FKTFX

Franklin California Tax-Free Income Fund

PRICE AND YTD RETURN As of 07/27/2016

NAV up $0.01 $7.82
POP $8.17
YTD Total return at Nav 6.19%

AVERAGE ANNUAL TOTAL RETURNS As of Quarter end 06/30/2016

Sales Charge

1 YEAR RETURN 5.75%
5 YEAR RETURN 6.24%
10 YEAR RETURN 5.01%

KEY STATS

Investment Category Municipal Bonds
Distributions Monthly
CUSIP 352 518 104
Fund Number 112
Inception Date Feb 01, 1977
Total Net Assets (all share classes) As of 06/30/2016 $15,125.9 (M)
Distribution Rate at NAV As of 07/27/2016 3.38%
30-Day Standardized yield As of 06/30/2016 (updated monthly) 1.84%

SALES CHARGE, EXPENSES, & FEES As of 08/01/2015 (updated annually)

Gross Expense Ratio 0.58%
Net Expense Ratio 0.58%
Max Initial Sales Charge 4.25%
CDSC 0.00%
12b-1 Fee 0.09%

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, including the federal alternative minimum tax, and from California personal income taxes.

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, MBA

John Wiley, MBA

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

Chris Sperry, CFA®

  • Joined Franklin Templeton in 1996
  • Managed Fund Since 2000

Overall Morningstar Rating As of 06/30/2016

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 06/30/2016

Years Ratings Funds
in category
3
3 Stars
117
5
3 Stars
103
10
4 Stars
89

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We do not publish a style box for this fund.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

Investing In The Fund

What Are the Risks?
  • All investments involve risks, including possible loss of principal.
  • Because municipal bonds are sensitive to interest rate movements, the fund’s yield and share price will fluctuate with market conditions.
  • Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the fund adjust to a rise in interest rates, the fund’s share price may decline.
  • Since the fund concentrates its investments in a single state, it is subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund.
  • The fund holds a small portion of its assets in Puerto Rico municipal bonds that have been impacted by recent adverse economic and market changes, which may cause the fund’s share price to decline.

Minimum Investment

$1,000.00

How Financial Advisors Help You

Speak to your financial advisor about whether this fund is appropriate for you. If you don't have a financial advisor, request a referral.

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