Franklin NJ Tax-Free Income AFRNJX

Morningstar Rating

Fund Research and Analysis

by Eric Jacobson

It helps to look extra carefully at what is, and what isn't, under the hood at Franklin New Jersey Tax-Free Income.

What isn't there are the derivatives, such as futures, swaps, and inverse floaters that have become de rigueur in many other muni portfolios. Read more

Kudos

This fund boasts a solid long-term record.

It is cheaper than most New Jersey muni offerings. Read more

Risks

The fund's restrained approach can hold it back a bit during extended market rallies. Read more

Strategy

This fund follows the typical Franklin muni strategy. It avoids interest-rate bets and uses a low-turnover approach that is focused more on income than on total return. Manager Stella Wong sticks with investment-grade bonds and is often comfortable with holding issues until they approach their maturity or call dates. Read more

Management

Stella Wong has extensive experience managing tax-free money for Franklin and has been a member of this fund's management team since 1988. She also manages Franklin Pennsylvania Tax-Free Income FRPAX, Franklin Florida Tax-Free Income FRFLX, and Franklin Virginia Tax-Free Income FRVAX. Read more

Inside Scoop

In this fund, New Jersey residents are getting a typical Franklin single-state municipal-bond offering. That means low turnover, a good stream of tax-free income, and moderate volatility. Read more

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