Western Asset
Muni Monthly: December 2025
January 16, 2026
Western Asset: The Muni Monthly covers performance, supply and demand technicals, fundamentals and valuations.
Asset Class
Fixed Income Capabilities
A Global Leader in Active Fixed Income Asset Management.
Why Franklin Templeton?
Unrivalled experience, unmatched global breadth and depth, and unparalleled innovation have put Franklin Templeton at the forefront of fixed income investing for more than 50 years.
We understand the needs of our clients and have a strong track record of navigating market cycles and creating value.
Strategies to Address Investor Needs
We work with our clients to provide a comprehensive range of investment strategies and meet a diverse range of needs. Spanning core, core plus, credit, unconstrained, emerging markets, municipals and specialty, our fixed income strategies are managed by our specialist investment managers located around the globe.
Grounded in Active Management
We believe active management can help generate attractive returns and reduce volatility over the long-term. Robust research guides our investment decisions to help deliver outcomes that meet client needs.
Global Expertise
Each of our specialist managers follow a well-defined investment process that is rooted in fundamental research, discipline, rigor and experience gained over decades of successfully navigating global markets and varying market environments.
Our investment strategies
With Franklin Templeton you can tap into a variety of fixed income opportunities managed by experienced investment teams. Benefit from the local market expertise and deep resources of our specialist investment managers. Whether your goals are income, diversification or total returns, our range of fixed income strategies can play a role as part of a diversified portfolio.
Featured products
PSDYX
Putnam Ultra Short Duration Income Fund - Class Y
The fund seeks as high a rate of current income as the portfolio managers believe is consistent with preservation of capital and maintenance of liquidity by investing in a diversified portfolio composed of short-duration, investment-grade money market and other fixed income securities.
- Total Net Assets
As of 12/31/2025 - $12.61 bn
- Inception Date
- 10/17/2011
- Dividend Frequency
- Monthly
- NAV
As of 01/15/2026 - $10.15
FKSAX
Franklin Core Plus Bond Fund - Advisor Class
The fund seeks to provide a high level of current income. Its secondary goal is capital appreciation over the long term. The fund is a core plus fund that invests across fixed income sectors, primarily in investment grade rated securities.
- Total Net Assets
As of 12/31/2025 - $2.61 bn
- Inception Date
- 08/12/1999
- Dividend Frequency
- Monthly
- NAV
As of 01/15/2026 - $8.44
BGHIX
BrandywineGLOBAL - High Yield Fund - Class I
A nimble, actively managed fixed income strategy that seeks high current income and capital appreciation by investing primarily in high yield corporate bonds.
- Total Net Assets
As of 12/31/2025 - $3.54 bn
- Inception Date
- 12/31/2015
- Dividend Frequency
- Monthly
- NAV
As of 01/15/2026 - $10.12
Our Managers
Brandywine Global
Acting with conviction and discipline, the team challenges conventional thinking to rigorously pursue long-term value.
Franklin Templeton Fixed Income
A global leader in fixed income, the group pursues alpha from every angle by incorporating macroeconomic analysis, fundamental research and quantitative science to help deliver portfolios which meet a diverse set of client needs.
Templeton Global Macro
A pioneer in unconstrained global fixed income investing, the team combines qualitative macroeconomic analysis with quantitative tools, and aims to pinpoint the most attractive investment opportunities globally.
As one of the world’s leading fixed income investment managers, the team is a globally integrated fixed income manager that sources ideas and investment solutions worldwide.
Contact Us
Our strategies are available through a variety of structures such as custom solutions, pooled vehicles and separate accounts.
Related Insights
Franklin Templeton Fixed Income
Flash Insight—Addressing US housing affordability: A targeted financing approach
January 15, 2026
Hear from Franklin Templeton Fixed Income Director of Multi-Sector strategies Mike Salm as he discusses an alternative framework for improving first-time US buyer affordability without relying on broad, market-wide rate suppression
Global Investment Management Survey
January 14, 2026
This bi-annual outlook survey is designed to give a view across our investment teams. The expectations for 2026 are based on survey results from investment professionals across all asset classes. We also provide our predictions on inflation, recession, asset class performance and more.
Important Information
This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The views expressed are those of the investment manager and the comments, opinions and analyses may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market.
Your clients should carefully consider a fund’s investment goals, risks, charges and expenses before investing. Download a prospectus, which contains this and other information. Your clients should read the summary prospectus and/or prospectus carefully before they invest or send money.
What Are the Risks?
All investments involve risks, including possible loss of principal.
Because bonds are sensitive to interest rate movements, a bond fund's yield and share price will fluctuate with market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in a bond fund adjust to a rise in interest rates, the fund's share price may decline. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond's issuer, insurer or guarantor, may affect the bond's value.