Because of a technical error, the Analyst Rating for one or more share classes of this fund was incorrect. We have resolved the error and corrected the Analyst Rating for all share classes affected by it. For further details, go to morningstar.com/learn/ar. The reorganization of personnel supporting Franklin Federal Tax-Free Income could benefit the strategy long term, but time is needed to assess if the adjustments and process changes are material improvements. The People Pillar was downgraded to Average from Above Average.
Will FAFTX outperform in future?
Get our overall rating based on a fundamental assessment of the pillars below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FAFTX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the FAFTX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of FAFTX’s parent organization’s priorities and whether they’re in line with investors’ interests.