497K 1 c497k.htm

GOF P17 09/24

FRANKLIN FEDERAL TAX-FREE INCOME FUND
FRANKLIN TAX-FREE TRUST
SUPPLEMENT DATED SEPTEMBER 26, 2024
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (“SAI”)
OF EACH FUND LISTED IN SCHEDULE A


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
Account

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.