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.

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. "

Carrie Higgins

Management

Carrie Higgins

Carrie Higgins

  • Joined Franklin Templeton in 1990
  • Managed Fund Since 2004
Francisco Rivera

Francisco Rivera

  • Joined Franklin Templeton in 1994
  • Managed Fund Since 1996
Sheila Amoroso

Sheila Amoroso

  • Joined Franklin Templeton in 1986
  • Managed Fund Since 1987

Rating

Overall Morningstar Rating As of 04/30/2018

Rating Category: Muni National Long

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 04/30/2018

Years Ratings Funds
in category
3
3 Stars
142
5
3 Stars
124
10
3 Stars
105

Morningstar Style Box

We do not publish a style box for this fund.

Strategy, Benefits, Results

Strategy

  • We take a conservative, income-oriented approach.
  • We don't use leverage or invest in derivatives, which can increase portfolio volatility. 
  • Our analysts search for high-quality, undervalued bonds.
  • We buy and hold for the long term.

Benefits

  • Monthly income exempt from federal taxes1
  • Portfolio diversification
  • Tenured investment team with expertise across market cycles

Investing In The Fund

What Are the Risks?

  • All investments involve risks, including possible loss of principal.
  • Because municipal bonds are sensitive to interest rate movements, the 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 the fund adjust to a rise in interest rates, the fund’s share price may decline.
  • The fund holds a small portion of its assets in Puerto Rico municipal bonds that have been impacted by recent adverse economic and market changes, which may cause the fund’s share price to 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.
  • The fund may invest a significant part of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project would likely affect all similar projects, thereby increasing market risk.

Minimum Investment

See Prospectus

How Financial Advisors Help You

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