FRTIX

Franklin Tennessee Municipal Bond Fund

PRICE AND YTD RETURN As of 05/25/2016

NAV up $0.00 $11.45
POP $11.96
YTD Total return at Nav 2.49%

AVERAGE ANNUAL TOTAL RETURNS As of Quarter end 03/31/2016

Sales Charge

1 YEAR RETURN -1.60%
5 YEAR RETURN 3.81%
10 YEAR RETURN 3.64%

KEY STATS

Investment Category Municipal Bonds
Distributions Monthly
CUSIP 354 025 405
Fund Number 420
Inception Date May 10, 1994
Total Net Assets (all share classes) As of 04/30/2016 $301.3 (M)
Distribution Rate at NAV As of 05/25/2016 3.46%
30-Day Standardized yield As of 04/30/2016 (updated monthly) 1.44%

SALES CHARGE, EXPENSES, & FEES As of 10/01/2015 (updated annually)

Gross Expense Ratio 0.72%
Net Expense Ratio 0.72%
Max Initial Sales Charge 4.25%
CDSC 0.00%
12b-1 Fee 0.10%

Fund Description

The Fund invests mainly in investment grade Tennessee municipal securities.

Strategy Statement

"In the Franklin Muni Department, we are committed to a conservative, disciplined investment strategy. We seek to provide shareholders with a high level of tax-free income while preserving capital."

Francisco Rivera

Management

Francisco Rivera

Francisco Rivera

  • Joined Franklin Templeton in 1994
  • Managed Fund Since 1996
Daniel Workman, CFA

Daniel Workman, CFA®

  • Joined Franklin Templeton in 2003
  • Managed Fund Since 2013

Overall Morningstar Rating As of 04/30/2016

Rating Category: Muni Single State Long

Morningstar
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.

Historical Morningstar Rating As of 04/30/2016

Years Ratings Funds
in category
3
2 Stars
268
5
2 Stars
263
10
3 Stars
216

Morningstar Style Box

We do not publish a style box for this fund.

Strategy, Benefits, Results

Strategy

  • We take a conservative, income-oriented approach.
  • We don't use leverage or invest in derivatives, which can increase portfolio volatility.
  • Our analysts search for high-quality, undervalued bonds.
  • We buy and hold for the long term.

Benefits

  • Monthly income exempt from federal income taxes and Tennessee personal income taxes i.
  • Portfolio diversification
  • Tenured investment team with expertise across market cycles

Investing In The Fund

What Are the Risks?
  • All investments involve risks, including possible loss of principal.
  • Yield and share price will fluctuate with market conditions due to municipal bonds’ sensitivity to interest-rate movements.
  • Bond prices generally move in the opposite direction of interest rates, thus the fund’s share price may decline as the prices of bonds adjust to a rise in interest rates.
  • Investments concentrated in a single state are subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund.
  • The fund holds a small portion of its assets in Puerto Rico municipal bonds that have been impacted by recent adverse economic and market changes, which may cause the fund’s share price to decline.
  • These and other risk considerations are discussed in the fund’s prospectus.

Minimum Investment

$1,000.00

How Financial Advisors Help You

Speak to your financial advisor about whether this fund is appropriate for you. If you don't have a financial advisor, request a referral.

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