FTFZX Fees and Costs — Franklin Federal Limited-Term Tax-Free Income Fund, Advisor Class
Data updated: 2026-07-27
The net expense ratio is 0.41%: a 0.48% management fee plus 0.13% other expenses, less a 0.21% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 33%.
FTFZX Fees and Expenses
Annual operating expenses and sales charges of FTFZX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.48% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.13% |
| Gross expense ratio | 0.62% |
| Fee waiver | −0.21% |
| Net expense ratio | 0.41% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FTFZX Costs Over Time
On $10,000 invested in FTFZX, assuming 5% a year before costs, total costs come to $260 over 5 years, cutting the return by 0.43% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.41%) | $43 | $135 | $236 |
| Lost growth on money paid in costs | $0 | $7 | $24 |
| Total costs | $43 | $142 | $260 |
| Value after costs | $10,457 | $11,434 | $12,503 |
| Impact on return, per year | 0.43% | 0.43% | 0.43% |
FTFZX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $453.4M
- Portfolio turnover (prospectus): 33%
- Securities lending: none during the year
FTFZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Investments, Inc. | $52.7M | 16.37% |
| BofA Securities, Inc. | $48.6M | 15.08% |
| Barclays Capital, Inc. | $41.3M | 12.84% |
| RBC Capital Markets, LLC | $37.5M | 11.65% |
| Jefferies LLC | $31.6M | 9.81% |
| J.P. Morgan Securities LLC | $30.0M | 9.32% |
| Morgan Stanley & Co. LLC | $24.4M | 7.57% |
| Goldman Sachs & Co. LLC | $19.9M | 6.18% |
| Raymond James & Associates, Inc. | $18.6M | 5.79% |
| Truist Securities, Inc. | $17.4M | 5.40% |
Franklin Federal Limited-Term Tax-Free Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FFTRX | Class R6 | 0.38% | none |
| FTFZX | Advisor Class | 0.41% | none |
| FFTFX | Class A1 | 0.56% | 2.25% |
| FFLQX | Class A | 0.66% | 2.25% |
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.