Franklin California Intermediate-Term Tax-Free Income Fund Class A1 is an actively managed municipal bond mutual fund focused on generating income that is exempt from federal and California personal income taxes. The fund primarily invests in investment‑grade California municipal securities, targeting an intermediate maturity profile to balance income with interest‑rate sensitivity. It normally commits a substantial majority of assets to tax‑exempt bonds and emphasizes prudent credit selection across essential-service revenue bonds and general obligation issuers within the state. Managed by Franklin Advisers since its 1992 inception, the strategy seeks consistent, tax‑advantaged distributions with a monthly payout cadence, aligning with investors who prioritize after‑tax income within California. The portfolio is broadly diversified across hundreds of holdings to mitigate issuer‑specific risk, and it is benchmarked to a California intermediate municipal index that reflects investment‑grade bonds with mid‑range maturities. Within the municipal market, the fund plays a role as a dedicated California sleeve, offering focused exposure to the state’s public finance ecosystem while maintaining an intermediate duration to manage volatility relative to longer‑term tax‑exempt strategies.
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