Franklin New York Intermediate-Term Tax-Free Income Fund

Fund Description

The fund seeks to provide investors with as high a level of income exempt from federal income taxes and New York State and New York City personal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital. The fund maintains a dollar-weighted average portfolio maturity of three to ten years.

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. "

Management

James Conn, CFA

James Conn, CFA®

  • Joined Franklin Templeton in 1996
  • Managed Fund Since 1999
John Pomeroy

John Pomeroy

  • Joined Franklin Templeton in 1986
  • Managed Fund Since 1992

Strategy, Benefits, Results

Strategy

  • We take a conservative, income-oriented approach.
  • We strive to keep exposure to AMT bonds at or close to 0%.i. (AMT bonds are municipal bonds whose income historically has been subject to the alternative minimum tax.)
  • 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 income taxes and New York state and New York City personal income taxes.i.
  • 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.
  • Because the fund invests principally in a single state, it is subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund.
  • 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

$1,000.00

How Financial Advisors Help You

Speak to your advisor about whether this fund is appropriate for you.

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