Franklin Federal Tax-Free Income Fund Class A is a mutual fund focused on generating income that is exempt from regular federal income taxes. The fund primarily invests at least 80% of its assets in investment-grade municipal securities, aiming to deliver steady, tax-efficient returns for shareholders. It is classified in the Muni National Long category, which means it holds a diversified portfolio of U.S. municipal bonds with longer durations, generally seeking higher yields associated with longer-term debt instruments. This fund targets sectors closely tied to public infrastructure and community development, with significant holdings in areas such as transportation, health care, housing, industrial revenue, and utilities. Geographically, it invests across many states, with notable allocations to Texas, Florida, New York, and California. The holdings are diversified across various credit qualities, with a majority in AA and A-rated bonds, supporting capital preservation objectives while offering monthly income distributions. With a large asset base and over 1,000 holdings, the fund serves as a significant vehicle for investors seeking federal tax-free income and diversification through municipal securities, balancing income needs with prudent risk management and broad exposure to essential public sectors.