Franklin California Intermediate‑Term Tax‑Free Income Fund Class A is a municipal bond mutual fund focused on delivering income that is exempt from federal and California state personal income taxes. The fund primarily invests in investment‑grade California municipal securities, emphasizing intermediate durations to balance income generation with interest‑rate sensitivity. Its portfolio targets sectors such as general obligation and revenue bonds tied to essential services, transportation, education, and health care, reflecting the state’s broad public finance landscape. Managed by Franklin Templeton’s municipal bond team, the strategy blends credit research with duration management to pursue tax‑advantaged income while seeking to preserve capital under prudent risk controls. As part of the Muni California Intermediate category, it is benchmarked against California municipal indices and peers with similar duration profiles. The fund’s role in the market is to provide state‑specific, tax‑efficient income for California residents, offering diversified exposure to the state’s municipal issuers and infrastructure financing needs while maintaining a mid‑curve maturity profile suited to intermediate municipal bond investors.
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