N-CSR 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number 811-04149
 
Franklin Tax-Free Trust
(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, 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: 2/28
 
Date of reporting period: 2/29/24
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.
Not Applicable
.
 
ANNUAL
REPORT
AND
SHAREHOLDER
LETTER
Franklin
Tax-Free
Trust
February
29,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
Franklin
High
Yield
Tax-Free
Income
Fund
Franklin
Massachusetts
Tax-Free
Income
Fund
Franklin
New
Jersey
Tax-Free
Income
Fund
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
Franklin
Tax-Free
Trust
1
franklintempleton.com
Annual
Report
SHAREHOLDER
LETTER
Dear
Shareholder,
We
are
pleased
to
provide
the
annual
report
of
Franklin
Tax-
Free
Trust
for
the
12-month
reporting
period
ended
February
29,
2024.
Please
read
on
for
a
detailed
look
at
prevailing
economic
and
market
conditions
during
the
Funds’
reporting
period
and
to
learn
how
those
conditions
have
affected
Fund
performance.
As
always,
we
remain
committed
to
providing
you
with
excellent
service
and
a
full
spectrum
of
investment
choices.
We
also
remain
committed
to
supplementing
the
support
you
receive
from
your
financial
advisor.
One
way
we
accomplish
this
is
through
our
website,
www.franklintempleton.com
.
Here
you
can
gain
immediate
access
to
market
and
investment
information,
including:
Fund
prices
and
performance;
Market
insights
and
commentaries
from
our
portfolio
Managers;
and
A
host
of
educational
resources.
We
look
forward
to
helping
you
meet
your
financial
goals.
Sincerely,
Gregory
E.
Johnson
Chairman
Franklin
Tax-Free
Trust
Ben
Barber
Senior
Vice
President
Director
of
Municipal
Bonds
franklintempleton.com
Annual
Report
2
Contents
Funds’
Overview
3
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
5
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund
10
Franklin
High
Yield
Tax-Free
Income
Fund
15
Franklin
Massachusetts
Tax-Free
Income
Fund
20
Franklin
New
Jersey
Tax-Free
Income
Fund
25
Financial
Highlights
and
Schedules
of
Investments
30
Financial
Statements
150
Notes
to
Financial
Statements
159
Report
of
Independent
Registered
Public
Accounting
Firm
179
Tax
Information
180
Board
Members
and
Officers
181
Shareholder
Information
186
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
3
franklintempleton.com
Annual
Report
1.
Distributions
for
each
Fund
are
primarily
exempt
from
regular
federal
income
tax
and
for
each
state
Fund,
primarily
exempt
from
state
income
tax
for
individual
residents
of
that
Fund’s
state.
For
each
Fund
other
than
a
state
Fund,
dividends
are
generally
subject
to
state
and
local
taxes,
if
any.
For
investors
subject
to
alternative
minimum
tax,
a
portion
of
Fund
dividends
may
be
taxable.
Distributions
of
capital
gains
are
generally
taxable.
To
avoid
imposition
of
28%
backup
withholding
on
all
Fund
distributions
and
redemption
proceeds,
U.S.
investors
must
be
properly
certified
on
Form
W-9
and
non-U.S.
investors
on
Form
W-8BEN.
Funds’
Overview
Q.
What
are
the
investment
Strategies
of
the
Funds'?
A.
Each
of
the
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund,
Franklin
Federal
Limited-Term
Tax-Free
Income
Fund,
Franklin
Massachusetts
Tax-Free
Income
Fund
and
Franklin
New
Jersey
Tax-Free
Income
Fund
seeks
to
provide
investors
with
as
high
a
level
of
income
exempt
from
federal
income
taxes
(and
income
exempt
from
personal
income
tax
for
resident
shareholders
of
the
state
for
each
state
Fund,
Franklin
Massachusetts
Tax-Free
Income
Fund
and
Franklin
New
Jersey
Tax-Free
Income
Fund)
as
is
consistent
with
prudent
investment
management
and
the
preservation
of
shareholders’
capital
by
normally
investing
at
least
80%
of
its
total
assets
(80%
of
its
net
assets
in
the
case
of
Franklin
New
Jersey
Tax-Free
Income
Fund)
in
securities
that
pay
interest
free
from
federal
income
taxes,
including
the
federal
alternative
minimum
tax.
1
In
addition,
each
state
Fund
normally
invests
at
least
80%
of
its
total
assets
in
securities
that
pay
interest
free
from
the
personal
income
taxes
of
that
Fund's
state.
The
Franklin
High
Yield
Tax-Free
Income
Fund
principally
seeks
to
provide
investors
with
a
high
current
yield
exempt
from
federal
income
taxes,
and
secondarily
seeks
capital
appreciation
to
the
extent
possible
and
consistent
with
the
Fund's
principal
goal,
by
normally
investing
at
least
80%
of
its
net
assets
in
securities
that
pay
interest
free
from
federal
income
taxes,
including
the
federal
alternative
minimum
tax.
1
We
select
securities
that
we
believe
will
provide
the
best
balance
between
risk
and
return
within
each
Fund’s
range
of
allowable
investments
and
typically
invests
with
a
long-term
time
horizon.
This
means
we
generally
hold
securities
in
each
Fund’s
portfolio
for
income
purposes,
although
we
may
sell
a
security
at
any
time
if
we
believe
it
could
help
a
fund
meet
its
goal.
Each
Fund,
except
the
Franklin
High
Yield
Tax-Free
Income
Fund,
only
buys
municipal
securities
rated
in
one
of
the
top
four
ratings
categories
by
one
or
more
U.S.
nationally
recognized
rating
services
(or
unrated
or
short-term
rated
securities
of
comparable
credit
quality).
None
of
the
Funds
have
restrictions
on
the
maturity
of
the
securities
they
may
buy;
however,
the
Franklin
Intermediate-Term
Tax-Free
Income
Fund
maintains
a
dollar-weighted
average
portfolio
maturity
(the
time
in
which
the
debt
must
be
repaid)
of
three
to
10
years,
while
the
Franklin
Limited-Term
Tax-Free
Income
Fund
maintains
a
dollar-weighted
average
portfolio
maturity
(the
time
in
which
the
debt
must
be
repaid)
of
five
years
or
less.
When
selecting
securities
for
Franklin
High
Yield
Tax-Free
Income
Fund’s
portfolio,
we
may
consider
existing
market
conditions,
the
availability
of
lower-rated
securities,
and
whether
the
difference
in
yields
between
higher
and
lower-rated
securities
justifies
the
higher
risk
of
lower-rated
securities.
Q.
What
were
the
overall
market
conditions
during
the
Funds'
reporting
period?
A.
The
12
months
ending
February
29,
2024,
saw
the
U.S.
Federal
Reserve
(Fed)
turn
more
cautious
in
its
monetary
policy
tightening
campaign,
in
an
effort
to
get
inflation
under
control
without
tipping
the
economy
into
recession.
The
Fed
delivered
three
25-basis
point
hikes
during
the
period,
the
last
of
which
occurred
in
July
2023
and
took
the
Fed
funds
target
rate
to
a
range
of
5.25%–5.50%,
a
more
than
20-year
high.
Since
then,
policymakers
have
maintained
a
restrictive
stance,
as
the
annual
headline
Consumer
Price
Index
(CPI)
declined
from
6.0%
for
February
2023
to
3.1%
in
January
2024.
At
its
most
recent
meeting
(in
January),
the
Fed
still
left
the
policy
rate
unchanged,
while
Fed
Chair
Jerome
Powell
pushed
back
against
investor
hopes
for
a
March
rate
cut,
saying
that
the
Federal
Open
Market
Committee
was
waiting
to
see
further
confirmation
of
the
disinflationary
trend.
Meanwhile,
the
U.S.
economy
remained
robust,
with
real
gross
domestic
product
increasing
at
an
annualized
rate
of
3.3%
in
the
fourth
quarter
of
2023,
underpinned
by
strong
consumer
and
government
spending.
The
municipal
(muni)
bond
market
recorded
positive
total
returns
over
the
period
under
review,
helped
by
a
late-
year
rally
in
2023
which
was
fueled
by
increased
investor
optimism
that
monetary
policy
tightening
had
come
to
an
end.
Nevertheless,
for
most
of
the
last
12
months,
high
levels
of
uncertainty
kept
fund
flows
into
muni
bond
retail
vehicles
negative.
Anecdotal
feedback
suggested
that
many
asset
allocators
were
retaining
large
cash
and
cash-
equivalent
balances,
waiting
on
the
sidelines
for
volatility
to
decline.
Towards
the
end
of
the
period,
elevated
muni
bond
yields
helped
draw
investor
interest,
with
fund
flows
into
the
asset
class
turning
positive
in
January
2024.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A.
The
past
12
months
witnessed
high
levels
of
uncertainty.
However,
market
volatility
was
largely
interest-rate
driven.
Credit
fundamentals
have
remained
stable,
with
robust
balance
sheets
that
were
supported
by
significant
“rainy-day”
funds
which,
in
turn,
were
bolstered
by
federal
COVID-19
aid,
increased
during
the
post-pandemic
recovery,
and
maintained
with
conservative
budgeting
and
fiscal
discipline.
Considering
our
view
of
the
fundamental
strength
in
the
muni
market,
the
Funds
were
consequently
tilted
towards
lower-rated
issuers
and
bonds
with
no
external
credit
rating.
Over
the
period,
we
looked
for
opportunities
that
had
the
potential
to
improve
the
overall
yield
of
the
portfolio
and
used
our
rigorous
bottom-up
research
process
to
help
us
identify
credits
that
represented
good
relative
value,
in
our
view.
Franklin
Tax-Free
Trust
4
franklintempleton.com
Annual
Report
Q.
What
were
the
leading
contributors
to
performance?
A.
The
Funds
outperformed
their
benchmark
over
the
12
months
under
review,
supported
primarily
by
an
overweight
to
bonds
with
no
external
credit
rating,
as
well
as
a
tilt
towards
lower-rated
investment-grade
issuers.
Additionally,
selection
in
AA
and
A
rated
securities
benefited
results.
Q.
What
were
the
leading
detractors
from
performance?
A.
Negative
performance
over
the
period
came
from
the
Funds'
yield
curve
positioning,
driven
by
an
overweight
to
muni
bonds
with
ten
or
more
years
to
maturity.
In
addition,
while
overall
credit
quality
positioning
helped
relative
returns,
an
overweight
to
issuers
rated
below
investment-grade
was
a
drag
on
returns.
Q.
Were
there
any
significant
changes
to
the
Funds
during
the
reporting
period?
A.
There
were
no
significant
changes
to
the
Funds'
overall
strategy.
However,
as
we
gained
more
clarity
around
the
Fed’s
policy
path
and
became
more
comfortable
that
muni
fundamentals
were
generally
robust
in
the
face
of
tighter
financing
conditions
and
slowing
economic
activity,
the
Funds
increased
their
exposure
to
lower-rated
investment-
grade
issuers,
as
well
as
to
bonds
with
no
external
credit
rating.
The
Franklin
Templeton
Fixed
Income
research
team
conducts
an
in-depth
analysis
of
potential
investment
opportunities
and
is
therefore
able
to
find
what
they
deem
to
be
attractively
priced
securities
from
muni
issuers
with
solid
underlying
credit
fundamentals
that
could
weather
a
period
of
below-trend
growth.
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
February
29,
2024,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
state,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
5
franklintempleton.com
Annual
Report
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Fund
Overview
Performance
Overview
The
Fund’s
Class
A
share
price,
as
measured
by
net
asset
value, 
increased
from 
$11.02
on
February
28,
2023
,
to 
$11.27
on
February
29,
2024
.
The
Fund’s
Class
A
shares
paid
dividends
totaling 
29.7596
cents
per
share
for
the reporting
period.
1
The
Performance
Summary
beginning
on
page 
6
shows
that
at
the
end
of
this
reporting
period
the
Fund’s
Class
A
shares’
distribution
rate
was
2.57%
,
based
on
an
annualization
of the
2.4702
 cents
per
share 
February
 dividend
and
the
maximum
offering
price
of
$11.53
on
February
29,
2024
.
An
investor
in
the 
2024
 maximum
federal
income
tax
bracket
of
40.80%
(including
3.80%
Medicare
tax)
would
need
to
earn
a
distribution
rate
of 
4.34%
from
a
taxable
investment
to
match
the
Fund’s
Class
A
tax-free
distribution
rate.
For
other
performance
data,
please
see
the
Performance
Summary.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Thank
you
for
your
continued
participation
in
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund.
We
look
forward
to
serving
your
future
investment
needs.
Portfolio
Composition
2/29/24
%
of
Total
Investments*
Health
Care
18.60%
Utilities
15.45%
Industrial
Dev.
Revenue
and
Pollution
Control
14.29%
Transportation
10.02%
Housing
9.93%
Education
8.84%
Local
6.63%
State
General
Obligation
5.97%
Special
Tax
4.20%
Lease
3.56%
Refunded
1.94%
Other
Revenue
Bonds
0.57%
*
Does
not
include
cash
and
cash
equivalents.
1.
The
distribution
amount
is
the
sum
of
all
net
investment
income
distributions
for
the
period
shown.
Assumes
shares
were
purchased
and
held
for
the
entire
accrual
period.
Since
dividends
accrual
daily,
your
actual
distributions
will
vary
depending
on
the
date
you
purchased
your
shares
and
any
account
activity.
All
Fund
distributions
will
vary
depending
upon
current
market
conditions,
and
past
distributions
are
not
indicative
of
future
trends.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
35
.
Performance
Summary
as
of
February
29,
2024
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
6
franklintempleton.com
Annual
Report
The
performance
tables
and
graphs
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
2/29/24
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
2.25%
and
the
minimum
is
0%.
Class
A:
2.25%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
A
4
1-Year
+5.05%
+2.69%
5-Year
+5.30%
+0.58%
10-Year
+17.34%
+1.38%
Advisor
1-Year
+5.21%
+5.21%
5-Year
+6.62%
+1.29%
10-Year
+19.27%
+1.78%
30-Day
Standardized
Yield
7
Taxable
Equivalent
30-Day
Standardized
Yield
6
Share
Class
Distribution
Rate
5
Taxable
Equivalent
Distribution
Rate
6
(with
fee
waiver)
(without
fee
waiver)
(with
fee
waiver)
(without
fee
waiver)
A
2.57%
4.34%
2.99%
2.85%
5.05%
4.81%
Advisor
2.86%
4.83%
3.30%
3.16%
5.57%
5.34%
See
page
8
for
Performance
Summary
footnotes.
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Performance
Summary
7
franklintempleton.com
Annual
Report
See
page
8
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
1
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
Class
A
(2/28/14–2/29/24)
Advisor
Class
(2/28/14–2/29/24)
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
Performance
Summary
8
franklintempleton.com
Annual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Changes
in
the
credit
rating
of
a
bond,
or
in
the
credit
rating
or
financial
strength
of
a
bond’s
issuer,
insurer
or
guarantor,
may
affect
the
bond’s
value.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
6/30/24
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
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.
Class
A
performance
shown
has
been
calculated
as
follows:
(a)
for
periods
prior
to
9/10/18,
a
restated
figure
is
used
based
on
the
Fund’s
Class
A1
performance
that
includes
any
Rule
12b-1
rate
differential
that
exists
between
Class
A1
and
Class
A;
and
(b)
for
periods
after
9/10/18,
actual
Class
A
performance
is
used,
reflecting
all
charges
and
fees
applicable
to
that
class.
5.
Distribution
rate
is
based
on
an
annualization
of
the
respective
class’s
February
dividend
and
the
maximum
offering
price
(NAV
for
Advisor
Class)
per
share
on
2/29/24.
6.
Taxable
equivalent
distribution
rate
and
yield
assume
the
2024
maximum
federal
income
tax
rate
of
37.00%
plus
3.80%
Medicare
tax.
7.
The
Fund’s
30-day
standardized
yield
is
calculated
over
a
trailing
30-day
period
using
the
yield
to
maturity
on
bonds
and/or
the
dividends
accrued
on
stocks.
It
may
not
equal
the
Fund’s
actual
income
distribution
rate,
which
reflects
the
Fund’s
past
dividends
paid
to
shareholders.
8.
Source:
FactSet.
The
Bloomberg
1-15
Year
Municipal
Bond
Index
is
a
subset
of
the
Municipal
Bond
Index,
which
is
a
market
value-weighted
index
of
tax-exempt,
invest-
ment-grade
municipal
bonds
with
maturities
of
one
year
or
more.
9.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(3/1/23–2/29/24)
Share
Class
Net
Investment
Income
A
$0.297596
A1
$0.314220
C
$0.253148
R6
$0.330861
Advisor
$0.325245
Total
Annual
Operating
Expenses
9
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.71%
0.79%
Advisor
0.46%
0.54%
Your
Fund’s
Expenses
Franklin
Federal
Intermediate-Term
Tax-Free
Income
Fund
9
franklintempleton.com
Annual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of