0001379491-18-004242.txt : 20180905 0001379491-18-004242.hdr.sgml : 20180905 20180905151244 ACCESSION NUMBER: 0001379491-18-004242 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 16 FILED AS OF DATE: 20180905 DATE AS OF CHANGE: 20180905 EFFECTIVENESS DATE: 20180905 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN FEDERAL TAX FREE INCOME FUND CENTRAL INDEX KEY: 0000357310 IRS NUMBER: 942821264 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-75925 FILM NUMBER: 181054960 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-570-3000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CASH MANAGEMENT FUND DATE OF NAME CHANGE: 19831016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FRANKLIN FEDERAL TAX FREE INCOME FUND CENTRAL INDEX KEY: 0000357310 IRS NUMBER: 942821264 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03395 FILM NUMBER: 181054959 BUSINESS ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 BUSINESS PHONE: 650-570-3000 MAIL ADDRESS: STREET 1: ONE FRANKLIN PARKWAY CITY: SAN MATEO STATE: CA ZIP: 94403-1906 FORMER COMPANY: FORMER CONFORMED NAME: FRANKLIN CASH MANAGEMENT FUND DATE OF NAME CHANGE: 19831016 0000357310 S000006760 FRANKLIN FEDERAL TAX-FREE INCOME FUND C000018346 CLASS A FKTIX C000018348 CLASS C FRFTX C000018349 ADVISOR CLASS FAFTX C000194409 Class R6 FFTQX C000199717 Class M 485BPOS 1 filing1074.htm PRIMARY DOCUMENT

As filed with the Securities and Exchange Commission on September 5, 2018.

 

File Nos.

002-75925

811-03395

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

 

Pre-Effective Amendment No.         

 

Post-Effective Amendment No.   55                  (X)

 

and/or

 

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

Amendment No.   56                                (X)

 

FRANKLIN FEDERAL TAX-FREE INCOME FUND

(Exact Name of Registrant as Specified in Charter)

 

ONE FRANKLIN PARKWAY, SAN MATEO, CA  94403-1906

(Address of Principal Executive Offices)  (Zip Code)

 

Registrant’s Telephone Number, Including Area Code (650) 312-2000

 

craig s. tyle, ONE FRANKLIN PARKWAY, SAN MATEO, CA  94403-1906

(Name and Address of Agent for Service of Process)

 

Approximate Date of Proposed Public Offering:

 

It is proposed that this filing will become effective (check appropriate box):

 

[X ] immediately upon filing pursuant to paragraph (b)

[ ] on (date) pursuant to paragraph (b)

[ ] 60 days after filing pursuant to paragraph (a)(1)

[ ] on (date) pursuant to paragraph (a)(1)

[ ] 75 days after filing pursuant to paragraph (a)(2)

[ ] on (date) pursuant to paragraph (a)(2) of Rule 485

 

If appropriate, check the following box:

 

[ ]     This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 


 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of San Mateo and the State of California, on the 4th day of September, 2018.

 

FRANKLIN FEDERAL TAX-FREE INCOME FUND

(Registrant)

By:   /Karen L. Skidmore 

      Karen L. Skidmore

Vice President and Secretary

 

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

 

Christopher J. Molumphy*

Chief Executive Officer-Investment

Christopher J. Molumphy

Management

 

Dated: September 4, 2018

 

 

Matthew T. Hinkle*

Matthew T. Hinkle

Chief Executive Officer – Finance and Administration

 

Dated: September 4, 2018

 

 

Gaston Gardey*

Gaston Gardey

Chief Financial Officer and Chief Accounting Officer

 

Dated: September 4, 2018

 

 

Harris J. Ashton*

Trustee

Harris J. Ashton

Dated: September 4, 2018

 

 

Terrence J. Checki

Trustee

Terrence J. Checki

Dated: September 4, 2018

 

 

Mary C. Choksi*

Trustee

Mary C. Choksi

Dated: September 4, 2018

 

 

Edith E. Holiday*

Trustee

Edith E. Holiday

Dated: September 4, 2018

 

 

Gregory E. Johnson*

Trustee

Gregory E. Johnson

Dated: September 4, 2018

 

 

Rupert H. Johnson, Jr.*

Trustee

Rupert H. Johnson, Jr.

Dated: September 4, 2018

 

 

J. Michael Luttig*

Trustee

J. Michael Luttig

Dated: September 4, 2018

 

 

Larry D. Thompson*

Trustee

Larry D. Thompson

Dated: September 4, 2018

 

 

John B. Wilson*

Trustee

John B. Wilson

Dated: September 4, 2018


 

 

*By:  /s/ Karen L. Skidmore

      Karen L. Skidmore

Attorney-in-Fact

 (Pursuant to Power of Attorney previously filed)

 

 

 

 

 

 


 

EXHIBIT INDEX

 

 

 

Index No.

Description of Exhibit

 

 

EX-101.INS

XBRL Instance Document

 

 

EX-101.SCH

XBRL Taxonomy Extension Schema Document

 

 

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

 

 

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

 

 

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase

 

 

 

 

 

 

 

EX-101.SCH 2 fftfif-20180905.xsd EX-101.SCH 000000 - Document - Document and Entity Information {Elements} link:presentationLinklink:calculationLinklink:definitionLink 000001 - Document - Risk/Return Summary {Unlabeled} - Franklin Federal Tax-Free Income Fund link:presentationLinklink:calculationLinklink:definitionLink 000002 - Schedule - Shareholder Fees {- Franklin Federal Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000003 - Schedule - Annual Operating Expenses {- Franklin Federal Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000004 - Schedule - Expense Example {- Franklin Federal Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000005 - Schedule - Expense Example, No Redemption {- Franklin Federal Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000006 - Schedule - Annual Total Returns - Franklin Federal Tax-Free Income Fund [BarChart] link:presentationLinklink:calculationLinklink:definitionLink 000007 - Schedule - Average Annual Total Returns {Transposed} {- Franklin Federal Tax-Free Income Fund} link:presentationLinklink:calculationLinklink:definitionLink 000008 - Document - Risk/Return Detail {Unlabeled} - Franklin Federal Tax-Free Income Fund link:presentationLinklink:calculationLinklink:definitionLink 000009 - Disclosure - Risk/Return Detail Data {Elements} - Franklin Federal Tax-Free Income Fund link:presentationLinklink:calculationLinklink:definitionLink EX-101.DEF 3 fftfif-20180905_def.xml EX-101.DEF EX-101.INS 4 fftfif-20180905.xml EX-101.INS 00003573102018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberfftfif:C000199717Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberfftfif:C000018346Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberfftfif:C000018348Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberfftfif:C000194409Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberfftfif:C000018349Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberfftfif:ReturnBeforeTaxesMemberfftfif:C000018346Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberrr:AfterTaxesOnDistributionsMemberfftfif:C000018346Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberrr:AfterTaxesOnDistributionsAndSalesMemberfftfif:C000018346Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberfftfif:ReturnBeforeTaxesMemberfftfif:C000018348Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberfftfif:ReturnBeforeTaxesMemberfftfif:C000018349Member2018-09-012018-09-010000357310fftfif:S000006760Memberfftfif:FranklinFederalTaxFreeIncomeFund14Memberfftfif:IndexBM7185Member2018-09-012018-09-01 iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares 0000357310FRANKLIN FEDERAL TAX FREE INCOME FUND485BPOS2018-08-242018-09-012018-04-30false2018-09-01Fund SummaryInvestment GoalTo provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital.Fees and Expenses of the FundYou may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.100000<div><p>These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under &#147;Your Account&#148; on page 30 in the Fund's Prospectus and under &#147;Buying and Selling Shares&#148; on page 40 of the Fund&#146;s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A &#150; "Intermediary Sales Charge Discounts and Waivers" to the Fund&#146;s prospectus.</p><p>Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.</p></div>Shareholder Fees (fees paid directly from your investment)~ http://www.proofPlus.com/role/ShareholderFeesS000006760_FranklinFederalTaxFreeIncomeFund14 column period compact * ~0.04250.04250.000.000.000.000.000.01000.000.00<div><p>Annual Fund Operating Expenses</p><p>(expenses that you pay each year as a percentage of the value of your investment)</p></div>~ http://www.proofPlus.com/role/OperatingExpensesS000006760_FranklinFederalTaxFreeIncomeFund14 column period compact * ~0.00440.00440.00440.00440.00440.00250.00100.00650.000.000.00080.00080.00080.00050.00080.00770.00620.01170.00490.0052ExampleThis Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:5006618351339~ http://www.proofPlus.com/role/ExpenseExampleS000006760_FranklinFederalTaxFreeIncomeFund14 column period compact * ~486615756116621937264414205015727461653167291653If you do not sell your shares:~ http://www.proofPlus.com/role/ExpenseExampleNoRedemptionS000006760_FranklinFederalTaxFreeIncomeFund14 column period compact * ~1193726441420Portfolio Turnover0.1646<div><p>The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16.46% of the average value of its portfolio.</p></div>Principal Investment StrategiesUnder normal market conditions, the Fund invests at least 80% of its total assets in investment grade municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax.<div><p>Under normal market conditions, the Fund invests at least 80% of its total assets in investment grade municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and, although not anticipated, in securities that pay taxable interest.</p><p>The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p>The Fund may invest in municipal securities issued by U.S. territories. The Fund does not necessarily focus its investments in a particular state or territory.</p><p>Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p>The Fund may invest in insured municipal securities. Insured municipal securities are covered by insurance policies that guarantee the timely payment of principal and interest. The insurance premium costs, however, are typically reflected in a lower yield and/or higher price for the insured bond. It is important to note that insurance does not guarantee the market value of an insured security, or the Fund&#146;s share price or distributions, and shares of the Fund are not insured.</p><p>The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund&#146;s range of allowable investments and typically uses a buy and hold strategy. This means it generally holds securities in the Fund&#146;s portfolio for income purposes, rather than trading securities for capital gains, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal.</p></div>Principal Risks<div><p>You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p><p>Interest Rate</p><p>When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.</p><p>Market</p><p>The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.</p><p>Credit</p><p>An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.</p><p>A change in the credit rating of a municipal bond insurer that insures securities in the Fund&#146;s portfolio may affect the value of the securities it insures, the Fund&#146;s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p><p>Focus</p><p>The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</p><p>Tax-Exempt Securities</p><p>Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security&#146;s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</p><p>Income</p><p>The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.</p><p>Prepayment</p><p>Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</p><p>States</p><p>The Fund&#146;s portfolio is generally widely diversified among issuers of municipal securities. However, to the extent that the Fund has exposure from time to time to the municipal securities of a particular state, events in that state may affect the Fund&#146;s investments and performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of the state. The same is true of events in U.S. territories, to the extent that the Fund has exposure to any particular territory at any given time.</p><p>Bond Insurers</p><p>Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p><p>Liquidity</p><p>From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund&#146;s ability to sell such securities or other investments when necessary to meet the Fund&#146;s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</p><p>Management</p><p>The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</p></div>Performancefranklintempleton.com(800) DIAL BEN/342-5236The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.<div><p>The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p>Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p></div>Class A Annual Total Returns-0.07050.16310.00860.12120.0903-0.04460.11210.02440.00700.0361~ http://www.proofPlus.com/role/AnnualTotalReturnsBarChartS000006760_FranklinFederalTaxFreeIncomeFund14 column period compact * ~Best Quarter:2009-09-300.0810Worst Quarter:2010-12-31-0.0534As of June 30, 2018, the Fund's year-to-date return was -0.16%.<table style="font: 11px sans-serif; background-color:#DDDDDD" border="0" cellspacing="0" cellpadding="5" width="745"><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Best Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q3'09</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">8.10%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top">Worst Quarter:</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">Q4'10</td><td style="border-bottom: 2px solid #ffffff;" valign="bottom" align="right">-5.34%</td></tr><tr><td style="border-bottom: 2px solid #ffffff;" valign="top" colspan="3">As of June 30, 2018, the Fund's year-to-date return was -0.16%.</td></tr></table><div><p>Average Annual Total Returns<br/>(figures reflect sales charges)</p><p>For the periods ended December 31, 2017</p></div>~ http://www.proofPlus.com/role/AverageAnnualTotalReturnsS000006760_FranklinFederalTaxFreeIncomeFund14 column period compact * ~Return Before TaxesFranklin Federal Tax-Free Income Fund-0.00770.01680.0378Return After Taxes on DistributionsFranklin Federal Tax-Free Income Fund-0.00770.01680.0378Return After Taxes on Distributions and Sale of Fund SharesFranklin Federal Tax-Free Income Fund0.01170.02150.0385-0.00770.01680.03780.03710.02680.04330.05450.03020.0446<div><p>Performance information for Class R6 shares is not shown because it had not commenced operations as of the date of this prospectus.</p><p>Historical performance for Class A shares in the bar chart and table above prior to their inception is based on the performance of Class A1 shares and has not been adjusted to reflect differences in Rule 12b-1 fees between classes. If Class A shares&#146; performance was recalculated to reflect Class A shares&#146; Rule 12b-1 fees, the performance shown would be lower.</p><p>Historical performance for Advisor Class shares prior to inception is based on the performance of Class A1 shares. Advisor Class performance has been adjusted to reflect differences in sales charges between classes.</p><p>The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.</p></div>Other expenses have been restated to exclude non-recurring prior period expenses and, for Class R6, to reflect current fiscal year fees and expenses. If the prior period's non-recurring expenses were included in the table above, the amounts stated would have been greater. Consequently, the total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)The Fund began publicly offering Class A shares on September 10, 2018. Other expenses for Class A are based on estimated amounts for the current fiscal year.The Fund began publicly offering Class A shares (formerly Class M shares) on September 10, 2018.There is a 0.75% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Effective September 10, 2018, the 0.75% contingent deferred sales charge applies to investments of $500,000 or more and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. EX-101.PRE 5 fftfif-20180905_pre.xml EX-101.PRE EX-101.LAB 6 fftfif-20180905_lab.xml EX-101.LAB Prospectus: Risk/Return: Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Document [Axis] Prospectus Performance Measure [Axis] Before Taxes Series [Axis] Series Share Class [Axis] Share Classes Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees [Table] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, With Redemption [Table] Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption [Table] Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Bar Chart Narrative [Text Block] Bar Chart [Heading] Bar Chart [Table] Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Narrative Performance [Table] Market Index Performance [Table] Performance Table Footnotes Performance Table Closing [Text Block] Shareholder Fees: Shareholder Fees Column [Text] Operating Expenses: Operating Expenses Column [Text] Expense Example: Expense Example, By Year, Column [Text] Column Expense Example, No Redemption: Expense Example, No Redemption, By Year, Column [Text] Column Bar Chart Table: Annual Return Caption [Text] Caption Annual Return, Column [Text] Column Annual Return, Inception Date Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Average Annual Return: Since Inception Inception Date Risk/Return Detail [Table] Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover, Rate Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Strategy Portfolio Concentration [Text] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart Does Not Reflect Sales Loads [Text] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Caption Column Label Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield 1 year Expense Example, with Redemption, 1 Year 3 years Expense Example, with Redemption, 3 Years 5 years Expense Example, with Redemption, 5 Years 10 years Expense Example, with Redemption, 10 Years Expense Example, No Redemption, 1 Year 1 Year Expense Example, No Redemption, 3 Years 3 Years Expense Example, No Redemption, 5 Years 5 Years Expense Example, No Redemption, 10 Years 10 Years Annual Return 2003 2003 Annual Return 2004 2004 Annual Return 2005 2005 Annual Return 2006 2006 Annual Return 2007 2007 Annual Return 2008 2008 Annual Return 2009 2009 Annual Return 2010 2010 Annual Return 2011 2011 Annual Return 2012 2012 Annual Return 2013 2013 Annual Return 2014 2014 Annual Return 2015 2015 Annual Return 2016 2016 Annual Return 2017 2017 Annual Return 2018 2018 Annual Return 2019 2019 Annual Return 2020 2020 Past 1 year 1 Year Past 5 years 5 Years Past 10 years 10 Years Past 15 years 15 Years Franklin Federal Tax-Free Income Fund-14 Franklin Federal Tax-Free Income Fund-14 Franklin Federal Tax-Free Income Fund Franklin Federal Tax-Free Income Fund Franklin Federal Tax-Free Income Fund Franklin Federal Tax-Free Income Fund Class A Class A Class A Franklin Federal Tax-Free Income Fund Class A1 Class A1 Class A1 Franklin Federal Tax-Free Income Fund Class C Class C Class C Franklin Federal Tax-Free Income Fund Class R6 Class R6 Class R6 Franklin Federal Tax-Free Income Fund Advisor Class Advisor Class Advisor Class Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) Management fees Management fees Distribution and service (12b-1) fees Distribution and service (12b-1) fees Other expenses Other expenses Total annual Fund operating expenses Total annual Fund operating expenses Return Before Taxes After Taxes on Distributions After Taxes on Distributions and Sales FeeWaiverOrReimbursementOverAssets RedemptionFee RedemptionFee RedemptionFeeOverRedemption RedemptionFeeOverRedemption EX-101.CAL 7 fftfif-20180905_cal.xml EX-101.CAL XML 9 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Apr. 30, 2018
Registrant Name dei_EntityRegistrantName FRANKLIN FEDERAL TAX FREE INCOME FUND
Central Index Key dei_EntityCentralIndexKey 0000357310
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Aug. 24, 2018
Document Effective Date dei_DocumentEffectiveDate Sep. 01, 2018
Prospectus Date rr_ProspectusDate Sep. 01, 2018
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Fund Summary
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund
Investment Goal
To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital.
Fees and Expenses of the Fund

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 30 in the Fund's Prospectus and under “Buying and Selling Shares” on page 40 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – "Intermediary Sales Charge Discounts and Waivers" to the Fund’s prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees (fees paid directly from your investment)
Shareholder Fees {- Franklin Federal Tax-Free Income Fund} - Franklin Federal Tax-Free Income Fund-14 - Franklin Federal Tax-Free Income Fund
Class A
[1]
Class A1
Class C
[2]
Class R6
Advisor Class
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) 4.25% 4.25% none none none
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) none [3] none [3] 1.00% none none
[1] The Fund began publicly offering Class A shares (formerly Class M shares) on September 10, 2018.
[2] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)
[3] There is a 0.75% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Effective September 10, 2018, the 0.75% contingent deferred sales charge applies to investments of $500,000 or more and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Annual Operating Expenses {- Franklin Federal Tax-Free Income Fund} - Franklin Federal Tax-Free Income Fund-14 - Franklin Federal Tax-Free Income Fund
Class A
Class A1
Class C
Class R6
Advisor Class
Management fees 0.44% 0.44% 0.44% 0.44% 0.44%
Distribution and service (12b-1) fees 0.25% 0.10% 0.65% none none
Other expenses [1],[2] 0.08% 0.08% 0.08% 0.05% 0.08%
Total annual Fund operating expenses 0.77% 0.62% 1.17% 0.49% 0.52%
[1] Other expenses have been restated to exclude non-recurring prior period expenses and, for Class R6, to reflect current fiscal year fees and expenses. If the prior period's non-recurring expenses were included in the table above, the amounts stated would have been greater. Consequently, the total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.
[2] The Fund began publicly offering Class A shares on September 10, 2018. Other expenses for Class A are based on estimated amounts for the current fiscal year.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example {- Franklin Federal Tax-Free Income Fund} - Franklin Federal Tax-Free Income Fund-14 - Franklin Federal Tax-Free Income Fund - USD ($)
Class A
Class A1
Class C
Class R6
Advisor Class
1 year $ 500 $ 486 $ 219 $ 50 $ 53
3 years 661 615 372 157 167
5 years 835 756 644 274 291
10 years $ 1,339 $ 1,166 $ 1,420 $ 616 $ 653
If you do not sell your shares:
Expense Example, No Redemption {- Franklin Federal Tax-Free Income Fund}
Franklin Federal Tax-Free Income Fund-14
Franklin Federal Tax-Free Income Fund
Class C
USD ($)
1 Year $ 119
3 Years 372
5 Years 644
10 Years $ 1,420
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16.46% of the average value of its portfolio.

Principal Investment Strategies

Under normal market conditions, the Fund invests at least 80% of its total assets in investment grade municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and, although not anticipated, in securities that pay taxable interest.

The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).

The Fund may invest in municipal securities issued by U.S. territories. The Fund does not necessarily focus its investments in a particular state or territory.

Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.

The Fund may invest in insured municipal securities. Insured municipal securities are covered by insurance policies that guarantee the timely payment of principal and interest. The insurance premium costs, however, are typically reflected in a lower yield and/or higher price for the insured bond. It is important to note that insurance does not guarantee the market value of an insured security, or the Fund’s share price or distributions, and shares of the Fund are not insured.

The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically uses a buy and hold strategy. This means it generally holds securities in the Fund’s portfolio for income purposes, rather than trading securities for capital gains, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal.

Principal Risks

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.

Focus

The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.

Tax-Exempt Securities

Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Income

The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.

Prepayment

Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.

States

The Fund’s portfolio is generally widely diversified among issuers of municipal securities. However, to the extent that the Fund has exposure from time to time to the municipal securities of a particular state, events in that state may affect the Fund’s investments and performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of the state. The same is true of events in U.S. territories, to the extent that the Fund has exposure to any particular territory at any given time.

Bond Insurers

Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.

Liquidity

From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.

Management

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

Performance

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Class A Annual Total Returns
Bar Chart
Best Quarter:Q3'098.10%
Worst Quarter:Q4'10-5.34%
As of June 30, 2018, the Fund's year-to-date return was -0.16%.

Average Annual Total Returns
(figures reflect sales charges)

For the periods ended December 31, 2017

Average Annual Total Returns{- Franklin Federal Tax-Free Income Fund} - Franklin Federal Tax-Free Income Fund-14 - Franklin Federal Tax-Free Income Fund
Past 1 year
Past 5 years
Past 10 years
Class A1 | Return Before Taxes (0.77%) 1.68% 3.78%
Class A1 | After Taxes on Distributions (0.77%) 1.68% 3.78%
Class A1 | After Taxes on Distributions and Sales 1.17% 2.15% 3.85%
Class C | Return Before Taxes (0.77%) 1.68% 3.78%
Advisor Class | Return Before Taxes 3.71% 2.68% 4.33%
Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 5.45% 3.02% 4.46%

Performance information for Class R6 shares is not shown because it had not commenced operations as of the date of this prospectus.

Historical performance for Class A shares in the bar chart and table above prior to their inception is based on the performance of Class A1 shares and has not been adjusted to reflect differences in Rule 12b-1 fees between classes. If Class A shares’ performance was recalculated to reflect Class A shares’ Rule 12b-1 fees, the performance shown would be lower.

Historical performance for Advisor Class shares prior to inception is based on the performance of Class A1 shares. Advisor Class performance has been adjusted to reflect differences in sales charges between classes.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

XML 12 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FRANKLIN FEDERAL TAX FREE INCOME FUND
Prospectus Date rr_ProspectusDate Sep. 01, 2018
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund  
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading Investment Goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital.
Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Fund
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds. More information about these and other discounts is available from your financial professional and under “Your Account” on page 30 in the Fund's Prospectus and under “Buying and Selling Shares” on page 40 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – "Intermediary Sales Charge Discounts and Waivers" to the Fund’s prospectus.

Please note that the tables and examples below do not reflect any transaction fees that may be charged by financial intermediaries, or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling Class R6 or Advisor Class shares.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16.46% of the average value of its portfolio.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 16.46%
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 100,000
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example, No Redemption, By Year, Caption [Text] rr_ExpenseExampleNoRedemptionByYearCaption If you do not sell your shares:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the Fund invests at least 80% of its total assets in investment grade municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and, although not anticipated, in securities that pay taxable interest.

The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).

The Fund may invest in municipal securities issued by U.S. territories. The Fund does not necessarily focus its investments in a particular state or territory.

Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.

The Fund may invest in insured municipal securities. Insured municipal securities are covered by insurance policies that guarantee the timely payment of principal and interest. The insurance premium costs, however, are typically reflected in a lower yield and/or higher price for the insured bond. It is important to note that insurance does not guarantee the market value of an insured security, or the Fund’s share price or distributions, and shares of the Fund are not insured.

The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically uses a buy and hold strategy. This means it generally holds securities in the Fund’s portfolio for income purposes, rather than trading securities for capital gains, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal market conditions, the Fund invests at least 80% of its total assets in investment grade municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.

Interest Rate

When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.

Market

The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise.

Credit

An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.

Focus

The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.

Tax-Exempt Securities

Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.

Income

The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds, or when the Fund realizes a loss upon the sale of a debt security.

Prepayment

Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.

States

The Fund’s portfolio is generally widely diversified among issuers of municipal securities. However, to the extent that the Fund has exposure from time to time to the municipal securities of a particular state, events in that state may affect the Fund’s investments and performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of the state. The same is true of events in U.S. territories, to the extent that the Fund has exposure to any particular territory at any given time.

Bond Insurers

Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.

Liquidity

From time to time, the trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.

Management

The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at franklintempleton.com or by calling (800) DIAL BEN/342-5236.

Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.

Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone (800) DIAL BEN/342-5236
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress franklintempleton.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Class A Annual Total Returns
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Best Quarter:Q3'098.10%
Worst Quarter:Q4'10-5.34%
As of June 30, 2018, the Fund's year-to-date return was -0.16%.
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns
(figures reflect sales charges)

For the periods ended December 31, 2017

Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock

Performance information for Class R6 shares is not shown because it had not commenced operations as of the date of this prospectus.

Historical performance for Class A shares in the bar chart and table above prior to their inception is based on the performance of Class A1 shares and has not been adjusted to reflect differences in Rule 12b-1 fees between classes. If Class A shares’ performance was recalculated to reflect Class A shares’ Rule 12b-1 fees, the performance shown would be lower.

Historical performance for Advisor Class shares prior to inception is based on the performance of Class A1 shares. Advisor Class performance has been adjusted to reflect differences in sales charges between classes.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are shown only for Class A and after-tax returns for other classes will vary.

Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | Class A  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 4.25% [1]
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none [1],[2]
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.08% [3],[4]
Total annual Fund operating expenses rr_ExpensesOverAssets 0.77%
1 year rr_ExpenseExampleYear01 $ 500
3 years rr_ExpenseExampleYear03 661
5 years rr_ExpenseExampleYear05 835
10 years rr_ExpenseExampleYear10 $ 1,339
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | Class A1  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice 4.25%
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none [2]
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.10%
Other expenses rr_OtherExpensesOverAssets 0.08% [3],[4]
Total annual Fund operating expenses rr_ExpensesOverAssets 0.62%
1 year rr_ExpenseExampleYear01 $ 486
3 years rr_ExpenseExampleYear03 615
5 years rr_ExpenseExampleYear05 756
10 years rr_ExpenseExampleYear10 $ 1,166
2008 rr_AnnualReturn2008 (7.05%)
2009 rr_AnnualReturn2009 16.31%
2010 rr_AnnualReturn2010 0.86%
2011 rr_AnnualReturn2011 12.12%
2012 rr_AnnualReturn2012 9.03%
2013 rr_AnnualReturn2013 (4.46%)
2014 rr_AnnualReturn2014 11.21%
2015 rr_AnnualReturn2015 2.44%
2016 rr_AnnualReturn2016 0.70%
2017 rr_AnnualReturn2017 3.61%
Year to Date Return, Label rr_YearToDateReturnLabel As of June 30, 2018, the Fund's year-to-date return was -0.16%.
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter:
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.10%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter:
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (5.34%)
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | Class C  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none [5]
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% [5]
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.65%
Other expenses rr_OtherExpensesOverAssets 0.08% [3],[4]
Total annual Fund operating expenses rr_ExpensesOverAssets 1.17%
1 year rr_ExpenseExampleYear01 $ 219
3 years rr_ExpenseExampleYear03 372
5 years rr_ExpenseExampleYear05 644
10 years rr_ExpenseExampleYear10 1,420
1 Year rr_ExpenseExampleNoRedemptionYear01 119
3 Years rr_ExpenseExampleNoRedemptionYear03 372
5 Years rr_ExpenseExampleNoRedemptionYear05 644
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 1,420
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | Class R6  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.05% [3],[4]
Total annual Fund operating expenses rr_ExpensesOverAssets 0.49%
1 year rr_ExpenseExampleYear01 $ 50
3 years rr_ExpenseExampleYear03 157
5 years rr_ExpenseExampleYear05 274
10 years rr_ExpenseExampleYear10 $ 616
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as percentage of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as percentage of the lower of original purchase price or sale proceeds) rr_MaximumDeferredSalesChargeOverOfferingPrice none
Management fees rr_ManagementFeesOverAssets 0.44%
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.08% [3],[4]
Total annual Fund operating expenses rr_ExpensesOverAssets 0.52%
1 year rr_ExpenseExampleYear01 $ 53
3 years rr_ExpenseExampleYear03 167
5 years rr_ExpenseExampleYear05 291
10 years rr_ExpenseExampleYear10 $ 653
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | Return Before Taxes | Class A1  
Risk/Return: rr_RiskReturnAbstract  
Column rr_AverageAnnualReturnColumnName Franklin Federal Tax-Free Income Fund
Label rr_AverageAnnualReturnLabel Return Before Taxes
Past 1 year rr_AverageAnnualReturnYear01 (0.77%)
Past 5 years rr_AverageAnnualReturnYear05 1.68%
Past 10 years rr_AverageAnnualReturnYear10 3.78%
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | Return Before Taxes | Class C  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 (0.77%)
Past 5 years rr_AverageAnnualReturnYear05 1.68%
Past 10 years rr_AverageAnnualReturnYear10 3.78%
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | Return Before Taxes | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 3.71%
Past 5 years rr_AverageAnnualReturnYear05 2.68%
Past 10 years rr_AverageAnnualReturnYear10 4.33%
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | After Taxes on Distributions | Class A1  
Risk/Return: rr_RiskReturnAbstract  
Column rr_AverageAnnualReturnColumnName Franklin Federal Tax-Free Income Fund
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions
Past 1 year rr_AverageAnnualReturnYear01 (0.77%)
Past 5 years rr_AverageAnnualReturnYear05 1.68%
Past 10 years rr_AverageAnnualReturnYear10 3.78%
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | After Taxes on Distributions and Sales | Class A1  
Risk/Return: rr_RiskReturnAbstract  
Column rr_AverageAnnualReturnColumnName Franklin Federal Tax-Free Income Fund
Label rr_AverageAnnualReturnLabel Return After Taxes on Distributions and Sale of Fund Shares
Past 1 year rr_AverageAnnualReturnYear01 1.17%
Past 5 years rr_AverageAnnualReturnYear05 2.15%
Past 10 years rr_AverageAnnualReturnYear10 3.85%
Franklin Federal Tax-Free Income Fund-14 | Franklin Federal Tax-Free Income Fund | Bloomberg Barclays Municipal Bond Index (index reflects no deduction for fees, expenses or taxes)  
Risk/Return: rr_RiskReturnAbstract  
Past 1 year rr_AverageAnnualReturnYear01 5.45%
Past 5 years rr_AverageAnnualReturnYear05 3.02%
Past 10 years rr_AverageAnnualReturnYear10 4.46%
[1] The Fund began publicly offering Class A shares (formerly Class M shares) on September 10, 2018.
[2] There is a 0.75% contingent deferred sales charge that applies to investments of $1 million or more (see "Investments of $1 Million or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Effective September 10, 2018, the 0.75% contingent deferred sales charge applies to investments of $500,000 or more and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase.
[3] Other expenses have been restated to exclude non-recurring prior period expenses and, for Class R6, to reflect current fiscal year fees and expenses. If the prior period's non-recurring expenses were included in the table above, the amounts stated would have been greater. Consequently, the total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights.
[4] The Fund began publicly offering Class A shares on September 10, 2018. Other expenses for Class A are based on estimated amounts for the current fiscal year.
[5] Effective October 5, 2018, Class C shares that have been held for 10 years or more will convert automatically into Class A shares later in the month of October 2018 and will be subject to Class A shares’ lower Rule 12b-1 fees. Thereafter, Class C shares of the Fund will convert automatically to Class A shares of the Fund on a monthly basis in the month of, or the month following, the 10-year anniversary of the Class C shares’ purchase date. Such conversions will be on the basis of the relative net asset values of the two classes, will not be subject to Class A shares’ sales charges and are not expected to be a taxable event for federal income tax purposes. Certain shares that are invested through retirement plans, omnibus accounts or in certain other instances may not automatically convert if the financial intermediary does not have the ability to track purchases to credit individual shareholders’ holding periods. (See “Your Account – Choosing a Shares Class – Sales Charges - Class C – Automatic Conversion of Class C Shares to Class A Shares After 10-Year Holding Period” for more information.)
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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName FRANKLIN FEDERAL TAX FREE INCOME FUND
Prospectus Date rr_ProspectusDate Sep. 01, 2018
Document Creation Date dei_DocumentCreationDate Aug. 24, 2018
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