Morningstar

Franklin Pennsylvania Tax-Free Income Fund Class A FPAQX

Morningstar Medalist Rating
Medalist Rating as of | See Franklin Templeton Investment Hub
  • NAV / 1-Day Return 8.17  /  −0.12 %
  • Total Assets 558.5M
  • Adj. Expense Ratio
    0.850%
  • Expense Ratio 0.850%
  • Distribution Fee Level High
  • Share Class Type Front Load
  • Category Muni Pennsylvania
  • Credit Quality / Interest Rate Sensitivity —
  • Min. Initial Investment 1,000
  • Status Open
  • TTM Yield 3.60%
  • Effective Duration 8.63 years

USD | NAV as of Oct 02, 2026 | 1-Day Return as of Oct 02, 2026, 10:47 PM GMT+0

Morningstar’s Analysis FPAQX

Will FPAQX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FPAQX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the FPAQX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of FPAQX’s parent organization’s priorities and whether they’re in line with investors’ interests.

null Morningstar Automated Analysis

Morningstar Automated Analysis

Summary

Franklin PA Tax-Free Income A holds a quantitatively derived Negative Morningstar Medalist Rating. The rating indicates the model sees limited potential for the strategy to outperform peers on a risk-adjusted basis over a full market cycle.

by Morningstar Automated Analysis
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Portfolio Holdings FPAQX

More FPAQX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 17.2
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

PENNSYLVANIA ST HIGHER EDL FACS AUTH REV 4.25%

2.29 14M
municipal

GEISINGER AUTH PA HEALTH SYS REV 5%

2.10 13M
municipal

LEHIGH CNTY PA GEN PURP AUTH CHARTER SCH REV 4%

1.96 12M
municipal

PENNSYLVANIA ST TPK COMMN TPK REV 5.25%

1.85 12M
municipal

PHILADELPHIA PA AUTH FOR INDL DEV MULTIFAMILY REV 5.5%

1.62 10M
municipal

PHILADELPHIA PA ARPT REV 5%

1.60 10M
municipal

MONTGOMERY CNTY PA INDL DEV AUTH RETIREMENT CMNTY REV 5%

1.52 10M
municipal

ALLENTOWN PA NEIGHBORHOOD IMPT ZONE DEV AUTH TAX REV 5%

1.46 9M
municipal

PENNSYLVANIA ST TPK COMMN TPK REV 4%

1.43 9M
municipal

PENNSYLVANIA HSG FIN AGY SINGLE FAMILY MTG REV 2.55%

1.39 9M
municipal

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