Franklin Michigan Tax-Free Income Fund

New investors must invest in new Class A shares. This A1 share class is available only for existing investors as of 9/7/18.

New investors must invest in new Class A shares. This A1 share class is available only for existing investors as of 9/7/18.

Average Annual Total Returns [further-information] As of 07/31/2020

Month EndAs of 07/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 5.61 4.46 3.76 3.53 5.62
Fund with Sales Charge (%) (POP) 1.69 3.13 2.97 3.14 5.51
Quarter EndAs of 06/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 4.86 4.14 3.37 3.46 5.60
Fund with Sales Charge (%) (POP) 0.95 2.81 2.58 3.07 5.48
Bloomberg Barclays Municipal Bond Index (%) 4.45 4.22 3.93 4.21 6.45

After-Tax Average Annual Total Returns [further-information] As of 07/31/2020

Month EndAs of 07/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 5.61 4.46 3.76 3.53
Fund without Sales Charge (%) (NAV) After Shares Sold 4.40 4.11 3.61 3.52
Fund with Sales Charge (%) (POP) Before Shares Sold 1.69 3.13 2.97 3.14
Fund with Sales Charge (%) (POP) After Shares Sold 2.04 3.06 2.99 3.19
Quarter EndAs of 06/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.86 4.13 3.37 3.46
Fund without Sales Charge (%) (NAV) After Shares Sold 3.97 3.86 3.32 3.47
Fund with Sales Charge (%) (POP) Before Shares Sold 0.95 2.81 2.58 3.06
Fund with Sales Charge (%) (POP) After Shares Sold 1.62 2.82 2.69 3.14

Calendar Year Returns

2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Fund without Sales Charge (%) (NAV) 7.27 0.84 3.31 1.26 0.80 10.95 -5.15 6.10 9.87 0.32
Fund with Sales Charge (%) (POP) 3.22 -2.96 -1.08 -3.04 -3.52 6.24 -9.19 1.56 5.18 -3.95
Bloomberg Barclays Municipal Bond Index (%) 7.54 1.28 5.45 0.25 3.30 9.05 -2.55 6.78 10.70 2.38

Cumulative Total Returns [further-information] As of 07/31/2020

Month EndAs of 07/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 4.81 4.09 5.61 14.00 20.24 41.53 590.62
Fund with Sales Charge (%) (POP) 0.87 0.15 1.69 9.70 15.78 36.20 564.70
Quarter EndAs of 06/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 2.09 2.66 4.86 12.93 18.02 40.56 581.14
Fund with Sales Charge (%) (POP) -1.77 -1.22 0.95 8.66 13.58 35.26 555.58
Bloomberg Barclays Municipal Bond Index (%) 2.72 2.08 4.45 13.20 21.26 51.12 803.64

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 07/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.49 3.17 3.64
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.94 3.80 3.82
Sharpe Ratio 0.82 0.83 0.81
Information Ratio -0.06 -0.35 -0.59
Tracking Error 0.81 1.06 1.22

ADDITIONAL RISK STATISTICSAs of 07/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.99 0.92 0.94
Beta Bear 0.67 0.67 0.83
Bull Bear Capture Ratio 1.09 1.07 0.93
Gains/Losses 2.62 2.50 2.09

SALES CHARGE, EXPENSES & FEES As of 07/01/2020 (updated annually)

Gross Expense Ratio 0.67%
Net Expense Ratio [further-information] 0.67%
Max Initial Sales Charge 3.75%
CDSC 1.00%

Volatility Measures [further-information] As of 07/31/2020 Updated Monthly, based on a 3-year period

Sharpe Ratio 0.82
Standard Deviation 3.49

Benchmarks

A benchmark is a comparable broad-based index that can be used to evaluate a fund's performance.

  • Bloomberg Barclays Municipal Bond Index