Fund Description

The fund seeks to provide a high current yield exempt from federal income taxes. Its secondary goal is capital appreciation to the extent possible and consistent with the fund’s principal investment goal.

Strategy Statement

"In the Franklin Muni Department, we are committed to a conservative, disciplined investment strategy. For over 30 years, we have worked to provide shareholders with a high level of tax-free income."

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 2009
Francisco Rivera

Francisco Rivera

  • Joined Franklin Templeton in 1994
  • Managed Fund Since 2004
James Conn, CFA

James Conn, CFA®

  • Joined Franklin Templeton in 1987
  • Managed Fund Since 2020

Rating

Overall Morningstar Rating As of 06/30/2021

Rating Category: High Yield Muni

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 06/30/2021

Years Ratings Funds
in category
3
5 Stars
182
5
3 Stars
151
10
3 Stars
103

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We do not publish a style box for this fund.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