FKCIX

Franklin California Intermediate-Term Tax-Free Income Fund

PRICE AND YTD RETURN As of 02/05/2016

NAV up $0.00 $12.33
POP $12.61
YTD Total return at Nav 1.59%

AVERAGE ANNUAL TOTAL RETURNS As of Quarter end 12/31/2015

Sales Charge

1 YEAR RETURN 0.38%
5 YEAR RETURN 4.65%
10 YEAR RETURN 3.99%

KEY STATS

Investment Category Municipal Bonds
Distributions Monthly
CUSIP 352 519 300
Fund Number 152
Inception Date Sep 21, 1992
Total Net Assets (all share classes) As of 01/31/2016 $1,694.4 (M)
Distribution Rate at NAV As of 02/05/2016 2.69%
30-Day Standardized yield As of 01/31/2016 (updated monthly) 1.34%

SALES CHARGE, EXPENSES, & FEES As of 11/02/2015 (updated annually)

Gross Expense Ratio 0.59%
Net Expense Ratio 0.59%
Max Initial Sales Charge 2.25%
CDSC 0.00%
12b-1 Fee 0.10%

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 3 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

Overall Morningstar Rating As of 12/31/2015

Rating Category: Muni California Intermediat

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 12/31/2015

Years Ratings Funds
in category
3
3 Stars
75
5
3 Stars
73
10
4 Stars
58

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We do not publish a style box for this fund.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

Investing In The Fund

What Are the Risks?
  • All investments involve risks, including possible loss of principal.
  • Yield and share price will fluctuate with market conditions due to municipal bonds’ sensitivity to interest-rate movements.
  • Bond prices generally move in the opposite direction of interest rates, thus the fund’s share price may decline as the prices of bonds adjust to a rise in interest rates.
  • Investments concentrated in a single state are 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.
  • These and other risk considerations are discussed in the fund’s prospectus.

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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