Franklin California Intermediate-Term Tax-Free Income Fund

Fund Description

The Fund invests at least 80% of its total assets in investment grade municipal securities whose interest is free from federal income taxes and from California personal income taxes. The Fund maintains a dollar-weighted average portfolio of three to 10 years.

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

Chris Sperry, CFA

Chris Sperry, CFA®

  • Joined Franklin Templeton in 1996
  • Managed Fund Since 2000
John Wiley

John Wiley

  • Joined Franklin Templeton in 1989
  • Managed Fund Since 1992

Rating

Overall Morningstar Rating As of 02/28/2019

Rating Category: Muni California Intermediate

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 02/28/2019

Years Ratings Funds
in category
3
4 Stars
56
5
4 Stars
52
10
4 Stars
43

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We do not publish a style box for this fund.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 federal income taxes and California personal income taxesi
  • 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
    • Relatively low expense ratio
    • Experienced portfolio management team

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