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SIGNATURE KIMBERLEY MONASTERIO
TITLE ASSISTANT TREASURER
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
FEDERAL TAX-FREE INCOME FUND OCTOBER 31, 1999 SEMI-ANNUAL REPORT AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
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<NAME> FRANKLIN FEDERAL TAX-FREE INCOME FUND - CLASS A
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FRANKLIN
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wpdoc2\nsar\1999\116-77m - 1999.doc
12/10/99
NAME OF REGISTRANT:
Franklin Federal Tax-Free Income Fund
File No. 811-3395
EXHIBIT - Item 77M: Mergers
Pursuant to an Agreement and Plan of Reorganization between
Franklin Federal Tax-Free Income Fund ("Federal Fund") and
Franklin Tax-Free Trust, on behalf of its series Franklin Indiana
Tax-Free Income Fund ("Indiana Fund"), the Federal Fund acquired
all of the assets Indiana Fund on June 24, 1999, in exchange
solely for shares of common stock of the Federal Fund and the
distribution, pursuant to the Agreement and Plan of
Reorganization, of the Federal Fund's shares of common stock to
the shareholders of the Indiana Fund.
Pursuant to an Agreement and Plan of Reorganization between
Franklin Federal Tax-Free Income Fund ("Federal Fund") and
Franklin Municipal Securities Trust, on behalf of its series
Franklin Hawaii Municipal Bond Fund ("Hawaii Fund"), the Federal
Fund acquired all of the assets Hawaii Fund on June 24, 1999, in
exchange solely for shares of common stock of the Federal Fund
and the distribution, pursuant to the Agreement and Plan of
Reorganization, of the Federal Fund's shares of common stock to
the shareholders of the Hawaii Fund.
Pursuant to an Agreement and Plan of Reorganization between
Franklin Federal Tax-Free Income Fund ("Federal Fund") and
Franklin Municipal Securities Trust, on behalf of its series
Franklin Arkansas Municipal Bond Fund ("Arkansas Fund"), the
Federal Fund acquired all of the assets Arkansas Fund on August
26, 1999, in exchange solely for shares of common stock of the
Federal Fund and the distribution, pursuant to the Agreement and
Plan of Reorganization, of the Federal Fund's shares of common
stock to the shareholders of the Arkansas Fund.
Pursuant to an Agreement and Plan of Reorganization between
Franklin Federal Tax-Free Income Fund ("Federal Fund") and
Franklin Municipal Securities Trust, on behalf of its series
Franklin Washington Municipal Bond Fund ("Washington Fund"), the
Federal Fund acquired all of the assets Washington Fund on August
26, 1999, in exchange solely for shares of common stock of the
Federal Fund and the distribution, pursuant to the Agreement and
Plan of Reorganization, of the Federal Fund's shares of common
stock to the shareholders of the Washington Fund.
