Fund Evaluator:
Franklin PA Tax-Free Income A1 (FRPAX)
Follow This Fund
Best Performing in Muni Pennsylvania Over the Last Year
| 8.3% | Vanguard PA Long-Term Tax-Exempt Adm (VPALX) |
| 8.2% | Vanguard PA Long-Term Tax-Exempt Inv (VPAIX) |
| 6.5% | Fidelity Pennsylvania Municipal Income (FPXTX) |
Fund Details
Franklin PA Tax-Free Income A1 Overview
Franklin PA Tax-Free Income A1 (FRPAX) is an actively managed Municipal Bond Muni Pennsylvania fund. Franklin Templeton Investments launched the fund in 1986.
The investment seeks to provide investors with as high a level of income exempt from federal income taxes and from personal income taxes, if any, for resident shareholders of Pennsylvania as is consistent with prudent investment management and the preservation of shareholders' capital. The fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. It 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.
About Franklin PA Tax-Free Income A1 (FRPAX)
There are 4 members of the management team with an average tenure of 4.25 years: Michael Conn (2020), John Bonelli (2020), Garrett Hamilton (2026), Christopher Sperry (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Franklin PA Tax-Free Income A1 has 212 securities in its portfolio. The top 10 holdings constitute 18.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Franklin PA Tax-Free Income A1 is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Franklin PA Tax-Free Income A1 has 0.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 101.1% (100.2% domestic bond, 0.9% foreign bond and 0.0% convertible bond). Franklin PA Tax-Free Income A1 has -1.1% of the portfolio in cash.
Assets Under Management
The fund has $341 million in total assets, which is above the $190 million average for the Muni Pennsylvania category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FRPAX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Franklin PA Tax-Free Income A1 expense ratio is above average compared to funds in the Muni Pennsylvania category. Franklin PA Tax-Free Income A1 has an expense ratio of 0.70%, which is 16% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Franklin PA Tax-Free Income A1 has a portfolio turnover rate of 15%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 27% for the Muni Pennsylvania category.
Recently, in the month of June 2026, Franklin PA Tax-Free Income A1 returned 1.1%, which earned it a grade of B, as the Muni Pennsylvania category had an average return of 1.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Franklin PA Tax-Free Income A1 has a trailing yield of 3.41%, which is below the 3.41% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Franklin PA Tax-Free Income A1 Grades
Year to date, the fund has returned 2.8%, 0.2 percentage points better than the category, which translates into a grade of C. The fund has returned 8.1% over the past year (grade of B), 3.9% over the past three years (grade of C) and 0.4% per year over the past five years (grade of D) and 1.5% per year over the past 10 years (grade of D).
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FRPAX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FRPAX Return (NAV) | 1.1% | 3.2% | 8.1% | 3.9% | 0.4% | 1.5% |
| FRPAX Grade | B | B | B | C | D | D |
| +/- Category | 0.1% | 0.3% | 0.5% | 0.1% | -0.2% | -0.4% |
| Muni Pennsylvania Avg | 1.0% | 2.9% | 7.6% | 3.8% | 0.7% | 1.9% |
| FRPAX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FRPAX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FRPAX Return (NAV) | 2.8% | 3.3% | 2.1% | 6.5% | -11.7% | 1.9% | 4.4% | 5.4% | 1.4% | 2.4% | 1.8% |
| FRPAX Grade | C | D | C | B | D | D | C | F | B | F | A |
| +/- Category | 0.2% | -0.0% | -0.2% | 0.5% | -1.2% | -0.6% | -0.0% | -1.7% | -0.6% | -1.7% | 1.1% |
| Muni Pennsylvania Avg | 2.6% | 3.3% | 2.2% | 5.9% | -10.5% | 2.6% | 4.4% | 7.1% | 2.0% | 4.1% | 0.7% |
| Risk Measures | |
| Standard Deviation: | 6.5% |
| Total Risk Index: | 0.53 - Below Average |
| Category Risk Index: | 1.04 - Average |
| Category Risk Grade: | C (53% Rank) |
| Beta: | 1.14 |
| R-Squared: | 96% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $659 Mil |
| Fund Total Assets: | $ 342 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 16% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.7 years | |||
| Average Tenure: 4.2 years | |||
| Managers (Year): Conn Michael (2020), Bonelli John (2020), Sperry Christopher (2020), Hamilton Garrett (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 212 |
| % in Top 10 Holdings: | 18.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 100.2% |
| Foreign Bond: | 0.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -1.1% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-342-5236 |
| Website: | www.franklintempleton.com |
| Status: | Closed |
| Inception Date: | December 1, 1986 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 3.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.10% |
Expenses and Fees | |
| Expense Ratio (%): | 0.70% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.84% |
| Share Class: | Franklin PA Tax-Free Income A1 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
