Franklin California Tax Free Income Fund Class R6 Strategy

The investment seeks to provide investors with as high a level of income exempt from federal income taxes. The fund invests at least 80% of its total assets in investment grade municipal securities whose interest is free from federal income taxes, including the federal alternative minimum tax, and from California personal income taxes. It is possible that up to 20% of its total assets may be in securities that pay interest that may be subject to the federal alternative minimum tax and, although not anticipated, in securities that pay interest subject to other federal or state income taxes.