Fund Details
|
Inception Date |
10/07/1983 |
|
Benchmark |
Bloomberg Municipal Bond Index |
Fund Description
The fund seeks to provide investors with as high a level of income exempt from regular federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital.[1]
Performance Data Average Annual Total Returns[2,3](%)
|
1 Mth |
3 Mths |
1 Year |
3 Years |
5 Years |
10 Years |
Since Inception |
Inception Date |
|||
|
Advisor Class – With Sales Charges[a,b] |
1.11 |
2.70 |
12.78 |
-0.09 |
1.46 |
2.33 |
5.78 |
10/07/1983 |
||
|
Advisor Class – Without Sales Charges[a,b] |
1.11 |
2.70 |
12.78 |
-0.09 |
1.46 |
2.33 |
5.78 |
10/07/1983 |
||
|
Class A – With Sales Charges[a,c] |
-2.61 |
-1.11 |
8.30 |
-1.57 |
0.44 |
1.74 |
5.58 |
10/07/1983 |
||
|
Class A – Without Sales Charges[a,c] |
1.18 |
2.74 |
12.52 |
-0.31 |
1.21 |
2.13 |
5.68 |
10/07/1983 |
||
|
Bloomberg Municipal Bond Index |
0.99 |
2.71 |
10.37 |
0.09 |
1.39 |
2.52 |
5.98 |
– |
||
|
Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors’ shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all fund expenses. Returns with sales charge reflect a deduction of the stated maximum sales charge. Returns for periods of less than one year are not annualized. All classes of shares may not be available to all investors or through all distribution channels. For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/(800) 342-5236 or visit www.franklintempleton.com. An investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges. |
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Share Class Details |
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|
Sales Charges |
Expenses |
30-Day SEC Yields[4] |
Taxable Equivalent Yields |
|||||||
|
CUSIP |
Ticker |
Max |
CDSC |
Gross |
Net |
Without Waiver |
With Waiver |
Without Waiver |
With Waiver |
|
|
Advisor Class |
353519408 |
FAFTX |
– |
– |
0.54% |
0.54% |
3.56% |
3.56% |
6.01% |
6.01% |
|
Class A |
353519804 |
FFQAX |
3.75% |
– |
0.79% |
0.79% |
3.19% |
3.19% |
5.39% |
5.39% |
|
The Bloomberg Municipal Bond Index is a broad measure of the municipal bond market with maturities of at least one year. Source: Bloomberg Indices. |
Footnotes
- Dividends are generally subject to state and local taxes, if any. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable.
- Periods shorter than one year are shown as cumulative total returns.
- Since inception, return for the benchmark is calculated to the fund inception date.
- The fund’s 30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
What Are The Risks?
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. These and other risks are discussed in the fund’s prospectus.
Important Information
The information provided is not a complete analysis of every material fact regarding any country, market, industry, security or fund. Because market and economic conditions are subject to change, comments, opinions and analyses are rendered as of the date of this material and may change without notice. A portfolio manager’s assessment of a particular security, investment or strategy is not intended as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy; it is intended only to provide insight into the fund’s portfolio selection process. Holdings are subject to change.
Before investing, carefully consider a fund’s investment objectives, risks, charges and expenses. You can find this and other information in each prospectus, or summary prospectus, if available, at www.franklintempleton.com. Please read it carefully.
Franklin Distributors, LLC. Member FINRA/SIPC.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Source: FactSet. Important data provider notices and terms available at www.franklintempletondatasources.com.
[a] Gross expenses are the fund’s total annual operating expenses as of the fund’s prospectus available at the time of publication. Net expenses are capped under a contractual agreement, which cannot be terminated prior to Fee_Waiver_Effective_Date without Board consent. Actual expenses may be higher and may impact portfolio returns.
[b] Performance quotations for this class reflect the following methods of calculation: a) For periods prior to the fund’s Advisor Class inception date, a restated figure is used based on the fund’s oldest share class, Class A1 performance, excluding the effect of Class A1’s maximum initial sales charge but reflecting the effect of the Class A1 Rule 12b-1 fees; and for periods after the fund’s Advisor Class inception date, actual Advisor Class performance is used, reflecting all charges and fees applicable to that class.
[c] Effective 09/10/2018 Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available. Class A performance shown has been calculated as follows: (a) for periods prior to 09/10/2018, a restated figure is used based on the fund’s Class A1 performance and including any Rule 12b-1 rate differential as exists between Class A1 and Class A; and (b) for periods after 09/10/2018, actual Class A performance is used, reflecting all charges and fees applicable to that class.
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