GOF P17 09/24
Effective
September 30, 2024, the following changes are made to the Summary Prospectus, Prospectus and SAI of each
fund listed in Schedule A:
1. The following is added to the section titled “Fund Summary – Portfolio Managers” in each fund’s Summary Prospectus and Prospectus:
Paul M. Drury, CFA
Portfolio Manager
of Advisers and portfolio manager of the Fund since September 2024.
Garrett
L. Hamilton
Portfolio Manager of Advisers and portfolio manager of the Fund since September
2024.
2. The following is added to the section titled “Fund Details – Management” in each fund’s Prospectus:
Paul M. Drury, CFA Portfolio Manager of Advisers
Mr.
Drury has been a portfolio manager of the Fund since September 2024. He joined Franklin Templeton in
2024. Prior to joining Franklin Templeton, Mr. Drury was a portfolio manager for Putnam Investment Management,
LLC.
Garrett L. Hamilton Portfolio Manager of Advisers
Mr.
Hamilton has been a portfolio manager of the Fund since September 2024. He joined Franklin Templeton
in 2024. Prior to joining Franklin Templeton, Mr. Hamilton was a portfolio manager for Putnam Investment
Management, LLC.
3. The following is added to the section titled “Management and Other Services – Portfolio managers” in each fund’s SAI:
Name | Type of | Number of Accounts Managed | Total Assets Managed (x $1 million) | Number of Accounts Managed for which Advisory Fee is Performance-Based | Assets Managed for which Advisory Fee is Performance-Based (x $1 million) |
Paul M. Drury* | Registered Investment Companies | 14 | 6,221.3 | None | None |
Other Pooled Investment Vehicles | None | None | None | None | |
Other Accounts | None | None | None | None | |
Garrett L. Hamilton* | Registered Investment Companies | 14 | 6,221.3 | None | None |
Other Pooled Investment Vehicles | None | None | None | None | |
Other Accounts | None | None | None | None |
*Information is provided as of August 31, 2024.
4. The following is added to the section titled “Management and Other Services – Portfolio managers – Ownership of Fund shares” in each fund’s SAI”:
Portfolio Manager | Dollar Range of Fund Shares Beneficially Owned |
Paul M. Drury* | None |
Garrett L. Hamilton* | None |
*Information is provided as of August 31, 2024 |
SCHEDULE A
Fund | Date of Summary Prospectus, Prospectus and SAI | |
FRANKLIN FEDERAL TAX-FREE INCOME FUND | ||
Franklin Federal Tax-Free Income Fund | September 1, 2024 | |
FRANKLIN TAX-FREE TRUST | ||
Franklin Federal Intermediate-Term Tax-Free Income Fund | July 1, 2024 |
Fund | Date of Summary Prospectus, Prospectus and SAI | |
Franklin High Yield Tax-Free Income Fund | July 1, 2024 |
Please retain this supplement for future reference.