Fund Description

The fund was incepted in September 1987 and is managed by Franklin Advisers. The main objective of the fund is to provide investors with a high level of income exempt from federal income taxes as is consistent with prudent investing, while seeking preservation of shareholders' capital. The fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of that fund's state. The fund offers dividends monthly. Capital gains, if any, are distributed annually. But there is no guarantee that the fund will pay either income dividends or capital gains distributions.