FRPAX Performance — Franklin Pennsylvania Tax-Free Income Fund, Class A1
Data updated: 2026-07-27
FRPAX returned +1.67% year to date and +7.67% over one year to May 2026. Annualised returns are +3.79% over 3 years and +0.30% over 5 years. Against its Long-Term Municipal Bond category average the fund came out behind over three years but ahead over one: $100 invested three years ago grew to $112, against $112 for the category, and to $108 over one year, against $107. Volatility over the past three years was 6.46% a year. In the 12 months to May 2026 the fund lost a net $40.7M, and assets reached $655.47M.
FRPAX Growth of $100
What $100 invested in Franklin Pennsylvania Tax-Free Income Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Long-Term Municipal Bond category average over the same months.
| Period | FRPAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $108 | $107 |
| 3 years (Jun 2023 – May 2026) | $112 | $112 |
| 5 years (Jun 2021 – May 2026) | $102 | $103 |
| Since data start (Sep 2019 – May 2026) | $107 | $109 |
FRPAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.67% |
| 1 year | +7.67% |
| 3 years (annualised) | +3.79% |
| 5 years (annualised) | +0.30% |
FRPAX Annual Returns
Calendar-year total returns of Franklin Pennsylvania Tax-Free Income Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.67% |
| 2025 | +3.26% |
| 2024 | +2.09% |
| 2023 | +6.46% |
| 2022 | −11.69% |
| 2021 | +1.92% |
| 2020 | +4.36% |
| 2019 (Sep–Dec) | −0.38% |
FRPAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.4% | +1.6% | −2.4% | +1.4% | +0.6% | — | — | — | — | — | — | — |
| 2025 | +0.2% | +0.9% | −1.9% | −0.9% | −0.9% | +0.6% | −0.9% | +0.8% | +3.2% | +1.6% | +0.4% | +0.1% |
| 2024 | −0.2% | 0.0% | 0.0% | −1.3% | +0.3% | +2.0% | +0.7% | +0.6% | +1.4% | −1.5% | +1.7% | −1.6% |
| 2023 | +3.4% | −2.7% | +2.2% | −0.1% | −0.7% | +0.7% | +0.2% | −1.7% | −3.1% | −1.8% | +7.2% | +3.0% |
| 2022 | −2.7% | −0.8% | −3.1% | −3.8% | +1.3% | −2.5% | +2.8% | −2.8% | −4.2% | −1.3% | +5.5% | −0.3% |
| 2021 | +0.5% | −1.7% | +0.7% | +1.1% | +0.6% | +0.4% | +0.8% | −0.5% | −0.9% | −0.1% | +1.0% | +0.2% |
| 2020 | +1.5% | +1.1% | −2.5% | −1.5% | +2.2% | +0.8% | +1.2% | −0.4% | 0.0% | −0.3% | +1.4% | +0.8% |
| 2019 | — | — | — | — | — | — | — | — | −0.5% | 0.0% | 0.0% | +0.2% |
FRPAX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 6.46%
- 3-year Sharpe ratio: -0.11 (vs 4.5% risk-free rate)
- Best month: +7.18% (Nov 2023)
- Worst month: −3.12% (Sep 2023)
FRPAX Fund Flows
Monthly money in and out of Franklin Pennsylvania Tax-Free Income Fund, from SEC Form N-PORT.
- 12-month net flow: −$40.7M
- 12-month gross sales (incl. reinvestments): $89.4M
- Sales ÷ redemptions: 0.69×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $10.5M | $10.5M | −$30K |
| Apr 2026 | $6.2M | $8.4M | −$2.2M |
| Mar 2026 | $5.6M | $9.7M | −$4.1M |
| Feb 2026 | $8.3M | $8.3M | −$17 |
| Jan 2026 | $11.0M | $13.6M | −$2.5M |
| Dec 2025 | $7.2M | $21.0M | −$13.8M |
| Nov 2025 | $6.9M | $8.1M | −$1.3M |
| Oct 2025 | $6.4M | $9.5M | −$3.1M |
| Sep 2025 | $6.5M | $12.2M | −$5.7M |
| Aug 2025 | $5.2M | $10.0M | −$4.8M |
| Jul 2025 | $8.7M | $10.0M | −$1.3M |
| Jun 2025 | $7.0M | $8.9M | −$1.9M |
FRPAX Assets Under Management
Net assets of Franklin Pennsylvania Tax-Free Income Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $655.47M |
| 2026-02-28 | $669.63M |
| 2025-11-30 | $677.87M |
| 2025-08-31 | $659.37M |
| 2025-05-31 | $669.57M |
| 2025-02-28 | $710.51M |
| 2024-11-30 | $672.85M |
| 2024-08-31 | $679.87M |
| 2024-05-31 | $677.00M |
| 2024-02-29 | $705.67M |
| 2023-11-30 | $713.75M |
| 2023-08-31 | $729.05M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.