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Franklin California Tax-Free Income Fund

Fund Category: Tax Free IncomeGo to Prices & Performance page
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Symbol FKTFX
CUSIP 352 518 104
Fund Number 112
Inception Date1 Feb 01, 1977
Distributions Monthly
Total Net Assets
(all share classes)
As of 02/28/2014
$12,750.6
(millions)

As of  04/15/2014

NAV2 $7.24  
NAV Change $0.01  
POP3 $7.56  
YTD Total Return at NAV 5.91%
Distribution Rate at NAV 4.33%
30-day Standardized Yield4
As of 03/31/2014 (updated monthly)
3.37%

Average Annual Total Returns
As of Quarter End 03/31/2014

w/ Sales Charge w/o Sales Charge
1 Yr -3.68% 0.56%
5 Yrs 6.27% 7.18%
10 Yrs 4.15% 4.60%
Life 5.60% 5.72%

Expense Ratio and Sales Charge As of 08/01/2013 (updated annually)

Gross Expense Ratio5 0.57%
Net Expense Ratio 0.57%
Max Initial Sales Charge 4.25%
CDSC 0.00%
12b-1 Fee 0.09%

Fund Description

Strategy Statement
Portfolio Managers
Christopher Sperry
"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."

Christopher Sperry, CFA®, 2000
Joined Franklin Templeton in 1996

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 taxes 1
  • Portfolio diversification
  • Tenured investment team with expertise across market cycles
1. For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable.

Results

Hypothetical $10K Investment

Hypothetical $10K Investment

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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Important Legal Information

Footnotes

For U.S. residents only.