FMTFX Fees and Costs — Franklin Michigan Tax-Free Income Fund, Advisor Class
Data updated: 2026-07-27
The net expense ratio is 0.59%: a 0.49% management fee plus 0.10% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 14%.
FMTFX Fees and Expenses
Annual operating expenses and sales charges of FMTFX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.49% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.10% |
| Gross expense ratio | 0.59% |
| Fee waiver | — |
| Net expense ratio | 0.59% |
| 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 |
FMTFX Costs Over Time
On $10,000 invested in FMTFX, assuming 5% a year before costs, total costs come to $372 over 5 years, cutting the return by 0.62% 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 0.59%) | $62 | $194 | $338 |
| Lost growth on money paid in costs | $0 | $10 | $34 |
| Total costs | $62 | $204 | $372 |
| Value after costs | $10,438 | $11,373 | $12,391 |
| Impact on return, per year | 0.62% | 0.62% | 0.62% |
FMTFX 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): $162.4M
- Portfolio turnover (prospectus): 14%
- Securities lending: none during the year
FMTFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Stifel, Nicolaus & Company, Incorporated | $37.2M | 28.32% |
| J.P. Morgan Securities LLC | $20.9M | 15.92% |
| Wells Fargo Securities, LLC | $14.5M | 11.02% |
| Siebert Williams Shank & Co., LLC | $12.4M | 9.44% |
| RBC Capital Markets, LLC | $9.0M | 6.88% |
| Barclays Capital, Inc. | $8.7M | 6.65% |
| Piper Sandler & Co. | $8.1M | 6.18% |
| Jefferies LLC | $7.6M | 5.81% |
| ROBERT W. BAIRD & CO. INCORPORATED | $6.4M | 4.90% |
| First Horizon Advisors, Inc. | $6.4M | 4.88% |
Franklin Michigan 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 |
|---|---|---|---|
| FKTNX | Class R6 | 0.55% | none |
| FMTFX | Advisor Class | 0.59% | none |
| FTTMX | Class A1 | 0.70% | 3.75% |
| FMQTX | Class A | 0.84% | 3.75% |
| FRMTX | Class C | 1.24% | none |
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.