Franklin Michigan Tax-Free Income Fund Class A

Franklin Michigan Tax-Free Income Fund Class A is a municipal bond mutual fund designed to provide investors with a high level of income that is exempt from both federal income taxes and Michigan state personal income taxes. The fund primarily invests at least 80% of its assets in municipal securities whose interest payments are free from federal and Michigan state taxes, including the federal alternative minimum tax. Its portfolio consists largely of investment-grade bonds rated in the top four categories by nationally recognized agencies, promoting both income generation and capital preservation. With over 200 holdings, the fund is diversified across several sectors such as local government, housing, education, health care, and utilities, with the vast majority of assets concentrated in Michigan-based issuers. Serving investors seeking tax-efficient income, Franklin Michigan Tax-Free Income Fund Class A maintains a below-average risk profile within the muni single state long category, and offers monthly income distributions. The fund appeals to residents of Michigan looking for federally and state tax-exempt fixed-income solutions as part of their broader investment strategy.