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 04/30/2020

Month EndAs of 04/30/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 3.21 3.18 2.66 3.19 5.52
Fund with Sales Charge (%) (POP) -0.69 1.86 1.88 2.80 5.41
Bloomberg Barclays Municipal Bond Index (%) 2.16 3.27 3.04 3.89 6.36
Quarter EndAs of 03/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 4.97 3.74 2.74 3.41 5.57
Fund with Sales Charge (%) (POP) 1.00 2.41 1.95 3.02 5.46
Bloomberg Barclays Municipal Bond Index (%) 3.85 3.96 3.19 4.14 6.41

After-Tax Average Annual Total Returns [further-information] As of 04/30/2020

Month EndAs of 04/30/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 3.21 3.18 2.66 3.19
Fund without Sales Charge (%) (NAV) After Shares Sold 3.02 3.14 2.78 3.28
Fund with Sales Charge (%) (POP) Before Shares Sold -0.69 1.86 1.88 2.80
Fund with Sales Charge (%) (POP) After Shares Sold 0.66 2.12 2.17 2.95
Quarter EndAs of 03/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.97 3.73 2.74 3.41
Fund without Sales Charge (%) (NAV) After Shares Sold 4.11 3.57 2.83 3.45
Fund with Sales Charge (%) (POP) Before Shares Sold 1.00 2.41 1.95 3.02
Fund with Sales Charge (%) (POP) After Shares Sold 1.72 2.54 2.21 3.12

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 04/30/2020

Month EndAs of 04/30/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) -2.33 -0.69 3.21 9.84 14.05 36.96 558.90
Fund with Sales Charge (%) (POP) -5.97 -4.45 -0.69 5.69 9.78 31.79 534.16
Bloomberg Barclays Municipal Bond Index (%) -3.61 -1.88 2.16 10.14 16.14 46.44 768.64
Quarter EndAs of 03/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 0.56 0.56 4.97 11.63 14.46 39.86 567.18
Fund with Sales Charge (%) (POP) -3.24 -3.24 1.00 7.41 10.14 34.67 542.14
Bloomberg Barclays Municipal Bond Index (%) -0.63 -0.63 3.85 12.35 17.00 50.11 779.68

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 04/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.10 2.93 3.53
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.59 3.53 3.70
Sharpe Ratio 0.48 0.53 0.74
Information Ratio -0.10 -0.30 -0.56
Tracking Error 0.90 1.22 1.22

ADDITIONAL RISK STATISTICSAs of 04/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.97 0.89 0.93
Beta Bear 0.68 0.69 0.83
Bull Bear Capture Ratio 1.07 1.04 0.92
% of Positive Months 69.44 71.67 68.33
Gains/Losses 2.13 1.99 1.99
Maximum Drawdown
3.73 3.74 7.73

SALES CHARGE, EXPENSES & FEES As of 07/01/2019 (updated annually)

Gross Expense Ratio 0.68%
Net Expense Ratio [further-information] 0.68%
Max Initial Sales Charge 3.75%
CDSC 1.00%

Volatility Measures [further-information] As of 04/30/2020 Updated Monthly, based on a 3-year period

Sharpe Ratio 0.48
Standard Deviation 3.10

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index