Efficiency information quoted represents previous efficiency, which doesn’t assure future outcomes. Present efficiency could also be decrease or increased than the figures proven. Principal worth and funding returns will fluctuate, and traders’ shares, when redeemed, could also be price roughly than the unique value. Efficiency would have been decrease if charges had not been waived in varied intervals. Complete returns assume the reinvestment of all distributions and the deduction of all fund bills. Returns with gross sales cost mirror a deduction of the said most gross sales cost. An investor can’t make investments immediately in an index, and unmanaged index returns don’t mirror any charges, bills or gross sales prices. Returns for intervals of lower than one yr aren’t annualized. All lessons of shares might not be out there to all traders or by means of all distribution channels. For present month-end efficiency, please go to www.franklintempleton.com.
Efficiency quotations mirror the next strategies of calculation: a) For intervals previous to the fund’s Advisor Class inception date, a restated determine is used primarily based on the fund’s oldest share class, Class A1 efficiency, excluding the impact of Class A1’s most preliminary gross sales cost however reflecting the impact of the Class A1 Rule 12b-1 charges; and for intervals after the fund’s Advisor Class inception date, precise Advisor Class efficiency is used, reflecting all prices and costs relevant to that class. Efficient 09/10/2018, Class A shares closed to new traders, have been renamed Class A1 shares, and a brand new Class A share with a distinct expense construction grew to become out there. Class A efficiency proven has been calculated as follows: (a) for intervals previous to 09/10/2018, a restated determine is used primarily based on the fund’s Class A1 efficiency and together with any Rule 12b-1 price differential as exists between Class A1 and Class A; and (b) for intervals after 09/10/2018, precise Class A efficiency is used, reflecting all prices and costs relevant to that class.
Gross bills are the fund’s complete annual working bills as of the fund’s prospectus out there on the time of publication. Web bills are capped beneath a contractual settlement, which can’t be terminated previous to 06/30/2025 with out Board consent. Precise bills could also be increased and should influence portfolio returns.
What ought to I do know earlier than investing?
All investments contain dangers, together with attainable lack of principal. Fastened earnings securities contain rate of interest, credit score, inflation and reinvestment dangers, and attainable lack of principal. As rates of interest rise, the worth of fastened earnings securities falls. Portfolios targeted on a single state are topic to larger threat of opposed financial and regulatory modifications in that state than a geographically diversified fund. Adjustments within the credit standing of a bond, or within the credit standing or monetary power of a bond’s issuer, insurer or guarantor, could have an effect on the bond’s worth. An investor could also be topic to the federal Different Minimal Tax, and state and native taxes could apply. These and different dangers are mentioned within the fund’s prospectus.
Essential Data
The Fund’s benchmark is the Bloomberg Municipal Bond California Exempt Index. The Linked Bloomberg Muni Bond California Exempt/Muni Bond Index displays efficiency of the Bloomberg Municipal Bond Index from the fund’s inception by means of 7/31/93 and the Bloomberg Municipal Bond California Exempt Index thereafter. The Bloomberg California Municipal Bond Exempt Index is a market value-weighted index of California investment-grade fixed-rate municipal bonds with maturities of 1 yr or extra. Supply: Bloomberg Indices.
Data is historic and should not mirror present or future portfolio traits. All portfolio holdings are topic to alter. Essential information supplier notices and phrases out there at www.franklintempletondatasources.com.
30-day SEC yield is calculated utilizing the web earnings (curiosity and dividends) per share earned over a trailing 30-day interval (annualized), divided by the fund’s share value on the finish of that interval. It could not equal the fund’s precise earnings distribution price, which displays the fund’s previous dividends paid to shareholders.
Glossary
The Federal Reserve Board (“Fed”) is chargeable for the formulation of insurance policies designed to advertise financial progress, full employment, secure costs, and a sustainable sample of worldwide commerce and funds.
Length is an estimated measure of the worth sensitivity of a bond to a change in rates of interest.
Morningstar Ranking: Supply: Morningstar®, 6/30/2024. For every mutual fund and ETF with at the least a 3-year historical past, Morningstar calculates a Morningstar Ranking primarily based on how a fund ranks on a Morningstar Danger-Adjusted Return measure in opposition to different funds in the identical class. This measure takes into consideration variations in a fund’s month-to-month efficiency, and doesn’t take into consideration the consequences of gross sales prices and masses, putting extra emphasis on downward variations and rewarding constant efficiency. The highest 10% of funds in every class obtain 5 stars, the subsequent 22.5% obtain Four stars, the subsequent 35% obtain Three stars, the subsequent 22.5% obtain 2 stars and the underside 10% obtain 1 star. The weights are: 100% 3-year ranking for 36-59 months of complete returns, 60% 5-year ranking/40% 3-year ranking for 60-119 months of complete returns, and 50% 10-year ranking/30% 5-year ranking/20% 3-year ranking for 120 or extra months of complete returns. Whereas the 10-year total star ranking formulation appears to offer essentially the most weight to the 10-year interval, the latest 3-year interval truly has the best influence as a result of it’s included in all three ranking intervals. The fund’s Advisor Class shares acquired a Morningstar Ranking of 4, Four and Four star(s) for the 3-, 5- and 10-year intervals, respectively. Franklin Templeton supplies this fund’s Morningstar Ranking for Class A and Advisor Class shares solely. Different share lessons could have completely different Morningstar rankings.