Morningstar

Franklin Federal Tax Free Income Fund Class C FRFTX

Medalist Rating as of Aug 31, 2026 See Franklin Templeton Investment Hub

Strategy

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

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
FAFTX	Franklin Federal Tax Free Income Fund Advisor Class	Institutional	Open			Mar 20, 2002	$968.33M	0.530%	Average	$100,000	−$26.09M
FKTIX	Franklin Federal Tax Free Income Fund Class A1	Front Load	Limited			Oct 7, 1983	$3.24B	0.630%	Low	$1,000	−$516.78M
FFQAX	Franklin Federal Tax Free Income Fund Class A	Front Load	Open			Sep 10, 2018	$1.83B	0.780%	Average	$1,000	−$58.98M
FRFTX	Franklin Federal Tax Free Income Fund Class C	Level Load	Open			Apr 28, 1995	$77.98M	1.180%	Low	$1,000	−$30.69M
FFTQX	Franklin Federal Tax Free Income Fund Class R6	Retirement, Large	Open			Aug 1, 2017	$894.11M	0.480%	Below Average	$1M	$38.83M

Sponsor Center

Transparency is our policy. Learn how it impacts everything we do

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your personal data

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

Verify your identity, personalize the content you receive, or create and administer your account.
Provide specific products and services to you, such as portfolio management or data aggregation.
Develop and improve features of our offerings.
Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

How we approach editorial content

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

© Copyright 2026 Morningstar, Inc. All rights reserved. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.