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2025-12-31 0000757010 cik0000757010:S000006920Member cik0000757010:C000194361Member 2017-08-01 2025-12-31 0000757010 cik0000757010:S000006925Member cik0000757010:C000194366Member 2017-08-01 2025-12-31 0000757010 cik0000757010:S000006926Member cik0000757010:C000194367Member 2017-08-01 2025-12-31 0000757010 cik0000757010:S000006927Member cik0000757010:C000194368Member 2017-08-01 2025-12-31 iso4217:USD pure N-1A FRANKLIN TAX FREE TRUST 2026-07-01 Franklin Federal Intermediate-Term Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 94 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 53 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0225 0.0225 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0046 0.0046 0.0046 0.0046 0.0046 0.0025 0.0010 0.0065 0 0 0.0012 0.0012 0.0012 0.0005 0.0012 0.0083 0.0068 0.0123 0.0051 0.0058 -0.0012 -0.0012 -0.0012 -0.0011 -0.0012 0.0071 0.0056 0.0111 0.0040 0.0046 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 296 472 664 1217 281 426 584 1041 213 378 663 1367 41 153 275 631 47 174 313 716 If you do not sell your shares: 113 378 663 1367 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 27.20% of the average value of its portfolio.</p> 0.2720 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund does not have restrictions on the maturity of the securities it may buy, the Fund does maintain a dollar-weighted average portfolio maturity of six to 12 years.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund does not necessarily focus its investments in a particular state. The Fund may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities.</p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; font-style:normal;"><span style="font-size:13.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">States:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s portfolio is generally widely diversified among issuers of municipal securities. However, to the extent that the Fund has exposure from time to time to the municipal securities of a particular state, events in that state may affect the Fund’s investments and performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of the state. The same is true of events in U.S. territories, to the extent that the Fund has exposure to any particular territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">6.35%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-5.85%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.08%.</p></td></tr></table> Best Quarter 2023-12-31 0.0635 Worst Quarter 2022-03-31 -0.0585 As of March 31, 2026, the Fund’s year-to-date return was -0.08%. 2026-03-31 -0.0008 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes 0.0233 0.0041 0.0144 Return after taxes on distributions 0.0225 0.0037 0.0142 Return after taxes on distributions and sale of Fund shares 0.0259 0.0084 0.0164 0.0239 0.0057 0.0153 0.0326 0.0046 0.0121 0.0491 0.0117 0.0193 0.0485 0.0112 0.0187 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Bloomberg Municipal 1-15 Year Index 0.0518 0.0116 0.0227 Franklin Federal Limited-Term Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 94 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 53 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0225 0.0225 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0048 0.0048 0.0025 0.0015 0 0 0.0013 0.0013 0.0006 0.0013 0.0001 0.0001 0.0001 0.0001 0.0087 0.0077 0.0055 0.0062 -0.0021 -0.0021 -0.0017 -0.0021 0.0066 0.0056 0.0038 0.0041 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 291 476 676 1253 281 445 623 1139 39 159 290 672 42 177 324 753 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating </p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 33.07% of the average value of its portfolio.</p> 0.3307 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund does not have restrictions on the maturity of the securities it may buy, the Fund does maintain a dollar-weighted average portfolio maturity of five years or less.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund does not necessarily focus its investments in a particular state. The Fund may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities.</p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">States:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s portfolio is generally widely diversified among issuers of municipal securities. However, to the extent that the Fund has exposure from time to time to the municipal securities of a particular state, events in that state may affect the Fund’s investments and performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of the state. The same is true of events in U.S. territories, to the extent that the Fund has exposure to any particular territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">3.47%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-3.13%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was 0.25%.</p></td></tr></table> Best Quarter 2023-12-31 0.0347 Worst Quarter 2022-03-31 -0.0313 As of March 31, 2026, the Fund’s year-to-date return was 0.25%. 2026-03-31 0.0025 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes 0.0168 0.0094 0.0126 Return after taxes on distributions 0.0168 0.0090 0.0124 Return after taxes on distributions and sale of Fund shares 0.0208 0.0111 0.0128 0.0174 0.0104 0.0134 0.0431 0.0169 0.0193 0.0427 0.0168 0.0172 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Bloomberg Municipal Short 1-5 Years Index 0.0411 0.0136 0.0167 Franklin High Yield Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with a high current yield exempt from federal income taxes. Its secondary goal is capital appreciation to the extent possible and consistent with the Fund's principal investment goal.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 94 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 53 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0045 0.0045 0.0045 0.0045 0.0025 0.0010 0.0065 0 0 0.0011 0.0011 0.0010 0.0006 0.0011 0.0081 0.0066 0.0120 0.0051 0.0056 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 455 624 808 1340 440 579 730 1167 222 381 660 1346 52 163 284 639 57 179 312 701 If you do not sell your shares: 122 381 660 1346 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12.16% of the average value of its portfolio.</p> 0.1216 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's net assets may be in securities that pay interest that </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund may invest in municipal securities rated in any rating category (or unrated or short-term rated securities of comparable credit quality), including defaulted securities.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund does not necessarily focus its investments in a particular state or territory, and will not invest more than 25% of its total assets in municipal securities of any one state or territory. The Fund may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">When selecting securities for the Fund’s portfolio, the investment manager may consider existing market conditions, the availability of lower-rated securities, and whether the difference in yields between higher and lower-rated securities justifies the higher risk of lower-rated securities. </p> Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">High-Yield Debt Instruments:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Issuers of lower-rated or “high-yield” debt instruments (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt instruments. High-yield debt instruments are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt instruments generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt instruments generally fluctuate more than those of higher credit quality. High-yield debt instruments are generally more illiquid (harder to sell) and harder to value. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">States:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund’s portfolio is generally widely diversified among issuers of municipal securities. However, to the extent that the Fund has exposure from time to time to the municipal securities of a particular state, events in that state may affect the Fund’s investments and performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of the state. The same is true of events in U.S. territories, to the extent that the Fund has exposure to any particular territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.94%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-7.22%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was 0.18%.</p></td></tr></table> Best Quarter 2023-12-31 0.0794 Worst Quarter 2022-03-31 -0.0722 As of March 31, 2026, the Fund’s year-to-date return was 0.18%. 2026-03-31 0.0018 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes 0.0006 0.0034 0.0214 Return after taxes on distributions -0.0003 0.0027 0.0211 Return after taxes on distributions and sale of Fund shares 0.0174 0.0110 0.0253 0.0019 0.0047 0.0224 0.0246 0.0060 0.0201 0.0424 0.0135 0.0272 0.0420 0.0133 0.0271 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Massachusetts Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Massachusetts.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 94 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 53 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0053 0.0053 0.0053 0.0053 0.0053 0.0025 0.0010 0.0065 0 0 0.0016 0.0015 0.0014 0.0007 0.0016 0.0094 0.0078 0.0132 0.0060 0.0069 -0.0004 -0.0003 -0.0002 0 -0.0004 0.0090 0.0075 0.0130 0.0060 0.0065 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 463 659 871 1482 449 612 789 1301 232 416 721 1483 61 192 335 750 66 217 380 855 If you do not sell your shares: 132 416 721 1483 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held </p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21.12% of the average value of its portfolio.</p> 0.2112 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Massachusetts. </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Massachusetts Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Massachusetts <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Massachusetts:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Massachusetts municipal securities. Therefore, events in Massachusetts are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, state constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Massachusetts. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.41%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.54%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.20%.</p></td></tr></table> Best Quarter 2023-12-31 0.0741 Worst Quarter 2022-03-31 -0.0654 As of March 31, 2026, the Fund’s year-to-date return was -0.20%. 2026-03-31 -0.0020 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0115 -0.0110 0.0107 Return after taxes on distributions -0.0116 -0.0111 0.0106 Return after taxes on distributions and sale of Fund shares 0.0046 -0.0031 0.0142 -0.0091 -0.0093 0.0118 0.0135 -0.0076 0.0099 0.0311 -0.0003 0.0151 0.0305 -0.0008 0.0167 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin New Jersey Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes and from personal income taxes, if any, for resident shareholders of New Jersey as is consistent with prudent investment management and the preservation of shareholders’ capital.</span></p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 94 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 53 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0048 0.0048 0.0048 0.0025 0.0010 0.0065 0 0 0.0012 0.0012 0.0011 0.0005 0.0012 0.0085 0.0070 0.0124 0.0053 0.0060 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 459 637 829 1385 444 591 750 1213 226 393 680 1392 54 170 297 665 61 192 335 750 If you do not sell your shares: 126 393 680 1392 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 18.26% of the average value of its portfolio.</p> 0.1826 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of New Jersey. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's net assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of New Jersey Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of New Jersey <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">New Jersey:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in New Jersey municipal securities. Therefore, events in New Jersey are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of New Jersey. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.48%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.10%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.12%.</p></td></tr></table> Best Quarter 2023-12-31 0.0748 Worst Quarter 2022-03-31 -0.0610 As of March 31, 2026, the Fund’s year-to-date return was -0.12%. 2026-03-31 -0.0012 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0076 -0.0032 0.0142 Return after taxes on distributions -0.0078 -0.0033 0.0141 Return after taxes on distributions and sale of Fund shares 0.0073 0.0036 0.0176 -0.0069 -0.0018 0.0151 0.0155 -0.0002 0.0132 0.0331 0.0072 0.0202 0.0326 0.0068 0.0201 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 2026-07-01 Franklin Alabama Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Alabama.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 120 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 55 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0057 0.0057 0.0057 0.0057 0.0057 0.0025 0.0010 0.0065 0 0 0.0015 0.0015 0.0014 0.0014 0.0015 0.0097 0.0082 0.0136 0.0071 0.0072 -0.0007 -0.0007 -0.0006 -0.0009 -0.0007 0.0090 0.0075 0.0130 0.0062 0.0065 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 463 665 884 1514 449 621 807 1345 232 425 739 1524 63 218 386 874 66 223 393 888 If you do not sell your shares: 132 425 739 1524 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held </p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15.17% of the average value of its portfolio.</p> 0.1517 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Alabama. </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Alabama Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Alabama <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; font-style:normal;"><span style="font-size:13.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Alabama:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Alabama municipal securities. Therefore, events in Alabama are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Alabama. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">8.92%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.32%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.35%.</p></td></tr></table> Best Quarter 2023-12-31 0.0892 Worst Quarter 2022-03-31 -0.0632 As of March 31, 2026, the Fund’s year-to-date return was -0.35%. 2026-03-31 -0.0035 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0087 -0.0060 0.0130 Return after taxes on distributions -0.0089 -0.0061 0.0130 Return after taxes on distributions and sale of Fund shares 0.0059 0.0007 0.0161 -0.0076 -0.0044 0.0141 0.0154 -0.0026 0.0121 0.0329 0.0047 0.0179 0.0326 0.0042 0.0189 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Georgia Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Georgia.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 120 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 55 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0054 0.0054 0.0054 0.0054 0.0054 0.0025 0.0010 0.0065 0 0 0.0013 0.0013 0.0012 0.0008 0.0013 0.0092 0.0077 0.0131 0.0062 0.0067 -0.0002 -0.0002 -0.0001 0 -0.0002 0.0090 0.0075 0.0130 0.0062 0.0065 Example <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 463 655 863 1462 449 610 785 1291 232 413 716 1470 63 198 345 774 66 212 371 832 If you do not sell your shares: 132 413 716 1470 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held </p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10.73% of the average value of its portfolio.</p> 0.1073 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Georgia. </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Georgia Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Georgia <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Georgia:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Georgia municipal securities. Therefore, events in Georgia are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Georgia. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">8.92%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.42%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.31%.</p></td></tr></table> Best Quarter 2023-12-31 0.0892 Worst Quarter 2022-03-31 -0.0642 As of March 31, 2026, the Fund’s year-to-date return was -0.31%. 2026-03-31 -0.0031 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0093 -0.0071 0.0108 Return after taxes on distributions -0.0094 -0.0072 0.0107 Return after taxes on distributions and sale of Fund shares 0.0061 0.0003 0.0146 -0.0074 -0.0056 0.0118 0.0147 -0.0041 0.0099 0.0322 0.0034 0.0166 0.0309 0.0030 0.0167 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Louisiana Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Louisiana.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 120 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 55 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0.0055 0.0055 0.0055 0.0025 0.0010 0.0065 0 0 0.0015 0.0015 0.0014 0.0011 0.0015 0.0095 0.0080 0.0134 0.0066 0.0070 -0.0005 -0.0005 -0.0004 -0.0004 -0.0005 0.0090 0.0075 0.0130 0.0062 0.0065 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 463 661 875 1491 449 616 798 1324 232 421 731 1503 63 206 363 818 66 219 385 865 If you do not sell your shares: 132 421 731 1503 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held </p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 13.78% of the average value of its portfolio.</p> 0.1378 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Louisiana. </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Louisiana Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Louisiana <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Louisiana:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Louisiana municipal securities. Therefore, events in Louisiana are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Louisiana. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">8.31%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.62%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.24%.</p></td></tr></table> Best Quarter 2023-12-31 0.0831 Worst Quarter 2022-03-31 -0.0662 As of March 31, 2026, the Fund’s year-to-date return was -0.24%. 2026-03-31 -0.0024 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0148 -0.0063 0.0124 Return after taxes on distributions -0.0150 -0.0064 0.0123 Return after taxes on distributions and sale of Fund shares 0.0029 0.0008 0.0158 -0.0146 -0.0048 0.0133 0.0081 -0.0031 0.0114 0.0254 0.0041 0.0179 0.0261 0.0038 0.0183 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Maryland Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Maryland.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 120 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 55 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0053 0.0053 0.0053 0.0053 0.0053 0.0025 0.0010 0.0065 0 0 0.0014 0.0014 0.0013 0.0007 0.0014 0.0092 0.0077 0.0131 0.0060 0.0067 -0.0002 -0.0002 -0.0001 0 -0.0002 0.0090 0.0075 0.0130 0.0060 0.0065 Example <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 463 655 863 1462 449 610 785 1291 232 413 716 1470 61 192 335 750 66 212 371 832 If you do not sell your shares: 132 413 716 1470 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held </p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20.14% of the average value of its portfolio.</p> 0.2014 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Maryland. </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Maryland Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Maryland <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Maryland:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Maryland municipal securities. Therefore, events in Maryland are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Maryland. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.71%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.25%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.09%.</p></td></tr></table> Best Quarter 2023-12-31 0.0771 Worst Quarter 2022-03-31 -0.0625 As of March 31, 2026, the Fund’s year-to-date return was -0.09%. 2026-03-31 -0.0009 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0143 -0.0059 0.0116 Return after taxes on distributions -0.0144 -0.0060 0.0115 Return after taxes on distributions and sale of Fund shares 0.0043 0.0017 0.0155 -0.0124 -0.0045 0.0127 0.0095 -0.0028 0.0107 0.0271 0.0047 0.0172 0.0266 0.0042 0.0175 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Missouri Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Missouri.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 120 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 55 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0049 0.0049 0.0025 0.0010 0.0065 0 0 0.0010 0.0010 0.0009 0.0006 0.0010 0.0084 0.0069 0.0123 0.0055 0.0059 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 458 634 824 1373 443 588 745 1201 225 390 675 1379 56 176 307 689 60 189 330 739 If you do not sell your shares: 125 390 675 1379 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 12.36% of the average value of its portfolio.</p> 0.1236 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Missouri. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Missouri Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Missouri <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Missouri:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Missouri municipal securities. Therefore, events in Missouri are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Missouri. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.93%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.32%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was 0.09%.</p></td></tr></table> Best Quarter 2023-12-31 0.0793 Worst Quarter 2022-03-31 -0.0632 As of March 31, 2026, the Fund’s year-to-date return was 0.09%. 2026-03-31 0.0009 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0066 -0.0064 0.0124 Return after taxes on distributions -0.0066 -0.0065 0.0123 Return after taxes on distributions and sale of Fund shares 0.0096 0.0016 0.0162 -0.0054 -0.0050 0.0134 0.0177 -0.0032 0.0115 0.0350 0.0040 0.0179 0.0347 0.0037 0.0183 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin North Carolina Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of North Carolina.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 120 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 55 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0049 0.0049 0.0025 0.0010 0.0065 0 0 0.0012 0.0012 0.0011 0.0007 0.0012 0.0086 0.0071 0.0125 0.0056 0.0061 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 459 639 833 1395 445 594 756 1226 227 396 686 1404 57 179 312 701 62 195 340 762 If you do not sell your shares: 127 396 686 1404 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16.41% of the average value of its portfolio.</p> 0.1641 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of North Carolina. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of North Carolina Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of North Carolina <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">North Carolina:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in North Carolina municipal securities. Therefore, events in North Carolina are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of North Carolina. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.73%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.64%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.13%.</p></td></tr></table> Best Quarter 2023-12-31 0.0773 Worst Quarter 2022-03-31 -0.0664 As of March 31, 2026, the Fund’s year-to-date return was -0.13%. 2026-03-31 -0.0013 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0059 -0.0070 0.0104 Return after taxes on distributions -0.0061 -0.0071 0.0104 Return after taxes on distributions and sale of Fund shares 0.0075 -0.0001 0.0139 -0.0037 -0.0053 0.0116 0.0181 -0.0038 0.0095 0.0369 0.0037 0.0165 0.0354 0.0031 0.0164 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Virginia Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Virginia.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 120 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 55 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0051 0.0051 0.0051 0.0051 0.0051 0.0025 0.0010 0.0065 0 0 0.0013 0.0013 0.0012 0.0006 0.0013 0.0089 0.0074 0.0128 0.0057 0.0064 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 462 648 850 1431 448 603 771 1259 230 405 701 1437 58 183 318 713 65 204 356 797 If you do not sell your shares: 130 405 701 1437 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15.57% of the average value of its portfolio.</p> 0.1557 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Virginia. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Virginia Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Virginia <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Virginia:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Virginia municipal securities. Therefore, events in Virginia are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Virginia. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.89%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.72%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.09%.</p></td></tr></table> Best Quarter 2023-12-31 0.0789 Worst Quarter 2022-03-31 -0.0672 As of March 31, 2026, the Fund’s year-to-date return was -0.09%. 2026-03-31 -0.0009 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0179 -0.0107 0.0083 Return after taxes on distributions -0.0180 -0.0109 0.0082 Return after taxes on distributions and sale of Fund shares 0.0007 -0.0029 0.0124 -0.0166 -0.0094 0.0093 0.0059 -0.0077 0.0075 0.0235 -0.0001 0.0130 0.0229 -0.0008 0.0143 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 2026-07-01 Franklin Arizona Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes and from personal income taxes, if any, for resident shareholders of Arizona as is consistent with prudent investment management and the preservation of shareholders’ capital.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 133 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 58 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0049 0.0049 0.0025 0.0010 0.0065 0 0 0.0009 0.0009 0.0008 0.0006 0.0009 0.0083 0.0068 0.0122 0.0055 0.0058 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 457 630 818 1362 442 585 740 1191 224 387 670 1369 56 176 307 689 59 186 323 725 If you do not sell your shares: 124 387 670 1369 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17.42% of the average value of its portfolio.</p> 0.1742 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Arizona. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's net assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Arizona Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Arizona <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; font-style:normal;"><span style="font-size:13.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Arizona:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Arizona municipal securities. Therefore, events in Arizona are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Arizona. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.76%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.35%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.11%.</p></td></tr></table> Best Quarter 2023-12-31 0.0776 Worst Quarter 2022-03-31 -0.0635 As of March 31, 2026, the Fund’s year-to-date return was -0.11%. 2026-03-31 -0.0011 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0083 -0.0048 0.0144 Return after taxes on distributions -0.0084 -0.0050 0.0143 Return after taxes on distributions and sale of Fund shares 0.0075 0.0024 0.0176 -0.0066 -0.0032 0.0153 0.0157 -0.0016 0.0133 0.0332 0.0057 0.0196 0.0328 0.0054 0.0202 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Colorado Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes and from personal income taxes, if any, for resident shareholders of Colorado as is consistent with prudent investment management and the preservation of shareholders’ capital.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 133 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 58 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.0050 0.0050 0.0050 0.0050 0.0025 0.0010 0.0065 0 0 0.0012 0.0012 0.0011 0.0008 0.0012 0.0087 0.0072 0.0126 0.0058 0.0062 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 460 642 838 1406 446 597 761 1236 228 399 691 1414 59 186 323 725 63 198 345 774 If you do not sell your shares: 128 399 691 1414 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 11.43% of the average value of its portfolio.</p> 0.1143 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Colorado. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's net assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Colorado Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Colorado <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Colorado:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Colorado municipal securities. Therefore, events in Colorado are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Colorado. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">8.21%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.26%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.16%.</p></td></tr></table> Best Quarter 2023-12-31 0.0821 Worst Quarter 2022-03-31 -0.0626 As of March 31, 2026, the Fund’s year-to-date return was -0.16%. 2026-03-31 -0.0016 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0054 -0.0047 0.0137 Return after taxes on distributions -0.0055 -0.0049 0.0136 Return after taxes on distributions and sale of Fund shares 0.0092 0.0022 0.0170 -0.0030 -0.0031 0.0149 0.0197 -0.0015 0.0129 0.0364 0.0057 0.0190 0.0369 0.0055 0.0197 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Connecticut Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes and from personal income taxes, if any, for resident shareholders of Connecticut as is consistent with prudent investment management and the preservation of shareholders’ capital.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 133 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 58 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0059 0.0059 0.0059 0.0059 0.0059 0.0025 0.0010 0.0065 0 0 0.0017 0.0017 0.0017 0.0011 0.0018 0.0101 0.0086 0.0141 0.0070 0.0077 -0.0011 -0.0011 -0.0011 -0.0008 -0.0012 0.0090 0.0075 0.0130 0.0062 0.0065 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects adjustments made to the Fund's operating expenses due to the fee waivers and/or expense reimbursements by management for the 1 Year numbers only. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 463 673 901 1556 449 629 824 1387 232 435 760 1572 63 216 382 863 66 234 416 943 If you do not sell your shares: 132 435 760 1572 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held </p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10.75% of the average value of its portfolio.</p> 0.1075 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Connecticut. </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's net assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund is a "non-diversified" fund, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Connecticut Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Connecticut <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</span></p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Connecticut:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Connecticut municipal securities. Therefore, events in Connecticut are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Connecticut. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Non-Diversification:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may negatively impact the Fund's performance and result in greater fluctuation in the value of the Fund’s shares.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">8.77%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.80%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.17%.</p></td></tr></table> Best Quarter 2023-12-31 0.0877 Worst Quarter 2022-03-31 -0.0680 As of March 31, 2026, the Fund’s year-to-date return was -0.17%. 2026-03-31 -0.0017 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0037 -0.0065 0.0094 Return after taxes on distributions -0.0038 -0.0068 0.0093 Return after taxes on distributions and sale of Fund shares 0.0086 0.0003 0.0133 -0.0018 -0.0050 0.0104 0.0218 -0.0029 0.0086 0.0380 0.0040 0.0156 0.0389 0.0038 0.0154 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Michigan Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Michigan.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 133 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 58 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0049 0.0049 0.0025 0.0010 0.0065 0 0 0.0010 0.0011 0.0010 0.0006 0.0010 0.0084 0.0070 0.0124 0.0055 0.0059 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 458 634 824 1373 444 591 750 1213 226 393 680 1389 56 176 307 689 60 189 330 739 If you do not sell your shares: 126 393 680 1389 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14.13% of the average value of its portfolio.</p> 0.1413 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Michigan. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Michigan Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Michigan <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Michigan:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Michigan municipal securities. Therefore, events in Michigan are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Michigan. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.37%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.39%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.25%.</p></td></tr></table> Best Quarter 2023-12-31 0.0737 Worst Quarter 2022-03-31 -0.0639 As of March 31, 2026, the Fund’s year-to-date return was -0.25%. 2026-03-31 -0.0025 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0077 -0.0075 0.0136 Return after taxes on distributions -0.0078 -0.0076 0.0135 Return after taxes on distributions and sale of Fund shares 0.0077 0.0003 0.0168 -0.0064 -0.0061 0.0145 0.0154 -0.0045 0.0124 0.0329 0.0028 0.0192 0.0335 0.0026 0.0193 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Minnesota Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Minnesota.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 133 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 58 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0049 0.0049 0.0025 0.0010 0.0065 0 0 0.0011 0.0011 0.0011 0.0006 0.0011 0.0085 0.0070 0.0125 0.0055 0.0060 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 459 637 829 1385 444 591 750 1213 227 396 686 1400 56 176 307 689 61 192 335 750 If you do not sell your shares: 127 396 686 1400 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 5.26% of the average value of its portfolio.</p> 0.0526 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Minnesota. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Minnesota Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Minnesota <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Minnesota:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Minnesota municipal securities. Therefore, events in Minnesota are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Minnesota. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">9.09%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.74%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.59%.</p></td></tr></table> Best Quarter 2023-12-31 0.0909 Worst Quarter 2022-03-31 -0.0674 As of March 31, 2026, the Fund’s year-to-date return was -0.59%. 2026-03-31 -0.0059 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes 0.0024 -0.0081 0.0116 Return after taxes on distributions 0.0024 -0.0082 0.0116 Return after taxes on distributions and sale of Fund shares 0.0136 -0.0006 0.0148 0.0052 -0.0066 0.0127 0.0277 -0.0048 0.0109 0.0454 0.0025 0.0173 0.0450 0.0022 0.0177 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Ohio Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The Fund also tries to provide a maximum level of income exempt from personal income taxes, if any, for resident shareholders of Ohio.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 133 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 58 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0048 0.0048 0.0048 0.0025 0.0010 0.0065 0 0 0.0009 0.0009 0.0009 0.0006 0.0009 0.0082 0.0067 0.0122 0.0054 0.0057 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 456 627 813 1350 441 582 735 1178 224 387 670 1366 55 173 302 678 58 183 318 713 If you do not sell your shares: 124 387 670 1366 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 10.45% of the average value of its portfolio.</p> 0.1045 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Ohio. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Ohio Under normal market conditions, the Fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Ohio <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Ohio:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Ohio municipal securities. Therefore, events in Ohio are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Ohio. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.87%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.66%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.13%.</p></td></tr></table> Best Quarter 2023-12-31 0.0787 Worst Quarter 2022-03-31 -0.0666 As of March 31, 2026, the Fund’s year-to-date return was -0.13%. 2026-03-31 -0.0013 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0049 -0.0083 0.0132 Return after taxes on distributions -0.0050 -0.0085 0.0131 Return after taxes on distributions and sale of Fund shares 0.0101 -0.0004 0.0164 -0.0038 -0.0068 0.0142 0.0192 -0.0052 0.0123 0.0359 0.0020 0.0178 0.0364 0.0016 0.0191 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Oregon Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes and from personal income taxes, if any, for resident shareholders of Oregon as is consistent with prudent investment management and the preservation of shareholders’ capital.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 133 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 58 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0048 0.0048 0.0048 0.0048 0.0048 0.0025 0.0010 0.0065 0 0 0.0009 0.0009 0.0008 0.0005 0.0009 0.0082 0.0067 0.0121 0.0053 0.0057 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 456 627 813 1350 441 582 735 1178 223 384 665 1357 54 170 297 665 58 183 318 713 If you do not sell your shares: 123 384 665 1357 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16.43% of the average value of its portfolio.</p> 0.1643 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Oregon. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's net assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Oregon Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Oregon <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Oregon:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Oregon municipal securities. Therefore, events in Oregon are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Oregon. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">7.69%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.43%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.31%.</p></td></tr></table> Best Quarter 2023-12-31 0.0769 Worst Quarter 2022-03-31 -0.0643 As of March 31, 2026, the Fund’s year-to-date return was -0.31%. 2026-03-31 -0.0031 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return before taxes -0.0059 -0.0073 0.0125 Return after taxes on distributions -0.0060 -0.0074 0.0124 Return after taxes on distributions and sale of Fund shares 0.0094 0.0004 0.0159 -0.0047 -0.0059 0.0135 0.0181 -0.0041 0.0115 0.0357 0.0032 0.0174 0.0353 0.0028 0.0183 Bloomberg Municipal Bond Index (index reflects no deduction for fees, expenses or taxes) 0.0425 0.0080 0.0234 Franklin Pennsylvania Tax-Free Income Fund Investment Goal <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">To provide investors with as high a level of income exempt from federal income taxes and from personal income taxes, if any, for resident shareholders of Pennsylvania as is consistent with prudent investment management and the preservation of shareholders’ capital.</p> Fees and Expenses of the Fund <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">These tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;">You may pay other fees (including on Class R6 and Advisor Class shares), such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. More information about these and other discounts is available from your financial professional and under “Your Account” on page 133 in the Fund’s Prospectus and under “Buying and Selling Shares” on page 58 of the Fund’s Statement of Additional Information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in Appendix A – “Intermediary Sales Charge Discounts and Waivers” to the Fund’s prospectus.</span></p> You may qualify for sales charge discounts in Class A if you and your family invest, or agree to invest in the future, at least $100,000 in Franklin Templeton funds and certain other funds distributed through Franklin Distributors, LLC, the Fund’s distributor. 100000 Shareholder Fees 0.0375 0.0375 0 0 0 0 0 0.0100 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0049 0.0049 0.0049 0.0049 0.0049 0.0025 0.0010 0.0065 0 0 0.0011 0.0011 0.0010 0.0006 0.0011 0.0085 0.0070 0.0124 0.0055 0.0060 Example <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of the period. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 459 637 829 1385 444 591 750 1213 226 393 680 1392 56 176 307 689 61 192 335 750 If you do not sell your shares: 126 393 680 1392 Portfolio Turnover <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15.53% of the average value of its portfolio.</p> 0.1553 Principal Investment Strategies <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Pennsylvania. </p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the Fund tries to invest all of its assets in tax-free securities, it is possible that up to 20% of the Fund's net assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and in securities that pay interest subject to other federal or state income taxes.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund only buys municipal securities rated, at the time of purchase, in one of the top four ratings categories by one or more U.S. nationally recognized rating services (or unrated or short-term rated securities of comparable credit quality).</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The Fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Although the investment manager will search for investments across a large number of municipal securities that finance different types of projects, from time to time, based on economic conditions, the Fund may have significant positions in municipal securities that finance similar types of projects.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The investment manager selects securities that it believes will provide the best balance between risk and return within the Fund’s range of allowable investments and typically invests with a long-term time horizon. This means it generally holds securities in the Fund’s portfolio for income purposes, although the investment manager may sell a security at any time if it believes it could help the Fund meet its goal. With a focus on income, individual securities are considered for purchase or sale based on various factors and considerations, including credit profile, risk, structure, pricing, portfolio impact, duration management, restructuring, opportunistic trading and tax loss harvesting opportunities. </p> Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Pennsylvania Under normal market conditions, the Fund invests at least 80% of its net assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, the Fund invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Pennsylvania <p style="margin-top:revert; margin-bottom:revert; font-size:13.0pt; font-family:Arial; text-align:left; color:#004C97; font-weight:normal; text-decoration:none;">Principal Risks</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p> You could lose money by investing in the Fund. Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government. <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Interest Rate:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Credit:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's or government's credit rating may affect a security's value. A change in the credit rating of a municipal bond insurer that insures securities in the Fund’s portfolio may affect the value of the securities it insures, the Fund’s share price and </span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Fund performance. The Fund might also be adversely impacted by the inability of an insurer to meet its insurance obligations.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Liquidity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax Legislative and Political Changes:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The municipal securities market could be significantly affected by adverse political and legislative changes or litigation at the federal or state level. The value of municipal bonds is closely tied to the benefits of tax-exempt income to investors. Significant revisions of federal income tax laws or regulations revising income tax rates or the tax-exempt character of municipal bonds, or even proposed changes and deliberations on this topic by the federal government, could cause municipal bond prices to fall. For example, lower federal income tax rates would reduce certain relative advantages of owning municipal bonds, and lower state income tax rates could have similar effects. In addition, the application of corporate minimum tax rates to financial statement income may have the effect of reducing demand for municipal bonds among corporate investors, which may in turn impact municipal bond prices.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Tax-Exempt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities.</span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Market: </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or other investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest, inflation or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade </span></p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">disputes or other disputes with specific countries that could result in additional tariffs, trade barriers and/or investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economic prospects of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Ongoing or threatened armed conflicts throughout the world have caused and could continue to cause significant market disruptions and volatility. The hostilities and sanctions resulting from those hostilities could have a significant impact on certain investments of the Fund as well as the Fund’s performance and liquidity.</p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Pennsylvania:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund invests predominantly in Pennsylvania municipal securities. Therefore, events in Pennsylvania are likely to affect the Fund’s investments and its performance. These events may include economic or political policy changes, tax base erosion, unfunded pension and healthcare liabilities, constitutional limits on tax increases, budget deficits and other financial difficulties, and changes in the credit ratings assigned to municipal issuers of Pennsylvania. The same is true of events in other states or U.S. territories, to the extent that the Fund has exposure to any other state or territory at any given time.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Focus:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund may invest more than 25% of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project, such as proposed legislation on the financing of the project, a shortage of the materials needed for the project, or a declining need for the project, would likely affect all similar projects, thereby increasing market risk.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Income:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund's distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. </span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Prepayment:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Prepayment risk occurs when a debt security can be repaid in whole or in part prior to the security's maturity and the Fund must reinvest the proceeds it receives, during periods of declining interest rates, in securities that pay a lower rate of interest. Also, if a security has been purchased at a premium, the value of the premium would be lost in the event of prepayment. Prepayments generally increase when interest rates fall.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Inflation:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:bold; text-decoration:none;"> </span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;">The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rate are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Bond Insurers:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Market conditions or changes to ratings criteria could adversely impact the ratings of municipal bond insurance companies. Downgrades and withdrawal of ratings from municipal bond insurers have substantially limited the availability of insurance sought by municipal bond issuers thereby reducing the supply of insured municipal securities.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because of the consolidation among municipal bond insurers the Fund is subject to additional risks including the risk that credit risk may be concentrated among fewer insurers and the risk that events involving one or more municipal bond insurers could have a significant adverse effect on the value of the securities insured by an insurer and on the municipal markets as a whole.</p> <p style="margin-top:revert; margin-bottom:revert;font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Unrated Debt Securities:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Certain unrated debt securities determined by the investment manager to be of comparable credit quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated debt securities and be subject to a greater risk of illiquidity or price changes. Less public information and independent credit analysis are typically available about unrated securities or issuers, and therefore they may be subject to greater risk of default.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Management:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> The Fund is subject to management risk because it is an actively managed investment portfolio. The Fund's investment manager applies investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these decisions will produce the desired results.</span></p> <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; font-style:normal;"><span style="font-size:9.0pt; font-family:Arial; font-style:normal; color:#004C97; font-weight:bold; text-decoration:none;">Cybersecurity:</span><span style="font-size:9.0pt; font-family:Arial; font-style:normal; font-weight:normal; text-decoration:none;"> Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager, and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</span></p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund's ability to plan for or respond to a cyber attack. Like other </p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">funds and business enterprises, the Fund, the investment manager, and their service providers are subject to the risk of cyber incidents occurring from time to time.</p> Performance <p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. You can obtain updated performance information at www.franklintempleton.com or by calling (800) DIAL BEN/342-5236.</p><p style="margin-top:revert; margin-bottom:revert; font-size:9.0pt; font-family:Arial; text-align:left; font-weight:normal; text-decoration:none;">Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown.</p> The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Class A shares. The table shows how the Fund's average annual returns for 1 year, 5 years, 10 years or since inception, as applicable, compared with those of a broad measure of market performance. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. franklintempleton.com (800) DIAL BEN/342-5236 Sales charges are not reflected in the bar chart, and if those charges were included, returns would be less than those shown. Class A Annual Total Returns <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:17.33%;"> </td><td style="width:68%;"> </td><td style="width:14.67%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Best Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2023, Q4</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">8.43%</p></td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">Worst Quarter: </p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">2022, Q1</p></td><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; border-top:0.5pt; border-top-style:solid; border-top-color:#A7A7A7;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:right; font-weight:normal; text-decoration:none;">-6.53%</p></td></tr></table><table cellpadding="2" cellspacing="0" style="border-collapse:collapse" width="100%"><tr style="font-size:1pt;"><td style="width:100%;"> </td></tr><tr><td style="vertical-align:top; border-bottom:0.5pt; border-bottom-style:solid; border-bottom-color:#A7A7A7; font-size:1pt;"><p style="font-size:8.5pt; font-family:Sans-Serif; font-style:normal; text-align:left; font-weight:normal; text-decoration:none;">As of March 31, 2026, the Fund’s year-to-date return was -0.34%.</p></td></tr></table> Best Quarter 2023-12-31 0.0843 Worst Quarter 2022-03-31 -0.0653 As of March 31, 2026, the Fund’s year-to-date return was -0.34%. 2026-03-31 -0.0034 Average Annual Total Returns (figures reflect sales charges) For periods ended December 31, 2025 Return 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0.0239 0.0134 0.0526 0.0421 0.0175 -0.1183 0.063 0.0205 0.0299 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 2017-08-01 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 2017-08-01 2017-08-01 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 2017-08-01 2017-08-01 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 2017-08-01 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 2017-08-01 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 2017-08-01 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 2017-08-01 2017-08-01 2017-08-01 2017-08-01 2017-08-01 2017-08-01 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 June 30, 2027 2017-08-01 2017-08-01 2017-08-01 2017-08-01 2017-08-01 2017-08-01 ~ http://franklintempleton.com/20260228/role/RRRiskTable3 ~ ~ http://franklintempleton.com/20260228/role/RRRiskTable5 ~ ~ 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http://franklintempleton.com/20260228/role/RRRiskTable39 ~ ~ http://franklintempleton.com/20260228/role/RRRiskTable41 ~ There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, interest expense and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.46% for each share class except Class R6 and 0.40% for Class R6. The investment manager has also agreed to reduce its fees to reflect reduced services resulting from the Fund’s investments in Franklin Templeton affiliated funds. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.02%. These contractual arrangements are expected to continue until June 30, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Total annual Fund operating expenses differ from the ratio of expenses to average net assets shown in the Financial Highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, interest expense and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.40% for each share class. The investment manager has also agreed to reduce its fees to reflect reduced services resulting from the Fund’s investments in Franklin Templeton affiliated funds. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until June 30, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, interest expense and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.65% for each share class. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until June 30, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, interest expense and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.65% for each share class. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until June 30, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, interest expense and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.65% for each share class. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until June 30, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, interest expense and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.65% for each share class. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until June 30, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, interest expense and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.65% for each share class. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until June 30, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. The investment manager has agreed to waive fees and/or reimburse operating expenses (excluding Rule 12b-1 fees, acquired fund fees and expenses, interest expense and certain non-routine expenses or costs, such as those relating to litigation, indemnification, reorganizations and liquidations) for the Fund so that the ratio of total annual fund operating expenses will not exceed 0.65% for each share class. In addition, transfer agency fees on Class R6 shares of the Fund have been capped so that transfer agency fees for that class do not exceed 0.03%. These contractual arrangements are expected to continue until June 30, 2027. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders). Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017. There is a 1% contingent deferred sales charge that applies to investments of $250,000 or more (see "Investments of $250,000 or More" under "Choosing a Share Class") and purchases by certain retirement plans without an initial sales charge on shares sold within 18 months of purchase. Since inception August 1, 2017.