Franklin High Yield Tax-Free Income Fund

Fund Description

The fund seeks to provide 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.

Strategy Statement

"In the Franklin Muni Department, we are committed to a conservative, disciplined investment strategy. For over 30 years, we have worked to provide shareholders with a high level of tax-free income."


John Wiley

John Wiley

  • Joined Franklin Templeton in 1989
  • Managed Fund Since 1991
Francisco Rivera

Francisco Rivera

  • Joined Franklin Templeton in 1994
  • Managed Fund Since 2004
Daniel Workman, CFA

Daniel Workman, CFA®

  • Joined Franklin Templeton in 2003
  • Managed Fund Since 2009


Overall Morningstar Rating As of 02/28/2018

Rating Category: High Yield Muni

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 02/28/2018

Years Ratings Funds
in category
2 Stars
2 Stars
4 Stars

Morningstar Style Box

We do not publish a style box for this fund.

Strategy, Benefits, Results


  • We seek to provide a high current yield.
  • We don't use leverage or invest in derivatives, which can increase portfolio volatility.
  • Our analysts search for attractively valued, higher-yielding bonds.
  • We buy and hold for the long term.


  • Monthly income exempt from federal income taxesi
  • Portfolio diversification
  • Tenured investment team with expertise across market cycles

Selling The Fund

  1. Call attention to Franklin's history of leadership in municipal bond asset management.
  2. Highlight the fund's:
    • Plain vanilla approach—no leverage, no derivatives
    • Attractive taxable-equivalent yield
    • Historically lower volatility record
    • Relatively low expense ratio
    • Experienced portfolio management team
    • Large, in-house research team

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