Fund Evaluator:
Franklin MA Tax-Free Income C (FMAIX)
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Best Performing in Muni Massachusetts Over the Last Year
| 8.2% | Vanguard MA Tax-Exempt Inv (VMATX) |
| 6.8% | Fidelity Massachusetts Municipal Income (FDMMX) |
| 5.4% | BNY Mellon MA Interm Muni Bd M (MMBMX) |
| 5.3% | Columbia Massachusetts Itmt MuncplBdInst (SEMAX) |
Fund Details
Franklin MA Tax-Free Income C Overview
Franklin MA Tax-Free Income C (FMAIX) is an actively managed Municipal Bond Muni Massachusetts fund. Franklin Templeton Investments launched the fund in 1995.
The investment seeks to provide investors with as high a level of income exempt from federal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital. 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.
About Franklin MA Tax-Free Income C (FMAIX)
There are 4 members of the management team with an average tenure of 4.25 years: Michael Conn (2020), John Bonelli (2020), James Conn (2026), Christopher Sperry (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Municipal TR USD index with a weighting of 100%. Franklin MA Tax-Free Income C has 121 securities in its portfolio. The top 10 holdings constitute 27.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Franklin MA Tax-Free Income C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Franklin MA Tax-Free Income C has 1.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.8% (97.3% domestic bond, 1.5% foreign bond and 0.0% convertible bond). Franklin MA Tax-Free Income C has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $217 million average for the Muni Massachusetts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FMAIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Franklin MA Tax-Free Income C expense ratio is high compared to funds in the Muni Massachusetts category. Franklin MA Tax-Free Income C has an expense ratio of 1.30%, which is 59% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Franklin MA Tax-Free Income C has a portfolio turnover rate of 21%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 25% for the Muni Massachusetts category.
Recently, in the month of June 2026, Franklin MA Tax-Free Income C returned 0.8%, which earned it a grade of D, as the Muni Massachusetts category had an average return of 0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Franklin MA Tax-Free Income C has a trailing yield of 2.57%, which is below the 2.91% category average. The fund normally distributes its income monthly and its capital gains semi-annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Franklin MA Tax-Free Income C Grades
Year to date, the fund has returned 2.1%, 0.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 6.4% over the past year (grade of D), 2.7% over the past three years (grade of F) and -0.4% per year over the past five years (grade of F) and 0.8% per year over the past 10 years (grade of F).
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FMAIX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FMAIX Return (NAV) | 0.8% | 2.5% | 6.4% | 2.7% | -0.4% | 0.8% |
| FMAIX Grade | D | D | D | F | F | F |
| +/- Category | -0.1% | 0.0% | -0.3% | -0.6% | -0.8% | -0.6% |
| Muni Massachusetts Avg | 0.8% | 2.4% | 6.7% | 3.3% | 0.3% | 1.4% |
| FMAIX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FMAIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FMAIX Return (NAV) | 2.1% | 2.3% | 0.8% | 5.0% | -11.4% | 0.3% | 4.0% | 6.3% | -0.7% | 4.0% | 0.5% |
| FMAIX Grade | D | F | D | D | F | F | D | D | F | D | B |
| +/- Category | -0.2% | -0.8% | -0.4% | -0.5% | -1.5% | -0.9% | -0.2% | -0.5% | -0.8% | -0.5% | 0.7% |
| Muni Massachusetts Avg | 2.3% | 3.2% | 1.2% | 5.5% | -9.9% | 1.2% | 4.2% | 6.8% | 0.2% | 4.5% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 5.7% |
| Total Risk Index: | 0.47 - Below Average |
| Category Risk Index: | 1.08 - Above Average |
| Category Risk Grade: | D (62% Rank) |
| Beta: | 1.01 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 2.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $340 Mil |
| Fund Total Assets: | $ 3 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 21% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.7 years | |||
| Average Tenure: 4.2 years | |||
| Managers (Year): Conn Michael (2020), Bonelli John (2020), Sperry Christopher (2020), Conn James (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 121 |
| % in Top 10 Holdings: | 27.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 97.3% |
| Foreign Bond: | 1.5% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-342-5236 |
| Website: | www.franklintempleton.com |
| Status: | Open |
| Inception Date: | May 1, 1995 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.65% |
Expenses and Fees | |
| Expense Ratio (%): | 1.30% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Franklin MA Tax-Free Income A1 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
