Fixed Income

FPAQX Franklin Pennsylvania Tax-Free Income Fund

Tax-Free Income. Monthly income exempt from federal income taxes and Pennsylvania personal income taxes.
Broad access. Invests across all sectors and maturities within the investment grade rated municipal bond universe.
Portfolio diversification. Can be used as a core portfolio holding, providing diversification from equities.

Overview

Fund Facts

Fund description

The fund seeks to provide investors with as high a level of income exempt from regular federal income taxes and Pennsylvania personal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital.

Benchmark: Bloomberg Municipal Bond Index
Fund Inception Date: 12/01/1986
Dividend Frequency, if any: Monthly
Distribution Rate at NAVAs of 06/09/2026 (Updated Daily): 3.38%
30-Day SEC Yield—With Waiver^2,3,4As of 05/31/2026 (Updated Monthly): 3.30%
30-Day SEC Yield—Without Waiver^3,4As of 05/31/2026 (Updated Monthly): 3.27%
Taxable Equivalent Yield—With WaiverAs of 05/31/2026 (Updated Monthly): 5.88%
Taxable Equivalent Yield—Without WaiverAs of 05/31/2026 (Updated Monthly): 5.83%

Sales Charges, Expenses & Fees

As of 07/01/2025

Gross Expense Ratio: 0.83%
Net Expense Ratio: 0.83%
Maximum Initial Charge: 3.75%
CDSC: 1.00%
12b-1 Fee: 0.25%

Identifiers

Ticker: FPAQX
Fund Number: 1129
CUSIP Code: 354726754

Average Annual Total Returns As of 05/31/2026

View performance section for additional info As of 05/31/2026

Class A

With Sales Charge (POP)

Without Sales Charge (NAV)

3.48%1 Year
2.32%3 Years
-0.62%5 Years
1.02%10 Years
4.38%Since Inception
12/01/1986

Top Sectors

View portfolio section for additional info

As of 05/31/2026 % of Total (Updated Monthly)

Top Sectors
Health Care26.47%
Education24.20%
Transportation15.58%
Local8.03%
Housing7.66%

Additional Fund Info

Share Class Inception Date: 09/10/2018
Investment Style: Municipals
Lipper Classification: Pennsylvania Municipal Debt Funds
Morningstar Category: Muni Pennsylvania

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.

Franklin Templeton Fixed Income

Managed Fund Since 2020

Managed Fund Since 2026

Latest Insights

June 8, 2026

Municipal bond market monthly brief

June 4, 2026

The "Silver Tsunami" is changing municipal credit—here’s how

May 6, 2026

On My Mind: The “Scarlet K”—A misleading consumption divergence story

April 29, 2026

Emerging markets update: Resilience through volatility

Performance

Overall Morningstar Rating: Overall Morningstar Rating: 2 out of 5 stars
As of 05/31/2026

3 Years: 3 Years: 2 out of 5 stars
41 Funds in category

5 Years: 5 Years: 2 out of 5 stars
41 Funds in category

10 Years: 10 Years: 2 out of 5 stars
The Morningstar Rating™ for this share class is based on Morningstar's extended performance calculation denoted by hollow stars. This means that, for a share class that doesn't have a 1-, 3-, 5-, or 10-year performance history, the rating shown is a hypothetical Morningstar Rating based first on the oldest active surviving share class of the fund and then any dormant or liquidated share classes. If more than one share class has the earliest inception date, Morningstar selects the share class that is freely available to investors, that is not currency-hedged, and has the lowest fee.
34 Funds in category

Rating Category: Muni Pennsylvania

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

The number of funds in the category for the Overall Morningstar Rating are listed in the funds in category for the 3-year rating.

Morningstar Style Box

As of 05/31/2026

Current Historical
			High
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LTD	MOD	EXT
Duration

Quality

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Portfolio

Distributions & Tax

Pricing

Documents

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Portfolios focused on a single state are subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. These and other risks are discussed in the fund’s prospectus.

Important Information

Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total returns, distribution rate, and yields reflect any applicable expense reductions and fee waivers; without these reductions, the results would have been lower.

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

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Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

Figures are aggregate total return figures, have not been annualized and represent the change in value of an investment over the period indicated.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

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