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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Arlington Higher Education Finance Corp.</name>
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        <name>Atlanta Development Authority (The)</name>
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        <name>City of Atlanta GA Airport Passenger Facility Charge</name>
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        <name>City of Atlanta GA Water &amp; Wastewater Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Atlantic Beach FL</name>
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        <fairValLevel>2</fairValLevel>
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        <balance>9235000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>Aubrey Independent School District</name>
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        <name>Aurora Crossroads Metropolitan District No. 2</name>
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        <name>City of Austin TX Airport System Revenue</name>
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        <name>City of Austin TX</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
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      <invstOrSec>
        <name>City of Austin TX</name>
        <lei>IW10PQVTU7HKS3JMW253</lei>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-11-01</maturityDt>
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      <invstOrSec>
        <name>Ave Maria Stewardship Community District</name>
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          <isin value="US05355ABQ94"/>
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        <invCountry>US</invCountry>
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        <debtSec>
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        <name>Black Belt Energy Gas District</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>Black Belt Energy Gas District</name>
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        <name>City of Bountiful UT</name>
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        <name>County of Boyle KY</name>
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        <name>Brevard County Health Facilities Authority</name>
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        <name>Broadway Park North Metropolitan District No. 2</name>
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        <name>Brookhaven Development Authority</name>
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        <name>County of Broward FL Port Facilities Revenue</name>
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        <name>Buckeye Tobacco Settlement Financing Authority</name>
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        <name>Buffalo &amp; Erie County Industrial Land Development Corp.</name>
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          <maturityDt>2040-11-01</maturityDt>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cypress Mill Community Development District</name>
        <lei>N/A</lei>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Dallas Housing Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2062-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>City of Dallas Housing Finance Corp.</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.00000000</annualizedRt>
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      <invstOrSec>
        <name>Del Valle Independent School District TX</name>
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        <curCd>USD</curCd>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Delaware State Economic Development Authority</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City &amp; County of Denver CO</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>City &amp; County of Denver CO</name>
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        <balance>2000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>City &amp; County of Denver CO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City &amp; County of Denver CO</name>
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        <name>City &amp; County of Denver CO</name>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <name>City &amp; County of Denver CO Airport System Revenue</name>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
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      <invstOrSec>
        <name>City &amp; County of Denver CO Airport System Revenue</name>
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        <name>Downtown Revitalization Public Infrastructure District</name>
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        <name>Parish of East Baton Rouge Capital Improvements District</name>
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        <name>Epperson North Community Development District</name>
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        <name>Harris County-Houston Sports Authority</name>
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      <invstOrSec>
        <name>Herons Glen Recreation District</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Herons Glen Recreation District</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Highland Park Independent School District</name>
        <lei>N/A</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-02-15</maturityDt>
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      <invstOrSec>
        <name>Hillsborough County Aviation Authority</name>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2048-10-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hillsborough County Industrial Development Authority</name>
        <lei>N/A</lei>
        <title>Hillsborough County Industrial Development Authority, Series 2020 A</title>
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          <isin value="US43233AFD37"/>
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        <balance>6500000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5719477.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2050-08-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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      <invstOrSec>
        <name>Hollywood Beach Community Development District I</name>
        <lei>54930070G0CIEYSTT648</lei>
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          <isin value="US43612PBD50"/>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-10-01</maturityDt>
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      <invstOrSec>
        <name>City &amp; County Honolulu HI Wastewater System Revenue</name>
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        <title>City &amp; County Honolulu, Series 2024 A</title>
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          <isin value="US4387014G68"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-07-01</maturityDt>
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      <invstOrSec>
        <name>City &amp; County Honolulu HI Wastewater System Revenue</name>
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          <isin value="US4387014H42"/>
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        <balance>7000000.00000000</balance>
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        <valUSD>7409011.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2054-07-01</maturityDt>
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      <invstOrSec>
        <name>Hopkins County School District Finance Corp.</name>
        <lei>N/A</lei>
        <title>Hopkins County School District Finance Corp., Series 2021</title>
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          <isin value="US439767XV17"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2041-02-01</maturityDt>
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      <invstOrSec>
        <name>City of Houston TX Airport System Revenue</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Houston Higher Education Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Humble Independent School District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Idaho Health Facilities Authority</name>
        <lei>549300X43KY1C2WW0J97</lei>
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        <name>Idaho Housing &amp; Finance Association</name>
        <lei>5493002WM3NYB1LQB744</lei>
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        <name>Idaho Housing &amp; Finance Association</name>
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        <name>Idaho Housing &amp; Finance Association</name>
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      <invstOrSec>
        <name>Idaho Health Facilities Authority</name>
        <lei>549300X43KY1C2WW0J97</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Leomas Landing Community Development District</name>
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        <name>County of Miami-Dade FL Aviation Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Miami-Dade County Expressway Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Miami-Dade County Health Facilities Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>Michigan Finance Authority</name>
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        <name>Michigan Finance Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New Mexico Hospital Equipment Loan Council</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New Orleans Aviation Board</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>New York Liberty Development Corp.</name>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>3.00000000</annualizedRt>
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        <name>City of New York NY</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <fairValLevel>2</fairValLevel>
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        <name>New York City Transitional Finance Authority Future Tax Secured Revenue</name>
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        <name>New York City Transitional Finance Authority</name>
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        <name>New York City Transitional Finance Authority</name>
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        <name>New York State Dormitory Authority</name>
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        <name>NJB Properties</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-12-01</maturityDt>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Medical Care Commission</name>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>5.00000000</annualizedRt>
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        <name>North Carolina Turnpike Authority</name>
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        <balance>25000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>None</couponKind>
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        <name>North Carolina Turnpike Authority</name>
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          <isin value="US65830RAQ20"/>
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        <balance>15000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>North Carolina Turnpike Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Board of Higher Education of the State of North Dakota</name>
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        <name>North Dakota Housing Finance Agency</name>
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        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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        <invCountry>US</invCountry>
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        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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          <isin value="US66285WHG42"/>
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        <balance>25000000.00000000</balance>
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        <valUSD>29773095.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2045-09-01</maturityDt>
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      <invstOrSec>
        <name>North Texas Tollway Authority</name>
        <lei>PQGZGRE0F2WPMYQQ1B78</lei>
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        <balance>10000000.00000000</balance>
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        <valUSD>10103278.00000000</valUSD>
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        <invCountry>US</invCountry>
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          <maturityDt>2048-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.00000000</annualizedRt>
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      <invstOrSec>
        <name>Northern Tobacco Securitization Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2050-06-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
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        <issuerCat>MUN</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Northwest Independent School District</name>
        <lei>N/A</lei>
        <title>Northwest Independent School District, Series 2023</title>
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          <isin value="US667826EM99"/>
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        <valUSD>6621526.10000000</valUSD>
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        <issuerCat>MUN</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
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        <name>Northwest Independent School District</name>
        <lei>N/A</lei>
        <title>Northwest Independent School District, Series 2025</title>
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          <isin value="US667826HG94"/>
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        <balance>4750000.00000000</balance>
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        <valUSD>4992832.83000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Ohio WV</name>
        <lei>N/A</lei>
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        <balance>3000000.00000000</balance>
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        <valUSD>2985725.40000000</valUSD>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2053-06-01</maturityDt>
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        <name>State of Ohio</name>
        <lei>5493005LEB5E170OMX59</lei>
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          <isin value="US677561ML31"/>
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        <curCd>USD</curCd>
        <valUSD>574072.41000000</valUSD>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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          <annualizedRt>4.00000000</annualizedRt>
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        <name>State of Ohio</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2046-01-01</maturityDt>
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        <name>State of Ohio</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2038-11-15</maturityDt>
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      <invstOrSec>
        <name>Ohio Higher Educational Facility Commission</name>
        <lei>5493007MQT6NGNN6BR81</lei>
        <title>Ohio Higher Educational Facility Commission, Series 2020 A</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Higher Educational Facility Commission</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ohio Higher Educational Facility Commission</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Higher Educational Facility Commission</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ohio Turnpike &amp; Infrastructure Commission</name>
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        <name>Oklahoma Turnpike Authority</name>
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          <maturityDt>2053-01-01</maturityDt>
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        <name>Oklahoma Water Resources Board</name>
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        <invCountry>US</invCountry>
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        <name>Oregon State Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>County of Osceola FL Transportation Revenue</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Owensboro KY Water Revenue</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2045-09-15</maturityDt>
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        <name>Port Authority of New York &amp; New Jersey</name>
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        <name>Port of Seattle WA</name>
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        <name>Port of Seattle WA</name>
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        <name>City of Portland TN Water &amp; Sewer Revenue</name>
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        <name>Prairie Center Metropolitan District No. 3</name>
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        <name>Preserve at South Branch Community Development District</name>
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        <name>City of Princeton TX</name>
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      <invstOrSec>
        <name>Private Colleges &amp; Universities Authority</name>
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        <name>Reunion West Community Development District</name>
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      <invstOrSec>
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        <name>Rhode Island Health and Educational Building Corp.</name>
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      <invstOrSec>
        <name>Rhode Island Student Loan Authority</name>
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      <invstOrSec>
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      <invstOrSec>
        <name>Rhodine Road North Community Development District</name>
        <lei>N/A</lei>
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        <name>Rialto Unified School District</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-08-01</maturityDt>
          <couponKind>None</couponKind>
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        <name>County of Richland SC</name>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2036-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>River Hall Community Development District</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Rochester MN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Development Authority of Rockdale County</name>
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        <name>Roswell Development Authority</name>
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        <name>City of Royse City TX</name>
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        <name>City of Royse City TX</name>
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        <name>St. Johns County Industrial Development Authority</name>
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      <invstOrSec>
        <name>St. Louis Municipal Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>San Mateo Foster City School District</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Sarasota County Health Facilities Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>City of Seattle WA Municipal Light &amp; Power Revenue</name>
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        <name>Shelby County Health Educational &amp; Housing Facilities Board</name>
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        <name>Southeast Energy Authority A Cooperative District</name>
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        <name>Southern California Public Power Authority</name>
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        <name>Southwestern Illinois Development Authority</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Texas Private Activity Bond Surface Transportation Corp.</name>
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        <name>Texas Water Development Board</name>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>Franklin Federal Tax Free Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Monica Krogh</ncom:signature>
      <ncom:signerName>Monica Krogh</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
