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FLMB seeks a high level of current income, free from federal taxes, without the use of leverage. The portfolio relies on Franklin Templetons access and experience in the fixed income markets to select investment-grade municipal securities in which the bond proceeds will be used for projects that promote environmental sustainability. While the portfolio will hold securities of varying maturities, the managers seek to maintain a dollar-weighted average portfolio maturity of 5 to 15 years. FLMB will not invest more than 15% of the fund's assets in a single state. Prior to Aug. 15, 2020, the fund…
Is FLMB's expense ratio expensive, average, or a steal for its category?
Pro reveals the verdict on a 5-tier spectrum calibrated against ICI 2025 industry averages, with strategy-aware bands so the comparison is meaningful.
On Oct 10, 2025, Wall Street saw about $2 trillion in market value wiped out. However, ETFs like SIVR, TAIL, URA, PZA, and VNM held steady.
Municipal bonds are back to offer compelling risk-adjusted opportunities, but future decisions from Washington can either act as a tailwind or headwind. Municipal bond funds saw net inflows during 2024, first annual inflow since 2021—which was a record year. 2024 was a record year in municipal bond issuance. With attractive yields, the market may start to pay more attention to tax-equivalent yield advantages offered through municipal debt.
Specific to the muni market, perhaps the biggest surprise this year has been new issue supply that is running well ahead of expectations, up roughly 40% from last year. We think this increased summer issuance is likely the result of deals getting pulled forward, as issuers may be cautious about coming to market later in the fall ahead of what is likely to be an uncertain U.S. political climate. While municipal credit quality has already peaked, it is entering this period of moderating economic growth from a position of strength.
Ultimately, climate change solutions will need cooperation from all parties, especially in hard-to-abate industries. This includes categories such as natural gas, steel, cement, and chemicals.
Franklin Templeton's head of ETF product and capital markets David Mann heard “a lot of good chatter” at Exchange 2023. Two main themes dominated the chatter: Franklin Templeton's “active fixed income lineup,” and “where to get income.