The Franklin California Growth Fund will become the Franklin Flex Cap Growth Fund on September 1, Franklin Templeton Distributors announced today.

The San Mateo, California-based firm also is changing the fund's investment criteria to require investments in companies conducting most of their operations in California. Currently the fund is required to invest at least 80 percent of its net assets in equity securities of California companies.

"In managing the fund, we will continue to leverage Franklin's research strength and resources as a corporation headquartered in the diverse state of California," said Conrad Herrmann, portfolio manager of the fund. "The spirit of the fund will stay the same with its focus on finding opportunities within California. The changes give us increased flexibility in seeking out innovative companies with strong growth prospects in other regions." 

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