FRANKLIN FEDERAL LIMITED-TERM TAX-FREE INCOME FUND
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
0.5%
1 yr return
3.3%
3 Yr Avg Return
0.5%
5 Yr Avg Return
1.2%
Net Assets
$910 M
Holdings in Top 10
20.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.55%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 33.22%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$100,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 03/27/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FTFZX - Profile
Distributions
- YTD Total Return 0.5%
- 3 Yr Annualized Total Return 0.5%
- 5 Yr Annualized Total Return 1.2%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.95%
- Dividend Yield 2.7%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameFRANKLIN FEDERAL LIMITED-TERM TAX-FREE INCOME FUND
-
Fund Family NameFranklin Templeton Group of Funds
-
Inception DateSep 14, 2011
-
Shares Outstanding45875633
-
Share ClassAdv
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJames Conn
Fund Description
Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.
Although the Fund does not have restrictions on the maturity of the securities it may buy, the Fund does maintain a dollar-weighted average portfolio maturity of five years or less.
The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).
The Fund does not necessarily focus its investments in a particular state. The Fund may invest up to 35% of its total assets in municipal securities issued by U.S. territories.
Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.
The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities.
FTFZX - Performance
Return Ranking - Trailing
Period | FTFZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.5% | -2.7% | 12.2% | 15.12% |
1 Yr | 3.3% | -3.0% | 38.5% | 52.04% |
3 Yr | 0.5%* | -10.3% | 3.3% | 6.94% |
5 Yr | 1.2%* | -5.7% | 1102.9% | 37.74% |
10 Yr | 1.1%* | -0.2% | 248.3% | 85.95% |
* Annualized
Return Ranking - Calendar
Period | FTFZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 1.8% | -1.4% | 41.0% | 79.08% |
2022 | -4.8% | -39.7% | 0.3% | 8.15% |
2021 | -0.9% | -5.6% | 6.9% | 72.55% |
2020 | 1.5% | -2.6% | 310.0% | 58.42% |
2019 | 1.8% | 0.0% | 26.0% | 91.33% |
Total Return Ranking - Trailing
Period | FTFZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 0.5% | -2.7% | 12.2% | 15.12% |
1 Yr | 3.3% | -3.0% | 38.5% | 52.04% |
3 Yr | 0.5%* | -10.3% | 3.3% | 6.94% |
5 Yr | 1.2%* | -5.7% | 1102.9% | 37.74% |
10 Yr | 1.1%* | -0.2% | 248.3% | 85.95% |
* Annualized
Total Return Ranking - Calendar
Period | FTFZX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 4.5% | -1.3% | 41.0% | 73.51% |
2022 | -3.5% | -39.7% | 1.1% | 7.16% |
2021 | 0.1% | -4.8% | 23761504.0% | 84.26% |
2020 | 2.6% | -1.5% | 17057.9% | 83.23% |
2019 | 3.8% | 0.2% | 3514.6% | 88.49% |
NAV & Total Return History
FTFZX - Holdings
Concentration Analysis
FTFZX | Category Low | Category High | FTFZX % Rank | |
---|---|---|---|---|
Net Assets | 910 M | 3.48 M | 68.1 B | 29.79% |
Number of Holdings | 295 | 2 | 12848 | 40.66% |
Net Assets in Top 10 | 192 M | -317 M | 3.4 B | 20.68% |
Weighting of Top 10 | 20.77% | 1.9% | 100.4% | 36.69% |
Top 10 Holdings
- Franklin Municipal Green Bond ETF 3.96%
- Garden State Preservation Trust, Series 2005 A 2.89%
- Baytown Leased Housing Associates II LP 2.80%
- Maricopa County Industrial Development Authority, Series 2019 C 1.84%
- Parish of St. John the Baptist, Series 2017 B-1 1.82%
- Tennessee Energy Acquisition Corp., Series 2023 A-1 1.61%
- Main Street Natural Gas, Inc., Series 2022 C 1.54%
- Kentucky Public Energy Authority, Series 2022 A-2 1.48%
- California Municipal Finance Authority, Series 2022 A 1.41%
- California Health Facilities Financing Authority, Series 2016 B-3 1.41%
Asset Allocation
Weighting | Return Low | Return High | FTFZX % Rank | |
---|---|---|---|---|
Bonds | 94.45% | 0.00% | 150.86% | 91.24% |
Cash | 1.60% | -50.86% | 50.09% | 41.82% |
Stocks | 0.00% | 0.00% | 99.80% | 71.99% |
Preferred Stocks | 0.00% | 0.00% | 0.52% | 93.36% |
Other | 0.00% | -8.54% | 33.35% | 88.14% |
Convertible Bonds | 0.00% | 0.00% | 0.93% | 93.21% |
Bond Sector Breakdown
Weighting | Return Low | Return High | FTFZX % Rank | |
---|---|---|---|---|
Municipal | 95.53% | 44.39% | 100.00% | 78.01% |
Cash & Equivalents | 1.00% | 0.00% | 48.02% | 28.41% |
Corporate | 0.43% | 0.00% | 9.41% | 6.27% |
Derivative | 0.00% | -8.54% | 23.38% | 86.86% |
Securitized | 0.00% | 0.00% | 5.93% | 93.21% |
Government | 0.00% | 0.00% | 52.02% | 93.98% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | FTFZX % Rank | |
---|---|---|---|---|
US | 94.45% | 0.00% | 142.23% | 88.66% |
Non US | 0.00% | 0.00% | 23.89% | 73.52% |
FTFZX - Expenses
Operational Fees
FTFZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.55% | 0.01% | 20.65% | 76.58% |
Management Fee | 0.47% | 0.00% | 1.20% | 73.54% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | 0.15% | 0.01% | 0.44% | 75.86% |
Sales Fees
FTFZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.50% | 4.75% | N/A |
Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
FTFZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 1.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
FTFZX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 33.22% | 0.00% | 283.00% | 82.62% |
FTFZX - Distributions
Dividend Yield Analysis
FTFZX | Category Low | Category High | FTFZX % Rank | |
---|---|---|---|---|
Dividend Yield | 2.70% | 0.00% | 14.36% | 62.01% |
Dividend Distribution Analysis
FTFZX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
FTFZX | Category Low | Category High | FTFZX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.95% | -0.53% | 5.33% | 88.26% |
Capital Gain Distribution Analysis
FTFZX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Feb 29, 2024 | $0.023 | DailyAccrualFund |
Jan 31, 2024 | $0.021 | DailyAccrualFund |
Dec 29, 2023 | $0.025 | DailyAccrualFund |
Nov 30, 2023 | $0.022 | DailyAccrualFund |
Oct 31, 2023 | $0.022 | DailyAccrualFund |
Sep 29, 2023 | $0.022 | DailyAccrualFund |
Aug 31, 2023 | $0.021 | DailyAccrualFund |
Jul 31, 2023 | $0.020 | DailyAccrualFund |
Jun 30, 2023 | $0.022 | DailyAccrualFund |
May 31, 2023 | $0.022 | DailyAccrualFund |
Apr 28, 2023 | $0.019 | DailyAccrualFund |
Mar 31, 2023 | $0.021 | DailyAccrualFund |
Feb 28, 2023 | $0.019 | DailyAccrualFund |
Jan 31, 2023 | $0.015 | DailyAccrualFund |
Dec 30, 2022 | $0.018 | DailyAccrualFund |
Nov 30, 2022 | $0.014 | DailyAccrualFund |
Oct 31, 2022 | $0.013 | DailyAccrualFund |
Sep 30, 2022 | $0.013 | DailyAccrualFund |
Aug 31, 2022 | $0.012 | DailyAccrualFund |
Jul 29, 2022 | $0.011 | DailyAccrualFund |
Jun 30, 2022 | $0.010 | DailyAccrualFund |
May 31, 2022 | $0.009 | DailyAccrualFund |
Apr 29, 2022 | $0.009 | DailyAccrualFund |
Mar 31, 2022 | $0.010 | DailyAccrualFund |
Feb 28, 2022 | $0.009 | DailyAccrualFund |
Jan 31, 2022 | $0.008 | DailyAccrualFund |
Dec 31, 2021 | $0.010 | DailyAccrualFund |
Nov 30, 2021 | $0.008 | DailyAccrualFund |
Oct 29, 2021 | $0.007 | DailyAccrualFund |
Sep 30, 2021 | $0.007 | DailyAccrualFund |
Aug 31, 2021 | $0.008 | DailyAccrualFund |
Jul 30, 2021 | $0.008 | DailyAccrualFund |
Jun 30, 2021 | $0.009 | DailyAccrualFund |
May 28, 2021 | $0.007 | DailyAccrualFund |
Apr 30, 2021 | $0.009 | DailyAccrualFund |
Mar 31, 2021 | $0.011 | DailyAccrualFund |
Feb 26, 2021 | $0.010 | DailyAccrualFund |
Jan 29, 2021 | $0.010 | DailyAccrualFund |
Dec 31, 2020 | $0.010 | DailyAccrualFund |
Nov 30, 2020 | $0.011 | DailyAccrualFund |
Oct 30, 2020 | $0.011 | DailyAccrualFund |
Sep 30, 2020 | $0.011 | DailyAccrualFund |
Aug 31, 2020 | $0.011 | DailyAccrualFund |
Jul 31, 2020 | $0.011 | DailyAccrualFund |
Jun 30, 2020 | $0.011 | DailyAccrualFund |
May 29, 2020 | $0.011 | DailyAccrualFund |
Apr 30, 2020 | $0.012 | DailyAccrualFund |
Mar 31, 2020 | $0.017 | DailyAccrualFund |
Feb 28, 2020 | $0.013 | DailyAccrualFund |
Jan 31, 2020 | $0.014 | DailyAccrualFund |
Dec 31, 2019 | $0.016 | DailyAccrualFund |
Nov 29, 2019 | $0.014 | DailyAccrualFund |
Oct 31, 2019 | $0.015 | DailyAccrualFund |
Sep 30, 2019 | $0.015 | DailyAccrualFund |
Aug 30, 2019 | $0.014 | DailyAccrualFund |
Jul 31, 2019 | $0.016 | DailyAccrualFund |
Jun 28, 2019 | $0.013 | DailyAccrualFund |
May 31, 2019 | $0.015 | DailyAccrualFund |
Apr 30, 2019 | $0.025 | DailyAccrualFund |
Mar 29, 2019 | $0.016 | DailyAccrualFund |
Feb 28, 2019 | $0.016 | DailyAccrualFund |
Jan 31, 2019 | $0.014 | DailyAccrualFund |
Dec 31, 2018 | $0.014 | DailyAccrualFund |
Nov 30, 2018 | $0.014 | DailyAccrualFund |
Oct 31, 2018 | $0.014 | DailyAccrualFund |
Sep 28, 2018 | $0.014 | DailyAccrualFund |
Aug 31, 2018 | $0.014 | DailyAccrualFund |
Jul 31, 2018 | $0.013 | DailyAccrualFund |
Jun 29, 2018 | $0.013 | DailyAccrualFund |
May 31, 2018 | $0.012 | DailyAccrualFund |
Apr 30, 2018 | $0.010 | DailyAccrualFund |
Mar 29, 2018 | $0.009 | DailyAccrualFund |
Feb 28, 2018 | $0.009 | DailyAccrualFund |
Jan 31, 2018 | $0.008 | DailyAccrualFund |
Dec 29, 2017 | $0.007 | DailyAccrualFund |
Nov 30, 2017 | $0.008 | DailyAccrualFund |
Oct 31, 2017 | $0.008 | DailyAccrualFund |
Sep 29, 2017 | $0.008 | DailyAccrualFund |
Aug 31, 2017 | $0.008 | DailyAccrualFund |
Jul 31, 2017 | $0.008 | DailyAccrualFund |
Jun 30, 2017 | $0.008 | DailyAccrualFund |
May 31, 2017 | $0.008 | DailyAccrualFund |
Apr 28, 2017 | $0.008 | DailyAccrualFund |
Mar 31, 2017 | $0.008 | DailyAccrualFund |
Feb 28, 2017 | $0.008 | DailyAccrualFund |
Jan 31, 2017 | $0.008 | DailyAccrualFund |
Dec 30, 2016 | $0.008 | DailyAccrualFund |
Nov 30, 2016 | $0.008 | DailyAccrualFund |
Oct 31, 2016 | $0.008 | DailyAccrualFund |
Sep 30, 2016 | $0.008 | DailyAccrualFund |
Aug 31, 2016 | $0.009 | DailyAccrualFund |
Jul 29, 2016 | $0.009 | DailyAccrualFund |
Jun 30, 2016 | $0.009 | DailyAccrualFund |
May 31, 2016 | $0.009 | DailyAccrualFund |
Apr 29, 2016 | $0.009 | DailyAccrualFund |
Mar 31, 2016 | $0.009 | DailyAccrualFund |
Feb 29, 2016 | $0.009 | DailyAccrualFund |
Jan 29, 2016 | $0.009 | DailyAccrualFund |
Dec 31, 2015 | $0.009 | DailyAccrualFund |
Nov 30, 2015 | $0.009 | DailyAccrualFund |
Oct 30, 2015 | $0.009 | DailyAccrualFund |
Sep 30, 2015 | $0.009 | DailyAccrualFund |
Aug 31, 2015 | $0.009 | DailyAccrualFund |
Jul 31, 2015 | $0.009 | DailyAccrualFund |
Jun 30, 2015 | $0.009 | DailyAccrualFund |
May 29, 2015 | $0.009 | DailyAccrualFund |
Apr 30, 2015 | $0.009 | DailyAccrualFund |
Mar 31, 2015 | $0.009 | DailyAccrualFund |
Feb 27, 2015 | $0.009 | DailyAccrualFund |
Jan 30, 2015 | $0.010 | DailyAccrualFund |
Dec 31, 2014 | $0.010 | DailyAccrualFund |
Nov 28, 2014 | $0.010 | DailyAccrualFund |
Oct 31, 2014 | $0.010 | DailyAccrualFund |
Sep 30, 2014 | $0.010 | DailyAccrualFund |
Aug 29, 2014 | $0.010 | DailyAccrualFund |
Jul 31, 2014 | $0.010 | DailyAccrualFund |
Jun 30, 2014 | $0.010 | DailyAccrualFund |
May 30, 2014 | $0.010 | DailyAccrualFund |
Feb 28, 2014 | $0.009 | DailyAccrualFund |
Dec 31, 2013 | $0.010 | DailyAccrualFund |
Nov 29, 2013 | $0.010 | DailyAccrualFund |
Oct 31, 2013 | $0.012 | DailyAccrualFund |
Jul 31, 2013 | $0.013 | DailyAccrualFund |
Mar 28, 2013 | $0.014 | DailyAccrualFund |
Feb 28, 2013 | $0.015 | DailyAccrualFund |
Jan 31, 2013 | $0.015 | DailyAccrualFund |
Dec 31, 2012 | $0.015 | DailyAccrualFund |
Nov 30, 2012 | $0.015 | DailyAccrualFund |
Oct 31, 2012 | $0.016 | DailyAccrualFund |
Sep 28, 2012 | $0.017 | DailyAccrualFund |
Aug 31, 2012 | $0.017 | DailyAccrualFund |
Jul 31, 2012 | $0.018 | DailyAccrualFund |
Jun 29, 2012 | $0.023 | DailyAccrualFund |
May 21, 2012 | $0.018 | DailyAccrualFund |
Apr 19, 2012 | $0.018 | DailyAccrualFund |
Mar 21, 2012 | $0.018 | DailyAccrualFund |
Feb 17, 2012 | $0.018 | DailyAccrualFund |
Jan 20, 2012 | $0.012 | DailyAccrualFund |
Dec 30, 2011 | $0.006 | DailyAccrualFund |
Dec 20, 2011 | $0.018 | DailyAccrualFund |
Nov 18, 2011 | $0.018 | DailyAccrualFund |
Oct 20, 2011 | $0.018 | DailyAccrualFund |
Sep 20, 2011 | $0.018 | DailyAccrualFund |
Aug 19, 2011 | $0.017 | DailyAccrualFund |
Jul 20, 2011 | $0.017 | OrdinaryDividend |
Jun 20, 2011 | $0.017 | OrdinaryDividend |
May 19, 2011 | $0.017 | OrdinaryDividend |
Apr 19, 2011 | $0.017 | OrdinaryDividend |
Mar 21, 2011 | $0.017 | OrdinaryDividend |
Feb 18, 2011 | $0.008 | OrdinaryDividend |
FTFZX - Fund Manager Analysis
Managers
James Conn
Start Date
Tenure
Tenure Rank
Sep 02, 2003
18.76
18.8%
Mr. Conn is a senior vice president and portfolio manager with Franklin Advisers, Inc, his employer since 1996. He has final authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. Mr. Conn holds the Chartered Financial Analyst designation.
Ben Barber
Start Date
Tenure
Tenure Rank
Aug 01, 2020
1.83
1.8%
Mr. Barber is is the Director of Franklin's Municipal Bond Department. Prior to joining Franklin Templeton, he was co-head of municipal bonds at Goldman Sachs Asset Management. He first joined Franklin Templeton in 1991 and rejoined again in April 2020.
Francisco Rivera
Start Date
Tenure
Tenure Rank
Nov 02, 2020
1.58
1.6%
Francisco Rivera,Vice President, has been a lead portfolio manager since 1996. He has primary responsibility for the investments. He has final authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated investment management requirements. The degree to which he may perform these functions, and the nature of these functions, may change from time to time. He joined Franklin Templeton Investments in 1994.
Daniel Workman
Start Date
Tenure
Tenure Rank
Nov 02, 2020
1.58
1.6%
Daniel Workman, CFA, has been an analyst or portfolio manager since 2009,providing research and advice on the purchases and sales of individual securities, and portfolio risk assessment. He joined Franklin Templeton Investments in 2003.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.08 | 35.05 | 7.36 | 1.58 |