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 05/31/2020

Month EndAs of 05/31/2020 1 Yr 3 Yr 5 Yr 10 Yr Since InceptionInception 04/03/1985
Fund without Sales Charge (%) (NAV) 4.86 3.92 3.17 3.43 5.60
Fund with Sales Charge (%) (POP) 0.94 2.60 2.39 3.03 5.48
Bloomberg Barclays Municipal Bond Index (%) 3.98 3.81 3.74 4.14 6.44
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 05/31/2020

Month EndAs of 05/31/2020 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 4.86 3.92 3.17 3.43
Fund without Sales Charge (%) (NAV) After Shares Sold 3.97 3.69 3.16 3.45
Fund with Sales Charge (%) (POP) Before Shares Sold 0.94 2.60 2.39 3.03
Fund with Sales Charge (%) (POP) After Shares Sold 1.61 2.66 2.54 3.12
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 05/31/2020

Month EndAs of 05/31/2020 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) -0.86 2.27 4.86 12.21 16.91 40.11 578.56
Fund with Sales Charge (%) (POP) -4.59 -1.59 0.94 8.00 12.55 34.84 553.09
Bloomberg Barclays Municipal Bond Index (%) -1.81 1.24 3.98 11.87 20.17 49.98 796.27
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 06/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 3.44 3.15 3.63
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.88 3.75 3.81
Sharpe Ratio 0.73 0.72 0.79
Information Ratio -0.09 -0.47 -0.61
Tracking Error 0.82 1.17 1.23

ADDITIONAL RISK STATISTICSAs of 06/30/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 1.00 0.92 0.93
Beta Bear 0.67 0.67 0.83
Bull Bear Capture Ratio 1.08 1.03 0.92
Gains/Losses 2.51 2.30 2.07

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 06/30/2020 Updated Monthly, based on a 3-year period

Sharpe Ratio 0.73
Standard Deviation 3.44

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index