Franklin California Tax-Free Income Fund

Fund Description

The fund seeks to provide investors with as high a level of income exempt from federal income taxes and California personal income taxes as is consistent with prudent investment management and the preservation of shareholders’ capital.

Strategy Statement

"In the Franklin Muni Department, we are committed to a conservative, disciplined investment strategy. We seek to provide shareholders with a high level of tax-free income while preserving capital. "

Chris Sperry, CFA®

Management

John Wiley

John Wiley

  • Joined Franklin Templeton in 1989
  • Managed Fund Since 1991
Chris Sperry, CFA

Chris Sperry, CFA®

  • Joined Franklin Templeton in 1996
  • Managed Fund Since 2000

Rating

Overall Morningstar Rating As of 07/31/2018

Rating Category: Muni California Long

Morningstar
The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Historical Morningstar Rating As of 07/31/2018

Years Ratings Funds
in category
3
4 Stars
90
5
4 Stars
86
10
4 Stars
70

Morningstar Style Box

We do not publish a style box for this fund.

Strategy, Benefits, Results

Strategy

  • We take a conservative, income-oriented approach.
  • We don't use leverage or invest in derivatives, which can increase portfolio volatility. 
  • Our analysts search for high-quality, undervalued bonds.
  • We buy and hold for the long term.

Benefits

  • Monthly income exempt from regular federal and California personal income taxes1
  • Portfolio diversification
  • Tenured investment team with expertise across market cycles

Selling The Fund

  1. Call attention to Franklin's leadership in California municipal bond asset management.

  2. Highlight the fund's:

    • Conservative investment strategy
    • Attractive taxable-equivalent yield record
    • Historically lower volatility record
    • Relatively low expense ratio
    • Experienced portfolio management team

You need Adobe Acrobat Reader 6.0 or higher to view and print PDF documents. Download a free version from Adobe's website.