Franklin Federal Limited-Term Tax-Free Income Fund

New investors must invest in new Class A shares. This A1 share class is available only for existing investors as of 9/7/18.

New investors must invest in new Class A shares. This A1 share class is available only for existing investors as of 9/7/18.

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. The fund maintains a dollar-weighted average portfolio maturity of five years or less.

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 2020
Francisco Rivera

Francisco Rivera

  • Joined Franklin Templeton in 1994
  • Managed Fund Since 2020
James Conn, CFA

James Conn, CFA®

  • Joined Franklin Templeton in 1987
  • Managed Fund Since 2003

Rating

Overall Morningstar Rating As of 03/31/2021

Rating Category: Muni National Short

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 03/31/2021

Years Ratings Funds
in category
3
3 Stars
201
5
3 Stars
178
10
3 Stars
138

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We do not publish a style box for this fund.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 income taxes i.
  • Portfolio diversification
  • Tenured investment team with expertise across market cycles