Franklin Massachusetts 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 Massachusetts personal 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."

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 1989
Nicholas K. Bucklin, CFA

Nicholas K. Bucklin, CFA®

  • Joined Franklin Templeton in 2008
  • Managed Fund Since 2016

Rating

Overall Morningstar Rating As of 06/30/2019

Rating Category: Muni Massachusetts

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 [further-information] As of 06/30/2019

Years Ratings Funds
in category
3
4 Stars
42
5
4 Stars
39
10
4 Stars
36

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We do not publish a style box for this fund.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 income taxes and Massachusetts personal income taxesi
  • Portfolio diversification
  • Tenured investment team with expertise across market cycles

Selling The Fund

  1. Call attention to Franklin's leadership in municipal bond asset management.
  2. Highlight the fund's:
    • Conservative investment strategy
    • Attractive taxable-equivalent yield
    • Historically lower volatility record
    • Relatively low expense ratio
    • Experienced portfolio management team

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