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Franklin Puerto Rico Tax-Free Income Fund Changes Name to Franklin Double Tax-Free Income Fund.

Business Editors

SAN MATEO, Calif.--(BUSINESS WIRE)--Dec. 3, 2001

Franklin Templeton Distributors, Inc. announced that Franklin Puerto Rico Tax-Free Income Fund has been renamed Franklin Double Tax-Free Income Fund. The Board of Trustees 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 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 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 of Franklin Resources, Inc. (NYSE: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 as of October 31, 2001. For more information, please call 1-800/DIAL BEN(R).
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Publication:Business Wire
Date:Dec 3, 2001
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