SUPPLEMENT DATED JUNE 27, 1995
TO THE PROSPECTUS FOR
FRANKLIN FEDERAL TAX-FREE INCOME FUND
DATED MAY 1, 1995
The following text substitutes paragraph four of the section
"Purchases at Net Asset Value" under "How to Buy Shares of the
Fund."
Class I shares may be purchased at net asset value and without
the imposition of a contingent deferred sales charge by investors
who have, within the past 60 days, redeemed an investment in a
mutual fund which is not part of the Franklin Templeton Funds
which was subject to a front-end sales charge or a contingent
deferred sales charge and which has investment objectives similar
to those of the Fund.
