Fund Description

The fund seeks to provide investors with as high a level of income exempt from federal income taxes and Missouri 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."

Carrie Higgins

Management

Carrie Higgins

Carrie Higgins

  • Joined Franklin Templeton in 1990
  • Managed Fund Since 1992
Stella S. Wong

Stella S. Wong

  • Joined Franklin Templeton in 1981
  • Managed Fund Since 1987

Rating

Overall Morningstar Rating As of 04/30/2019

Rating Category: Muni Single State 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 04/30/2019

Years Ratings Funds
in category
3
5 Stars
181
5
4 Stars
171
10
4 Stars
136

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We do not publish a style box for this fund.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 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 Missouri 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
    • Historically lower volatility record
    • Relatively low expense ratio
    • Experienced portfolio management team

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