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 03/31/2020

Month 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
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

After-Tax Average Annual Total Returns [further-information] As of 03/31/2020

Month 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
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 03/31/2020

Month 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
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

MODERN PORTFOLIO THEORY (MPT) STATISTICSAs of 03/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Standard Deviation (Fund) 2.97 2.90 3.50
Standard Deviation (Bloomberg Barclays Municipal Bond Index) 3.48 3.48 3.68
Sharpe Ratio 0.69 0.56 0.81
Information Ratio -0.23 -0.36 -0.59
Tracking Error 0.92 1.23 1.22

ADDITIONAL RISK STATISTICSAs of 03/31/2020 (updated monthly)

3 YR 5 YR 10 YR
Beta Bull 0.97 0.89 0.92
Beta Bear 0.67 0.67 0.83
Bull Bear Capture Ratio 1.08 1.03 0.92
Gains/Losses 2.54 2.04 2.10

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 03/31/2020 Updated Monthly, based on a 3-year period

Sharpe Ratio 0.69
Standard Deviation 2.97

Benchmarks

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

  • Bloomberg Barclays Municipal Bond Index