Franklin New York Intermediate-Term Tax-Free Income Fund

Fund Description

The fund seeks to provide investors with as high a level of income exempt from federal income taxes and New York State and New York City personal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The fund maintains a dollar-weighted average portfolio maturity of three to ten years.

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

James Conn, CFA

James Conn, CFA®

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

John Pomeroy

  • Joined Franklin Templeton in 1986
  • Managed Fund Since 1992
Nicholas K. Bucklin, CFA

Nicholas K. Bucklin, CFA®

  • Joined Franklin Templeton in 2008
  • Managed Fund Since 2019

Rating

Overall Morningstar Rating As of 04/30/2019

Rating Category: Muni New York Intermediate

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 04/30/2019

Years Ratings Funds
in category
3
3 Stars
48
5
3 Stars
46
10
3 Stars
38

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We do not publish a style box for this fund.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 has 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 federal income taxes and New York state and New York City personal income taxes.i.
  • 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
    • Relatively low expense ratio
    • Experienced portfolio management team

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