Morningstar

Franklin Minnesota Tax-Free Income Fund Class A FMNQX

Medalist Rating as of Aug 31, 2026 See Franklin Templeton Investment Hub

Will FMNQX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

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Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FMNQX’s performance objective and investment process is for both security selection and portfolio construction.
People Pillar

The People Pillar is our evaluation of the FMNQX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
Parent Pillar

The Parent Pillar is our rating of FMNQX’s parent organization’s priorities and whether they’re in line with investors’ interests.

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Morningstar Automated Analysis

Summary

Franklin MN Tax-Free Inc A holds a quantitatively derived Negative Morningstar Medalist Rating. The rating indicates the model sees limited potential for the strategy to outperform peers on a risk-adjusted basis over a full market cycle.

by Morningstar Automated Analysis

Rated on Aug 31, 2026 Published on Sep 29, 2026

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