Fund Description

The fund seeks to provide investors with as high a level of income exempt from federal 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

Benjamin C. Barber, CFA

Benjamin C. Barber, CFA®

  • Joined Franklin Templeton in 1991
  • Managed Fund Since 2020
Daniel Workman, CFA

Daniel Workman, CFA®

  • Joined Franklin Templeton in 2003
  • Managed Fund Since 2018
Francisco Rivera

Francisco Rivera

  • Joined Franklin Templeton in 1994
  • Managed Fund Since 1996
James Conn, CFA

James Conn, CFA®

  • Joined Franklin Templeton in 1987
  • Managed Fund Since 2020

Rating

Overall Morningstar Rating [further-information] As of 08/31/2021

Rating Category: Muni National 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 [further-information] As of 08/31/2021

Years Ratings Funds
in category
3
3 Stars
144
5
3 Stars
122
10
3 Stars
99

Morningstar Style Box

We do not publish a style box for this fund.

Strategy, Benefits, Results

Strategy

  • We believe an active, research-driven approach is critical, given
    the size of the municipal market
  • Our team seeks to identify and capture attractive value
    opportunities across the municipal bond landscape to deliver a tax-
    efficient portfolio
  • We place an emphasis on risk management, which is fully
    incorporated into our research and portfolio construction process

Benefits

  • Monthly income exempt from federal taxes1
  • Portfolio diversification
  • Tenured investment team with expertise across market cycles