.55%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 6.34% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 20 years or more to maturity |
| ↑ | BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Selection in A rated bonds |
| ↓ | Selection in AAA rated bonds |

---

Franklin Federal Tax-Free Income Fund PAGE 1 8116-ATSR-0626

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 4/30/2016 — 4/30/2026

![image](ts7467img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 6.55 | 0.89 | 2.07 |
| **Bloomberg Municipal Bond Index**  | 6.34 | 0.90 | 2.20 |

---

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

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

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7755931120 |
| **Total Number of Portfolio Holdings** | 979 |
| **Total Management Fee Paid** | $35589401 |
| **Portfolio Turnover Rate** | 9.99% |

---

Franklin Federal Tax-Free Income Fund PAGE 2 8116-ATSR-0626

------

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7467img004.jpg)

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

**HOW HAS THE FUND CHANGED?**

Effective May 30, 2025, Paul M. Drury stepped down as portfolio manager of the Fund.

This is a summary of a certain change to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

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

Franklin Federal Tax-Free Income Fund PAGE 3 8116-ATSR-0626

1000010001100641058710731117291075010876112261150612259100001001410170107971103011884109471126211497116881242918.615.815.212.07.67.26.76.55.62.52.00.3 ------

---

| | |
|:---|:---|
| **Franklin Federal Tax-Free Income Fund**  | ![image](img2199_202405220716489.jpg) |
| Advisor Class [FAFTX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| April 30, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Franklin Federal Tax-Free Income Fund for the period May 1, 2025, to April 30, 2026.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) DIAL BEN/342-5236.

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

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

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment** |
| Advisor Class | $55 | 0.53% |

---

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

For the twelve months ended April 30, 2026, Advisor Class shares of Franklin Federal Tax-Free Income Fund returned 6.59%. The Fund compares its performance to the Bloomberg Municipal Bond Index, which returned 6.34% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| An overweight allocation to: | An overweight allocation to: |
| ↑ | Bonds with no external credit rating |
| ↑ | Bonds with 20 years or more to maturity |
| ↑ | BBB rated bonds |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Underweight to bonds with 10 years or less to maturity |
| ↓ | Selection in A rated bonds |
| ↓ | Selection in AAA rated bonds |

---

Franklin Federal Tax-Free Income Fund PAGE 1 620-ATSR-0626

------

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

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

**VALUE OF A $** **10,000 INVESTMENT –** **Advisor Class** 4/30/2016 — 4/30/2026

![image](ts7471img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended April 30, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Advisor Class**  | 6.59 | 0.86 | 2.08 |
| **Bloomberg Municipal Bond Index**  | 6.34 | 0.90 | 2.20 |

---

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

For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/342-5236 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of April 30, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $7755931120 |
| **Total Number of Portfolio Holdings** | 979 |
| **Total Management Fee Paid** | $35589401 |
| **Portfolio Turnover Rate** | 9.99% |

---

**WHAT DID THE FUND INVEST IN?** (as of April 30, 2026)

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

![image](ts7471img004.jpg)

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

Franklin Federal Tax-Free Income Fund PAGE 2 620-ATSR-0626

------

**HOW HAS THE FUND CHANGED?**

Effective May 30, 2025, Paul M. Drury stepped down as portfolio manager of the Fund.

This is a summary of a certain change to the Fund since May 1, 2025. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by September 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) DIAL BEN/342-5236 or prospectus.us.franklintempleton@fisglobal.com.

---

| | |
|:---|:---|
| ![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 |

---

**HOUSEHOLDING**

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

Franklin Federal Tax-Free Income Fund PAGE 3 620-ATSR-0626

1000010011101061062610767117641077810898112441152012279100001001410170107971103011884109471126211497116881242918.615.815.212.07.67.26.76.55.62.52.00.3 ------

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

ITEM 2. CODE OF ETHICS.

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending April 30, 2025 and April 30, 2026 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $75,115 in April 30, 2025 and $57,059 in April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in April 30, 2025 and $0 in April 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $10,000 in April 30, 2025 and $10,000 in April 30, 2026. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in April 30, 2025 and $0 in April 30, 2026.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $377,023 in April 30, 2025 and $1,690,011 in April 30, 2026.

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

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

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

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

#### Franklin

#### Federal

#### Tax-Free

#### Income

#### Fund

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

April

30,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Report

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 37
Notes

to

Financial

Statements

#### 41
Report

of

Independent

Registered

Public

Accounting

Firm

#### 50
Tax

Information

#### 51
Changes

In

and

Disagreements

with

Accountants

#### 52
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.52

$10.66

$10.72

$10.97

$12.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.40 0.38 0.37 0.34 0.31 Net

realized

and

unrealized

gains

(losses)

...........

0.24 (0.14)

(0.06)

(0.25)

(1.35)

Total

from

investment

operations

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

0.64 0.24 0.31 0.09 (1.04)

Less

distributions

from:

Net

investment

income

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

(0.39)

(0.38)

(0.37)

(0.34)

(0.30)

Net

asset

value,

end

of

year

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

$10.77

$10.52

$10.66

$10.72

$10.97

Total

return

c

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

6.24%

2.20%

2.92%

0.87%

(8.62)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.78%

0.77%

d,e

0.79%

d,e

0.79%

d,e

0.77%

d,e

Net

investment

income

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

3.76%

3.53%

3.50%

3.21%

2.56%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$2,011,958

$1,990,039

$1,968,264

$1,940,290

$1,916,791

Portfolio

turnover

rate

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

9.99%

9.61%

15.32%

28.31%

22.08%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### A1

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.52

$10.66

$10.72

$10.97

$12.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.42 0.40 0.39 0.36 0.33 Net

realized

and

unrealized

gains

(losses)

...........

0.24 (0.14)

(0.07)

(0.26)

(1.35)

Total

from

investment

operations

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

0.66 0.26 0.32 0.10 (1.02)

Less

distributions

from:

Net

investment

income

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

(0.41)

(0.40)

(0.38)

(0.35)

(0.32)

Net

asset

value,

end

of

year

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

$10.77

$10.52

$10.66

$10.72

$10.97

Total

return

c

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

6.39%

2.35%

3.08%

1.02%

(8.48)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.63%

0.62%

d,e

0.64%

d,e

0.64%

d,e

0.63%

d,e

Net

investment

income

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

3.91%

3.68%

3.65%

3.35%

2.71%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$3,661,919

$4,024,438

$4,601,265

$5,215,087

$6,256,503

Portfolio

turnover

rate

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

9.99%

9.61%

15.32%

28.31%

22.08%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.51

$10.65

$10.71

$10.96

$12.30

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.36 0.34 0.33 0.30 0.26 Net

realized

and

unrealized

gains

(losses)

...........

0.24 (0.14)

(0.07)

(0.25)

(1.34)

Total

from

investment

operations

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

0.60 0.20 0.26 0.05 (1.08)

Less

distributions

from:

Net

investment

income

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

(0.35)

(0.34)

(0.32)

(0.30)

(0.26)

Net

asset

value,

end

of

year

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

$10.76

$10.51

$10.65

$10.71

$10.96

Total

return

c

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

5.82%

1.79%

2.51%

0.47%

(8.99)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

1.18%

1.17%

d,e

1.18%

d,e

1.19%

d,e

1.18%

d,e

Net

investment

income

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

3.36%

3.13%

3.09%

2.79%

2.15%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$95,369

$127,394

$180,672

$246,760

$340,772

Portfolio

turnover

rate

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

9.99%

9.61%

15.32%

28.31%

22.08%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.53

$10.67

$10.73

$10.98

$12.32

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.43 0.41 0.40 0.37 0.35 Net

realized

and

unrealized

gains

(losses)

...........

0.25 (0.14)

(0.06)

(0.25)

(1.35)

Total

from

investment

operations

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

0.68 0.27 0.34 0.12 (1.00)

Less

distributions

from:

Net

investment

income

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

(0.43)

(0.41)

(0.40)

(0.37)

(0.34)

Net

asset

value,

end

of

year

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

$10.78

$10.53

$10.67

$10.73

$10.98

Total

return

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

6.55%

2.50%

3.22%

1.17%

(8.35)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.48%

0.48%

0.49%

0.50%

0.48%

Expenses

net

of

waiver

and

payments

by

affiliates

.......

0.48%

0.48%

c,d

0.49%

c,d

0.49%

c

0.48%

c,d

Net

investment

income

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

4.06%

3.82%

3.79%

3.51%

2.88%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$925,082

$791,700

$824,024

$952,887

$761,716

Portfolio

turnover

rate

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

9.99%

9.61%

15.32%

28.31%

22.08%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### 2025

#### 2024

#### 2023

#### 2022

#### Advisor

#### Class

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$10.53

$10.67

$10.73

$10.98

$12.32

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.43 0.41 0.40 0.37 0.34 Net

realized

and

unrealized

gains

(losses)

...........

0.25 (0.14)

(0.07)

(0.26)

(1.35)

Total

from

investment

operations

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

0.68 0.27 0.33 0.11 (1.01)

Less

distributions

from:

Net

investment

income

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

(0.42)

(0.41)

(0.39)

(0.36)

(0.33)

Net

asset

value,

end

of

year

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

$10.79

$10.53

$10.67

$10.73

$10.98

Total

return

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

6.59%

2.45%

3.18%

1.12%

(8.39)%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

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

0.53%

0.52%

c,d

0.54%

c,d

0.54%

c,d

0.52%

c,d

Net

investment

income

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

4.00%

3.78%

3.75%

3.44%

2.80%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

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

$1,061,602

$1,105,998

$1,135,784

$998,541

$1,383,620

Portfolio

turnover

rate

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

9.99%

9.61%

15.32%

28.31%

22.08%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments,

April

30,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Shares
a

#### Value
a

#### Common

#### Stocks

#### 0.0%

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.0%
a,b

AES

Guayama

Holdings

BV

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

53,204

$

—

b

#### Total

#### Common

#### Stocks

#### (Cost

#### $–)

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

#### —

#### Principal

#### Amount
a

#### a
a

#### Corporate

#### Bonds

#### 0.5%

#### Residential

#### REITs

#### 0.5%
a

Haven

at

Elgin

LLC

,

5.25 %

,

12/31/53

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

$

35,660,000

37,276,376

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $35,660,000)

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

#### 37,276,376

#### Municipal

#### Bonds

#### 98.0%

#### Alabama

#### 3.8%
Alabama

Special

Care

Facilities

Financing

Authority-Birmingham

,

Ascension

Health

Credit

Group

,

Revenue

,

2016

B

,

Refunding

,

%

,

11/15/46

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

10,000,000

10,002,441

Black

Belt

Energy

Gas

District

,

c

Revenue,

2022

F,

Mandatory

Put,

5.5%,

12/01/28

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

24,715,000

25,847,629

c

Revenue,

2023

B-2,

Mandatory

Put,

5.25%,

12/01/30

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

17,015,000

18,289,706

c

Revenue,

2023

D-1,

Refunding,

Mandatory

Put,

5.5%,

2/01/29

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

4,000,000

4,199,849

c

Revenue,

2024

A,

Mandatory

Put,

5.25%,

9/01/32

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

4,500,000

4,671,479

Revenue,

2025

G,

5%,

10/01/35

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

12,000,000

12,614,156

Chilton

County

Health

Care

Authority

,

County

of

Chilton

Sales

Tax

,

Revenue

,

2015

A

,

%

,

11/01/40

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

8,425,000

8,428,804

County

of

Jefferson

,

Sewer

,

Revenue

,

2024

,

Refunding

,

5.5 %

,

10/01/53

..........

39,600,000

41,363,087

d

County

of

Mobile

,

Revenue

,

144A,

2020

,

%

,

11/01/45

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

12,200,000

11,075,954

c

Energy

Southeast

A

Cooperative

District

,

Revenue,

2023

A-1,

Mandatory

Put,

5.5%,

1/01/31

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

25,230,000

27,110,493

Revenue,

2023

B-1,

Mandatory

Put,

5.75%,

11/01/31

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

15,000,000

16,375,363

Jacksonville

Public

Educational

Building

Authority

,

Jacksonville

State

University,

Revenue,

2023

A,

AG

Insured,

5.25%,

8/01/53

.....

8,000,000

8,183,231

Jacksonville

State

University,

Revenue,

2023

A,

AG

Insured,

5.5%,

8/01/58

......

2,000,000

2,069,002

Southeast

Energy

Authority

A

Cooperative

District

,

c

Revenue,

2022

A-1,

Mandatory

Put,

5.5%,

12/01/29

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

12,850,000

13,665,823

c

Revenue,

2023

B,

Mandatory

Put,

5%,

6/01/30

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

6,000,000

6,330,062

Revenue,

2024

A,

5%,

11/01/35

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

20,000,000

20,496,286

c

Revenue,

2025

A,

Mandatory

Put,

5%,

6/01/35

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

25,660,000

26,294,875

c

Revenue,

2025

B,

Mandatory

Put,

5.25%,

1/01/33

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

14,000,000

14,492,494

Revenue,

2025

H,

5%,

11/01/35

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

16,000,000

16,995,136

University

of

South

Alabama

,

Revenue

,

2019

A

,

BAM

Insured

,

%

,

4/01/49

........

5,000,000

5,082,593

293,588,463

#### Alaska

#### 0.1%
Alaska

Municipal

Bond

Bank

Authority

,

Revenue

,

2015-3

,

%

,

10/01/39

...........

200,000

200,248

Alaska

Railroad

Corp.

,

Revenue

,

2025

,

AG

Insured

,

%

,

10/01/50

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

2,800,000

3,035,067

Northern

Tobacco

Securitization

Corp.

,

Revenue,

Senior

Lien,

2021

A,

1,

Refunding,

4%,

6/01/50

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

3,250,000

2,757,341

Revenue,

Senior

Lien,

2021

B-1,

2,

Refunding,

4%,

6/01/50

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

705,000

685,830

6,678,486

#### Arizona

#### 2.0%
Arizona

Industrial

Development

Authority

,

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/32

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

205,000

205,268

KIPP

NYC

Public

Charter

Schools,

Revenue,

2021

B,

5%,

7/01/33

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

220,000

220,252

Leman

Academy

of

Excellence

Obligated

Group,

Revenue,

2022

A,

Refunding,

4.5%,

7/01/54

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

10,000,000

8,184,295

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Arizona
(continued)

c

Chandler

Industrial

Development

Authority

,

Intel

Corp.

,

Revenue

,

2022-1

,

Mandatory

Put

,

%

,

9/01/27

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

$

9,000,000

$

9,110,457

City

of

Phoenix

Civic

Improvement

Corp.

,

Airport,

Revenue,

2017

A,

5%,

7/01/47

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

10,000,000

10,011,373

Airport,

Revenue,

Junior

Lien,

2017

D,

Refunding,

4%,

7/01/40

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

25,000,000

25,029,612

Airport,

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

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

6,000,000

5,984,406

State

of

Arizona

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/32

.....

6,000,000

6,888,707

State

of

Arizona

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/34

.....

5,000,000

5,881,420

State

of

Arizona

Distribution,

Revenue,

2005

B,

NATL

Insured,

5.5%,

7/01/35

.....

9,860,000

11,703,912

Glendale

Industrial

Development

Authority

,

People

of

Faith,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/56

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

10,000,000

8,600,227

Maricopa

County

Industrial

Development

Authority

,

Banner

Health

Obligated

Group,

Revenue,

2019

E,

4%,

1/01/45

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

10,000,000

9,246,870

Banner

Health

Obligated

Group,

Revenue,

2019

F,

4%,

1/01/45

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

25,000,000

23,117,175

Maricopa

County

Pollution

Control

Corp.

,

El

Paso

Electric

Co.,

Revenue,

2009

A,

Refunding,

3.6%,

2/01/40

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

19,500,000

18,232,752

Southern

California

Edison

Co.,

Revenue,

2000

A,

Refunding,

2.4%,

6/01/35

.....

5,000,000

4,292,160

Salt

River

Project

Agricultural

Improvement

&

Power

District

,

Revenue

,

2023

A

,

%

,

1/01/47

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

6,245,000

6,557,958

153,266,844

#### Arkansas

#### 0.1%
Arkansas

Development

Finance

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/44

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

3,600,000

3,620,839

City

of

Centerton

,

Sales

&

Use

Tax,

Revenue,

2024,

AG

Insured,

4%,

11/01/44

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

2,250,000

2,193,993

Sales

&

Use

Tax,

Revenue,

2024,

AG

Insured,

4.125%,

11/01/49

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

1,400,000

1,350,472

Sales

&

Use

Tax,

Revenue,

2024,

AG

Insured,

4%,

11/01/54

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

1,455,000

1,476,506

8,641,810

#### California

#### 9.0%
d

Align

Affordable

Housing

Bond

Fund

LP

,

Coronado

Springs

Tower

LLC

,

Revenue

,

144A,

2020-2

,

A

,

%

,

9/01/27

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

17,835,000

17,798,973

c

ARC70

II

TRUST

,

Revenue

,

2021-1

,

A

,

Mandatory

Put

,

%

,

12/01/37

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

11,360,000

9,723,416

California

Community

Choice

Financing

Authority

,

c

Revenue,

2023

A-1,

Mandatory

Put,

5%,

8/01/29

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

5,000,000

5,227,146

c

Revenue,

2023

C,

Mandatory

Put,

5.25%,

10/01/31

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

43,250,000

45,781,531

c

Revenue,

2025

A,

Mandatory

Put,

5%,

5/01/35

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

1,750,000

1,799,527

c

Revenue,

2026

A-1,

Mandatory

Put,

5%,

2/01/36

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

5,000,000

5,361,597

Revenue,

2026

B,

5%,

3/01/36

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

16,000,000

16,742,526

d

California

Community

Housing

Agency

,

Aster

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

..........

22,400,000

18,649,922

Brio

Apartments

&

Next

on

Lex

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

2/01/56

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

17,850,000

14,719,735

K

Street

Flats,

Revenue,

144A,

2021

A-1,

3%,

2/01/57

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

10,000,000

6,813,353

California

Statewide

Communities

Development

Authority

,

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AG

Insured,

5%,

8/15/42

425,000

441,862

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AG

Insured,

5.125%,

8/15/47

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

620,000

631,707

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AG

Insured,

5.25%,

8/15/52

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

7,815,000

7,931,645

Enloe

Medical

Center

Obligated

Group,

Revenue,

2022

A,

AG

Insured,

5.375%,

8/15/57

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

12,495,000

12,735,934

d

CMFA

Special

Finance

Agency

,

Latitude33,

Revenue,

144A,

2021

A-1,

3%,

12/01/56

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

12,000,000

7,921,466

Solana

at

Grand,

Revenue,

Senior

Lien,

144A,

2021

A-1,

4%,

8/01/56

..........

5,300,000

4,549,645

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### California
(continued)

d

CMFA

Special

Finance

Agency

Enclave

,

Revenue,

Senior

Lien

,

144A,

2022

,

%

,

8/01/58

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

$

26,500,000

$

20,162,901

d

CMFA

Special

Finance

Agency

XII

,

Allure

Apartments

,

Revenue,

Senior

Lien

,

144A,

2022

,

3.25 %

,

2/01/57

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

27,500,000

19,469,981

Corona-Norco

Unified

School

District

,

GO,

C,

AG

Insured,

6.2%,

8/01/29

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

3,250,000

3,402,062

GO,

C,

Pre-Refunded,

AG

Insured,

6.8%,

8/01/39

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

8,500,000

8,945,038

e

GO,

C,

AG

Insured,

3.86%,

8/01/39

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

7,500,000

4,537,252

d

CSCDA

Community

Improvement

Authority

,

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3.6%,

5/01/47

.......

10,000,000

8,396,675

777

Place-Pomona,

Revenue,

Senior

Lien,

144A,

2021

A-2,

3.25%,

5/01/57

......

12,500,000

8,631,669

Acacia

on

Santa

Rosa

Creek,

Revenue,

Senior

Lien,

144A,

2021

A,

4%,

10/01/56

.

13,000,000

10,728,298

Crescent

(The),

Revenue,

Senior

Lien,

144A,

2022

A-2,

4.3%,

7/01/59

..........

13,700,000

10,954,817

Escondido

Portfolio,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/48

........

10,000,000

7,117,292

Jefferson

Platinum

Triangle

Apartments,

Revenue,

144A,

2021

A-1,

2.875%,

8/01/41

2,520,000

2,340,886

Monterey

Station

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

7/01/43

.

7,855,000

6,387,062

Park

Crossing

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

12/01/58

.

18,750,000

12,833,207

Vineyard

Garden

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3.25%,

10/01/58

14,000,000

9,892,686

Waterscape

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A,

3%,

9/01/56

......

1,670,000

1,144,866

Westgate

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

6/01/47

......

15,000,000

10,729,480

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-1,

3%,

12/01/49

...

30,000,000

21,417,933

Wood

Creek

Apartments,

Revenue,

Senior

Lien,

144A,

2021

A-2,

4%,

12/01/58

...

25,000,000

19,122,013

Foothill-Eastern

Transportation

Corridor

Agency

,

Revenue,

2013

A,

Refunding,

AG

Insured,

5.4%,

1/15/30

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

15,475,000

17,061,050

Revenue,

2013

A,

Refunding,

6.85%,

1/15/42

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

20,000,000

23,845,764

M-S-R

Energy

Authority

,

Revenue

,

2009

B

,

6.5 %

,

11/01/39

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

12,500,000

15,147,316

e

New

Haven

Unified

School

District

,

GO,

2009,

AG

Insured,

2.96%,

8/01/31

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

2,055,000

1,762,519

GO,

2009,

AG

Insured,

3.07%,

8/01/32

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

7,830,000

6,481,508

GO,

2009,

AG

Insured,

3.17%,

8/01/33

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

7,660,000

6,106,206

Norman

Y

Mineta

San

Jose

International

Airport

SJC

,

Revenue

,

2017

A

,

Refunding

,

%

,

3/01/47

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

23,855,000

23,897,262

e

Rialto

Unified

School

District

,

GO

,

2011

A

,

AG

Insured

,

4.14 %,

8/01/36

...........

20,000,000

13,195,504

San

Diego

County

Regional

Airport

Authority

,

Revenue,

Senior

Lien

,

2023

B

,

5.25 %

,

7/01/58

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

15,000,000

15,466,402

San

Francisco

City

&

County

Airport

Comm-San

Francisco

International

Airport

,

Revenue,

2019

A,

5%,

5/01/49

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

26,805,000

26,840,047

Revenue,

Second

Series,

2019

E,

5%,

5/01/50

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

13,000,000

13,001,134

San

Jose

Unified

School

District

,

GO

,

2018

E

,

%

,

8/01/42

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

2,500,000

2,504,916

e

San

Mateo

Foster

City

School

District

,

GO

,

A

,

5.53 %,

8/01/42

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

50,000,000

56,607,975

e

San

Mateo

Union

High

School

District

,

GO,

2011

A,

6.131%,

9/01/33

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

6,065,000

6,217,573

GO,

2011

A,

6.48%,

9/01/41

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

20,000,000

21,875,488

e

Santa

Ana

Unified

School

District

,

GO,

2009

B,

AG

Insured,

3.36%,

8/01/35

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

10,000,000

7,365,934

GO,

2009

B,

AG

Insured,

3.46%,

8/01/36

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

18,865,000

13,314,383

GO,

2009

B,

AG

Insured,

3.55%,

8/01/37

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

10,000,000

6,751,256

f

Southern

California

Public

Power

Authority

,

Revenue

,

FRN

,

2007

B

,

4.099 %

,

(3-month

TSOF

+

1.645 %),

11/01/38

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

6,000,000

5,843,467

State

of

California

,

GO

,

2002

,

NATL

Insured

,

%

,

10/01/32

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

20,000

20,037

e

West

Contra

Costa

Unified

School

District

,

GO,

C-1,

Refunding,

AG

Insured,

2.74%,

8/01/29

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

10,000,000

9,158,222

GO,

C-1,

Refunding,

AG

Insured,

2.85%,

8/01/30

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

20,845,000

18,494,065

GO,

C-1,

Refunding,

AG

Insured,

3.04%,

8/01/31

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

20,000,000

17,091,470

GO,

C-1,

Refunding,

AG

Insured,

3.06%,

8/01/32

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

10,730,000

8,887,537

699,981,138

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Colorado

#### 2.7%
d

Access

Metropolitan

District

No.

,

GO

,

144A,

2023

,

6.75 %

,

12/01/53

..........

$

3,555,000

$

3,679,381

e

Aurora

Crossroads

Metropolitan

District

No.

,

GO,

2025

A-1,

Refunding,

0.396%,

12/01/55

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

8,250,000

7,720,415

GO,

2025

A-2,

Refunding,

0.41%,

12/01/55

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

7,750,000

7,223,418

Baseline

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

AG

Insured

,

%

,

12/01/46

2,000,000

1,911,154

d

Broadway

Park

North

Metropolitan

District

No.

,

GO

,

144A,

2020

,

Refunding

,

%

,

12/01/49

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

1,575,000

1,503,887

City

&

County

of

Denver

,

Airport

System,

Revenue,

2022

D,

Refunding,

5.75%,

11/15/45

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

10,000,000

10,855,235

Airport

System,

Revenue,

2022

D,

Refunding,

5%,

11/15/53

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

10,000,000

10,109,277

Airport

System,

Revenue,

Sub.

Lien,

2018

A,

Refunding,

5%,

12/01/37

..........

10,000,000

10,323,348

Airport

System,

Revenue,

Sub.

Lien,

2018

A,

Refunding,

5%,

12/01/43

..........

5,000,000

5,106,024

Airport

System,

Revenue,

Sub.

Lien,

2018

A,

Refunding,

5.25%,

12/01/43

.......

11,045,000

11,346,198

Airport

System,

Revenue,

Sub.

Lien,

2018

A,

Refunding,

5%,

12/01/48

..........

15,500,000

15,533,162

Pledged

Excise

Tax,

Revenue,

2018

A-1,

5%,

8/01/48

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

29,690,000

29,720,931

e

Pledged

Excise

Tax,

Revenue,

2018

A-2,

4.17%,

8/01/35

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

2,000,000

1,370,326

e

Pledged

Excise

Tax,

Revenue,

2018

A-2,

4.26%,

8/01/36

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

2,500,000

1,629,253

e

Pledged

Excise

Tax,

Revenue,

2018

A-2,

4.38%,

8/01/37

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

2,455,000

1,514,825

e

Pledged

Excise

Tax,

Revenue,

2018

A-2,

4.5%,

8/01/38

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

2,000,000

1,166,680

Colorado

Educational

&

Cultural

Facilities

Authority

,

James

Irwin

Educational

Foundation

Obligated

Group

,

Revenue

,

2022

,

%

,

9/01/62

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

2,200,000

2,056,348

Colorado

Health

Facilities

Authority

,

BSLC

II

Obligated

Group,

Revenue,

Second

Tier,

2025,

5.625%,

9/15/59

........

6,505,000

6,543,481

CommonSpirit

Health

Obligated

Group,

Revenue,

2019

A-2,

Refunding,

4%,

8/01/49

13,000,000

11,193,930

CommonSpirit

Health

Obligated

Group,

Revenue,

2022

A,

5.25%,

11/01/52

......

10,500,000

10,828,479

Covenant

Living

Communities

and

Services

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

12/01/50

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

4,930,000

4,152,342

Constitution

Heights

Metropolitan

District

,

GO

,

2020

,

Refunding

,

%

,

12/01/49

.....

1,736,000

1,662,105

d

DIATC

Metropolitan

District

,

GO

,

144A,

2019

,

Refunding

,

%

,

12/01/49

...........

2,000,000

1,967,666

Evan's

Place

Metropolitan

District

,

GO

,

2020

,

%

,

12/01/50

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

1,575,000

1,495,959

d

Fiddlers

Business

Improvement

District

,

GO

,

144A,

2022

,

Refunding

,

5.55 %

,

12/01/47

3,500,000

3,561,838

Park

Creek

Metropolitan

District

,

Westerly

Creek

District

Service

Area

,

Revenue,

Senior

Lien

,

2018

A

,

%

,

12/01/46

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

2,875,000

2,918,328

Prairie

Center

Metropolitan

District

No.

,

GO

,

2024

A

,

Refunding

,

5.875 %

,

12/15/46

.

1,375,000

1,451,303

Public

Authority

for

Colorado

Energy

,

Revenue

,

2008

,

6.5 %

,

11/15/38

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

20,000,000

23,989,406

South

Maryland

Creek

Ranch

Metropolitan

District

,

GO,

2023,

Refunding,

AG

Insured,

5%,

12/01/48

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

800,000

815,179

GO,

2023,

Refunding,

AG

Insured,

5.125%,

12/01/57

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

2,150,000

2,181,300

Westminster

Public

Schools

,

GO

,

2024

A

,

%

,

12/01/49

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

15,000,000

15,759,093

211,290,271

#### Connecticut

#### 0.2%
Connecticut

State

Health

&

Educational

Facilities

Authority

,

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/38

..........

2,200,000

2,202,725

Hartford

HealthCare

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

..........

6,000,000

5,572,910

Stamford

Hospital

Obligated

Group

(The),

Revenue,

M,

Refunding,

4%,

7/01/41

...

5,000,000

4,800,964

University

of

Hartford

(The),

Revenue,

2022

P,

5.375%,

7/01/52

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

6,000,000

5,543,490

18,120,089

#### Delaware

#### 0.1%
County

of

Kent

,

CHF-Dover

LLC,

Revenue,

2018

A,

5%,

7/01/40

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

1,100,000

1,104,756

CHF-Dover

LLC,

Revenue,

2018

A,

5%,

7/01/48

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

1,485,000

1,411,152

CHF-Dover

LLC,

Revenue,

2018

A,

5%,

7/01/53

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

1,100,000

1,014,754

Delaware

State

Economic

Development

Authority

,

Newark

Charter

School,

Inc.,

Revenue,

2021,

Refunding,

4%,

9/01/41

..........

600,000

550,059

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Delaware
(continued)

Delaware

State

Economic

Development

Authority,

(continued)

Newark

Charter

School,

Inc.,

Revenue,

2021,

Refunding,

4%,

9/01/51

..........

$

3,300,000

$

2,711,112

6,791,833

#### Florida

#### 8.4%
Abbott

Square

Community

Development

District

,

Special

Assessment

,

2025

,

5.625 %

,

5/01/55

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

1,300,000

1,319,634

Alachua

County

Health

Facilities

Authority

,

Oak

Hammock

at

the

University

of

Florida

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

10/01/40

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

2,500,000

2,389,740

Oak

Hammock

at

the

University

of

Florida

Obligated

Group,

Revenue,

2022,

Refunding,

4%,

10/01/46

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

1,750,000

1,514,289

Ave

Maria

Stewardship

Community

District

,

Assessments

,

Special

Assessment

,

2022

A

,

Refunding

,

%

,

5/01/42

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

5,015,000

4,621,702

Babcock

Ranch

Community

Independent

Special

District

,

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/40

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

1,840,000

1,771,616

Assessment

Area

3A,

Special

Assessment,

2020,

4%,

5/01/50

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

1,500,000

1,275,487

d

Bannon

Lakes

Community

Development

District

,

Phase

,

Special

Assessment

,

144A,

2021

,

3.5 %

,

5/01/41

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

700,000

629,824

Brevard

County

Health

Facilities

Authority

,

Health

First,

Inc.

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

4/01/52

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

10,000,000

10,036,866

Capital

Projects

Finance

Authority

,

CAPFA

Capital

Corp.

2000F,

Revenue,

2020

A-1,

Refunding,

5%,

10/01/31

......

1,500,000

1,578,173

Provident

Group

-

Continuum

Properties

LLC,

Revenue,

Senior

Lien,

2023

A-1,

5%,

11/01/53

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

3,310,000

3,044,779

Provident

Group

-

Continuum

Properties

LLC,

Revenue,

Senior

Lien,

2023

A-1,

5%,

11/01/58

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

3,895,000

3,492,491

Capital

Trust

Agency,

Inc.

,

d

Kingdom

Kensington

LLC,

Revenue,

144A,

2021

A-1,

3.65%,

12/01/36

..........

22,800,000

20,719,915

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/31

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

500,000

502,429

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/41

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

325,000

298,915

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/51

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

385,000

314,784

Lutz

Preparatory

School,

Inc.,

Revenue,

2021

A,

4%,

6/01/56

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

485,000

386,241

d

SHI

-

Lake

Osborne

LLC,

Revenue,

144A,

2021

A-1,

3.68%,

1/01/57

...........

2,000,000

1,394,972

Capital

Trust

Authority

,

d,e

Gulf

Coast

Portfolio

Obligated

Group,

Revenue,

144A,

2024,

Refunding,

5.75%,

3/01/29

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

55,285,000

47,174,054

Seaside

School

Consortium,

Inc.,

Revenue,

2024

A,

5.125%,

6/15/59

...........

1,485,000

1,374,503

Central

Florida

Expressway

Authority

,

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/39

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

5,000,000

4,890,429

Revenue,

Senior

Lien,

2016

B,

Refunding,

4%,

7/01/40

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

5,825,000

5,825,287

Revenue,

Senior

Lien,

2018,

5%,

7/01/48

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

16,000,000

16,292,618

Centre

Lake

Community

Development

District

,

Special

Assessment,

2021,

3%,

5/01/42

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

1,140,000

983,051

Special

Assessment,

2021,

4%,

5/01/52

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

1,845,000

1,592,787

City

of

Atlantic

Beach

,

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/38

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

1,105,000

1,122,135

Naval

Continuing

Care

Retirement

Foundation

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/53

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

9,235,000

8,821,519

City

of

Cocoa

,

Water

&

Sewer

,

Revenue

,

2018

B

,

%

,

10/01/48

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

10,325,000

10,537,025

City

of

Gainesville

,

Utilities

System,

Revenue,

2019

A,

5%,

10/01/47

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

18,010,000

18,440,232

Utilities

System,

Revenue,

2019

A,

Pre-Refunded,

5%,

10/01/47

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

125,000

134,393

e

City

of

Melbourne

,

Water

&

Sewer,

Revenue,

2000

A,

FGIC

Insured,

ETM,

2.97%,

10/01/26

........

1,500,000

1,481,466

Water

&

Sewer,

Revenue,

2002

B,

Refunding,

NATL

Insured,

2.97%,

10/01/26

....

4,500,000

4,444,397

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

City

of

Miami

Beach

,

Stormwater

,

Revenue

,

2015

,

%

,

9/01/41

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

$

10,000,000

$

10,010,722

City

of

Palmetto

,

Renaissance

Arts

and

Education,

Inc.

,

Revenue

,

2022

A

,

Refunding

,

5.25 %

,

6/01/52

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

3,000,000

2,991,712

City

of

Pompano

Beach

,

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

9/01/50

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

4,730,000

3,945,479

John

Knox

Village

of

Florida,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

9/01/56

.

10,150,000

8,153,286

City

of

South

Miami

Health

Facilities

Authority,

Inc.

,

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/15/47

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

5,750,000

5,107,938

Baptist

Health

South

Florida

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

8/15/47

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

7,845,000

7,921,269

City

of

St.

Petersburg

,

Public

Utility

,

Revenue

,

2018

,

Refunding

,

%

,

10/01/43

......

15,000,000

15,032,463

e

City

of

Tampa

,

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

3.98%,

9/01/35

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

755,000

524,429

State

of

Florida

Cigarette

Tax,

Revenue,

2020

A,

4.1%,

9/01/36

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

800,000

528,171

County

of

Broward

,

Port

Facilities

,

Revenue,

Senior

Lien

,

2019

B

,

%

,

9/01/49

.....

15,000,000

13,095,308

County

of

Miami-Dade

,

Aviation,

Revenue,

2025

A,

5.25%,

10/01/50

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

6,740,000

6,972,780

Seaport

Department,

Revenue,

Senior

Lien,

2022

A,

Refunding,

5.25%,

10/01/52

..

6,000,000

6,105,914

Transit

System,

Revenue,

2018,

4%,

7/01/47

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

5,000,000

4,668,713

Transit

System,

Revenue,

2020

A,

4%,

7/01/48

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

5,000,000

4,581,787

Water

&

Sewer

System,

Revenue,

2019

B,

4%,

10/01/49

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

27,500,000

24,980,057

County

of

Monroe

,

Airport,

Revenue,

2022,

5.25%,

10/01/47

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

1,000,000

1,016,688

Airport,

Revenue,

2022,

5%,

10/01/52

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

1,500,000

1,484,900

County

of

Osceola

,

Transportation

,

Revenue

,

2019

,

Refunding

,

%

,

10/01/49

...

4,500,000

4,510,647

Crystal

Cay

Community

Development

District

,

Special

Assessment

,

2021

,

%

,

5/01/51

1,000,000

888,573

Cypress

Mill

Community

Development

District

,

Special

Assessment,

2023,

5%,

5/01/43

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

560,000

571,091

Special

Assessment,

2023,

5%,

5/01/53

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

1,000,000

982,126

d

Downtown

Doral

South

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2018

,

%

,

12/15/48

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

4,000,000

4,009,538

East

Palm

Drive

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

6/15/54

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

750,000

741,960

d

Epperson

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

144A,

2018

,

5.5 %

,

11/01/39

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

1,490,000

1,535,428

Escambia

County

Health

Facilities

Authority

,

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/36

.

4,165,000

4,300,257

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/37

.

6,000,000

6,174,313

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

8/15/40

.

4,000,000

4,086,613

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/45

.

19,465,000

17,275,279

Baptist

Hospital,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

8/15/50

.

18,985,000

16,338,628

Everlands

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.55 %

,

6/15/54

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

1,000,000

1,003,854

Florida

Development

Finance

Corp.

,

Brightline

Trains

Florida

LLC,

Revenue,

2024,

Refunding,

AG

Insured,

5.25%,

7/01/47

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

28,000,000

28,008,792

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/35

..........

325,000

312,033

River

City

Education

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/45

..........

600,000

504,340

Shands

Jacksonville

Medical

Center

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

2/01/33

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

1,350,000

1,427,493

Shands

Jacksonville

Medical

Center

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

2/01/38

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

1,400,000

1,453,791

Shands

Jacksonville

Medical

Center

Obligated

Group,

Revenue,

2022

A,

Refunding,

5%,

2/01/39

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

2,750,000

2,845,848

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Florida

Housing

Finance

Corp.

,

Revenue,

2020-1,

GNMA

Insured,

2.75%,

7/01/50

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

$

1,410,000

$

1,024,146

Revenue,

2025-3,

GNMA

Insured,

5.05%,

7/01/50

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

2,825,000

2,868,335

Florida

Municipal

Loan

Council

,

Shingle

Creek

Transit

&

Utility

Community

Development

District

,

Special

Assessment

,

2024

,

5.4 %

,

5/01/54

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

820,000

825,395

Greater

Orlando

Aviation

Authority

,

Revenue,

2019

A,

4%,

10/01/49

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

15,000,000

13,183,398

Revenue,

Sub.

Lien,

2017

A,

5%,

10/01/47

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

10,925,000

10,947,832

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

6/01/36

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

2,500,000

2,502,357

Heritage

Harbour

North

Community

Development

District

,

Special

Assessment

,

2014

,

5.125 %

,

5/01/45

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

2,170,000

2,190,779

Herons

Glen

Recreation

District

,

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/45

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

1,515,000

1,499,352

Special

Assessment,

2020,

Refunding,

BAM

Insured,

4%,

5/01/50

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

1,800,000

1,643,318

Hillsborough

County

Aviation

Authority

,

Revenue

,

2018

E

,

%

,

10/01/48

..........

5,000,000

5,010,035

Hillsborough

County

Industrial

Development

Authority

,

Florida

Health

Sciences

Center,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

8/01/50

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

6,500,000

5,719,477

Hollywood

Beach

Community

Development

District

I

,

Special

Assessment

,

2020

,

Refunding

,

%

,

10/01/45

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

4,000,000

3,590,028

Keys

Edge

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2024

,

5.375 %

,

5/01/55

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

1,000,000

983,473

Kingman

Gate

Community

Development

District

,

Special

Assessment

,

2021

,

3.6 %

,

6/15/41

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

750,000

702,753

d

Knightsbridge

Community

Development

District

,

Special

Assessment

,

144A,

2024

,

5.2 %

,

6/15/44

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

245,000

253,783

Lakes

by

the

Bay

South

Community

Development

District

,

Special

Assessment

,

2024

,

Refunding

,

%

,

5/01/34

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

2,000,000

2,148,505

Lakewood

Ranch

Stewardship

District

,

Special

Assessment,

2025,

6%,

5/01/56

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

7,210,000

7,534,919

Assessments,

Special

Assessment,

2024,

5.55%,

5/01/54

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

530,000

537,237

Calusa,

Special

Assessment,

2025,

5.9%,

5/01/55

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

1,000,000

1,038,916

Saddlestone

Project

Phase

1/2,

Special

Assessment,

2026,

5.5%,

5/01/56

.......

1,800,000

1,819,005

Lee

County

Industrial

Development

Authority

,

Shell

Point

Obligated

Group,

Revenue,

2019,

5%,

11/15/44

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

6,360,000

6,441,300

Shell

Point

Obligated

Group,

Revenue,

2024

C,

5%,

11/15/54

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

2,700,000

2,614,523

Leomas

Landing

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.35 %

,

5/01/41

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

250,000

221,362

Los

Cayos

Community

Development

District

,

Special

Assessment,

2024,

5.25%,

6/15/44

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

850,000

877,515

Special

Assessment,

2024,

5.55%,

6/15/54

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

800,000

808,303

Miami-Dade

County

Expressway

Authority

,

Revenue

,

A

,

Refunding

,

%

,

7/01/40

....

40,000,000

40,028,044

Miami-Dade

County

Health

Facilities

Authority

,

Variety

Children's

Hospital

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

8/01/47

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

3,500,000

3,123,220

Middleton

Community

Development

District

A

,

Phase

I

,

Special

Assessment

,

2022

,

6.2 %

,

5/01/53

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

4,700,000

4,883,966

d

Newton

Road

Community

Development

District

,

Special

Assessment

,

144A,

2025

,

5.75 %

,

6/15/55

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

875,000

885,173

Pacific

Ace

Community

Development

District

,

Special

Assessment

,

2024

,

5.5 %

,

5/01/55

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

750,000

752,135

Palm

Beach

County

Educational

Facilities

Authority

,

Palm

Beach

Atlantic

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

10/01/41

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

3,695,000

3,319,027

Palm

Beach

Atlantic

University

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

10/01/46

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

7,570,000

6,411,566

Palm

Beach

County

Health

Facilities

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

B,

5%,

5/15/36

....

1,235,000

1,235,489

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

Palm

Beach

County

Health

Facilities

Authority,

(continued)

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

B,

5%,

5/15/41

....

$

5,060,000

$

5,060,789

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

B,

5%,

5/15/47

....

130,000

126,284

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2023

C,

Refunding,

7.625%,

5/15/58

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

1,620,000

1,795,118

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2026

B,

5.625%,

5/15/61

.

2,825,000

2,841,374

PBR

Community

Development

District

,

User

Fee

,

Special

Assessment

,

2026

,

Refunding

,

5.125 %

,

3/01/56

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

1,000,000

973,822

Pine

Ridge

Plantation

Community

Development

District

,

Special

Assessment,

Senior

Lien,

2020

A-1,

Refunding,

AG

Insured,

2.625%,

5/01/34

1,200,000

1,065,148

Special

Assessment,

Senior

Lien,

2020

A-1,

Refunding,

AG

Insured,

2.8%,

5/01/37

995,000

847,329

Poitras

East

Community

Development

District

,

Special

Assessment

,

2023

,

5.25 %

,

5/01/52

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

2,500,000

2,493,209

Preserve

at

South

Branch

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

3.5 %

,

5/01/41

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

750,000

706,274

Reunion

West

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

Refunding

,

%

,

5/01/36

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

1,250,000

1,134,370

Rhodine

Road

North

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2022

,

3.3 %

,

5/01/42

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

495,000

430,184

River

Hall

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

Refunding

,

%

,

5/01/36

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

750,000

664,721

Sarasota

County

Health

Facilities

Authority

,

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/37

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

2,350,000

2,356,643

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/42

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

1,600,000

1,601,285

Southwest

Florida

Retirement

Center,

Inc.

Obligated

Group,

Revenue,

2017

A,

5%,

1/01/47

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

2,450,000

2,350,860

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/33

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

600,000

612,005

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/38

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

1,025,000

1,037,592

Sunnyside

Village

Obligated

Group,

Revenue,

2018,

5%,

5/15/48

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

1,850,000

1,813,424

Sarasota

County

Public

Hospital

District

,

Obligated

Group,

Revenue,

2022,

4%,

7/01/52

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

15,000,000

13,100,661

Sarasota

County

Public

Hospital

District

Obligated

Group,

Revenue,

2018,

4%,

7/01/48

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

10,000,000

8,999,820

South

Broward

Hospital

District

,

South

Broward

Hospital

District

Obligated

Group

,

Revenue

,

2018

,

%

,

5/01/45

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

20,715,000

21,066,051

South

Creek

Community

Development

District

,

Assessment

Area

,

Special

Assessment

,

2021

,

3.25 %

,

6/15/41

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

500,000

431,192

South

Fork

East

Community

Development

District

,

Assessments,

Special

Assessment,

2021,

Refunding,

3%,

5/01/26

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

100,000

100,000

Assessments,

Special

Assessment,

2021,

Refunding,

3%,

5/01/31

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

246,000

238,311

Assessments,

Special

Assessment,

2021,

Refunding,

3%,

5/01/38

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

597,000

527,980

g

Southern

Groves

Community

Development

District

No.

,

Special

Assessment

,

2026

,

5.7 %

,

5/01/52

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

1,350,000

1,351,050

St.

Johns

County

Industrial

Development

Authority

,

Presbyterian

Retirement

Communities,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

Refunding

,

%

,

8/01/55

...

7,250,000

5,927,891

Tampa

Sports

Authority

,

Revenue

,

1995

,

NATL

Insured

,

6.1 %

,

10/01/26

...........

260,000

263,374

Timber

Creek

Southwest

Community

Development

District

,

Special

Assessment,

2020,

4%,

6/15/40

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

1,000,000

938,228

Special

Assessment,

2020,

4%,

6/15/50

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

2,000,000

1,633,682

Tohoqua

Community

Development

District

,

Phase

,

Special

Assessment

,

2021

,

%

,

5/01/51

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

1,165,000

975,523

Touchstone

Community

Development

District

,

Special

Assessment,

Senior

Lien

,

2022

,

5.5 %

,

5/01/53

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

1,800,000

1,824,486

Town

of

Palm

Beach

,

GO

,

2018

,

%

,

7/01/43

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

5,000,000

5,034,657

Two

Lakes

Community

Development

District

,

Special

Assessment

,

2024

,

%

,

5/01/55

1,720,000

1,686,571

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

University

of

North

Florida

Financing

Corp.

(The)

,

University

of

North

Florida

Dormitory

Facilities

,

Revenue

,

2016

,

Refunding

,

AG

Insured

,

%

,

11/01/35

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

$

5,000,000

$

5,040,958

d

Village

Community

Development

District

No.

,

Special

Assessment,

144A,

2024,

4.55%,

5/01/44

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

750,000

734,750

Special

Assessment,

144A,

2024,

4.8%,

5/01/55

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

1,745,000

1,656,181

Phase

I,

Special

Assessment,

144A,

2023,

5%,

5/01/43

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

1,500,000

1,529,543

Phase

I,

Special

Assessment,

144A,

2023,

5.25%,

5/01/54

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

5,975,000

5,950,640

Village

Community

Development

District

No.

,

Special

Assessment

,

2025

,

5.125 %

,

5/01/56

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

5,500,000

5,452,361

Volusia

County

Educational

Facility

Authority

,

Embry-Riddle

Aeronautical

University,

Inc.

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/15/49

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

3,000,000

3,056,776

West

Lake

Community

Development

District

,

Special

Assessment

,

2025

,

5.5 %

,

6/15/55

885,000

879,707

Wildwood

Utility

Dependent

District

,

Revenue

,

2023

,

AG

Insured

,

5.5 %

,

10/01/53

...

6,970,000

7,384,636

653,818,099

#### Georgia

#### 3.6%
Atlanta

Development

Authority

(The)

,

d

PRG

-

CAU

Properties

LLC,

Revenue,

144A,

2025

A,

6%

,

7/01/50

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

1,650,000

1,703,420

d

PRG

-

CAU

Properties

LLC,

Revenue,

144A,

2025

A,

6%,

7/01/55

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

1,550,000

1,586,960

Tuff

Yamacraw

LLC,

Revenue,

2005

A,

Refunding,

AMBAC

Insured,

5%,

1/01/27

..

5,000,000

5,047,507

Brookhaven

Development

Authority

,

Children's

Healthcare

of

Atlanta

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

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

15,040,000

13,728,113

City

of

Atlanta

,

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2019

D,

4%,

7/01/36

.....

10,000,000

10,019,104

Airport

Passenger

Facility

Charge,

Revenue,

Sub.

Lien,

2023

E,

5.25%,

7/01/43

...

4,250,000

4,571,158

Water

&

Wastewater,

Revenue,

2018

B,

Refunding,

5%,

11/01/47

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

4,845,000

4,916,801

Columbia

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2023

A

,

5.125 %

,

4/01/53

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

1,875,000

1,915,764

Coweta

County

Development

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

7/01/44

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

10,000,000

10,273,490

Development

Authority

for

Fulton

County

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2019

A

,

%

,

7/01/49

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

20,000,000

17,914,020

Development

Authority

of

Burke

County

(The)

,

Oglethorpe

Power

Corp.,

Revenue,

2017

C,

Refunding,

4.125%,

11/01/45

.......

2,500,000

2,388,995

Oglethorpe

Power

Corp.,

Revenue,

2017

D,

Refunding,

4.125%,

11/01/45

.......

18,500,000

17,678,563

Development

Authority

of

Rockdale

County

,

Revenue,

2025

A-1,

Refunding,

5.375%,

12/01/36

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

7,985,000

8,297,110

e

Revenue,

Sub.

Lien,

2025

A-1,

Refunding,

3.61%,

12/01/45

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

40,517,316

20,224,178

Fayette

County

Hospital

Authority

,

Piedmont

Healthcare,

Inc.

Obligated

Group

,

Revenue

,

2016

A

,

%

,

7/01/46

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

15,000,000

15,009,602

Fulton

County

Residential

Care

Facilities

for

the

Elderly

Authority

,

Lenbrook

Square

Foundation

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

7/01/42

..........

5,065,000

5,067,894

Georgia

Housing

&

Finance

Authority

,

Revenue

,

2025

C

,

5.125 %

,

12/01/50

........

10,250,000

10,447,783

Main

Street

Energy,

Inc.

,

Revenue

,

2025

D

,

%

,

12/01/33

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

7,500,000

7,896,239

Main

Street

Natural

Gas,

Inc.

,

Revenue,

2007

A,

5.5%,

9/15/28

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

5,000,000

5,241,987

c

Revenue,

2021

C,

Mandatory

Put,

4%,

12/01/28

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

10,000,000

10,144,665

c

Revenue,

2022

A,

Mandatory

Put,

4%,

12/01/29

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

5,000,000

5,080,139

c

Revenue,

2023

D,

Mandatory

Put,

5%,

12/01/30

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

33,595,000

35,458,451

c

Revenue,

2023

E-1,

Mandatory

Put,

5%,

6/01/31

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

20,000,000

21,342,806

Metropolitan

Atlanta

Rapid

Transit

Authority

,

Revenue

,

2025

A

,

%

,

7/01/55

........

12,500,000

13,026,149

Municipal

Electric

Authority

of

Georgia

,

PowerSouth

Energy

Cooperative,

Revenue,

2021

A,

Refunding,

5%,

1/01/63

.....

7,920,000

7,760,052

PowerSouth

Energy

Cooperative,

Revenue,

2022

A,

5.5%,

7/01/63

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

2,500,000

2,561,154

PowerSouth

Energy

Cooperative,

Revenue,

2023

A,

5.5%,

7/01/64

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

5,000,000

5,130,705

Private

Colleges

&

Universities

Authority

,

Emory

University

,

Revenue

,

2013

A

,

%

,

10/01/43

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

10,000,000

10,005,060

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Georgia
(continued)

Savannah

Georgia

Convention

Center

Authority

,

Revenue

,

2025

A

,

5.25 %

,

6/01/61

..

$

4,325,000

$

4,295,813

278,733,682

#### Hawaii

#### 1.5%
City

&

County

Honolulu

,

Wastewater

System,

Revenue,

Senior

Lien,

2024

A,

5%,

7/01/49

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

15,400,000

16,156,476

Wastewater

System,

Revenue,

Senior

Lien,

2024

A,

5.25%,

7/01/54

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

7,000,000

7,409,011

State

of

Hawaii

,

Airports

System,

Revenue,

2018

A,

5%,

7/01/43

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

20,805,000

21,181,887

Airports

System,

Revenue,

2018

A,

5%,

7/01/48

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

21,315,000

21,396,400

Airports

System,

Revenue,

2022

A,

4%,

7/01/47

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

10,000,000

8,952,665

Airports

System,

Revenue,

2022

A,

5%,

7/01/47

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

13,200,000

13,492,303

Airports

System,

Revenue,

2025

C,

Refunding,

5%,

7/01/45

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

2,390,000

2,506,568

Department

of

Budget

&

Finance,

Revenue,

2019,

Refunding,

3.2%,

7/01/39

.....

10,000,000

8,635,996

Department

of

Budget

&

Finance,

Revenue,

2019,

3.5%,

10/01/49

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

17,035,000

13,711,271

113,442,577

#### Idaho

#### 0.2%
Idaho

Health

Facilities

Authority

,

St.

Luke's

Health

System

Ltd.

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

3/01/37

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

7,750,000

8,012,668

Trinity

Health

Corp.

Obligated

Group,

Revenue,

2019

ID,

4%,

12/01/43

.........

6,000,000

5,758,032

Idaho

Housing

&

Finance

Association

,

White

Pine

Charter

School,

Inc.,

Revenue,

2023

A,

5.5%,

5/01/43

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

350,000

363,853

White

Pine

Charter

School,

Inc.,

Revenue,

2023

A,

5.75%,

5/01/48

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

525,000

544,130

White

Pine

Charter

School,

Inc.,

Revenue,

2023

A,

5.75%,

5/01/58

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

1,000,000

1,024,730

15,703,413

#### Illinois

#### 5.7%
Chicago

Board

of

Education

,

Dedicated

Capital

Improvement

Tax

,

Revenue

,

2023

,

5.75 %

,

4/01/48

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

20,000,000

20,993,770

Chicago

Midway

International

Airport

,

Revenue,

Senior

Lien

,

2023

A

,

Refunding

,

BAM

Insured

,

5.5 %

,

1/01/53

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

6,000,000

6,253,141

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien,

2016

D,

5.25%,

1/01/42

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

10,000,000

10,105,055

Revenue,

Senior

Lien,

2016

D,

5%,

1/01/47

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

6,500,000

6,530,799

Revenue,

Senior

Lien,

2017

D,

Refunding,

5%,

1/01/52

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

6,335,000

6,298,956

Revenue,

Senior

Lien,

2018

A,

Refunding,

5%,

1/01/53

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

10,000,000

9,893,381

Revenue,

Senior

Lien,

2022

A,

5%,

1/01/55

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

36,500,000

36,280,044

Revenue,

Senior

Lien,

2024

A,

5.5%,

1/01/53

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

13,115,000

13,651,994

Revenue,

Senior

Lien,

2025

E,

BAM

Insured,

5%,

1/01/60

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

6,000,000

5,978,041

Chicago

Park

District

,

GO

,

2020

C

,

BAM

Insured

,

%

,

1/01/41

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

1,400,000

1,375,840

City

of

Chicago

,

GO,

2023

A,

5.5%,

1/01/39

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

4,210,000

4,384,344

GO,

2023

A,

5.5%,

1/01/40

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

15,555,000

16,142,387

GO,

2024

A,

5%,

1/01/45

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

3,130,000

3,019,775

GO,

2024

A,

5.25%,

1/01/45

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

5,690,000

5,670,282

GO,

2025

A,

6%,

1/01/50

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

24,280,000

25,333,917

Illinois

Finance

Authority

,

Bradley

University,

Revenue,

2021

A,

Refunding,

4%,

8/01/51

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

4,650,000

3,889,760

a,h

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

A,

4%,

5/15/41

.........

1,049,554

—

a,h

Christian

Homes,

Inc.

Obligated

Group,

Revenue,

2021

B,

Refunding,

3.25%,

5/15/27

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

494,846

—

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/01/41

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

750,000

704,394

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/01/51

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

1,000,000

844,550

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Illinois
(continued)

Illinois

Finance

Authority,

(continued)

Lawndale

Educational

&

Regional

Network

Charter

School

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

11/01/56

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

$

750,000

$

618,817

Memorial

Health

System,

Revenue,

2026,

5.5%,

4/01/56

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

7,000,000

7,359,493

Moorings

of

Arlington

Heights

LLC

Obligated

Group

(The),

Revenue,

2025

A,

Refunding,

5.375%,

11/01/50

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

1,435,000

1,432,734

Moorings

of

Arlington

Heights

LLC

Obligated

Group

(The),

Revenue,

2025

A,

Refunding,

5.375%,

11/01/55

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

1,305,000

1,280,225

Illinois

Housing

Development

Authority

,

Revenue

,

2022

G

,

GNMA

Insured

,

%

,

10/01/46

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

2,780,000

2,823,102

Macon

County

School

District

No.

Decatur

,

GO,

2020

C,

Refunding,

AG

Insured,

4%,

1/01/40

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

3,700,000

3,700,860

GO,

2020

C,

Refunding,

AG

Insured,

4%,

1/01/45

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

3,125,000

3,050,325

Metropolitan

Pier

&

Exposition

Authority

,

Revenue,

1996,

ETM,

7%,

7/01/26

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

1,725,000

1,736,403

e

State

of

Illinois

McCormick

Place

Expansion

Project

Fund,

Revenue,

2002

A,

NATL

Insured,

3.93%,

12/15/37

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

10,000,000

6,384,375

State

of

Illinois

McCormick

Place

Expansion

Project

Fund,

Revenue,

2020

A,

Refunding,

5%,

6/15/50

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

8,500,000

8,497,288

State

of

Illinois

McCormick

Place

Expansion

Project

Fund,

Revenue,

2022

A,

Refunding,

4%,

6/15/52

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

36,000,000

30,916,282

e

Southwestern

Illinois

Development

Authority

,

Madison

County

Community

Unit

School

District

No.

Edwardsville,

Revenue,

2007,

AG

Insured,

3.49%,

12/01/26

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

2,465,000

2,415,348

Madison

County

Community

Unit

School

District

No.

Edwardsville,

Revenue,

2007,

AG

Insured,

ETM,

2.95%,

12/01/26

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

5,235,000

5,145,478

State

of

Illinois

,

GO,

2016,

5%,

11/01/35

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

1,000,000

1,006,727

GO,

2017

A,

5%,

12/01/36

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

6,070,000

6,201,084

GO,

2017

A,

4.25%,

12/01/40

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

3,150,000

3,109,377

GO,

2017

D,

5%,

11/01/28

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

6,425,000

6,624,742

GO,

2019

A,

5%,

11/01/28

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

10,000,000

10,510,881

GO,

2019

C,

4%,

11/01/40

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

2,500,000

2,403,370

GO,

2020,

5.75%,

5/01/45

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

7,965,000

8,406,300

GO,

2020

C,

4%,

10/01/38

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

9,750,000

9,553,146

GO,

2020

C,

4%,

10/01/39

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

4,585,000

4,451,551

GO,

2021

A,

4%,

3/01/38

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

5,000,000

4,926,898

GO,

2022

B,

5%,

10/01/30

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

14,650,000

15,863,518

GO,

2022

B,

5%

,

10/01/31

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

26,500,000

29,014,781

GO,

2022

C,

5%,

10/01/38

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

15,000,000

16,033,453

GO,

2022

C,

5.5%,

10/01/40

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

18,050,000

19,637,712

GO,

2022

C,

5.5%,

10/01/41

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

10,000,000

10,825,273

GO,

2022

C,

5.5%,

10/01/44

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

16,000,000

17,031,632

GO,

2023

B,

5.5%,

5/01/47

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

2,500,000

2,609,276

GO,

2026

C,

5.5%,

4/01/51

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

6,220,000

6,509,053

Tri-County

River

Valley

Development

Authority

,

Cedars

of

Lebanon

Affordable

LLC,

Revenue,

2021

A,

Pre-Refunded,

3.75%,

12/01/36

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

9,725,000

9,988,234

Cedars

of

Lebanon

Affordable

LLC,

Revenue,

2021

B,

Pre-Refunded,

5.75%,

12/01/36

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

770,000

789,191

d

Upper

Illinois

River

Valley

Development

Authority

,

Patriot

Services

Group

Obligated

Group

,

Revenue

,

144A,

2024

,

Refunding

,

4.5 %

,

12/01/31

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

6,885,000

6,931,256

445,138,615

#### Indiana

#### 1.8%
City

of

Carmel

,

Waterworks

,

Revenue

,

2024

C

,

Refunding

,

BAM

Insured

,

5.25 %

,

5/01/51

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

2,150,000

2,224,159

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Indiana
(continued)

City

of

Whiting

,

BP

Products

North

America,

Inc.

,

Revenue

,

2021

,

%

,

11/01/51

.....

$

10,000,000

$

7,166,681

Indiana

Finance

Authority

,

BHI

Senior

Living

Obligated

Group,

Revenue,

2016

A,

5.25%,

11/15/46

.........

11,955,000

11,976,694

BHI

Senior

Living

Obligated

Group,

Revenue,

2018

A,

5%,

11/15/53

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

15,000,000

14,391,206

BHI

Senior

Living

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/15/41

...

7,250,000

6,908,764

CHF

-

Tippecanoe

LLC,

Revenue,

2023

A,

5%,

6/01/53

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

2,300,000

2,206,734

CHF

-

Tippecanoe

LLC,

Revenue,

2023

A,

5.125%,

6/01/58

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

1,650,000

1,590,294

CHF

-

Tippecanoe

LLC,

Revenue,

2023

A,

5.375%,

6/01/64

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

6,010,000

5,964,187

Citizens

Wastewater

of

Westfield

LLC,

Revenue,

2019

A,

Refunding,

5%,

10/01/48

16,665,000

16,954,779

CWA

Authority,

Inc.,

Revenue,

First

Lien,

2012

A,

4%,

10/01/42

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

24,515,000

23,675,057

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/15/43

..

7,000,000

6,312,639

Greencroft

Goshen

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

11/15/51

..

3,000,000

2,413,092

Greencroft

Goshen

Obligated

Group,

Revenue,

2023

A,

Refunding,

4%,

11/15/37

..

5,000,000

4,834,817

Indiana

Masonic

Home,

Inc.

Obligated

Group,

Revenue,

2025

B,

5.375%,

5/01/50

.

5,400,000

5,429,867

Indiana

Masonic

Home,

Inc.

Obligated

Group,

Revenue,

2025

B,

5.5%,

5/01/54

...

5,400,000

5,450,338

Indianapolis

Power

&

Light

Co.,

Revenue,

2021

A,

Refunding,

1.4%,

8/01/29

.....

5,000,000

4,592,064

Westminster

Village

Greenwood,

Inc.

Obligated

Group,

Revenue,

2025

A,

5.75%,

5/15/55

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

7,765,000

7,945,976

Westminster

Village

Greenwood,

Inc.

Obligated

Group,

Revenue,

2025

A,

5.75%,

5/15/60

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

2,000,000

2,027,760

Indiana

Municipal

Power

Agency

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/42

.......

5,860,000

5,861,590

Indianapolis

Local

Public

Improvement

Bond

Bank

,

Revenue,

Senior

Lien

,

2023

E

,

6.125 %

,

3/01/57

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

2,750,000

2,870,050

140,796,748

#### Iowa

#### 0.6%
Iowa

Finance

Authority

,

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

5/15/36

....

1,400,000

1,400,554

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2016

A,

5%,

5/15/41

....

3,600,000

3,600,562

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2018

A,

5%,

5/15/48

....

3,225,000

3,103,695

c

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2021

B,

Refunding,

Mandatory

Put,

3.098%,

5/15/26

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

8,250,000

8,238,952

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

6.75%,

5/15/33

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

2,000,000

2,267,420

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

7.25%,

5/15/38

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

2,750,000

3,132,429

Lifespace

Communities,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

7.5%,

5/15/53

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

4,120,000

4,551,416

Iowa

Tobacco

Settlement

Authority

,

Revenue

,

2021

,

,

Refunding

,

%

,

6/01/49

..

20,730,000

18,063,467

44,358,495

#### Kansas

#### 0.3%
Wyandotte

County-Kansas

City

Unified

Government

,

Utility

System,

Revenue,

2016

C,

Refunding,

5%,

9/01/41

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

5,000,000

5,014,404

Utility

System,

Revenue,

2016

C,

Refunding,

5%,

9/01/46

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

16,565,000

16,574,797

21,589,201

#### Kentucky

#### 1.6%
City

of

Hazard

,

Appalachian

Regional

Healthcare

Obligated

Group

,

Revenue

,

2021

,

Refunding

,

%

,

7/01/46

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

2,000,000

1,483,454

City

of

Owensboro

,

Water

,

Revenue

,

2018

,

Refunding

,

BAM

Insured

,

%

,

9/15/45

...

5,000,000

4,838,473

County

of

Boyle

,

Centre

College

of

Kentucky

,

Revenue

,

2017

,

Pre-Refunded

,

%

,

6/01/37

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

2,000,000

2,021,254

County

of

Carroll

,

Kentucky

Utilities

Co.

,

Revenue

,

2008

A

,

Refunding

,

%

,

2/01/32

..

3,000,000

2,667,647

County

of

Warren

,

Bowling

Green-Warren

County

Community

Hospital

Corp.

,

Revenue

,

2012

A

,

%

,

10/01/33

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

1,000,000

1,000,649

Hopkins

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

%

,

2/01/41

.......

2,340,000

1,615,079

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Kentucky
(continued)

Kentucky

Bond

Development

Corp.

,

Revenue,

2018

A,

5%,

9/01/48

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

$

2,500,000

$

2,508,906

Centre

College

of

Kentucky,

Revenue,

2021,

4%,

6/01/51

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

1,350,000

1,111,460

Transylvania

University,

Revenue,

2019

B,

4%,

3/01/49

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

2,500,000

2,180,631

Transylvania

University,

Revenue,

2021

A,

Refunding,

4%,

3/01/46

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

735,000

653,063

Transylvania

University,

Revenue,

2021

A,

Refunding,

4%,

3/01/49

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

330,000

282,376

Kentucky

Economic

Development

Finance

Authority

,

CommonSpirit

Health

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

8/01/49

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

21,200,000

21,385,708

Kentucky

Municipal

Power

Agency

,

Revenue,

2015

A,

Refunding,

NATL

Insured,

5%,

9/01/42

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

10,000,000

10,003,908

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/35

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

7,750,000

7,779,752

Revenue,

2016

A,

Refunding,

NATL

Insured,

5%,

9/01/36

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

8,015,000

8,043,900

Revenue,

2019

A,

Refunding,

4%,

9/01/45

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

2,000,000

1,797,080

Kentucky

Public

Energy

Authority

,

c

Revenue,

2022

A-2,

Mandatory

Put,

3.632%,

8/01/30

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

5,000,000

5,010,960

Revenue,

2025

B,

5%,

12/01/33

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

23,465,000

23,941,130

Revenue,

2025

C,

Refunding,

5%,

5/01/36

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

14,830,000

15,775,917

Lewis

County

School

District

Finance

Corp.

,

Revenue

,

2021

,

%

,

2/01/41

.........

2,000,000

1,380,410

Louisville

and

Jefferson

County

,

Metropolitan

Sewer

District

,

Revenue

,

2017

A

,

%

,

5/15/48

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

2,750,000

2,559,210

Louisville/Jefferson

County

Metropolitan

Government

,

Louisville

Gas

and

Electric

Co.

,

Revenue

,

2003

A

,

Refunding

,

%

,

10/01/33

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

4,000,000

3,452,229

University

of

Kentucky

,

Revenue

,

2014

A

,

%

,

4/01/44

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

2,250,000

2,204,500

123,697,696

#### Louisiana

#### 3.2%
City

of

Shreveport

,

Water

&

Sewer,

Revenue,

2016

B,

5%,

12/01/41

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

10,000,000

10,037,125

Water

&

Sewer,

Revenue,

Junior

Lien,

2019

B,

AG

Insured,

4%,

12/01/44

........

6,535,000

6,345,118

d

Louisiana

Local

Government

Environmental

Facilities

&

Community

Development

Authority

,

City

of

New

Orleans,

Revenue,

144A,

2021,

4%,

11/01/46

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

8,500,000

7,572,566

Parish

of

Assumption,

Revenue,

144A,

2021,

3.875%,

11/01/45

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

4,255,000

3,795,700

Parish

of

Jefferson,

Revenue,

144A,

2019,

4%,

11/01/44

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

2,150,000

1,975,657

Parish

of

Lafourche,

Revenue,

144A,

2019,

3.95%,

11/01/43

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

1,867,545

1,713,858

Parish

of

St.

Bernard,

Revenue,

144A,

2021,

4%,

11/01/45

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

1,900,000

1,724,944

Parish

of

St.

Charles,

Revenue,

144A,

2022,

4.5%,

11/01/47

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

8,180,000

7,700,413

Parish

of

St.

John

the

Baptist,

Revenue,

144A,

2019,

3.9%,

11/01/44

...........

3,510,000

3,182,172

Parish

of

St.

Tammany

LA

GOMESA,

Revenue,

144A,

2020,

3.875%,

11/01/45

....

5,135,000

4,580,710

e

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2024

A-2,

Refunding,

2.28%,

12/01/44

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

59,310,000

39,019,509

Louisiana

Public

Facilities

Authority

,

Calcasieu

Bridge

Partners

LLC,

Revenue,

Senior

Lien,

2024,

5.5%,

9/01/59

......

50,725,000

51,355,644

Calcasieu

Bridge

Partners

LLC,

Revenue,

Senior

Lien,

2024,

5.75%,

9/01/64

.....

2,000,000

2,056,818

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/51

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

9,000,000

8,890,326

Louisiana

State

University

&

Agricultural

&

Mechanical

College

Auxiliary,

Revenue,

2016

A,

5%,

7/01/56

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

17,595,000

17,425,391

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

5/15/46

27,500,000

27,584,084

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2020

A,

Refunding,

AG

Insured,

3%,

5/15/47

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

9,925,000

7,526,340

Ochsner

Clinic

Foundation

Obligated

Group,

Revenue,

2025

A,

Refunding,

5.25%,

5/15/55

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

17,500,000

18,149,549

d

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.375%,

1/01/40

2,500,000

2,039,247

d

Provident

Group

-

HSC

Properties,

Inc.,

Revenue,

144A,

2020

A-1,

5.5%,

1/01/50

.

14,000,000

10,717,013

South

Quad

L3C,

Revenue,

2025,

AG

Insured,

5.25%,

7/01/65

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

5,000,000

5,190,408

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Louisiana
(continued)

New

Orleans

Aviation

Board

,

Louis

Armstrong

New

Orleans

International

Airport

,

Revenue

,

2017

B

,

%

,

1/01/48

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

$

9,675,000

$

9,637,502

Parish

of

East

Baton

Rouge

Capital

Improvements

District

,

MovEBR

Sales

Tax

,

Revenue

,

2019

,

%

,

8/01/44

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

2,000,000

1,973,415

250,193,509

#### Maine

#### 0.0%

#### †
Finance

Authority

of

Maine

,

University

of

New

England

,

Revenue

,

2025

,

5.5 %

,

7/01/55

2,500,000

2,635,646

#### Maryland

#### 1.6%
Maryland

Economic

Development

Corp.

,

Morgan

State

University

Student

Housing,

Revenue,

2020,

5%,

7/01/56

.........

1,415,000

1,392,754

Morgan

View

&

Thurgood

Marshall

Student

Housing,

Revenue,

2020,

4.25%,

7/01/50

1,000,000

890,675

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

A,

5%,

11/12/28

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

10,000,000

10,030,092

Purple

Line

Transit

Partners

LLC,

Revenue,

2022

B,

5.25%,

6/30/52

...........

10,000,000

10,015,274

University

of

Maryland

Leonardtown

Project,

Revenue,

2024,

AG

Insured,

5%,

7/01/54

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

10,000,000

10,100,753

Maryland

Health

&

Higher

Educational

Facilities

Authority

,

Adventist

Healthcare

Obligated

Group,

Revenue,

2016

A,

5.5%,

1/01/46

.........

12,500,000

12,577,239

Adventist

Healthcare

Obligated

Group,

Revenue,

2021

B,

4%,

1/01/51

..........

23,000,000

19,283,078

Loyola

University

Maryland,

Inc.,

Revenue,

2025,

Refunding,

5%,

10/01/54

......

28,325,000

28,669,441

MedStar

Health

Obligated

Group,

Revenue,

2017

A,

5%,

5/15/45

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

15,465,000

15,583,955

Maryland

Stadium

Authority

,

State

of

Maryland

Built

to

Learn

,

Revenue

,

2024

,

%

,

6/01/49

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

11,750,000

10,718,210

Town

of

Chestertown

,

Washington

College,

Revenue,

2021

A,

Refunding,

5%,

3/01/33

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

3,205,000

3,253,993

Washington

College,

Revenue,

2021

A,

Refunding,

4%,

3/01/35

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

3,455,000

3,228,202

125,743,666

#### Massachusetts

#### 1.4%
Commonwealth

of

Massachusetts

,

GO,

2016

G,

4%,

9/01/42

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

10,000,000

9,819,741

GO,

2018

E,

5.25%,

9/01/43

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

10,000,000

10,371,336

Transportation

Fund,

Revenue,

2017

A,

5%,

6/01/47

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

14,055,000

14,225,553

Transportation

Fund,

Revenue,

2018

A,

5%,

6/01/48

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

2,750,000

2,801,100

Massachusetts

Bay

Transportation

Authority

,

Sales

Tax

,

Revenue

,

2005

A

,

%

,

7/01/28

10,000,000

10,551,183

Massachusetts

Development

Finance

Agency

,

Mass

General

Brigham,

Inc.,

Revenue,

2017

S-1,

Refunding,

4%,

7/01/41

.......

15,415,000

15,079,648

Springfield

College,

Revenue,

2021

A,

4%,

6/01/56

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

3,000,000

2,227,991

Massachusetts

Educational

Financing

Authority

,

Revenue,

2021

C,

3%,

7/01/51

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

3,200,000

2,136,596

Revenue,

2025

B,

5.5%,

7/01/55

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

6,000,000

6,061,385

Revenue,

Sub.

Lien,

2017

B,

Refunding,

4.25%,

7/01/46

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

1,835,000

1,650,953

Massachusetts

Port

Authority

,

Revenue

,

2021

E

,

%

,

7/01/51

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

24,870,000

25,109,578

University

of

Massachusetts

Building

Authority

,

Revenue,

Senior

Lien

,

2014-1

,

%

,

11/01/39

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

8,185,000

8,196,918

108,231,982

#### Michigan

#### 0.9%
City

of

Detroit

,

Great

Lakes

Water

Authority

Sewage

Disposal

System,

Revenue,

Second

Lien,

2006

B,

NATL

Insured,

5%,

7/01/36

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

10,000

10,019

Great

Lakes

Water

Authority

Water

Supply

System,

Revenue,

Senior

Lien,

2003

A,

NATL

Insured,

5%,

7/01/34

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

10,000

10,020

Michigan

Finance

Authority

,

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/36

...

1,000,000

1,009,482

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/37

...

2,000,000

2,011,081

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Michigan
(continued)

Michigan

Finance

Authority,

(continued)

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/38

...

$

1,500,000

$

1,505,556

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/39

...

250,000

248,719

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/40

...

2,250,000

2,215,145

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

A,

1,

Refunding,

4%,

6/01/49

...

4,000,000

3,440,978

Tobacco

Settlement,

Revenue,

Senior

Lien,

2020

B-1,

2,

Refunding,

5%,

6/01/49

..

825,000

826,973

Michigan

State

Housing

Development

Authority

,

Revenue,

2023

B,

Refunding,

5%,

6/01/54

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

3,500,000

3,549,029

Revenue,

2025

C,

5%,

6/01/46

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

7,950,000

8,131,988

Revenue,

2025

C,

5.05%,

6/01/51

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

10,000,000

10,132,342

Michigan

Strategic

Fund

,

State

of

Michigan

Department

of

Transportation,

Revenue,

2018,

5%,

6/30/48

....

13,345,000

13,222,241

United

Methodist

Retirement

Communities,

Inc.

Obligated

Group,

Revenue,

2019,

Refunding,

5%,

11/15/49

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

7,000,000

6,605,522

Pontiac

School

District

,

GO

,

2020

,

%

,

5/01/50

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

8,665,000

7,882,648

g

Southfield

Public

Schools

,

GO

,

2026

,

%

,

5/01/56

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

2,350,000

2,410,550

Wayne

County

Airport

Authority

,

Detroit

Metropolitan

Wayne

County

Airport

,

Revenue

,

2023

B

,

AG

Insured

,

5.5 %

,

12/01/48

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

5,000,000

5,285,450

68,497,743

#### Mississippi

#### 1.1%
Medical

Center

Educational

Building

Corp.

,

Mississippi

State

Institutions

of

Higher

Learning

,

Revenue

,

2023

A

,

%

,

6/01/53

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

6,000,000

5,512,337

Mississippi

Business

Finance

Corp.

,

System

Energy

Resources,

Inc.

,

Revenue

,

2021

,

Refunding

,

2.375 %

,

6/01/44

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

7,000,000

4,650,032

Mississippi

Development

Bank

,

City

of

Jackson

Water

&

Sewer

System,

Revenue,

2013,

AG

Insured,

6.875%,

12/01/40

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

3,400,000

3,457,623

d

County

of

Jackson,

Revenue,

144A,

2021,

3.625%,

11/01/36

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

2,310,000

2,211,703

d

Mississippi

Home

Corp.

,

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2024

A-1,

Refunding,

4.5%,

12/01/31

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

7,595,000

7,646,026

e

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2024-2

A-2,

Refunding,

2.34%,

12/01/44

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

51,565,000

33,924,144

Mississippi

Hospital

Equipment

&

Facilities

Authority

,

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2016

A,

5%,

9/01/36

...

6,350,000

6,367,898

Baptist

Memorial

Health

Care

Obligated

Group,

Revenue,

2016

A,

5%,

9/01/46

...

20,000,000

19,902,614

83,672,377

#### Missouri

#### 0.8%
Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

BJC

Healthcare

Obligated

Group,

Revenue,

2015

A,

4%,

1/01/45

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

20,005,000

18,954,886

Lutheran

Senior

Services

Obligated

Group,

Revenue,

2016

B,

Refunding,

5%,

2/01/46

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

4,000,000

3,999,996

Mercy

Health,

Revenue,

2023,

5%,

12/01/52

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

5,000,000

5,143,634

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

AG

Insured

,

%

,

3/01/49

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

20,000,000

20,154,804

Missouri

Housing

Development

Commission

,

Revenue

,

2025

D

,

GNMA

Insured

,

5.05 %

,

11/01/45

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

5,000,000

5,168,625

St.

Louis

Municipal

Finance

Corp.

,

City

of

St.

Louis

,

Revenue

,

2020

,

AG

Insured

,

%

,

10/01/45

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

5,000,000

5,138,695

58,560,640

#### Montana

#### 0.1%
Montana

Facility

Finance

Authority

,

Kalispell

Regional

Medical

Center

Obligated

Group

,

Revenue

,

2018

B

,

Refunding

,

%

,

7/01/43

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

6,440,000

6,565,905

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Nebraska

#### 0.4%
c

Central

Plains

Energy

Project

,

Revenue

,

2022-1

,

Mandatory

Put

,

%

,

10/01/29

.....

$

10,000,000

$

10,467,255

Gretna

Public

Schools

,

GO

,

2022

,

%

,

12/15/47

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

12,935,000

12,120,377

Public

Power

Generation

Agency

,

Revenue

,

2016

A

,

Refunding

,

%

,

1/01/39

.......

7,340,000

7,357,287

29,944,919

#### Nevada

#### 0.1%
Carson

City

,

Carson

Tahoe

Regional

Healthcare

Obligated

Group

,

Revenue

,

2017

,

Refunding

,

%

,

9/01/47

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

2,775,000

2,762,238

City

of

Las

Vegas

,

Special

Improvement

District

No.

819

,

Special

Assessment

,

2025

,

5.5 %

,

6/01/55

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

850,000

865,733

Reno-Tahoe

Airport

Authority

,

Revenue

,

2024

A

,

5.25 %

,

7/01/54

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

1,860,000

1,895,978

5,523,949

#### New

#### Hampshire

#### 0.5%
New

Hampshire

Business

Finance

Authority

,

Adventist

Health

System/West

Obligated

Group,

Revenue,

2024

C,

5.25%,

7/01/54

21,315,000

20,889,508

Greater

Raleigh

Area

Christian

Education,

Inc.,

Revenue,

2025,

6%,

8/01/65

.....

10,000,000

9,995,562

f

National

Finance

Authority,

Revenue,

FRN,

2024-3,

A,

3.776%,

10/20/41

........

4,943,235

4,830,372

Presbyterian

Homes

Obligated

Group,

Revenue,

2023

A,

5.25%,

7/01/48

........

2,250,000

2,276,230

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Elliot

Hospital

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

10/01/38

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

4,000,000

4,016,753

42,008,425

#### New

#### Jersey

#### 2.9%
Camden

County

Improvement

Authority

(The)

,

KIPP

Cooper

Norcross

Obligated

Group

,

Revenue

,

2022

,

%

,

6/15/62

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

5,075,000

5,207,684

City

of

Newark

,

Mass

Transit

Access

Tax

,

Revenue

,

2022

,

AG

Insured

,

%

,

11/15/62

.

4,000,000

4,392,974

New

Jersey

Economic

Development

Authority

,

State

of

New

Jersey,

Revenue,

2020

A,

5%,

11/01/44

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

10,000,000

10,299,195

State

of

New

Jersey,

Revenue,

2022

A,

5%,

11/01/52

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

10,000,000

10,247,844

New

Jersey

Educational

Facilities

Authority

,

State

of

New

Jersey

,

Revenue

,

2016

B

,

%

,

9/01/36

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

14,000,000

14,071,694

New

Jersey

Higher

Education

Student

Assistance

Authority

,

Revenue,

2021

C,

Refunding,

3.25%,

12/01/51

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

2,000,000

1,405,031

Revenue,

2025

1-C,

Refunding,

5.5%,

12/01/55

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

5,500,000

5,561,951

Revenue,

Senior

Lien,

2018

A,

4%,

12/01/33

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

410,000

409,954

Revenue,

Senior

Lien,

2020

B,

3.5%,

12/01/39

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

3,890,000

3,793,541

Revenue,

Senior

Lien,

2023

B,

4%,

12/01/44

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

6,880,000

6,655,299

New

Jersey

Transportation

Trust

Fund

Authority

,

e

State

of

New

Jersey,

Revenue,

2009

A,

BAM

Insured,

3.87%,

12/15/39

.........

25,000,000

14,908,570

State

of

New

Jersey,

Revenue,

2015

AA,

5%,

6/15/45

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

15,000,000

15,007,597

State

of

New

Jersey,

Revenue,

2018

A,

Refunding,

5%,

12/15/36

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

7,000,000

7,299,256

State

of

New

Jersey,

Revenue,

2019

AA,

5.25%,

6/15/43

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

5,000,000

5,187,031

State

of

New

Jersey,

Revenue,

2020

AA,

5%,

6/15/35

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

3,000,000

3,233,814

State

of

New

Jersey,

Revenue,

2020

AA,

5%,

6/15/37

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

5,220,000

5,584,088

State

of

New

Jersey,

Revenue,

2020

AA,

5%,

6/15/38

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

1,000,000

1,066,117

State

of

New

Jersey,

Revenue,

2020

AA,

5%,

6/15/39

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

4,240,000

4,504,303

State

of

New

Jersey,

Revenue,

2020

AA,

5%,

6/15/40

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

2,500,000

2,646,936

State

of

New

Jersey,

Revenue,

2020

AA,

5%,

6/15/45

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

12,000,000

12,450,743

State

of

New

Jersey,

Revenue,

2020

AA,

4%,

6/15/50

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

39,000,000

35,652,704

State

of

New

Jersey,

Revenue,

2021

A,

Refunding,

5%,

6/15/31

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

7,250,000

8,002,684

State

of

New

Jersey,

Revenue,

2021

A,

Refunding,

5%,

6/15/33

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

1,250,000

1,368,826

State

of

New

Jersey,

Revenue,

2022

BB,

4%,

6/15/46

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

17,000,000

16,048,452

State

of

New

Jersey,

Revenue,

2022

CC,

Pre-Refunded,

5.5%,

6/15/50

.........

2,000,000

2,342,314

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### Jersey
(continued)

Tobacco

Settlement

Financing

Corp.

,

Revenue,

Sub.

Lien

,

2018

B

,

Refunding

,

%

,

6/01/46

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

$

28,480,000

$

27,735,940

225,084,542

#### 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

19,024,271

New

Mexico

Hospital

Equipment

Loan

Council

,

Presbyterian

Healthcare

Services

Obligated

Group,

Revenue,

2017

A,

Refunding,

5%,

8/01/46

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

15,000,000

15,106,118

San

Juan

Regional

Medical

Center,

Inc.,

Revenue,

2020,

Refunding,

4%,

6/01/35

.

1,000,000

980,711

35,111,100

#### New

#### York

#### 7.8%
Buffalo

&

Erie

County

Industrial

Land

Development

Corp.

,

D'Youville

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

11/01/40

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

2,200,000

1,922,376

City

of

New

York

,

GO,

2018

E-1,

5%,

3/01/41

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

11,355,000

11,609,848

GO,

2022

D-1,

5.5%,

5/01/46

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

2,500,000

2,664,250

GO,

2023

A-1,

4%,

9/01/46

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

6,000,000

5,642,438

GO,

2025

G-1,

5.25%,

2/01/53

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

4,250,000

4,445,183

Empire

State

Development

Corp.

,

State

of

New

York

Personal

Income

Tax

,

Revenue

,

2020

A

,

%

,

3/15/45

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

36,905,000

35,500,613

Genesee

County

Funding

Corp.

(The)

,

Monroe

Sustainable

Energy

Partners

LLC

,

Revenue

,

2025

A

,

5.5 %

,

12/01/55

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

3,500,000

3,607,733

Metropolitan

Transportation

Authority

,

Revenue,

2016

A-1,

5.25%,

11/15/56

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

15,000,000

15,014,853

Revenue,

2016

D,

Refunding,

5%,

11/15/31

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

1,180,000

1,191,699

Revenue,

2019

A-2,

5%,

11/15/45

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

46,270,000

47,108,991

Revenue,

2020

A-1,

4%,

11/15/45

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

10,000,000

9,274,362

Revenue,

2020

A-1,

5%,

11/15/47

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

24,300,000

24,651,818

Revenue,

2020

D,

5%,

11/15/44

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

35,000,000

36,089,281

Revenue,

2020

D,

4%,

11/15/50

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

20,000,000

17,593,176

Revenue,

2020

E,

Refunding,

4%,

11/15/45

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

905,000

839,750

Revenue,

2021

A-1,

4%,

11/15/44

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

6,725,000

6,315,408

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

2017

,

Refunding

,

%

,

6/15/46

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

22,500,000

22,562,008

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured,

Revenue,

2018

C-3,

4%,

5/01/43

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

19,800,000

19,100,280

Future

Tax

Secured,

Revenue,

2026

A-1,

5%,

5/01/42

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

12,025,000

13,244,607

Future

Tax

Secured,

Revenue,

Sub.

Lien,

2020

B-1,

4%,

11/01/47

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

10,000,000

9,208,014

Future

Tax

Secured,

Revenue,

Sub.

Lien,

2024

F-1,

5.25%,

2/01/53

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

10,000,000

10,425,924

New

York

Liberty

Development

Corp.

,

Revenue,

2021

A,

Refunding,

3%,

11/15/51

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

10,000,000

7,325,373

Goldman

Sachs

Headquarters

LLC,

Revenue,

2005,

Refunding,

5.25%,

10/01/35

..

40,000,000

45,811,496

Goldman

Sachs

Headquarters

LLC,

Revenue,

2007,

5.5%,

10/01/37

...........

24,995,000

29,403,586

New

York

State

Dormitory

Authority

,

State

of

New

York

Personal

Income

Tax,

Revenue,

2020

A,

Refunding,

4%,

3/15/48

5,000,000

4,591,512

State

of

New

York

Sales

Tax,

Revenue,

2018

A,

5%,

3/15/39

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

13,270,000

13,695,932

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/44

........

16,000,000

16,483,808

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Refunding,

5%,

3/15/45

........

60,365,000

62,053,210

State

of

New

York

Sales

Tax,

Revenue,

2018

E,

Pre-Refunded,

5%,

3/15/46

......

5,000

5,282

New

York

State

Thruway

Authority

,

Revenue,

2019

B,

4%,

1/01/50

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

20,000,000

17,608,126

State

of

New

York

Personal

Income

Tax,

Revenue,

2022

A,

Refunding,

4%,

3/15/44

7,000,000

6,785,781

State

of

New

York

Personal

Income

Tax,

Revenue,

2022

A,

Refunding,

4%,

3/15/51

12,115,000

11,173,250

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### New

#### York
(continued)

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.,

Revenue,

2018,

5%,

1/01/32

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

$

5,000,000

$

5,118,822

Delta

Air

Lines,

Inc.,

Revenue,

2018,

5%,

1/01/36

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

5,560,000

5,650,652

Delta

Air

Lines,

Inc.,

Revenue,

2020,

5%,

10/01/40

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

9,360,000

9,609,313

Delta

Air

Lines,

Inc.,

Revenue,

2023,

5.625%,

4/01/40

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

5,000,000

5,297,138

JFK

Millennium

Partners

LLC,

Revenue,

2024

A,

Refunding,

AG

Insured,

5.25%,

12/31/54

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

12,500,000

12,657,026

JFK

NTO

LLC,

Revenue,

2023,

AG

Insured,

5.125%,

6/30/60

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

2,000,000

2,010,012

JFK

NTO

LLC,

Revenue,

2023,

5.375%,

6/30/60

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

10,390,000

10,297,275

JFK

NTO

LLC,

Revenue,

2024,

AG

Insured,

5%,

6/30/54

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

13,500,000

13,422,310

JFK

NTO

LLC,

Revenue,

2024,

5.5%,

6/30/60

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

4,350,000

4,379,775

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

,

%

,

11/01/47

...........

13,500,000

12,282,111

Triborough

Bridge

&

Tunnel

Authority

,

Revenue

,

2022

A

,

%

,

11/15/52

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

10,000,000

8,942,802

602,617,204

#### North

#### Carolina

#### 0.6%
Greater

Asheville

Regional

Airport

Authority

,

Revenue

,

2022

A

,

AG

Insured

,

5.5 %

,

7/01/52

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

5,000,000

5,179,360

North

Carolina

Medical

Care

Commission

,

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/50

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

2,200,000

2,146,328

e

North

Carolina

Turnpike

Authority

,

Revenue,

2009

B,

AG

Insured,

3.47%,

1/01/33

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

25,000,000

19,916,228

Revenue,

2009

B,

AG

Insured,

3.54%,

1/01/34

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

15,000,000

11,483,673

Revenue,

2009

B,

AG

Insured,

3.63%,

1/01/35

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

15,215,000

11,168,292

49,893,881

#### North

#### Dakota

#### 0.6%
City

of

Grand

Forks

,

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/38

..

2,300,000

2,185,083

Altru

Health

System

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

12/01/41

..

2,000,000

1,815,304

Altru

Health

System

Obligated

Group,

Revenue,

2023

A,

AG

Insured,

5%,

12/01/53

2,440,000

2,470,166

North

Dakota

Housing

Finance

Agency

,

Revenue

,

2025

A

,

%

,

7/01/50

...........

5,500,000

5,584,527

State

Board

of

Higher

Education

of

the

State

of

North

Dakota

,

Revenue,

2019

A,

AG

Insured,

4%,

4/01/44

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

10,000,000

9,602,172

Revenue,

2019

A,

AG

Insured,

4%,

4/01/50

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

9,620,000

8,442,530

University

of

North

Dakota

,

COP,

2018

A,

5%,

4/01/48

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

5,500,000

5,571,639

COP,

2018

A,

5%,

4/01/57

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

10,000,000

10,079,090

45,750,511

#### Ohio

#### 1.6%
Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

6/01/48

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

4,505,000

3,917,440

Cleveland-Cuyahoga

County

Port

Authority

,

County

of

Cuyahoga

,

Revenue

,

2013

,

%

,

7/01/37

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

6,000,000

6,796,036

Columbus

Regional

Airport

Authority

,

Revenue

,

2025

A

,

Refunding

,

5.5 %

,

1/01/55

...

17,835,000

18,698,154

County

of

Franklin

,

Ohio

Living

Obligated

Group,

Revenue,

2022,

4%,

7/01/40

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

10,405,000

9,767,029

Ohio

Living

Obligated

Group,

Revenue,

2022,

Pre-Refunded,

4%,

7/01/40

.......

5,000

5,283

County

of

Hamilton

,

Life

Enriching

Communities

Obligated

Group,

Revenue,

2023

A,

5.75%,

1/01/53

...

4,530,000

4,674,051

UC

Health

Obligated

Group,

Revenue,

2020,

5%,

9/15/50

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

7,500,000

7,246,559

Ohio

Higher

Educational

Facility

Commission

,

Case

Western

Reserve

University,

Revenue,

2021

A,

Refunding,

4%,

12/01/44

....

6,815,000

6,646,255

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/42

...........

1,350,000

1,360,015

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/45

...........

1,185,000

1,170,598

Judson

Obligated

Group,

Revenue,

2020

A,

Refunding,

5%,

12/01/50

...........

2,530,000

2,380,033

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Ohio
(continued)

Ohio

Turnpike

&

Infrastructure

Commission

,

Revenue,

Junior

Lien

,

2013

,

5.75 %

,

2/15/35

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

$

35,000,000

$

39,243,435

State

of

Ohio

,

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2019

B,

4%,

1/01/46

..

9,445,000

8,909,027

Cleveland

Clinic

Health

System

Obligated

Group,

Revenue,

2019

B,

Pre-Refunded,

4%,

1/01/46

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

555,000

574,072

Premier

Health

Partners

Obligated

Group,

Revenue,

2020,

Refunding,

4%,

11/15/38

640,000

615,428

Summit

County

Development

Finance

Authority

,

UAkronPark

,

Inc.

,

Revenue

,

2023

,

%

,

12/01/58

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

9,665,000

10,273,190

West

Central

Ohio

Port

Authority

,

Global

Impact

STEM

Academy

,

Revenue

,

2025

A

,

5.5 %

,

12/01/62

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

3,500,000

3,487,656

125,764,261

#### Oklahoma

#### 0.1%
Oklahoma

Turnpike

Authority

,

Revenue

,

2023

,

5.5 %

,

1/01/53

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

6,000,000

6,334,107

Oklahoma

Water

Resources

Board

,

Revenue

,

2023

B

,

%

,

10/01/48

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

4,000,000

3,798,990

10,133,097

#### Oregon

#### 0.8%
County

of

Yamhill

,

Linfield

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/50

...

12,210,000

11,184,972

Multnomah

County

School

District

No.

1J

Portland

,

GO

,

2026

,

%

,

6/15/51

........

10,000,000

10,488,812

Port

of

Portland

,

Airport,

Revenue,

B,

5%,

7/01/44

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

2,450,000

2,498,775

Airport,

Revenue,

A,

5%,

7/01/38

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

10,000,000

10,488,520

Airport,

Revenue,

A,

5%,

7/01/45

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

10,000,000

10,241,479

Airport,

Revenue,

29,

5.5%,

7/01/48

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

18,500,000

19,564,425

64,466,983

#### Pennsylvania

#### 1.5%
Allentown

Commercial

and

Industrial

Development

Authority

,

d

Executive

Education

Academy

Charter

School,

Revenue,

144A,

2024,

Refunding,

5%,

7/01/59

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

5,000,000

4,513,498

Lincoln

Leadership

Academy

Charter

School,

Revenue,

2023,

6%,

6/15/53

.......

1,600,000

1,631,394

Cumberland

County

Municipal

Authority

,

Messiah

Village

Obligated

Group

,

Revenue

,

2026

A

,

Refunding

,

5.5 %

,

6/01/56

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

4,000,000

4,032,995

d

Erie

County

Industrial

Development

Authority

,

CFC

-

Erie

I

LLC

,

Revenue

,

144A,

2024

A

,

6.75 %

,

9/01/61

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

10,000,000

9,850,284

Lancaster

Industrial

Development

Authority

,

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/31

........

305,000

307,003

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/37

........

345,000

340,604

Landis

Homes

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

7/01/56

........

3,300,000

2,606,572

Lehigh

County

General

Purpose

Authority

,

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/52

....

13,785,000

11,102,129

Lehigh

Valley

Academy

Regional

Charter

School,

Revenue,

2022,

4%,

6/01/57

....

5,000,000

3,918,235

Montgomery

County

Industrial

Development

Authority

,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

4%,

11/15/43

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

600,000

570,395

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Revenue,

2020

C,

5%,

11/15/45

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

1,000,000

1,010,343

Meadowood

Corp.

Obligated

Group

(The),

Revenue,

2018

A,

Refunding,

5%,

12/01/48

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

9,000,000

8,982,031

Pennsylvania

Economic

Development

Financing

Authority

,

Commonwealth

of

Pennsylvania

Motor

License

Fund,

Revenue,

2022,

5.25%,

6/30/53

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

4,000,000

4,016,902

Commonwealth

of

Pennsylvania

Motor

License

Fund,

Revenue,

2022,

6%,

6/30/61

5,020,000

5,294,679

Presbyterian

Homes

Obligated

Group,

Revenue,

2023

B-1,

5.25%,

7/01/49

......

1,000,000

1,008,828

UPMC

Obligated

Group,

Revenue,

2022

A,

Refunding,

4%,

2/15/40

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

5,240,000

5,053,613

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Pennsylvania
(continued)

Pennsylvania

Economic

Development

Financing

Authority,

(continued)

UPMC

Obligated

Group,

Revenue,

2026

A,

Refunding,

5%,

12/15/56

...........

$

12,000,000

$

12,139,856

Pennsylvania

Housing

Finance

Agency

,

Revenue,

2022-139

A,

Refunding,

4%,

10/01/37

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

9,100,000

9,123,474

Revenue,

2023-143

A,

5.45%,

4/01/51

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

10,000,000

10,341,002

Revenue,

2025-149

A,

Refunding,

5.2%,

4/01/53

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

2,815,000

2,875,326

Pennsylvania

Turnpike

Commission

,

Revenue,

2020

B,

5%,

12/01/50

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

8,000,000

8,233,871

Revenue,

2023

A,

Refunding,

5%,

12/01/53

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

7,585,000

7,879,560

114,832,594

#### Rhode

#### Island

#### 0.1%
Rhode

Island

Health

and

Educational

Building

Corp.

,

PRG

-

RI

Properties

LLC

,

Revenue

,

2025

A

,

AG

Insured

,

%

,

7/01/55

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

2,375,000

2,380,119

Rhode

Island

Housing

&

Mortgage

Finance

Corp.

,

Revenue

,

A

,

6.5 %

,

4/01/27

...

90,000

90,212

Rhode

Island

Student

Loan

Authority

,

Revenue,

Senior

Lien,

2024

A,

4.125%,

12/01/43

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

2,120,000

2,036,046

Revenue,

Senior

Lien,

2025

A,

5%,

12/01/44

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

5,060,000

5,048,513

9,554,890

#### South

#### Carolina

#### 1.1%
County

of

Greenwood

,

Self

Regional

Healthcare

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/37

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

8,465,000

8,468,700

d

County

of

Richland

,

Village

at

Sandhill

Improvement

District

,

Special

Assessment

,

144A,

2021

,

Refunding

,

3.75 %

,

11/01/36

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

1,265,000

1,080,328

c

Patriots

Energy

Group

Financing

Agency

,

Revenue

,

2023

,

Mandatory

Put

,

5.25 %

,

8/01/31

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

10,000,000

10,727,039

South

Carolina

Jobs-Economic

Development

Authority

,

d

FAH

Pelham

LLC,

Revenue,

144A,

2023

A-1,

I,

6.5%,

2/01/56

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

24,865,000

25,187,619

d

FAH

Pelham

LLC,

Revenue,

144A,

2023

A-2,

I,

10%,

8/01/39

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

770,000

756,175

Prisma

Health

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

5/01/48

......

15,000,000

15,096,561

South

Carolina

Ports

Authority

,

Revenue,

2018,

5%,

7/01/48

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

10,000,000

10,025,953

Revenue,

2018,

5%,

7/01/55

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

10,400,000

10,289,796

South

Carolina

Public

Service

Authority

,

Revenue

,

2025

A

,

%

,

12/01/55

..........

5,000,000

5,091,335

86,723,506

#### South

#### Dakota

#### 0.5%
South

Dakota

Health

&

Educational

Facilities

Authority

,

Avera

Health

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

7/01/42

.........

10,000,000

9,624,423

Avera

Health

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

7/01/46

.........

15,000,000

15,071,973

Monument

Health

Obligated

Group,

Revenue,

2017,

4%,

9/01/37

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

10,920,000

10,754,763

35,451,159

#### Tennessee

#### 3.8%
Chattanooga

Health

Educational

&

Housing

Facility

Board

,

CDFI

Phase

I

LLC

,

Revenue

,

2015

,

Refunding

,

%

,

10/01/35

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

1,000,000

1,000,218

City

of

Jackson

,

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2015,

5%,

4/01/36

......

3,885,000

3,887,005

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2015,

4%,

4/01/41

......

25,075,000

23,116,111

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2018

A,

5%,

4/01/41

....

2,255,000

2,295,266

West

Tennessee

Healthcare

Obligated

Group,

Revenue,

2018

A,

Pre-Refunded,

5%,

4/01/41

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

115,000

121,285

City

of

Knoxville

,

Wastewater

System

,

Revenue

,

2015

A

,

Refunding

,

%

,

4/01/42

...

5,000,000

4,980,792

City

of

Memphis

,

Memphis

Light

Gas

&

Water

Division

Electric

System,

Revenue,

2020

A,

3%,

12/01/42

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

2,470,000

2,112,307

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Tennessee
(continued)

City

of

Memphis,

(continued)

Memphis

Light

Gas

&

Water

Division

Gas,

Revenue,

2020,

3%,

12/01/42

........

$

1,000,000

$

855,185

City

of

Portland

,

Water

&

Sewer

,

Revenue

,

2020

,

AG

Insured

,

%

,

4/01/45

........

1,775,000

1,383,195

County

of

Wilson

,

GO

,

2017

A

,

%

,

4/01/42

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

5,000,000

4,980,792

Johnson

City

Health

&

Educational

Facilities

Board

,

Ballad

Health

Obligated

Group

,

Revenue

,

1998

,

NATL

Insured

,

ETM,

5.25 %

,

7/01/28

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

8,500,000

8,769,448

Knox

County

Health

Educational

&

Housing

Facility

Board

,

Covenant

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/01/42

....

18,000,000

18,127,017

Covenant

Health

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

1/01/47

....

22,815,000

22,890,958

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5.5%,

7/01/54

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

2,900,000

3,048,941

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5.5%,

7/01/59

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

4,750,000

4,957,413

Provident

Group

-

UTK

Properties

LLC,

Revenue,

2024

A-1,

BAM

Insured,

5%,

7/01/64

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

3,735,000

3,749,876

University

Health

System

Obligated

Group,

Revenue,

2016,

Refunding,

5%,

9/01/47

3,000,000

2,983,238

University

Health

System

Obligated

Group,

Revenue,

2017,

Refunding,

5%,

4/01/36

2,250,000

2,263,309

Madison

Suburban

Utility

District

,

Revenue

,

2021

,

%

,

2/01/45

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

1,000,000

764,390

Memphis-Shelby

County

Airport

Authority

,

Revenue

,

2021

A

,

%

,

7/01/45

.........

12,235,000

12,520,066

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board

,

Blakeford

at

Green

Hills

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/45

.......

3,500,000

3,091,758

Blakeford

at

Green

Hills

Obligated

Group,

Revenue,

2020

A,

4%,

11/01/55

.......

9,015,000

7,100,952

Trevecca

Nazarene

University,

Revenue,

2021

B,

4%,

10/01/51

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

8,890,000

6,917,550

Vanderbilt

University

Medical

Center

Obligated

Group,

Revenue,

2016

A,

5%,

7/01/46

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

5,000,000

5,018,407

Metropolitan

Nashville

Airport

Authority

(The)

,

Revenue,

2019

B,

5%,

7/01/44

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

20,000,000

20,498,126

Revenue,

2019

B,

4%,

7/01/49

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

3,000,000

2,646,333

Revenue,

2019

B,

5%,

7/01/49

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

17,475,000

17,642,152

Revenue,

2019

B,

5%,

7/01/54

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

11,495,000

11,533,638

Revenue,

2022

B,

5.25%,

7/01/47

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

10,000,000

10,348,966

Revenue,

2022

B,

5.5%,

7/01/52

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

2,500,000

2,603,205

Shelby

County

Health

Educational

&

Housing

Facilities

Board

,

Methodist

Le

Bonheur

Healthcare

Obligated

Group

,

Revenue

,

2017

A

,

%

,

5/01/36

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

4,000,000

4,039,260

South

Blount

County

Utility

District

,

Revenue

,

2019

,

Refunding

,

%

,

12/01/39

......

2,015,000

1,775,976

c

Tennergy

Corp.

,

Revenue

,

2022

A

,

Mandatory

Put

,

5.5 %

,

12/01/30

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

55,000,000

58,471,858

Tennessee

Housing

Development

Agency

,

Revenue,

2013-1

C,

4%,

7/01/43

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

590,000

576,301

Revenue,

2017-3,

3.65%,

7/01/47

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

610,000

559,748

Revenue,

2018-2,

Refunding,

3.85%,

7/01/42

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

1,005,000

977,221

Revenue,

2018-4,

Refunding,

4%,

7/01/43

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

5,745,000

5,611,610

Revenue,

2023-3

A,

5.4%,

7/01/53

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

6,000,000

6,149,410

Revenue,

2025-2A,

Refunding,

5.1%,

7/01/45

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

1,250,000

1,293,154

g

West

Wilson

Utility

District

of

Wilson

County

Tennessee

,

Revenue

,

2026

,

Refunding

,

4.5 %

,

6/01/56

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

2,000,000

1,922,774

Williamson

County

HB

&

TS

Utility

District

,

Revenue

,

2020

,

Refunding

,

%

,

9/01/44

.

1,200,000

961,550

294,546,761

#### Texas

#### 10.1%
Abilene

Convention

Center

Hotel

Development

Corp.

,

City

of

Abilene

Abilene

Convention

Center

,

Revenue,

First

Lien

,

2021

A

,

%

,

10/01/50

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

5,510,000

4,354,599

Aldine

Independent

School

District

,

GO

,

2017

A

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/42

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

2,445,000

2,470,036

Arlington

Higher

Education

Finance

Corp.

,

Harmony

Public

Schools,

Revenue,

2024,

PSF

Guaranty,

4%,

2/15/54

..........

5,000,000

4,412,494

Riverwalk

Education

Foundation,

Inc.,

Revenue,

2025,

PSF

Guaranty,

4.5%,

8/15/55

5,500,000

5,435,013

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Arlington

Higher

Education

Finance

Corp.,

(continued)

Riverwalk

Education

Foundation,

Inc.,

Revenue,

2025,

PSF

Guaranty,

4.5%,

8/15/60

$

5,500,000

$

5,393,861

Aubrey

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

%

,

2/15/52

........

7,500,000

6,746,071

Austin

Community

College

District

,

GO

,

2023

,

5.25 %

,

8/01/53

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

6,000,000

6,290,510

Carrollton-Farmers

Branch

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/53

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

10,000,000

9,164,197

Cedar

Hill

Independent

School

District

,

GO

,

2024

,

PSF

Guaranty

,

%

,

2/15/50

.....

8,000,000

7,377,418

City

of

Arlington

,

Special

Tax,

Senior

Lien

,

2018

A

,

AG

Insured

,

%

,

2/15/44

.......

20,000,000

18,949,558

City

of

Austin

,

Airport

System,

Revenue,

2019

B,

5%,

11/15/44

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

8,110,000

8,284,080

d

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2019,

4.625%,

11/01/39

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

1,405,000

1,410,274

d

Whisper

Valley

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2019,

4.75%,

11/01/48

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

2,450,000

2,295,233

d

City

of

Celina

,

Mosaic

Public

Improvement

District

Phase

No.

1B,

Special

Assessment,

144A,

2024,

5.375%,

9/01/53

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

500,000

504,150

Sutton

Fields

II

Public

Improvement

District,

Special

Assessment,

144A,

2019,

4.25%,

9/01/49

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

3,065,000

2,667,357

City

of

Corpus

Christi

,

Utility

System,

Revenue,

2023,

Refunding,

4%,

7/15/48

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

9,000,000

8,265,864

Utility

System,

Revenue,

Senior

Lien,

2025,

Refunding,

AG

Insured,

5%,

7/15/55

..

7,500,000

7,600,465

City

of

Dallas

,

DHFC

-

Briscoe

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

2022

A

,

%

,

12/01/62

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

19,000,000

17,873,302

d

City

of

Dallas

Housing

Finance

Corp.

,

DHFC

-

Dylan

Apartments

LLC

(The)

,

Revenue,

Senior

Lien

,

144A,

2022

A

,

%

,

12/01/62

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

18,285,000

16,358,661

City

of

Houston

,

Airport

System

,

Revenue,

Sub.

Lien

,

2023

A

,

Refunding

,

AG

Insured

,

5.25 %

,

7/01/48

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

5,000,000

5,196,479

d

City

of

Kyle

,

Creeks

Public

Improvement

District

Improvement

Area

No.

3B

,

Special

Assessment

,

144A,

2025

,

5.125 %

,

9/01/46

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

891,000

898,730

City

of

Laredo

,

Waterworks

&

Sewer

System

,

Revenue

,

2016

,

Refunding

,

%

,

3/01/41

9,690,000

9,662,280

City

of

Leander

,

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/38

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

1,275,000

1,094,865

Oak

Creek

Public

Improvement

District,

Special

Assessment,

2020,

Refunding,

3.25%,

9/01/44

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

1,460,000

1,151,258

d

City

of

Manor

,

Lagos

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/52

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

975,000

1,004,180

d

City

of

Mesquite

,

Heartland

Town

Center

Public

Improvement

District

Phase

2,

Special

Assessment,

144A,

2023,

5%,

9/01/43

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

816,000

823,048

Heartland

Town

Center

Public

Improvement

District

Phase

2,

Special

Assessment,

144A,

2023,

5.125%,

9/01/52

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

373,000

359,974

City

of

Pflugerville

,

GO

,

2023

,

%

,

8/01/49

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

3,500,000

3,184,599

d

City

of

Princeton

,

Eastridge

Public

Improvement

District

Improvement

Area

No.

,

Special

Assessment

,

144A,

2022

,

5.25 %

,

9/01/52

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

1,376,000

1,388,889

d

City

of

Royse

City

,

Waterscape

Public

Improvement

District

Improvement

Area

No.

1,

Special

Assessment,

144A,

2017,

5%,

9/15/48

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

2,700,000

2,672,768

Waterscape

Public

Improvement

District

Improvement

Area

No.

Phase

1B,

Special

Assessment,

144A,

2019,

4.375%,

9/15/39

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

610,000

604,913

Waterscape

Public

Improvement

District

Improvement

Area

No.

Phase

1B,

Special

Assessment,

144A,

2019,

4.5%,

9/15/48

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

1,260,000

1,163,619

Clifton

Higher

Education

Finance

Corp.

,

IDEA

Public

Schools,

Revenue,

2024,

Refunding,

PSF

Guaranty,

4%,

8/15/54

....

4,425,000

3,891,587

International

Leadership

of

Texas,

Inc.,

Revenue,

2022,

PSF

Guaranty,

4%,

8/15/42

2,150,000

2,090,436

International

Leadership

of

Texas,

Inc.,

Revenue,

2022,

PSF

Guaranty,

5%,

8/15/47

11,500,000

11,784,539

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Clifton

Higher

Education

Finance

Corp.,

(continued)

YES

Prep

Public

Schools,

Inc.,

Revenue,

2023,

PSF

Guaranty,

4.25%,

4/01/53

...

$

5,500,000

$

5,027,853

Comal

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/01/46

........

3,345,000

3,203,187

Community

Independent

School

District

,

GO

,

2022

B

,

PSF

Guaranty

,

%

,

2/15/50

...

2,750,000

2,531,464

Conroe

Independent

School

District

,

GO

,

2025

,

PSF

Guaranty

,

%

,

2/15/50

.......

15,000,000

13,812,136

Conroe

Local

Government

Corp.

,

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/32

....

90,000

98,458

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/33

....

100,000

108,795

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/34

....

100,000

108,160

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/35

....

85,000

91,537

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

5%,

10/01/36

....

85,000

91,121

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

4%,

10/01/46

....

700,000

649,350

Conroe

Convention

Center

Hotel,

Revenue,

Third

Lien,

2021

C,

4%,

10/01/50

....

650,000

564,574

County

of

Harris

,

Toll

Road

,

Revenue,

First

Lien

,

2024

A

,

Refunding

,

%

,

8/15/54

...

7,500,000

6,614,425

Crowley

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

5.25 %

,

2/01/53

....

8,030,000

8,405,439

Del

Valle

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

%

,

6/15/47

......

7,500,000

7,080,168

FW

Texas

Street

Public

Facility

Corp.

,

Revenue

,

2025

,

%

,

5/01/38

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

15,000,000

15,892,682

Galena

Park

Independent

School

District

,

GO

,

2024

,

PSF

Guaranty

,

%

,

8/15/49

...

1,350,000

1,050,920

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2013

B

,

5.8 %

,

10/01/45

..........

10,000,000

10,501,349

Gulf

Coast

Authority

,

Waste

Management,

Inc.

,

Revenue

,

2003

B

,

1.5 %

,

5/01/28

....

2,000,000

1,904,823

Harris

County-Houston

Sports

Authority

,

Revenue,

Senior

Lien

,

2020

A

,

Refunding

,

AG

Insured

,

3.125 %

,

11/15/56

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

5,000,000

3,518,788

Harris-Waller

Counties

Municipal

Utility

District

No.

,

GO,

2022,

5%,

11/01/34

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

795,000

832,214

GO,

2022,

5%,

11/01/38

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

840,000

868,631

GO,

2022,

5.25%,

11/01/41

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

1,435,000

1,483,337

GO,

2022,

5.5%,

11/01/44

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

2,010,000

2,077,535

GO,

2022,

5.5%,

11/01/48

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

5,445,000

5,569,238

Highland

Park

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/48

..

5,500,000

5,114,906

Houston

Higher

Education

Finance

Corp.

,

Houston

Baptist

University

,

Revenue

,

2025

,

5.25 %

,

10/01/54

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

1,500,000

1,457,245

Humble

Independent

School

District

,

GO

,

2018

,

PSF

Guaranty

,

%

,

2/15/43

.......

10,000,000

10,128,931

Kaufman

County

Fresh

Water

Supply

District

No.

1-D

,

GO,

2021,

2.375%,

9/01/31

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

165,000

146,188

GO,

2021,

2.375%,

9/01/32

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

170,000

147,227

GO,

2021,

2.375%,

9/01/33

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

170,000

144,014

GO,

2021,

2.5%,

9/01/34

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

180,000

150,802

GO,

2021,

2.5%,

9/01/36

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

370,000

296,722

GO,

2021,

2.625%,

9/01/38

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

385,000

299,992

GO,

2021,

3%,

9/01/41

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

375,000

291,341

GO,

2021,

3%,

9/01/46

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

750,000

531,648

GO,

2021,

3%,

9/01/51

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

1,265,000

819,558

GO,

2024,

AG

Insured,

4.375%,

9/01/48

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

1,685,000

1,602,983

GO,

2024,

AG

Insured,

4.5%,

9/01/54

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

3,695,000

3,473,492

d

Lakeside

Place

PFC

,

Torrey

Chase

Apartments

LP

,

Revenue

,

144A,

2021

,

3.48 %

,

12/15/39

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

12,183,357

9,528,078

Lamar

Consolidated

Independent

School

District

,

GO,

2023,

4%,

2/15/53

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

5,000,000

4,477,815

GO,

2024,

Refunding,

PSF

Guaranty,

4%,

2/15/54

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

9,500,000

8,645,253

Lubbock-Cooper

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

4.375 %

,

2/15/53

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

15,000,000

14,432,809

Medina

Valley

Independent

School

District

,

GO

,

2023

,

PSF

Guaranty

,

%

,

2/15/53

..

15,000,000

13,659,634

New

Caney

Independent

School

District

,

GO

,

2023

,

Refunding

,

PSF

Guaranty

,

%

,

2/15/53

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

5,555,000

5,722,073

New

Hope

Cultural

Education

Facilities

Finance

Corp.

,

NCCD-Cain

Hall

Redevelopment

I

LLC,

Revenue,

2016

A-1,

5%,

4/01/46

........

6,000,000

6,000,277

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

(continued)

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/39

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

$

5,650,000

$

5,665,465

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/49

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

11,470,000

10,478,733

Quality

Senior

Housing

Foundation

of

East

Texas,

Inc.,

Revenue,

2019

A-1,

5%,

12/01/54

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

230,000

204,607

Westminster

Manor

Obligated

Group,

Revenue,

2021,

4%,

11/01/49

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

12,400,000

10,552,286

Newark

Higher

Education

Finance

Corp.

,

Abilene

Christian

University

,

Revenue

,

2022

A

,

Refunding

,

%

,

4/01/57

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

5,000,000

4,150,953

North

Texas

Tollway

Authority

,

North

Texas

Tollway

System,

Revenue,

Second

Tier,

2018,

Refunding,

5%,

1/01/48

10,000,000

10,103,278

e

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

5.62%,

9/01/37

......

7,500,000

4,032,790

e

Special

Projects

System,

Revenue,

2011

B,

Pre-Refunded,

6.37%,

9/01/43

......

7,500,000

2,570,290

Special

Projects

System,

Revenue,

2011

C,

Pre-Refunded,

6.75%,

9/01/45

......

25,000,000

29,773,095

Northwest

Independent

School

District

,

GO,

2023,

PSF

Guaranty,

4%,

2/15/48

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

7,000,000

6,621,526

GO,

2025,

PSF

Guaranty,

5.25%,

2/15/55

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

4,750,000

4,992,833

Port

Freeport

,

Revenue,

Senior

Lien

,

2019

A

,

%

,

6/01/49

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

4,000,000

4,020,904

San

Antonio

Education

Facilities

Corp.

,

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/46

......

14,205,000

12,061,625

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/51

......

3,765,000

3,031,697

University

of

the

Incarnate

Word,

Revenue,

2021

A,

Refunding,

4%,

4/01/54

......

1,035,000

813,765

San

Antonio

Public

Facilities

Corp.

,

City

of

San

Antonio

,

Revenue

,

2012

,

Refunding

,

%

,

9/15/42

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

36,500,000

35,100,820

San

Jacinto

River

Authority

,

Revenue,

2011,

AG

Insured,

5%,

10/01/32

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

5,000,000

5,005,730

Revenue,

2011,

AG

Insured,

5%,

10/01/37

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

3,000,000

3,002,847

Southeast

Regional

Management

District

,

GO,

2024

A,

AG

Insured,

4.25%,

4/01/49

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

1,175,000

1,091,505

GO,

2024

A,

AG

Insured,

4.25%,

4/01/53

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

1,755,000

1,587,113

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.

,

CHRISTUS

Health

Obligated

Group,

Revenue,

2018

B,

5%,

7/01/43

...........

10,000,000

10,294,493

CHRISTUS

Health

Obligated

Group,

Revenue,

2022

A,

4%,

7/01/53

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

3,100,000

2,694,301

CHRISTUS

Health

Obligated

Group,

Revenue,

2022

A,

5%,

7/01/53

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

15,000,000

15,153,160

Texas

Health

Resources

Obligated

Group,

Revenue,

2016

A,

Refunding,

5%,

2/15/41

15,165,000

15,220,358

Texas

Department

of

Housing

&

Community

Affairs

,

Revenue,

2023

A,

GNMA

Insured,

5.25%,

1/01/53

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

14,000,000

14,295,638

Revenue,

2024

A,

GNMA

Insured,

5.125%,

1/01/54

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

3,000,000

3,104,997

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

III

,

Revenue,

2021,

Refunding,

5%,

12/15/29

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

12,715,000

13,361,356

Revenue,

2021,

Refunding,

5%,

12/15/32

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

10,350,000

11,104,436

c

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

IV

,

Revenue

,

2023

B

,

Mandatory

Put

,

5.5 %

,

1/01/34

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

13,000,000

14,214,036

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

V

,

c

Revenue,

2024,

Mandatory

Put,

5%,

1/01/34

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

12,500,000

13,336,126

i

Revenue,

2026,

5%,

4/01/36

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

17,155,000

17,889,346

Texas

Municipal

Gas

Acquisition

&

Supply

Corp.

VI

,

Revenue

,

2025

,

%

,

1/01/36

...

15,000,000

15,850,730

Texas

Private

Activity

Bond

Surface

Transportation

Corp.

,

NTE

Mobility

Partners

LLC

,

Revenue,

Senior

Lien

,

2023

,

5.5 %

,

12/31/58

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

6,000,000

6,183,906

e

Texas

Transportation

Commission

,

State

Highway

System,

Revenue,

First

Tier,

2019

A,

5.16%,

8/01/48

........

6,250,000

2,038,604

State

Highway

System,

Revenue,

First

Tier,

2019

A,

5.21%,

8/01/49

........

5,000,000

1,535,575

State

Highway

System,

Revenue,

First

Tier,

2019

A,

5.23%,

8/01/50

........

5,500,000

1,596,321

Texas

Water

Development

Board

,

State

Revolving

Fund,

Revenue,

2025,

4.8%,

10/15/56

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

12,860,000

12,925,545

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Texas

Water

Development

Board,

(continued)

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2018

B,

4%,

10/15/43

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

$

25,000,000

$

24,340,772

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2019

A,

4%,

10/15/49

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

20,000,000

18,504,068

State

Water

Implementation

Revenue

Fund

for

Texas,

Revenue,

2022,

5%,

10/15/47

16,050,000

16,747,824

d

Town

of

Little

Elm

,

Valencia

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

3.125%,

9/01/41

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

708,000

567,727

Valencia

Public

Improvement

District

Improvement

Area

No.

3,

Special

Assessment,

144A,

2021,

4%,

9/01/47

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

811,000

705,807

Town

of

Ponder

,

Ponder

Public

Improvement

District

No.

1,

Special

Assessment,

2017,

5%,

9/01/45

500,000

502,729

Ponder

Public

Improvement

District

No.

1,

Special

Assessment,

2017,

5%,

9/01/47

865,000

867,430

Travis

County

Development

Authority

,

Special

Assessment

,

2025

,

5.25 %

,

9/01/54

...

1,400,000

1,377,205

Viridian

Municipal

Management

District

,

GO

,

2023

,

AG

Insured

,

%

,

12/01/49

......

1,000,000

1,009,237

West

Travis

County

Public

Utility

Agency

,

Revenue

,

2017

,

Refunding

,

BAM

Insured

,

%

,

8/15/41

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

5,000,000

4,961,652

Westside

Special

Improvement

District

,

GO,

Sub.

Lien,

2021,

3%,

8/15/41

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

790,000

610,118

GO,

Sub.

Lien,

2021,

3%,

8/15/45

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

615,000

439,031

GO,

Sub.

Lien,

2021,

3%,

8/15/51

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

1,570,000

1,013,153

GO,

Sub.

Lien,

2022,

5.625%,

8/15/52

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

1,065,000

1,062,828

Ysleta

Independent

School

District

,

GO

,

2022

,

PSF

Guaranty

,

%

,

8/15/56

........

23,445,000

23,829,224

784,182,074

#### Utah

#### 1.5%
City

of

Bountiful

,

Sales

Tax

,

Revenue

,

2023

,

%

,

7/01/53

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

6,840,000

6,193,269

City

of

Salt

Lake

City

,

Airport,

Revenue,

2018

A,

5%,

7/01/48

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

25,110,000

25,144,491

Airport,

Revenue,

2021

A,

5%,

7/01/51

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

20,455,000

20,605,502

Airport,

Revenue,

2023

A,

5.25%,

7/01/53

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

10,000,000

10,255,520

County

of

Utah

,

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2020

A

,

%

,

5/15/50

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

15,725,000

16,106,292

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

4,018,086

University

of

Utah

(The)

,

Revenue

,

2022

A

,

%

,

8/01/46

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

9,645,000

10,070,626

Utah

Infrastructure

Agency

,

Revenue,

2021,

3%,

10/15/26

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

550,000

548,465

Revenue,

2021,

4%,

10/15/28

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

350,000

352,492

Revenue,

2021,

4%,

10/15/32

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

540,000

536,400

Revenue,

2021,

4%,

10/15/41

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

1,450,000

1,354,124

Revenue,

2021,

3%,

10/15/45

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

2,000,000

1,517,773

Revenue,

2022,

5%,

10/15/37

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

1,200,000

1,249,339

Revenue,

2022,

5%,

10/15/46

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

3,650,000

3,656,701

Revenue,

2024,

5.5%,

10/15/44

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

650,000

683,901

Revenue,

2024,

5.5%,

10/15/48

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

750,000

769,908

Utah

State

University

,

Student

Fee

&

Housing

,

Revenue

,

2023

,

%

,

4/01/56

.......

10,120,000

10,368,437

113,431,326

#### Virginia

#### 0.6%
Hampton

Roads

Transportation

Accountability

Commission

,

Hampton

Roads

Transportation

Fund

,

Revenue,

Senior

Lien

,

2020

A

,

%

,

7/01/60

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

19,000,000

19,412,441

Virginia

Housing

Development

Authority

,

Revenue

,

2023

F

,

FHA

Insured

,

%

,

11/01/43

11,120,000

11,527,343

Virginia

Resources

Authority

,

Revenue

,

2012

A

,

%

,

11/01/39

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

70,000

70,076

Virginia

Small

Business

Financing

Authority

,

Capital

Beltway

Express

LLC,

Revenue,

Senior

Lien,

2022,

Refunding,

5%,

12/31/52

10,000,000

9,884,213

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Virginia
(continued)

Virginia

Small

Business

Financing

Authority,

(continued)

National

Senior

Communities,

Inc.

Obligated

Group,

Revenue,

2020

A,

Refunding,

4%,

1/01/51

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

$

4,000,000

$

3,547,503

44,441,576

#### Washington

#### 2.6%
Central

Puget

Sound

Regional

Transit

Authority

,

Sales

Motor

Vehicle

&

Rental

Car

Tax

,

Revenue

,

2021

,

Refunding

,

%

,

11/01/46

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

20,000,000

19,560,018

City

of

Seattle

,

Municipal

Light

&

Power

,

Revenue

,

2018

A

,

%

,

1/01/42

..........

10,855,000

10,710,516

County

of

Spokane

,

Airport

,

Revenue

,

2024

B

,

5.25 %

,

1/01/49

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

11,690,000

12,036,483

Everett

Housing

Authority

,

Revenue

,

2022

,

Refunding

,

%

,

7/01/37

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

34,480,000

33,648,804

Grant

County

Public

Hospital

District

No.

,

GO

,

2023

,

5.125 %

,

12/01/52

.........

4,500,000

4,420,130

NJB

Properties

,

Revenue

,

2006

A

,

%

,

12/01/36

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

5,000

5,008

Port

of

Seattle

,

Revenue,

2018

A,

5%,

5/01/38

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

15,000,000

15,158,550

Revenue,

2019,

4%,

4/01/44

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

4,000,000

3,769,306

Skagit

County

Public

Hospital

District

No.

,

Revenue

,

2024

,

5.5 %

,

12/01/54

.......

3,050,000

3,099,332

Vancouver

Housing

Authority

,

Revenue,

2024,

4%,

8/01/34

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

6,000,000

5,947,638

Revenue,

2025,

5%,

8/01/40

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

3,400,000

3,504,292

Washington

Health

Care

Facilities

Authority

,

d

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

5%,

12/01/29

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

250,000

267,822

d

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

5%,

12/01/33

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

250,000

268,969

d

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

3%,

12/01/34

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

300,000

282,181

d

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

4%,

12/01/45

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

1,200,000

1,102,924

d

Fred

Hutchinson

Cancer

Center

Obligated

Group,

Revenue,

144A,

2021,

4%,

12/01/48

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

810,000

711,779

Multicare

Health

System

Obligated

Group,

Revenue,

2017

B,

Refunding,

4%,

8/15/41

25,000,000

23,961,498

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2012

A,

5%,

10/01/42

..

10,175,000

10,177,608

Providence

St.

Joseph

Health

Obligated

Group,

Revenue,

2014

D,

Refunding,

5%,

10/01/38

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

8,000,000

8,007,118

Washington

Higher

Education

Facilities

Authority

,

Seattle

Pacific

University

,

Revenue

,

2020

A

,

Refunding

,

%

,

10/01/42

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

3,800,000

3,420,125

Washington

State

Convention

Center

Public

Facilities

District

,

Lodging

Tax

,

Revenue

,

2021

B

,

Refunding

,

%

,

7/01/43

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

14,855,000

13,965,716

d

Washington

State

Housing

Finance

Commission

,

Madison

at

Rivers

Edge

Apartments

LLC,

Revenue,

144A,

2021

A,

3.65%,

1/01/37

2,840,000

2,460,700

Provident

Group

-

SH

II

Properties

LLC,

Revenue,

144A,

2025

A,

BAM

Insured,

5.25%,

7/01/64

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

17,500,000

17,635,201

Seattle

Academy

of

Arts

&

Sciences,

Revenue,

144A,

2023,

Refunding,

6.375%,

7/01/63

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

5,220,000

5,556,212

199,677,930

#### West

#### Virginia

#### 0.7%
County

of

Ohio

,

Tax

Allocation

,

2024

,

Refunding

,

5.25 %

,

6/01/53

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

3,000,000

2,985,726

c

West

Virginia

Economic

Development

Authority

,

Kentucky

Power

Co.

,

Revenue

,

2014

A

,

Refunding

,

Mandatory

Put

,

4.7 %

,

6/17/26

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

6,000,000

6,011,882

West

Virginia

Hospital

Finance

Authority

,

Cabell

Huntington

Hospital

Obligated

Group,

Revenue,

2018

A,

Refunding,

5%,

1/01/43

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

8,250,000

7,842,071

Vandalia

Health,

Inc.

Obligated

Group,

Revenue,

2019

A,

Refunding,

5%,

9/01/38

.

3,040,000

3,103,816

Vandalia

Health,

Inc.

Obligated

Group,

Revenue,

2023

B,

Refunding,

6%,

9/01/53

.

3,000,000

3,196,656

West

Virginia

United

Health

System

Obligated

Group,

Revenue,

2017

A,

5%,

6/01/47

7,000,000

7,043,089

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### West

#### Virginia
(continued)

West

Virginia

Hospital

Finance

Authority,

(continued)

West

Virginia

United

Health

System

Obligated

Group,

Revenue,

2018

A,

5%,

6/01/52

$

10,000,000

$

10,052,479

West

Virginia

Water

Development

Authority

,

Revenue,

2016

A,

Refunding,

5%,

10/01/36

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

5,000,000

5,025,899

Revenue,

2016

A,

Refunding,

5%,

10/01/45

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

5,435,000

5,439,668

50,701,286

#### Wisconsin

#### 6.6%
Public

Finance

Authority

,

Revenue,

2025

A-1,

Refunding,

5.375%,

12/01/36

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

37,350,000

38,778,626

Revenue,

2023-1,

A,

5.75%,

7/01/62

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

23,138,586

23,974,053

d

Revenue,

144A,

2022,

B-1,

4%,

12/28/44

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

21,085,631

17,514,402

e

Revenue,

Sub.

Lien,

2025

A-2,

Refunding,

4.075%,

12/01/45

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

184,234,136

92,263,792

Blue

Ridge

Healthcare

Obligated

Group,

Revenue,

2020

A,

Refunding,

3%,

1/01/50

2,185,000

1,619,029

CFC-SA

LLC,

Revenue,

Senior

Lien,

2022

A,

5%,

2/01/62

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

10,000,000

9,704,041

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/41

..........

1,000,000

900,330

Coral

Academy

of

Science

Las

Vegas,

Revenue,

2021

A,

4%,

7/01/61

..........

10,000,000

7,623,663

d

Dominium

Holdings

I

LLC,

Revenue,

144A,

2024-1,

B-1,

6.81%,

4/28/36

........

10,000,000

10,371,501

c

Duke

Energy

Progress

LLC,

Revenue,

2022

B,

Refunding,

Mandatory

Put,

4%,

10/01/30

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

2,200,000

2,237,445

EMU

Campus

Living

LLC,

Revenue,

2022

A-1,

BAM

Insured,

5.5%,

7/01/52

......

5,000,000

5,203,698

EMU

Campus

Living

LLC,

Revenue,

2022

A-1,

BAM

Insured,

5.625%,

7/01/55

....

6,620,000

6,904,657

d

FAH

Tree

House

LLC,

Revenue,

144A,

2023

A,

6.5%,

8/01/53

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

22,945,000

20,791,722

d

Greystone

Housing

Impact

Investors

LP,

Revenue,

144A,

2023-1,

B-1,

7.125%,

7/25/34

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

20,475,000

21,234,287

d

Hope

Housing

Foundation

Obligated

Group,

Revenue,

144A,

2022

A,

3.8%,

12/01/37

24,375,000

21,625,851

NC

A&T

Real

Estate

Foundation

LLC,

Revenue,

2024

A,

5.25%,

6/01/54

........

2,325,000

2,325,192

d

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2024

A-1,

Refunding,

4.5%,

12/01/31

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

11,975,000

11,996,603

d,e

Patriot

Services

Group

Obligated

Group,

Revenue,

144A,

2024

A-2,

Refunding,

2.34%,

12/01/44

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

122,250,000

81,013,327

d

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

A,

6.5%,

12/01/52

.....

22,565,000

22,626,411

d

Pine

Forest

2022

Obligated

Group,

Revenue,

144A,

2022

B,

7.5%,

12/01/29

.....

2,645,000

2,732,561

RED

River

Valley

Alliance

LLC,

Revenue,

2021,

4%,

9/30/51

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

730,000

611,200

RED

River

Valley

Alliance

LLC,

Revenue,

2021,

4%,

3/31/56

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

30,185,000

24,552,406

Southeastern

Regional

Medical

Center

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/39

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

4,755,000

4,179,789

Southeastern

Regional

Medical

Center

Obligated

Group,

Revenue,

2021

A,

Refunding,

4%,

2/01/46

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

11,980,000

9,610,458

SR

Peach

Partners

LLC,

Revenue,

Senior

Lien,

2025,

5.75%,

12/31/65

......

13,775,000

14,096,546

SR

Peach

Partners

LLC,

Revenue,

Senior

Lien,

2025,

6.5%,

12/31/65

.......

7,980,000

8,787,696

Triad

Math

&

Science

Academy

Co.,

Revenue,

2021

A,

4%,

6/15/41

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

1,280,000

1,114,935

Triad

Math

&

Science

Academy

Co.,

Revenue,

2021

A,

4%,

6/15/51

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

10,000

7,656

Triad

Math

&

Science

Academy

Co.,

Revenue,

2021

A,

4%,

6/15/61

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

6,000,000

4,414,272

Triad

Math

&

Science

Academy

Co.,

Revenue,

2022,

5.25%,

6/15/52

...........

1,610,000

1,499,470

Triad

Math

&

Science

Academy

Co.,

Revenue,

2022,

5.375%,

6/15/57

..........

1,550,000

1,448,682

Triad

Math

&

Science

Academy

Co.,

Revenue,

2025,

Refunding,

5.5%,

6/15/55

...

2,135,000

2,042,093

Triad

Math

&

Science

Academy

Co.,

Revenue,

2025,

Refunding,

5.25%,

6/15/65

..

2,125,000

1,920,099

UNC

Health

Appalachian

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/46

.......

5,075,000

4,085,975

UNC

Health

Appalachian

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/51

.......

5,705,000

4,356,617

UNC

Health

Appalachian

Obligated

Group,

Revenue,

2021

A,

4%,

7/01/56

.......

2,250,000

1,632,730

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/41

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

1,010,000

999,892

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The),

Revenue,

2021

A,

Refunding,

4%,

10/01/51

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

2,185,000

1,872,508

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Wisconsin
(continued)

Wisconsin

Health

&

Educational

Facilities

Authority

,

Children's

Hospital

of

Wisconsin

Obligated

Group,

Revenue,

2017,

Refunding,

4%,

8/15/42

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

$

15,000,000

$

14,300,275

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/47

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

5,200,000

4,418,192

Oakwood

Lutheran

Senior

Ministries

Obligated

Group,

Revenue,

2021,

Refunding,

4%,

1/01/57

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

1,400,000

1,093,473

St.

John's

Communities,

Inc.

Obligated

Group,

Revenue,

2021

B,

Refunding,

4%,

9/15/45

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

475,000

418,436

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/46

......

895,000

770,215

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/51

......

1,335,000

1,084,186

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2021

A,

4%,

8/15/55

......

1,760,000

1,394,361

Wisconsin

Masonic

Home

Obligated

Group,

Revenue,

2024

A,

5.75%,

8/15/59

....

1,940,000

1,994,863

514,148,216

#### U.S.

#### Territories

#### 2.3%

#### District

#### of

#### Columbia

#### 1.8%
District

of

Columbia

,

Catholic

University

of

America

(The),

Revenue,

2017

B,

5%,

10/01/42

..........

20,535,000

20,710,901

Catholic

University

of

America

(The),

Revenue,

2017

B,

5%,

10/01/47

..........

25,110,000

25,152,976

Catholic

University

of

America

(The),

Revenue,

2018,

Refunding,

5%,

10/01/43

...

4,000,000

4,045,465

International

School

Obligated

Group,

Revenue,

2019,

5%,

7/01/49

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

1,000,000

970,220

International

School

Obligated

Group,

Revenue,

2019,

5%,

7/01/54

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

1,905,000

1,808,931

Metropolitan

Washington

Airports

Authority

,

Aviation,

Revenue,

2018

A,

Refunding,

5%,

10/01/48

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

10,275,000

10,295,623

Aviation,

Revenue,

2019

A,

Refunding,

5%,

10/01/49

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

10,000,000

10,076,786

Aviation,

Revenue,

2023

A,

Refunding,

5.25%,

10/01/53

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

6,000,000

6,169,724

Dulles

Toll

Road,

Revenue,

Second

Lien,

2009

C,

Pre-Refunded,

AG

Insured,

6.5%,

10/01/41

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

25,000,000

25,388,598

Dulles

Toll

Road,

Revenue,

Sub.

Lien,

2019

B,

Refunding,

4%,

10/01/49

........

13,555,000

12,017,437

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated,

Revenue,

2021

A,

4%,

7/15/43

...............................

12,775,000

12,657,574

Dedicated,

Revenue,

Second

Lien,

2025

A,

5%,

7/15/60

.....................

12,000,000

12,335,958

141,630,193

#### Puerto

#### Rico

#### 0.5%
Puerto

Rico

Electric

Power

Authority

,

Revenue

,

VV

,

Refunding

,

NATL

Insured

,

5.25 %

,

7/01/32

.........................................................

5,780,000

5,832,934

Puerto

Rico

Industrial

Tourist

Educational

Medical

&

Environmental

Control

Facilities

Financing

Authority

,

Revenue,

2000

A,

6.625%,

1/01/27

....................................

317,172

316,107

Revenue,

2000

A,

6.625%,

1/01/28

....................................

2,419,017

2,407,527

Puerto

Rico

Sales

Tax

Financing

Corp.

,

Sales

Tax,

Revenue,

A-1,

5%,

7/01/58

..................................

27,546,000

26,846,453

Sales

Tax,

Revenue,

A-2,

4.784%,

7/01/58

...............................

5,593,000

5,346,801

40,749,822

#### Total

#### U.S.

#### Territories

#### ....................................................................
182,380,015

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $7,687,632,416)

#### ...................................

#### 7,606,109,133

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $7,723,292,416)

#### .............................

#### 7,643,385,509

#### a
a

a

a

Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments

#### 0.6%
a

a

#### Principal

#### Amount
a

#### Value

#### Municipal

#### Bonds

#### 0.6%

#### California

#### 0.2%
j

University

of

California

,

Revenue

,

2013

,

Daily

VRDN

and

Put

,

3.05 %

,

5/15/48

..

$

12,000,000

$

12,000,000

#### Colorado

#### 0.0%

#### †
j

Colorado

Health

Facilities

Authority

,

Intermountain

Healthcare

Obligated

Group

,

Revenue

,

2024

D

,

Daily

VRDN

and

Put

,

3.4 %

,

5/15/64

......................

1,000,000

1,000,000

#### Georgia

#### 0.2%
j

Roswell

Development

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2025

A

,

LOC

Truist

Bank

,

Daily

VRDN

and

Put

,

3.45 %

,

4/01/47

...............

12,000,000

12,000,000

#### Michigan

#### 0.1%
j

Green

Lake

Township

Economic

Development

Corp.

,

Interlochen

Center

for

the

Arts

,

Revenue

,

2004

,

Refunding

,

LOC

PNC

Bank

NA

,

Daily

VRDN

and

Put

,

3.35 %

,

6/01/34

.........................................................

4,000,000

4,000,000

#### Minnesota

#### 0.1%
j

City

of

Rochester

,

Mayo

Clinic

,

Revenue

,

2025

D

,

LOC

Barclays

Bank

plc

,

Daily

VRDN

and

Put

,

%

,

11/15/64

..............................................

10,600,000

10,600,000

#### Missouri

#### 0.0%

#### †
j

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri

,

SSM

Health

Care

Obligated

Group

,

Revenue

,

2014

F

,

Daily

VRDN

and

Put

,

3.45 %

,

6/01/44

........

3,300,000

3,300,000

#### New

#### Jersey

#### 0.0%

#### †
j

New

Jersey

Health

Care

Facilities

Financing

Authority

,

Virtua

Health

Obligated

Group

,

Revenue

,

2009

B

,

LOC

JPMorgan

Chase

Bank

NA

,

Daily

VRDN

and

Put

,

1.75 %

,

7/01/43

.........................................................

1,185,000

1,185,000

#### New

#### York

#### 0.0%

#### †
j

New

York

City

Municipal

Water

Finance

Authority

,

Water

&

Sewer

System

,

Revenue

,

A

,

SPA

State

Street

Bank

&

Trust

Co.

,

Daily

VRDN

and

Put

,

3.5 %

,

6/15/49

...

3,300,000

3,300,000

#### Oregon

#### 0.0%

#### †
j

Oregon

State

Facilities

Authority

,

PeaceHealth

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

LOC

US

Bank

NA

,

Daily

VRDN

and

Put

,

3.4 %

,

8/01/34

.............

2,000,000

2,000,000

#### Total

#### Municipal

#### Bonds

#### (Cost

#### $49,385,000)

#### ......................................

#### 49,385,000

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $49,385,000)

#### ................................

#### 49,385,000

#### a

#### Total

#### Investments

#### (Cost

#### $7,772,677,416)

#### 99.1%

#### ..................................

#### $7,692,770,509

#### Other

#### Assets,

#### less

#### Liabilities

#### 0.9%

#### .............................................

#### 63,160,611

#### Net

#### Assets

#### 100.0%

#### ...........................................................

#### $7,755,931,120
Franklin

Federal

Tax-Free

Income

Fund

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

See

Abbreviations

on

.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

b

Non-income

producing.

c

The

maturity

date

shown

represents

the

mandatory

put

date.

d

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2026,

the

aggregate

value

of

these

securities

was

$808,604,450,

representing

10.4%

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

6. i

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(b).

j

Variable

rate

demand

notes

(VRDN)

are

obligations

which

contain

a

floating

or

variable

interest

rate

adjustment

formula

and

an

unconditional

right

of

demand

to

receive

pay-

ment

of

the

principal

balance

plus

accrued

interest

at

specified

dates.

Unless

otherwise

noted,

the

coupon

rate

is

determined

based

on

factors

including

supply

and

demand,

underlying

credit,

tax

treatment,

and

current

short

term

rates.

The

coupon

rate

shown

represents

the

rate

at

period

end.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

April

30,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Federal

#### Tax-

#### Free

#### Income

#### Fund
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$7,772,677,416

Value

-

Unaffiliated

issuers

..................................................................

$7,692,770,509

Cash

....................................................................................

614,720

Receivables:

Investment

securities

sold

...................................................................

1,995,750

Capital

shares

sold

........................................................................

1,620,990

Interest

.................................................................................

101,446,644

Total

assets

..........................................................................

7,798,448,613

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

23,522,626

Capital

shares

redeemed

...................................................................

11,655,021

Management

fees

.........................................................................

2,929,032

Distribution

fees

..........................................................................

766,754

Transfer

agent

fees

........................................................................

1,002,559

Trustees'

fees

and

expenses

.................................................................

Distributions

to

shareholders

.................................................................

2,015,676

Accrued

expenses

and

other

liabilities

...........................................................

625,806

Total

liabilities

.........................................................................

42,517,493

Net

assets,

at

value

.................................................................

$7,755,931,120

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$8,718,213,717

Total

distributable

earnings

(losses)

.............................................................

(962,282,597)

Net

assets,

at

value

.................................................................

$7,755,931,120

Franklin

Federal

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

April

30,

2026

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Federal

#### Tax-

#### Free

#### Income

#### Fund

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$2,011,958,266

Shares

outstanding

........................................................................

186,765,047

Net

asset

value

per

share

a

,b

..................................................................

$10.77

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$11.19

#### Class

#### A1:
Net

assets,

at

value

.......................................................................

$3,661,919,065

Shares

outstanding

........................................................................

339,903,556

Net

asset

value

per

share

a

,b

..................................................................

$10.77

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

.25

%)

b

................................

$11.19

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$95,368,962

Shares

outstanding

........................................................................

8,859,355

Net

asset

value

and

maximum

offering

price

per

share

a

,b

............................................

$10.76

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$925,082,363

Shares

outstanding

........................................................................

85,788,976

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$10.78

#### Advisor

#### Class:
Net

assets,

at

value

.......................................................................

$1,061,602,464

Shares

outstanding

........................................................................

98,426,789

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$10.79

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Franklin

Federal

Tax-Free

Income

Fund

Financial

Statements

Statement

of

Operations

for

the

year

ended

April

30,

2026

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Franklin

#### Federal

#### Tax-

#### Free

#### Income

#### Fund
Investment

income:

Interest:

Unaffiliated

issuers

........................................................................

$357,608,727

Expenses:

Management

fees

(Note

a)

...................................................................

35,589,401

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

4,972,327

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

...............................................................................

3,826,221

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

712,946

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

1,273,767

&nbsp;&nbsp;&nbsp;&nbsp;Class

A1

...............................................................................

2,446,967

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

69,992

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

131,396

&nbsp;&nbsp;&nbsp;&nbsp;Advisor

Class

............................................................................

688,084

Custodian

fees

.............................................................................

44,208

Reports

to

shareholders

fees

..................................................................

188,957

Registration

and

filing

fees

....................................................................

97,956

Professional

fees

...........................................................................

64,839

Trustees'

fees

and

expenses

..................................................................

85,575

Other

....................................................................................

515,462

Total

expenses

.........................................................................

50,708,098

Net

investment

income

................................................................

306,900,629

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(41,473,974)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

226,462,014

Unfunded

commitments

....................................................................

(909,503)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

225,552,511

Net

realized

and

unrealized

gain

(loss)

............................................................

184,078,537

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$490,979,166

Franklin

Federal

Tax-Free

Income

Fund

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Franklin

#### Federal

#### Tax-Free

#### Income

#### Fund

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### April

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$306,900,629

$313,780,117

Net

realized

gain

(loss)

.................................................

(41,473,974)

(53,939,911)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

225,552,511

(51,726,620)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

490,979,166

208,113,586

Distributions

to

shareholders:

Class

A

.............................................................

(73,720,773)

(70,738,894)

Class

A1

............................................................

(147,455,749)

(160,948,680)

Class

C

.............................................................

(3,622,937)

(4,802,568)

Class

R6

............................................................

(35,394,153)

(31,174,415)

Advisor

Class

........................................................

(42,500,805)

(43,173,369)

Total

distributions

to

shareholders

..........................................

(302,694,417)

(310,837,926)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(24,970,189)

50,235,206

Class

A1

............................................................

(454,208,159)

(529,565,288)

Class

C

.............................................................

(34,637,882)

(52,332,071)

Class

R6

............................................................

111,739,040

(22,049,972)

Advisor

Class

........................................................

(69,845,098)

(14,004,164)

Total

capital

share

transactions

............................................

(471,922,288)

(567,716,289)

Net

increase

(decrease)

in

net

assets

...................................

(283,637,539)

(670,440,629)

Net

assets:

Beginning

of

year

.......................................................

8,039,568,659

8,710,009,288

End

of

year

...........................................................

$7,755,931,120

$8,039,568,659

Franklin

Federal

Tax-Free

Income

Fund

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

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

franklintempleton.com

Annual

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

April

30,

2026, 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).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

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

franklintempleton.com

Annual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

April

30,

2026,

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:

#### Year

#### Ended

#### April

#### 30,

#### 2026

#### Year

#### Ended

#### April

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

35,507,782

$378,179,905

39,094,355

$422,755,566

Shares

issued

in

reinvestment

of

distributions

..........

6,538,920

69,650,851

6,181,886

66,861,343

Shares

redeemed

...............................

(44,499,260)

(472,800,945)

(40,669,921)

(439,381,703)

Net

increase

(decrease)

..........................

(2,452,558)

$(24,970,189)

4,606,320

$50,235,206

#### Class

#### A1

#### Shares:
Shares

sold

...................................

6,305,469

$67,219,160

6,989,511

$75,720,306

Shares

issued

in

reinvestment

of

distributions

..........

12,236,488

130,291,663

13,178,274

142,577,579

Shares

redeemed

...............................

(61,263,141)

(651,718,982)

(69,092,499)

(747,863,173)

Net

increase

(decrease)

..........................

(42,721,184)

$(454,208,159)

(48,924,714)

$(529,565,288)

#### Class

#### C

#### Shares:
Shares

sold

...................................

1,008,433

$10,763,095

1,007,089

$10,887,435

Shares

issued

in

reinvestment

of

distributions

..........

329,823

3,506,566

425,366

4,599,719

Shares

redeemed

a

..............................

(4,600,766)

(48,907,543)

(6,269,094)

(67,819,225)

Net

increase

(decrease)

..........................

(3,262,510)

$(34,637,882)

(4,836,639)

$(52,332,071)

#### Class

#### R6

#### Shares:
Shares

sold

...................................

15,261,527

$161,342,773

7,869,457

$85,412,404

Shares

issued

in

reinvestment

of

distributions

..........

3,297,091

35,167,470

2,862,463

30,992,280

Shares

redeemed

...............................

(7,973,114)

(84,771,203)

(12,743,185)

(138,454,656)

Net

increase

(decrease)

..........................

10,585,504

$111,739,040

(2,011,265)

$(22,049,972)

#### Advisor

#### Class

#### Shares:
Shares

sold

...................................

23,724,982

$252,536,282

25,054,287

$271,652,856

Shares

issued

in

reinvestment

of

distributions

..........

3,736,684

39,841,413

3,734,871

40,448,007

Shares

redeemed

...............................

(34,069,712)

(362,222,793)

(30,158,290)

(326,105,027)

Net

increase

(decrease)

..........................

(6,608,046)

$(69,845,098)

(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

franklintempleton.com

Annual

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

year

ended

April

30,

2026,

the

gross

effective

investment

management

fee

rate

was 0.451%

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

year:

#### 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

franklintempleton.com

Annual

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

year

ended

April

30,

2026,

the Fund

paid

transfer

agent

fees

as

noted

in

the

Statement of

Operations,

of

which

$1,600,729

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

year

ended

April

30,

2026,

these

purchase

and

sale

transactions

aggregated

$291,870,000

and

$373,681,660,

respectively,

with

net

realized

losses

of

$715,754.

4. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

April

30,

2026,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

April

30,

2026

and

2025,

was

as

follows:

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$41,936

CDSC

retained

..............................................................................

$194,244

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

311,267,279

Long

term

................................................................................

585,357,027

Total

capital

loss

carryforwards

...............................................................

$896,624,306

#### 2026

#### 2025
Distributions

paid

from:

Ordinary

income

..........................................................

$2,101,097

$2,182,181

Tax

exempt

income

........................................................

300,593,320

308,655,745

$302,694,417

$310,837,926

3. #### Transactions

#### with

#### Affiliates
(continued)

d. #### Sales

#### Charges/Underwriting

#### Agreements
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

April

30,

2026,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

tax

exempt

income 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

treatments

of

bond

discounts

and

premiums.

5. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

April

30,

2026,

aggregated

$777,805,305 and

$1,276,560,535,

respectively.

6. #### Defaulted

#### Securities
The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

April

30,

2026,

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.

7. #### 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

29,

2027. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay

its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon

its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

year

ended

April

30,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

8. #### 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

Cost

of

investments

..........................................................................

$7,765,092,564

Unrealized

appreciation

........................................................................

$203,082,332

Unrealized

depreciation

........................................................................

(275,404,387)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(72,322,055)

Distributable

earnings:

Undistributed

tax

exempt

income

.................................................................

$8,679,437

4. #### Income

#### Taxes
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

April

30,

2026,

in

valuing

the

Fund's assets carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Franklin

#### Federal

#### Tax-Free

#### Income

#### Fund

#### Assets:
Investments

in

Securities:

a

Common

Stocks

........................

$

—

$

—

$

—

b

$

—

Corporate

Bonds

........................

—

—

37,276,376

37,276,376

Municipal

Bonds

:

Alabama

.............................

—

293,588,463

—

293,588,463

Alaska

...............................

—

6,678,486

—

6,678,486

Arizona

..............................

—

153,266,844

—

153,266,844

Arkansas

.............................

—

8,641,810

—

8,641,810

California

.............................

—

699,981,138

—

699,981,138

Colorado

.............................

—

211,290,271

—

211,290,271

Connecticut

...........................

—

18,120,089

—

18,120,089

Delaware

.............................

—

6,791,833

—

6,791,833

Florida

...............................

—

653,818,099

—

653,818,099

Georgia

..............................

—

278,733,682

—

278,733,682

Hawaii

...............................

—

113,442,577

—

113,442,577

Idaho

................................

—

15,703,413

—

15,703,413

Illinois

...............................

—

445,138,615

—

b

445,138,615

Indiana

..............................

—

140,796,748

—

140,796,748

Iowa

................................

—

44,358,495

—

44,358,495

Kansas

..............................

—

21,589,201

—

21,589,201

Kentucky

.............................

—

123,697,696

—

123,697,696

Louisiana

.............................

—

250,193,509

—

250,193,509

Maine

...............................

—

2,635,646

—

2,635,646

Maryland

.............................

—

125,743,666

—

125,743,666

Massachusetts

........................

—

108,231,982

—

108,231,982

Michigan

.............................

—

68,497,743

—

68,497,743

Mississippi

............................

—

83,672,377

—

83,672,377

Missouri

..............................

—

58,560,640

—

58,560,640

Montana

.............................

—

6,565,905

—

6,565,905

Nebraska

.............................

—

29,944,919

—

29,944,919

Nevada

..............................

—

5,523,949

—

5,523,949

New

Hampshire

........................

—

42,008,425

—

42,008,425

New

Jersey

...........................

—

225,084,542

—

225,084,542

New

Mexico

...........................

—

35,111,100

—

35,111,100

New

York

.............................

—

602,617,204

—

602,617,204

North

Carolina

.........................

—

49,893,881

—

49,893,881

North

Dakota

..........................

—

45,750,511

—

45,750,511

Ohio

................................

—

125,764,261

—

125,764,261

Oklahoma

............................

—

10,133,097

—

10,133,097

Oregon

..............................

—

64,466,983

—

64,466,983

Pennsylvania

..........................

—

114,832,594

—

114,832,594

Rhode

Island

..........................

—

9,554,890

—

9,554,890

South

Carolina

.........................

—

86,723,506

—

86,723,506

South

Dakota

..........................

—

35,451,159

—

35,451,159

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

year

.

9. #### 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.

10. #### 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
(continued)

#### Assets:
(continued)

Investments

in

Securities:

a

(continued)

Municipal

Bonds:

(continued)

Tennessee

............................

$

—

$

294,546,761

$

—

$

294,546,761

Texas

...............................

—

784,182,074

—

784,182,074

Utah

................................

—

113,431,326

—

113,431,326

Virginia

..............................

—

44,441,576

—

44,441,576

Washington

...........................

—

199,677,930

—

199,677,930

West

Virginia

..........................

—

50,701,286

—

50,701,286

Wisconsin

............................

—

514,148,216

—

514,148,216

U.S.

Territories

District

of

Columbia

.....................

—

141,630,193

—

141,630,193

Puerto

Rico

...........................

—

40,749,822

—

40,749,822

Short

Term

Investments

...................

—

49,385,000

—

49,385,000

Total

Investments

in

Securities

...........

$—

$7,655,494,133

$37,276,376

$7,692,770,509

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

b

Includes

financial

instruments

determined

to

have

no

value.

8. #### Fair

#### Value

#### Measurements
(continued)

Franklin

Federal

Tax-Free

Income

Fund

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Abbreviations

#### Selected

#### Portfolio

#### AG
Assured

Guaranty,

Inc.

#### 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

#### REIT
Real

Estate

Investment

Trust

#### SOFR
Secured

Overnight

Financing

Rate

#### SPA
Standby

Purchase

Agreement

#### TSOF
Term

SOFR

Franklin

Federal

Tax-Free

Income

Fund

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Franklin

Federal

Tax-Free

Income

Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Franklin

Federal

Tax-Free

Income

Fund

(the

"Fund")

as

of

April

30,

2026,

the

related

statement

of

operations

for

the

year

ended

April

30,

2026,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2026,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2026

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

April

30,

2026,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

April

30,

2026

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

April

30,

2026

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2026

by

correspondence

with

the

custodian,

private

placement

agent,

real

estate

developer

and

brokers;

when

replies

were

not

received

from

a

private

placement

agent

or

broker,

we

performed

other

auditing

procedures

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/PricewaterhouseCoopers

LLP

San

Francisco,

California

June

17,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Franklin

Templeton

Group

of

Funds

since

1948. Franklin

Federal

Tax-Free

Income

Fund

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amount,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amount,

for

the

fiscal

year

ended

April

30,

2026:

#### Pursuant

#### to:

#### Amount

#### Reported
Exempt-Interest

Dividends

Distributed

§852(b)(5)(A)

$300,593,320

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$2,209,231

Section

163(j)

Interest

Earned

§163(j)

$2,209,231

Franklin

Federal

Tax-Free

Income

Fund

franklintempleton.com

Annual

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-AFSOI

06/26©

2026

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 Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected
 or are likely to materially affect the Registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](fftfif-efp25096_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](fftfif-efp25096_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-efp25096_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: | June 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Christopher Kings |
|  | Christopher Kings |
|  | Chief Executive Officer – Finance and Administration |
| Date: | June 25, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date: | June 25, 2026 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Christopher Kings, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Franklin Federal Tax-Free Income Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: June 25, 2026 |
| /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: June 25, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Christopher Kings,** Chief Executive Officer – Finance and Administration, and **Jeffrey White,** Chief Financial Officer, Chief Accounting Officer and Treasurer, of **Franklin Federal Tax-Free Income Fund (the "Registrant"),** each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **April 30, 2026** (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 –** | **Chief Financial Officer, Chief** |
| **Finance and Administration** | **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: June 25, 2026 | Date: June 25, 2026 |

---

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.