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As one of the largest US municipal bond managers, Franklin offers a full suite of tax-free solutions, leveraging 40+ years of experience and expertise to navigate market cycles, with portfolios spanning national, state-specific, and state-preference strategies across different investment objectives and risk profiles.
Our team of over 40 investment professionals averages 20+ years of experience in municipal bond strategies, ensuring expert management in a large, fragmented market.
With over 60 municipal bond strategies we offer the widest range of solutions to meet investors’ unique tax-free income needs and goals.
More 4- and 5-star rated municipal strategies than any other investment manager.1 Franklin Templeton delivers not just variety, but performance that stands out.
As of 09/30/2025.
From national to state-specific to state-preference; short, intermediate, or long-term; high quality or high yield; tax-managed, tax-aware or laddered, we offer the broadest range of tax-free solutions for investors.
For investors seeking greater tax efficiency, we offer a full range of state-specific and state-biased strategies, tailored to align with individual state tax profiles. In addition, our municipal bond SMA platform supports fully customized mandates, including national portfolios with state-specific exclusions, providing flexibility to meet unique tax or investment objectives.2
Please click on dropdown to see strategies available for each state.
Every investor is unique, and so is our SMA approach. We offer a wide range of customizable options that include total return strategies, ladders, state-specific overlays, in-kind funding, tax-loss harvesting, and more.
Customized accounts
Billion AUM
Years managing tax-free income strategies
Calculate potential income in just three east steps with out muni calculator tool.
The municipal bond market is constantly evolving. To truly stay head and maximize your potential, you need more than just broad exposure. Designed for investors seeking income, diversification, or risk management, our active muni ETFs provide the expertise and flexibility to help you achieve your objectives with confidence.
Our comprehensive municipal bond literature is designed to support informed investor discussions, offering insights into market trends, investment strategies, and the benefits of tax-free income solutions.
Discover the possibilities with Western Asset Management.
Learn the benefits of municipal bond investing in a SMA—high level customization and a wide range of services.
Explore the benefits of investing with Franklin Templeton Fixed Income.
Interested in other ways to mitigate the tax bite? Check out our industry leading tax-loss harvesting platform Canvas.
Risks
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price which they have been valued. Active management does not ensure gains or protect against market declines. Portfolios focused on a single state are subject to greater risk of adverse economic and regulatory changes than a geographically diversified portfolio.
These portfolios may be non-diversified and may invest in a relatively small number of issuers, which may negatively impact the strategy’s performance and result in greater fluctuation in the value of the strategy’s shares. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on performance. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply.
Putnam funds are not exchangeable for other funds distributed by Franklin Distributors, LLC.
Franklin Distributors, LLC. Member FINRA/SIPC.
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.
Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments, opinions and analyses in the material is at the sole discretion of the user.
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 prospectus carefully before they invest or send money.
Separately Managed Accounts (SMAs) are investment services provided by Franklin Templeton Private Portfolio Group, LLC (FTPPG), a federally registered investment advisor. Client portfolios are managed based on investment instructions or advice provided by affiliated subadvisors of Franklin Templeton. Management is implemented by FTPPG, the designated subadvisor or, in the case of certain programs, the program sponsor or its designee.
ETFs and ETPs trade like stocks, fluctuate in market value and may trade at prices above or below the ETFs/ETPs net asset value. Brokerage commissions and ETF expenses will reduce returns. ETF shares may be bought or sold throughout the day at their market price, not their Net Asset Value (NAV), on the exchange on which they are listed. Shares of ETFs are tradable on secondary markets and may trade either at a premium or a discount to their NAV on the secondary market.
Footnotes
