United States
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Effective 5/1/19, this fund changed its distribution policy from managed pay, where dividend rates are set based on projections, to variable pay, where income is distributed as it’s earned. The fund’s final fixed pay distribution occurred in late April and the first variable pay distribution occured in late May. If you have questions, please contact your financial advisor or Shareholder Services.
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Effective 3/1/19, the maximum initial sales charge for purchases of less than $100,000 of Franklin Templeton’s long-term fixed income funds (Class A and A1 shares) was lowered to 3.75%. Please see the prospectus supplement for more information. If you have any questions, please contact your financial advisor or call Shareholder Services.
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Beginning on 10/19/18, Class C shares held for 10 years or more will automatically convert to Class A shares. Thereafter, Class C shares held for 10 years or more will automatically convert to Class A shares on a monthly basis. This conversion allows shareholders to take advantage of the lower expenses offered by Class A shares. Please see the prospectus supplement for more information. If you have any questions, please contact your financial advisor or call Franklin Templeton.
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Class A shares (NASDAQ: FRFLX) were renamed Class A1 and closed to new investors. Existing Class A1 shareholders may continue to add money to their accounts. A new Class A share (NASDAQ: FQFLX) launched with a different expense structure, in which new shareholders can invest. The fund also changed certain sales charges and commissions paid to dealers on Class A and A1 shares. Please see the prospectus supplement for more information. If you have additional questions, please contact your financial advisor or call Franklin Templeton.
Documents
Fund Literature
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Fund Fact Sheet - Advisor
A single-page data sheet describing Franklin Florida Tax-Free Income Fund's objective, portfolio holdings and performance.
Literature Code: 246-FF Publication Date: 12/19 Next Update: 03/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Fund Fact Sheet
A single-page data sheet describing Franklin Florida Tax-Free Income Fund's objective, portfolio holdings and performance.
Literature Code: 1165-FF Publication Date: 12/19 Next Update: 03/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Product Profile - Advisor
A multi-page overview highlighting the fund's performance, portfolio characteristics, investment process, management team and commentary.
Literature Code: 246-PP Publication Date: 12/19 Next Update: 03/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Product Profile
A multi-page overview highlighting the fund's performance, portfolio characteristics, investment process, management team and commentary.
Literature Code: 1165-PP Publication Date: 12/19 Next Update: 03/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
Fund Documents
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Summary Prospectus
A summarized version of the prospectus explaining the Franklin Florida Tax-Free Income Fund's investment goals, principal strategies and risks, as well as sales charges, fees and expenses.
Literature Code: 1165-PSUM Publication Date: 03/20 Next Update: 07/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Prospectus
The prospectus explains the Tax Free Trust's goal, investments and risks, as well as sales charges, fees and expenses.
Literature Code: TF2-P Publication Date: 07/19 Next Update: 07/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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SAI
Supplemental to the Franklin Tax-Free Trust #2 prospectus, the Statement of Additional Information provides a more detailed description of the fund's activities and operations.
Literature Code: TF2-SAI Publication Date: 07/19 Next Update: 07/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Annual Report
A discussion of market conditions and fund performance covering the funds' fiscal year, along with a complete list of holdings and detailed financial information.
Literature Code: TF2-A Publication Date: 04/19 Next Update: 04/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Semi-Annual Report
A discussion of market conditions and fund performance covering first half of the funds' fiscal year, along with a complete list of holdings and detailed financial information.
Literature Code: TF2-S Publication Date: 10/19 Next Update: 10/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
Additional Resources
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Account Application Form
Literature Code: GOF-APP Publication Date: 02/20 Next Update: 08/20 Open and invest in most funds using this application.
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IRA Application Form
Literature Code: RIRA-APP Publication Date: 02/20 Next Update: 11/20 Open and invest in a Traditional or Roth IRA, convert your Traditional IRA to a Roth Conversion IRA, or roll over a 401(k), 403(b) or other qualified plan distribution to a Rollover IRA using this application and included documents.
Important Legal Information
- Fund dividends are generally subject to state and local income taxes, if any. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable. To avoid the imposition of 28% backup withholding on all fund distributions and redemption proceeds, U.S. investors must be properly certified on Form W-9 and non-U.S. investors on Form W-8BEN.
- Most Franklin Templeton funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance. In general, Class A/A1 have a maximum initial sales charge; Class C/C1 shares have a 1% contingent deferred sales charge; Class Z, Advisor Class and Class R6 shares have no sales charges nor Rule 12b-1 fees; Class R shares have no sales charges, but do have a Rule 12b-1 fee.
- Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total Returns With Sales Charge: returns reflect the deduction of the stated sales charge. Total returns, distribution rate, and yields reflect any applicable expense reductions, without which the results for those impacted funds would have been lower.
- Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares.
- All investments involve risks, including possible loss of principal. Because municipal bonds are sensitive to interest rate movements, the fund's yield and share price will fluctuate with market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the fund adjust to a rise in interest rates, the fund's share price may decline. 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. The fund may invest a significant part of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project would likely affect all similar projects, thereby increasing market risk.
Footnotes
- A statistical measurement of the range of a fund's total returns. In general, a higher standard deviation means greater volatility. Based on the fund's monthly returns over the 3-year period ended as of the date of the calculation.
- A statistical measurement of a fund's historical risk-adjusted performance. It is calculated by taking a fund's excess return over that of the three-month Treasury bill divided by its standard deviation. Higher values generally indicate better historical risk-adjusted performance. Based on the 3 years ended as of the date of the calculation.
- Public Offering Price — Purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
- Net Asset Value — The amount per share you would receive if you sold shares that day.
- ©2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
- The fund's 30-Day Standardized 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.
- For net asset value (NAV) purchases, a 1% contingent deferred sales charge (CDSC) may apply to shares redeemed within 18 months.
- Prior to 3/1/19, these shares were offered at a higher initial sales charge of 4.25%; thus actual returns would have differed. Total returns with sales charges have been restated to reflect the current maximum initial sales charge of 3.75%. Effective 9/10/18 Class A shares closed to new investors, were renamed Class A1 shares, and a new Class A share with a different expense structure became available. Class A performance shown has been calculated as follows: (a) for periods prior to 9/10/18, a restated figure is used based on the fund's Class A1 performance and including any Rule 12b-1 rate differential as exists between Class A1 and Class A; and (b) for periods after 9/10/18, actual Class A performance is used, reflecting all charges and fees applicable to that class.
- The Morningstar Rating™ for this share class is based on Morningstar's extended performance calculation. 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.
- For performance reporting purposes, the inception date for Classes A/A1, R, R6, Z, and Advisor Class shares of all Franklin Templeton Funds is the date of effectiveness of the fund's registration statement or the first day the fund commenced operations. For Class C shares, generally the inception date is the first day the fund commenced offering such shares. Exceptions: Templeton Global Balanced Fund Classes A and C use the inception date of the old Class A and C shares, renamed Class A1 and Class C1. For Franklin Mutual Series Funds, Franklin International Small Cap Growth Fund and Franklin Pelagos Commodities Strategy Fund, the inception date for Classes A, C, R and R6 shares is the funds' oldest class', Z or Advisor, inception date. Franklin U.S. Government Money Fund Class R6 inception date is the first day it commenced offering such shares. For Franklin California Ultra-Short Tax-Free Income Fund Classes A1 and Advisor Class use the inception date of its predecessor, Franklin California Tax-Exempt Money Fund.
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Franklin Templeton Distributors, Inc.
