Fund Description

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


John Wiley

John Wiley

  • Joined Franklin Templeton in 1989
  • Managed Fund Since 2020
Chris Sperry, CFA

Chris Sperry, CFA®

  • Joined Franklin Templeton in 1996
  • Managed Fund Since 2020
John Bonelli

John Bonelli

  • Joined Franklin Templeton in 2010
  • Managed Fund Since 2020
Michael Conn

Michael Conn

  • Joined Franklin Templeton in 2001
  • Managed Fund Since 2020


Investment Strategy and Process

  • Top Down/Bottom Up: Leveraging a wide range of current market and economic insights from across the Franklin Templeton complex, timely investment themes are formed into asset allocation recommendations. These are then partnered with a short list of Franklin Templeton funds identified through intensive research by our dedicated fund research team.
  • Diversification: Few companies can match the depth and breadth of investment expertise Franklin Templeton target-risk and target-date funds can offer with access to a wide range of funds, covering nearly all asset classes. A diverse group of underlying investments provides the flexibility to gain exposure to varied sectors of the market.
  • Active Asset Allocation: The funds seek to balance strategic allocation with active diversification as a method of providing superior long-term returns with lower overall volatility.
  • Focused on Long-Term Results: Long-term strategic allocations utilize models that are determined to possess the most attractive risk/reward characteristics. This focus on achieving attractive long-term, risk-adjusted performance offers you the potential for competitive relative returns in a variety of market conditions.


Overall Morningstar Rating As of 10/31/2020

Rating Category: Muni Single State Long

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 10/31/2020

Years Ratings Funds
in category
4 Stars
4 Stars
4 Stars

Morningstar Style Box

We do not publish a style box for this fund.