Franklin Templeton Distributors said today that it will rename its Puerto Rico Tax-Free Income Fund to reflect the products tax advantages and to promote its ability to invest in securities outside of that U.S. territory.
Previously, the fund focused on municipal securities issued in Puerto Rico. Now, the firm says the fund is capable of investing in such securities from other U.S. territories. The product will now be known as the Franklin Double Tax-Free Income Fund.
The new name is intended to tout the funds double-tax-free design, which allows investors to dodge both state and federal income taxes, the company said in a statement.
Portfolio manager Carrie Higgins said the products investment strategy, a conservative, buy-and-hold approach, will not change.