On or about 5/1/19, this fund will begin declaring dividends daily, but continue to pay out monthly. It will change its distribution policy from managed pay, where dividend rates are set based on projections, to variable pay, where income is distributed as it’s earned. The fund will also change its pay date to the end of each month. It will make a smaller supplemental distribution in late April and make its first variable pay distribution in late May. Please see the prospectus supplement for more information.
In February 2019, Franklin California Tax-Free Income Fund will adjust its dividends as follows: Class A from $0.0210 to $0.0206 per share, Class A1 from $0.0219 to $0.0215 per share, Class C from $0.0186 to $0.0182 per share, Class R6 from $0.0226 to $0.0222 per share and Advisor Class from $0.0224 to $0.0220 per share. Dividends vary based on the fund's income. Past dividends are not indicative of future trends.
Effective on or about 3/1/19, the maximum initial sales charge for purchases of less than $100,000 of Franklin Templeton’s long-term fixed income funds (Class A and A1 shares) will be lowered to 3.75%. Please see the prospectus supplement for more information. If you have any questions, please contact your financial advisor or call Shareholder Services.
Beginning on 10/19/18, Class C shares held for 10 years or more will automatically convert to Class A shares. Thereafter, Class C shares held for 10 years or more will automatically convert to Class A shares on a monthly basis. This conversion allows shareholders to take advantage of the lower expenses offered by Class A shares. Please see the prospectus supplement for more information. If you have any questions, please contact your financial advisor or call Franklin Templeton.
Class A shares (NASDAQ: FKTFX) were renamed Class A1 and closed to new investors. Existing Class A1 shareholders may continue to add money to their accounts. A new Class A share (NASDAQ: FTFQX) launched with a different expense structure, in which new shareholders can invest. The fund also changed certain sales charges and commissions paid to dealers on Class A and A1 shares. Please see the prospectus supplement for more information. If you have additional questions, please contact your financial advisor or call Franklin Templeton.
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