Franklin Puerto Rico Tax-Free Income Fund Changes Name to Franklin Double Tax-Free Income Fund.
SAN MATEO, Calif.--(BUSINESS WIRE)--Dec. 3, 2001
Franklin Templeton Distributors, Inc. announced that Franklin Puerto Rico Tax-Free Income tax-free income
The income received but not subject to income taxes. For example, interest from most municipal bonds is free of federal income taxes and often from state and local income taxes as well. Compare tax-deferred income, tax-sheltered income. Fund has been renamed Franklin Double Tax-Free Income Fund. The Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. of Franklin Puerto Rico Tax-Free Income Fund approved the name change effective December 1, 2001.
The new name more accurately reflects the fund's current ability to invest in municipal securities issued by U.S. territories other than Puerto Rico. The name change emphasizes the fund's investment flexibility and the fund's ability to find suitable investment opportunities. It also reflects the fund's investment goal more accurately, as the fund seeks to provide investors with double tax-free income that is exempt from federal as well as state income taxes.
"Though it is adopting a new name, the fund's investment strategy is not changing. We will continue to follow a conservative, buy-and-hold strategy Buy-and-hold strategy
A passive investment strategy with no active buying and selling of stocks from the time the portfolio is created until the end of the investment horizon. Opposite of active strategy. as we pursue the goals of maximizing current tax-free income and preserving shareholders' capital," said Portfolio Manager Carrie Higgins.
Investors interested in Franklin Double Tax-Free Income Fund may obtain a prospectus containing more complete information, including sales charges, expenses and risks from securities dealers or by calling Franklin Templeton Investments Franklin Resources Inc. NYSE: BEN is an investment firm originally founded in New York in 1947 as Franklin Distributors, Inc. It is listed on the NYSE under the ticker BEN as in Benjamin Franklin, whom founder Charlie Johnson admired. at 1-800/DIAL BEN(R) (1-800/342-5236). Investors should read the prospectus carefully before investing or sending money.
Franklin Templeton Distributors, Inc. is the fund's principal distributor and a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of Franklin Resources, Inc. (NYSE NYSE
See: New York Stock Exchange :BEN), a global investment organization operating as Franklin Templeton Investments. Through its subsidiaries, Franklin Templeton provides global and domestic investment, shareholder, custody and distribution services to the Franklin, Templeton, Mutual Series and Fiduciary products, high net worth and institutional accounts, as well as separate account management services. The San Mateo, CA-based company has over 50 years of investment experience and over $251 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of October 31, 2001. For more information, please call 1-800/DIAL BEN(R).