Municipal Bond sTRATEGIES

Our Latest Thinking

Explore our latest insights and commentaries on the municipal bond space

Muni Market View on the American Jobs Plan

Muni Market View on the American Jobs Plan

US President Joe Biden recently announced an ambitious $1.7 trillion infrastructure plan, which touches many areas of the US economy. Jennifer Johnston, Director of Research, Muni Bonds, discusses how it might impact the muni market.


See below for other recent muni bond insights

Franklin Municipal Bond Educational Topic Papers

Our Approach

Turning complexity into clarity through active management


Active Research Matters

An active, research-driven approach is critical given the vast size, nuance and complexity of the municipal market. Our deep team of research analysts conducts comprehensive analysis of every opportunity across all sectors in the municipal bond universe, covering the quality spectrum in both primary and secondary markets.


Seeking Relative Value Opportunities

We seek to identify and capture attractive relative value opportunities by carefully analyzing and managing yield curve positioning, credit spreads and coupon and call structures to help deliver tax-efficient portfolios, while aiming to provide attractive risk-adjusted returns.


Emphasis on Risk Management

Our team places a premium on risk management which is incorporated fully within our deep credit research process, portfolio construction process and with an independent risk management team, enabling us to better understand, quantify and optimize where we allocate risk across our portfolios.

experience and expertise

Experience and Expertise

With more than 40 years of municipal bond investing experience and a seasoned team of over 30 investment professionals, we have one of the largest and most tenured teams in the industry.

Our Strategies

To make sense of today’s complex muni market, we rely on the collective brainpower of 30 dedicated municipal bond investment professionals. Their deep expertise powers our 40+ muni bond mutual funds, ETFs and SMAs.

State-Specific Muni Strategies

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State with a state-specific Franklin muni bond strategy

Federal Muni Strategies

  1. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable.
  2. Source: Bloomberg. (Bloomberg Barclays Municipal Index, Bloomberg Barclays US Treasury Index, Bloomberg Barclays US Aggregate Index, Bloomberg Barclays US MBS Index, Bloomberg Barclays US Corporate Index). Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. See for additional data provider information. The yield to worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. The tax-equivalent yield is used by investors to compare taxable and tax-exempt securities after accounting for federal taxes (excluding AMT). For this comparison, we used the tax rate of 40.80%.
  3. Source: Moody’s Corporation. Most recent annual data available.
  4. Municipal Bonds are represented by Bloomberg Barclays Municipal Bond Index, US Stocks are represented by S&P 500 Index, Commodities are represented by Bloomberg Commodity Index, US Corporate Bonds are represented by Bloomberg Barclay US Corporate Bond Index, US Treasuries are represented by Bloomberg Barclays US Treasury Index, US Bonds represented by the Bloomberg Barclays US Aggregate Bond Index.