Franklin California Intermediate-Term Tax-Free Income Fund Advisor Class is a municipal bond mutual fund focused on delivering income that is generally exempt from U.S. federal and California state personal income taxes. The fund primarily invests in intermediate‑maturity California municipal securities, maintaining at least two-thirds exposure to the state while targeting an overall portfolio of tax‑exempt bonds. It emphasizes credit research and diversification across issuers and revenue sectors such as general obligation, essential services, transportation, healthcare, and education to balance income generation with interest‑rate and credit risk management. The strategy typically holds a broad mix of investment‑grade bonds and manages duration in the intermediate range to mitigate volatility relative to long‑term muni funds. Within the California municipal bond market, the fund serves as a core tax‑efficient income vehicle for investors seeking state‑specific exposure, distributing income on a monthly basis. According to public fund materials and third‑party profiles, it seeks a high level of tax‑free income consistent with prudent investment management and maintains hundreds of holdings to enhance liquidity and diversification.
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