FMTFX Performance — Franklin Michigan Tax-Free Income Fund, Advisor Class
Data updated: 2026-07-27
FMTFX returned +1.56% year to date and +6.89% over one year to May 2026. Annualised returns are +3.82% over 3 years and +0.46% over 5 years. The fund trailed its Long-Term Municipal Bond category average: $100 invested three years ago grew to $112, against $112 for the category, and to $107 over one year, against $107. Volatility over the past three years was 5.54% a year. In the 12 months to May 2026 the fund lost a net $16.1M, and assets reached $668.63M.
FMTFX Growth of $100
What $100 invested in Franklin Michigan 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 | FMTFX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $107 | $107 |
| 3 years (Jun 2023 – May 2026) | $112 | $112 |
| 5 years (Jun 2021 – May 2026) | $102 | $103 |
| Since data start (Sep 2019 – May 2026) | $108 | $109 |
FMTFX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.56% |
| 1 year | +6.89% |
| 3 years (annualised) | +3.82% |
| 5 years (annualised) | +0.46% |
FMTFX Annual Returns
Calendar-year total returns of Franklin Michigan Tax-Free Income Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.56% |
| 2025 | +3.35% |
| 2024 | +2.21% |
| 2023 | +6.06% |
| 2022 | −10.61% |
| 2021 | +1.18% |
| 2020 | +5.28% |
| 2019 (Sep–Dec) | −0.26% |
FMTFX 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 | +0.3% | +1.4% | −1.9% | +1.4% | +0.4% | — | — | — | — | — | — | — |
| 2025 | 0.0% | +0.9% | −1.5% | −0.5% | −0.8% | +0.8% | −0.9% | +0.8% | +2.8% | +1.3% | +0.4% | 0.0% |
| 2024 | −0.1% | +0.1% | 0.0% | −1.3% | +0.2% | +1.6% | +0.8% | +0.6% | +1.1% | −1.0% | +1.5% | −1.2% |
| 2023 | +3.1% | −2.6% | +2.0% | 0.0% | −0.7% | +0.9% | +0.2% | −1.4% | −2.6% | −1.6% | +6.2% | +2.8% |
| 2022 | −2.7% | −0.6% | −3.3% | −3.1% | +1.3% | −2.2% | +2.7% | −2.7% | −3.8% | −1.0% | +4.8% | −0.1% |
| 2021 | +0.5% | −1.6% | +0.7% | +0.8% | +0.2% | +0.3% | +0.8% | −0.5% | −0.9% | −0.2% | +0.9% | +0.1% |
| 2020 | +1.7% | +1.5% | −2.5% | −1.2% | +3.0% | +0.4% | +1.4% | −0.4% | 0.0% | −0.1% | +1.2% | +0.4% |
| 2019 | — | — | — | — | — | — | — | — | −0.7% | +0.1% | +0.1% | +0.2% |
FMTFX Risk
Risk measures from monthly returns over Jun 2023 – May 2026.
- 3-year volatility (annualised): 5.54%
- 3-year Sharpe ratio: -0.12 (vs 4.5% risk-free rate)
- Best month: +6.22% (Nov 2023)
- Worst month: −2.64% (Sep 2023)
FMTFX Fund Flows
Monthly money in and out of Franklin Michigan Tax-Free Income Fund, from SEC Form N-PORT.
- 12-month net flow: −$16.1M
- 12-month gross sales (incl. reinvestments): $113.2M
- Sales ÷ redemptions: 0.88×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $29.9M | $8.5M | $21.4M |
| Apr 2026 | $7.1M | $9.9M | −$2.9M |
| Mar 2026 | $5.5M | $12.0M | −$6.5M |
| Feb 2026 | $7.3M | $6.3M | $995K |
| Jan 2026 | $8.2M | $8.5M | −$288K |
| Dec 2025 | $8.7M | $18.5M | −$9.8M |
| Nov 2025 | $6.4M | $8.8M | −$2.4M |
| Oct 2025 | $5.7M | $11.1M | −$5.4M |
| Sep 2025 | $10.0M | $10.9M | −$909K |
| Aug 2025 | $7.0M | $13.0M | −$5.9M |
| Jul 2025 | $10.9M | $9.6M | $1.3M |
| Jun 2025 | $6.5M | $12.2M | −$5.7M |
FMTFX Assets Under Management
Net assets of Franklin Michigan Tax-Free Income Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $668.63M |
| 2026-02-28 | $662.89M |
| 2025-11-30 | $666.51M |
| 2025-08-31 | $651.68M |
| 2025-05-31 | $663.28M |
| 2025-02-28 | $689.01M |
| 2024-11-30 | $688.57M |
| 2024-08-31 | $669.34M |
| 2024-05-31 | $667.81M |
| 2024-02-29 | $689.84M |
| 2023-11-30 | $685.97M |
| 2023-08-31 | $703.28M |
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.