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 09/30/2019

Month EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 04/03/1985
Fund without Sales Charge (%) (NAV) 8.53 2.64 2.92 3.31 5.63
Fund with Sales Charge (%) (POP) 4.49 1.35 2.13 2.92 5.51
Quarter EndAs of 09/30/2019 1 Yr 3 Yr 5 Yr 10 Yr Since Inception Inception 04/03/1985
Fund without Sales Charge (%) (NAV) 8.53 2.64 2.92 3.31 5.63
Fund with Sales Charge (%) (POP) 4.49 1.35 2.13 2.92 5.51
Bloomberg Barclays Municipal Bond Index (%) 8.55 3.19 3.66 4.16 6.50

After-Tax Average Annual Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 8.53 2.64 2.92 3.31
Fund without Sales Charge (%) (NAV) After Shares Sold 6.30 2.74 3.00 3.38
Fund with Sales Charge (%) (POP) Before Shares Sold 4.49 1.35 2.13 2.92
Fund with Sales Charge (%) (POP) After Shares Sold 3.86 1.74 2.37 3.06
Quarter EndAs of 09/30/2019 1 YR 3 YR 5 YR 10 YR
Fund without Sales Charge (%) (NAV) Before Shares Sold 8.53 2.64 2.92 3.31
Fund without Sales Charge (%) (NAV) After Shares Sold 6.30 2.74 3.00 3.38
Fund with Sales Charge (%) (POP) Before Shares Sold 4.49 1.35 2.13 2.92
Fund with Sales Charge (%) (POP) After Shares Sold 3.86 1.74 2.37 3.06

Calendar Year Returns

2018 2017 2016 2015 2014 2013 2012 2011 2010 2009
Fund without Sales Charge (%) (NAV) 0.84 3.31 1.26 0.80 10.95 -5.15 6.10 9.87 0.32 10.77
Fund with Sales Charge (%) (POP) -3.45 -1.08 -3.04 -3.52 6.24 -9.19 1.56 5.18 -3.95 6.06
Bloomberg Barclays Municipal Bond Index (%) 1.28 5.45 0.25 3.30 9.05 -2.55 6.78 10.70 2.38 12.91

Cumulative Total Returns [further-information] As of 09/30/2019

Month EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 1.72 6.83 8.53 8.13 15.49 38.56 560.74
Fund with Sales Charge (%) (POP) -2.07 2.80 4.49 4.12 11.13 33.41 535.94
Quarter EndAs of 09/30/2019 3 Month YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception since 04/03/1985
Fund without Sales Charge (%) (NAV) 1.72 6.83 8.53 8.13 15.49 38.56 560.74
Fund with Sales Charge (%) (POP) -2.07 2.80 4.49 4.12 11.13 33.41 535.94
Bloomberg Barclays Municipal Bond Index (%) 1.58 6.75 8.55 9.88 19.68 50.38 778.79

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 10/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.82 2.63 3.35
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.42 3.03 3.42
Sharpe Ratio 0.49 0.67 0.89
Information Ratio -0.66 -0.71 -0.76
Tracking Error 1.02 1.13 1.20

ADDITIONAL RISK STATISTICSAs of 10/31/2019 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.92 0.84 0.91
Beta Bear 0.67 0.68 0.92
Bull Bear Capture Ratio 0.99 0.94 0.89
% of Positive Months 69.44 70.00 69.17
Gains/Losses 2.16 2.16 2.21
Maximum Drawdown
1.50 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 0.75%

Volatility Measures [further-information] As of 10/31/2019 Updated Monthly, based on a 3-year period

Sharpe Ratio 0.49
Standard Deviation 2.82

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index