FMISX: Franklin MA Tax-Free Income A1

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FMISX Franklin MA Tax-Free Income A1


Profile

FMISX - Profile

Vitals

  • YTD Return 2.8%
  • 3 Yr Annualized Return 1.5%
  • 5 Yr Annualized Return 0.4%
  • Net Assets $451 M
  • Holdings in Top 10 28.8%

52 WEEK LOW AND HIGH

$12.16
$11.45
$12.16

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.71%

SALES FEES

  • Front Load 3.75%
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 6.58%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

Closed to new investors as of Sep 07, 2018
  • Standard (Taxable) $1,000
  • IRA N/A

Fund Classification


Distributions

  • YTD Total Return 2.8%
  • 3 Yr Annualized Total Return 1.5%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 3.03%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Franklin Massachusetts Tax-Free Income Fund
  • Fund Family Name
    Franklin Templeton Investments
  • Inception Date
    Apr 03, 1985
  • Shares Outstanding
    25422715
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    John Pomeroy

Fund Description

The fund invests at least 80% of its total assets in securities whose interest is free from federal income taxes, including the federal alternative minimum tax. In addition, under normal market conditions, it invests at least 80% of its total assets in securities that pay interest free from the personal income taxes, if any, of Massachusetts. The fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.


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Categories

Performance

FMISX - Performance

Return Ranking - Trailing

Period FMISX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% -2.2% 10.0% 19.47%
1 Yr 6.0% -3.0% 24.4% 41.97%
3 Yr 1.5%* -3.0% 5.8% 44.34%
5 Yr 0.4%* -2.9% 12.5% 46.45%
10 Yr 0.5%* -5.2% 3.9% 53.58%

* Annualized

Return Ranking - Calendar

Period FMISX Return Category Return Low Category Return High Rank in Category (%)
2019 3.7% -1.7% 18.3% 56.75%
2018 -3.1% -11.7% 4.6% 67.43%
2017 1.5% -4.4% 8.3% 36.64%
2016 -2.2% -7.8% 7.7% 64.53%
2015 -0.7% -18.3% 3.0% 40.67%

Total Return Ranking - Trailing

Period FMISX Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% -2.2% 10.0% 19.47%
1 Yr 6.0% -3.0% 24.4% 41.68%
3 Yr 1.5%* -3.0% 8.1% 51.82%
5 Yr 0.4%* -2.9% 12.5% 56.93%
10 Yr 0.5%* -1.3% 7.0% 66.36%

* Annualized

Total Return Ranking - Calendar

Period FMISX Return Category Return Low Category Return High Rank in Category (%)
2019 3.7% -1.7% 18.3% 57.59%
2018 -3.1% -11.7% 6.5% 74.07%
2017 1.5% -4.4% 10.4% 46.57%
2016 -2.2% -7.8% 10.7% 67.14%
2015 -0.7% -12.6% 4.2% 48.54%

NAV & Total Return History


Holdings

FMISX - Holdings

Concentration Analysis

FMISX Category Low Category High FMISX % Rank
Net Assets 451 M 690 K 259 B 57.38%
Number of Holdings 87 1 17668 85.46%
Net Assets in Top 10 130 M -216 M 21.4 B 47.45%
Weighting of Top 10 28.80% 2.5% 100.0% 30.84%

Top 10 Holdings

  1. MASSACHUSETTS ST SPL OBLIG DEDICATED TAX REV 5.5% 5.32%
  2. MASSACHUSETTS ST DEV FIN AGY REV 5.38% 3.56%
  3. MASSACHUSETTS ST DEV FIN AGY REV 5% 3.04%
  4. MASSACHUSETTS ST SPL OBLIG DEDICATED TAX REV 5.5% 2.94%
  5. MASSACHUSETTS ST HEALTH & EDL FACS AUTH 5.5% 2.78%
  6. MASSACHUSETTS ST HSG FIN AGY HSG REV 3.15% 2.50%
  7. MASSACHUSETTS ST SCH BLDG AUTH DEDICATED SALES TAX REV 5% 2.40%
  8. MASSACHUSETTS ST DEV FIN AGY REV 4% 2.39%
  9. MASSACHUSETTS ST TRANSN FD REV 5% 1.96%
  10. MASSACHUSETTS ST DEV FIN AGY REV 4% 1.91%

Asset Allocation

Weighting Return Low Return High FMISX % Rank
Bonds
100.04% 80.02% 159.74% 12.08%
Stocks
0.00% -0.98% 25.43% 73.45%
Preferred Stocks
0.00% 0.00% 7.43% 77.28%
Other
0.00% -8.60% 31.85% 73.70%
Convertible Bonds
0.00% 0.00% 7.23% 85.46%
Cash
-0.04% -59.74% 19.63% 87.07%

Bond Sector Breakdown

Weighting Return Low Return High FMISX % Rank
Municipal
100.00% 0.00% 100.11% 5.47%
Derivative
0.00% -0.83% 22.35% 76.03%
Cash & Equivalents
0.00% -29.57% 27.25% 98.21%
Securitized
0.00% 0.00% 98.40% 88.64%
Corporate
0.00% 0.00% 99.62% 90.28%
Government
0.00% -2.21% 122.41% 89.85%

Bond Geographic Breakdown

Weighting Return Low Return High FMISX % Rank
US
100.04% 58.28% 156.78% 7.11%
Non US
0.00% -12.35% 26.76% 95.07%

Expenses

FMISX - Expenses

Operational Fees

FMISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.71% 0.01% 38.00% 56.99%
Management Fee 0.50% 0.00% 1.10% 88.05%
12b-1 Fee 0.10% 0.00% 1.00% 20.73%
Administrative Fee 0.15% 0.00% 0.50% 83.02%

Sales Fees

FMISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 0.50% 5.75% 51.81%
Deferred Load N/A 0.25% 5.50% N/A

Trading Fees

FMISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FMISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 6.58% 0.00% 489.00% 4.32%

Distributions

FMISX - Distributions

Dividend Yield Analysis

FMISX Category Low Category High FMISX % Rank
Dividend Yield 0.50% 0.00% 3.16% 33.33%

Dividend Distribution Analysis

FMISX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

FMISX Category Low Category High FMISX % Rank
Net Income Ratio 3.03% 0.00% 6.30% 25.89%

Capital Gain Distribution Analysis

FMISX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

FMISX - Fund Manager Analysis

Managers

John Pomeroy


Start Date

Tenure

Tenure Rank

Dec 31, 1989

30.1

30.1%

Mr. Pomeroy is senior vice president of Franklin Advisers, Inc. He provides research and advice on the purchases and sales of individual securities, and portfolio risk assessment. Mr. Pomeroy joined Franklin Templeton Investments in 1986.

James Conn


Start Date

Tenure

Tenure Rank

Dec 31, 1999

20.1

20.1%

Mr. Conn is a senior vice president and portfolio manager with Franklin Advisers, Inc, his employer since 1996. He has final authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated management requirements. Mr. Conn holds the Chartered Financial Analyst designation.

Nicholas Bucklin


Start Date

Tenure

Tenure Rank

Dec 31, 2014

5.09

5.1%

Nicholas Bucklin is a Vice President and Portfolio Manager in the Municipal Bond department. He is a co-Portfolio Manager for the Franklin Massachusetts, Minnesota, Ohio, New York Intermediate, and Federal Limited Term Tax-Free Income Funds. Nick is also a lead Portfolio Manager for Franklin Separately Managed Accounts and a member of the investment committee for the Franklin Municipal SMA strategy. Nick also manages one of the firm's actively managed municipal bond exchange traded funds (ETFs). Mr. Bucklin joined Franklin Templeton in 2008. He holds an MBA from UC Berkeley, Haas School of Business (2016) and a B.A. degree in history from Boston College. He is a Chartered Financial Analyst (CFA) charterholder, a member of the CFA Institute, and a member of the CFA Society of San Francisco. He is also a member of the National Federation of Municipal Analysts and the Municipal Bond Club of San Francisco.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.02 33.19 7.42 0.08