Effective on or about 5/1/19, this fund will change 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 will occur in late April and the first variable pay distribution will be paid in late May. If you have questions, please contact your financial advisor or Shareholder Services.
Effective on or about 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) will be 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.
In January 2018, Franklin New Jersey Tax-Free Income Fund will adjust its dividends as follows: Class A from $0.0317 to $0.0288 per share, Class A1 from $0.0331 to $0.0302 per share, Class C from $0.0280 to $0.0251, Class R6 from $0.0343 to $0.0314 per share and Advisor Class from $0.0340 to $0.0311 per share. Dividends vary based on the fund's income. Past dividends are not indicative of future trends.
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.
Class A shares (NASDAQ: FRNJX) 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: FNJQX) 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.
The fund seeks to provide investors with as high a level of income exempt from federal income taxes and New Jersey personal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital.
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i. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable.
What Are the Risks?
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