Fund Description

The fund seeks to provide investors with as high a level of income exempt from federal, New York State and New York City personal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital.

Strategy Statement

"In the Franklin Muni Department, we are committed to a conservative, disciplined investment strategy. We seek to provide shareholders with a high level of tax-free income while preserving capital. "

Management

John Pomeroy

John Pomeroy

  • Joined Franklin Templeton in 1986
  • Managed Fund Since 1989
James Conn, CFA

James Conn, CFA®

  • Joined Franklin Templeton in 1996
  • Managed Fund Since 1999
John Bonelli

John Bonelli

  • Joined Franklin Templeton in 2010
  • Managed Fund Since 2016

Rating

Overall Morningstar Rating As of 06/30/2019

Rating Category: Muni New York Long

Morningstar
The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Historical Morningstar Rating As of 06/30/2019

Years Ratings Funds
in category
3
3 Stars
66
5
2 Stars
65
10
2 Stars
47

Morningstar Style Box

We do not publish a style box for this fund.

Strategy, Benefits, Results

Strategy

  • We take a conservative, income-oriented approach.
  • We strive to keep exposure to AMT bonds at or close to 0%.i (AMT bonds are municipal bonds whose income historically have been subject to the alternative minimum tax.)
  • We don't use leverage or invest in derivatives, which can increase portfolio volatility.
  • Our analysts search for high-quality, undervalued bonds.
  • We buy and hold for the long term.

Benefits

  • Monthly income exempt from regular federal, New York state and New York City personal income taxesi
  • Portfolio diversification
  • Tenured investment team with expertise across market cycles

Selling The Fund

  1. Call attention to Franklin's leadership in municipal bond asset management.

  2. Highlight the fund's:

    • Conservative investment strategy
    • Attractive taxable-equivalent yield
    • Historically lower volatility record
    • Relatively low expense ratio
    • Experienced portfolio management team

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