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Managed Fund Since 1992
Fixed Income
FCCRX Franklin California Intermediate-Term Tax-Free Income Fund
- Tax-Free Income. Monthly income exempt from federal income taxes and California personal income taxes.
- Broad access. Invests across all sectors within the investment grade rated municipal bond universe.
- Portfolio diversification. Can be used as a core portfolio holding, providing diversification from equities.
Popular Documents
NAV
$11.01
As of 06/10/2026
YTD Total Returns At NAV
1.30%
As of 06/10/2026
Total Net Assets
$1.41B
As of 05/31/2026 (Updated Monthly)
Overview
Fund Facts
Fund description
The fund seeks to provide investors with as high a level of income exempt from regular federal income taxes and California personal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital. The fund maintains a dollar-weighted average portfolio maturity of 6 to 12 years.
- Benchmark
- Linked Bloomberg Muni M.F. CA Intermediate/10-Year Muni Bond Index
- Fund Inception Date
- 09/21/1992
- Dividend Frequency, if any
- Monthly
- Distribution Rate at NAV
As of 06/10/2026 (Updated Daily) - 3.66%
- 30-Day SEC Yield—With Waiver
As of 05/31/2026 (Updated Monthly) - 3.44%
- 30-Day SEC Yield—Without Waiver
As of 05/31/2026 (Updated Monthly) - 3.38%
- Taxable Equivalent Yield—With Waiver
As of 05/31/2026 (Updated Monthly) - 7.49%
- Taxable Equivalent Yield—Without Waiver
As of 05/31/2026 (Updated Monthly) - 7.36%
Sales Charges, Expenses & Fees
- Gross Expense Ratio
- 0.51%
- Net Expense Ratio
- 0.46%
- Maximum Initial Charge
- —
- CDSC
- N/A
- 12b-1 Fee
- —
Identifiers
- Ticker
- FCCRX
- Fund Number
- 8152
- CUSIP Code
- 352519847
Average Annual Total Returns As of 05/31/2026
Class R6
- 5.83%1 Year
- 3.62%3 Years
- 1.03%5 Years
- 1.71%10 Years
- 4.07%Since Inception
09/21/1992
Top Sectors
As of 05/31/2026 % of Total (Updated Monthly)
Special Tax13.93% | |
Transportation12.84% | |
Housing12.72% | |
Industrial Dev. Revenue and Pollution Control11.64% | |
Education11.07% |
Additional Fund Info
- Share Class Inception Date
- 08/01/2017
- Investment Style
- Municipals
- Lipper Classification
- California Intermediate Municipal Debt Funds
- Morningstar Category
- Muni California Intermediate
Manager and Commentary
About the Team
Franklin Templeton Fixed Income
A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.
Commentary Highlights
March 31, 2026- Markets : In the first quarter of 2026, new issuance of municipal (muni) bonds exceeded the average seen in the past few years, as per the Barclays Municipal Strategy Monthly Report. The war in the Middle East which began at the end of February continued throughout March, dominating market sentiment during the month. By quarter-end, the yield on the benchmark 10-year US Treasury (UST) note moved 15 basis points (bps) higher to 4.32%, and the yield on the 30-year UST bond increased by seven bps to 4.91%. The March US Federal Reserve (Fed) Federal Open Market Committee meeting left rates unchanged, and the statement and press conference emphasized uncertainty related to the Iran war. The Fed indicated that it would look through any initial oil supply shock effect on inflation to focus on core developments, while also noting a likely dragging effect on the economy; ultimately the Committee retained an easing bias.
- Contributors: Underweight allocation to muni bonds with five and 10 years to maturity, security selection in AA rated bonds and overweight allocation to muni bonds with no external credit rating.
- Detractors: Overweight allocation to muni bonds with 20 or more years to maturity.
- Outlook: Municipal bond valuations continue to appear attractive, particularly on a tax-adjusted basis. In a more challenging environment, strong bottom-up research and disciplined security selection will be essential to identifying relative value and preserving portfolio quality.
Franklin Templeton Fixed Income
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Managed Fund Since 2000
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Managed Fund Since 2020
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Managed Fund Since 2026
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Managed Fund Since 2020
Latest Insights
June 8, 2026
April 29, 2026
Performance
Average Annual Total Returns
As of 05/31/2026
Selected Month May 2026
Class R6 - With Sales Charge (POP) (%)
Month End
As of 05/31/2026
Class R6 - Without Sales Charge (NAV) (%)
Month End
As of 05/31/2026
Linked Bloomberg Muni M.F. CA Intermediate/10-Year Muni Bond Index (%)
Month End
As of 05/31/2026
Ratings
Portfolio
Assets
As of05/31/2026 (Updated Monthly)
- Total Net Assets
- $1.41 Billion
Positions
As of 05/31/2026 (Updated Monthly)
Number of Holdings
- Fund
- 474
- Benchmark
- 2,349
Portfolio Statistics
As of 05/31/2026 (Updated Monthly)
Effective Duration
- Fund
- 5.63 Years
- Benchmark
- —
- Fund
- 11.51 Years
- Benchmark
- 7.48 Years
Asset Allocation
As of 05/31/2026 % of Total (Updated Monthly)
| Holdings | Fund |
|---|---|
Fixed Income | 99.67% |
Cash & Cash Equivalents | 0.33% |
Holdings
As of 04/30/2026 (Updated Monthly)
California State Public Works Board
California Community Choice Financing Authority MP
Los Angeles Department of Water & Power
Foothill-Eastern Transportation Corridor Agency
California Community Choice Financing Authority MP
California Community Choice Financing Authority MP
University Of California
State Of California
California Educational Facilities Authority
California Community Choice Financing Authority
Distributions & Tax
Pricing
Daily Fund Prices
52-Week Range
- Highest NAV
As of 02/27/2026 - $11.17
- Lowest NAV
As of 07/18/2025 - $10.73
Documents
Fund Literature
| Name | Download | Add to Cart | |
|---|---|---|---|
| Factsheet - Franklin California Intermediate-Term Tax-Free Income Fund | |||
| Product Commentary - Franklin California Intermediate-Term Tax-Free Income Fund |
Regulatory Documents
| Name | Download | Add to Cart | |
|---|---|---|---|
| Annual Report - Franklin California Intermediate-Term Tax-Free Income Fund - Class R6 | |||
| Annual Financial Statements and Other Information - Franklin California Intermediate–Term Tax–Free Income Fund | |||
| Semi-Annual Report - Franklin California Intermediate-Term Tax-Free Income Fund - Class R6 | |||
| Semi-Annual Financial Statements and Other Information - Franklin California Intermediate–Term Tax–Free Income Fund | |||
| Prospectus - Franklin California Tax-Free Trust | |||
| Summary Prospectus - Franklin California Intermediate-Term Tax-Free Income Fund | |||
| Statement of Additional Information - Franklin California Tax-Free Trust | |||
| Fiscal Q1 Holdings - Franklin California Tax-Free Trust | |||
| Fiscal Q3 Holdings - Franklin California Tax-Free Trust |
Risks
All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Portfolios focused on a single state are subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond’s issuer, insurer or guarantor, may affect the bond’s value. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. These and other risks are discussed in the fund’s prospectus.