Franklin Federal Tax-Free Income Fund Advisor Class is a municipal bond mutual fund designed to provide shareholders with a high level of income that is exempt from regular federal income taxes. Its primary function is to invest predominantly in U.S. municipal securities, which are often issued by state and local governments or their agencies. The fund targets investors seeking tax-advantaged income while maintaining a focus on capital preservation through prudent management of its diversified portfolio. By emphasizing municipal bonds, the fund supports essential public sectors such as infrastructure, education, and transportation, indirectly benefiting communities across the United States. Notably, the fund employs a disciplined strategy to manage credit quality and interest rate sensitivity, balancing risk with the objective of steady, tax-free income generation. The Advisor Class shares have received recognition for relatively strong risk-adjusted returns over multiple time periods, highlighting their competitive standing within the national municipal long-term fund category. Overall, this fund plays a significant role for investors aiming to optimize after-tax income as part of a broader fixed income allocation.