Any information, statement or opinion set forth herein is general in nature, is not directed to or based on the financial situation or needs of any particular investor, and does not constitute, and should not be construed as, investment advice, forecast of future events, a guarantee of future results, or a recommendation with respect to any particular security or investment strategy or type of retirement account. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.

Separately managed accounts (SMAs) are investment services provided by Franklin Templeton Private Portfolio Group, LLC (FTPPG), a federally registered investment advisor. Client portfolios are managed based on investment instructions or advice provided by affiliated subadvisors of Franklin Templeton. Management is implemented by FTPPG, the designated sub-advisor or, in the case of certain programs, the program sponsor or its designee.

These materials are being provided for illustrative and informational purposes only. The information contained herein is obtained from multiple sources that are believed to be reliable. However, such information has not been verified, and may be different from the information included in documents and materials created by the sponsor firm in whose investment program a client participates. Some sponsor firms may require that these materials be preceded or accompanied by investment profiles or other documents or materials prepared by such sponsor firms, which will be provided upon a client's request. For additional information, documents and/or materials, please speak to your Financial Professional or contact your sponsor firm.

This calculator is an interactive tool used to produce simulations and statistical analysis representing various investment outcomes. Projections or other information generated by the Franklin Templeton Municipal Bond Ladder Calculator are hypothetical in nature and do not reflect actual investment results that any investor attained nor represent any specific Franklin Templeton product. Any references to future returns should not be construed as a forecast of the results a client may achieve.

The use of this calculator is for educational purposes only and should not be considered investment, legal, financial planning, or tax advice. Simulations and statistical analysis are based, in part, or hypothetical assumptions entered by user. No representation or warranty is made as to the reasonableness of the assumptions made, or that all factors relevant to the investment returns to be achieved have been fully considered. Simulated and hypothetical results have inherent limitations, and no representation is made that any account will, or is likely to, achieve results similar to those indicated. Actual performance results may differ substantially from what is indicated.

Any outputs, yield and returns do not reflect the deduction of management fees, transaction costs and other expenses that an investor will incur. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional.

You bear sole responsibility for any decisions you make based on the output of this calculator.

The use of this tool is not a guarantee of future performance.

The hypothetical ladder municipal bond portfolio represents equal investments allocated to each maturity of the selected range under the selected state strategy. As the first rung of the ladder matures or rolls down outside the specified ladder range and needs to be sold, additional bonds are purchased on the furthest rung of the ladder using those proceeds. It is assumed that bonds have a 5% coupon and a yield-to-worst that matches the weighted average yield curve corresponding to the appropriate maturity and credit quality (if applicable). Users can choose to 1) reinvest their annual coupon income, 2) withdraw their annual income, or 3) withdraw their annual tax-exempt income. Reinvestment of coupon income assumes that the coupon income from year n is reinvested in the furthest rung of the ladder. Withdraw of tax-exempt income assumes that the difference between the coupon income and tax-exempt income from year n is reinvested in the furthest rung of the ladder. The reinvestment amounts may depend on the inputs in the interest rate scenario.

Franklin Templeton, its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax related statements, if any, may have been written in connection with the "promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Investors should contact their tax advisor regarding the suitablity of tax-exempt investments in the portfolio. If sold prior to maturity, municipal securities are subject to gain/losses based on the level of interest rates, market conditions and the credit quality of issuer. Income may be subject to the alternative minimum tax (AMT) and/or state and local taxes, based on residence. Income from municipal bonds held by a portfolio could be declared taxable because of unfavourable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncomplaint conduct of a bond issuer.

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