Franklin California High Yield Municipal Fund

Fund Description

The fund seeks to provide investors with a high level of income exempt from federal and California personal income taxes, with capital appreciation as a secondary goal, by investing in municipal securities of any rating category, including higher yielding, lower-rated securities

Strategy Statement

"In the Franklin Muni Department, we are committed to a conservative, disciplined investment strategy. For over 30 years, we have worked to provide shareholders with a high level of tax-free income."

Management

John Wiley

John Wiley

  • Joined Franklin Templeton in 1989
  • Managed Fund Since 1993
Chris Sperry, CFA

Chris Sperry, CFA®

  • Joined Franklin Templeton in 1996
  • Managed Fund Since 2004
John Bonelli

John Bonelli

  • Joined Franklin Templeton in 2010
  • Managed Fund Since 2020
Michael Conn

Michael Conn

  • Joined Franklin Templeton in 2001
  • Managed Fund Since 2020

Rating

Overall Morningstar Rating As of 12/31/2020

Rating Category: Muni California Long

Morningstar

Historical Morningstar Rating [further-information] As of 12/31/2020

Years Ratings Funds
in category
3
5 Stars
93
5
5 Stars
76
10
5 Stars
62

Morningstar Style Box

We do not publish a style box for this fund.

Strategy, Benefits, Results

Strategy

  • We believe an active, research-driven approach is critical, given
    the size of the municipal market
  • Our team seeks to identify and capture attractive value
    opportunities across the municipal bond landscape to deliver a tax-
    efficient portfolio
  • We place an emphasis on risk management, which is fully
    incorporated into our research and portfolio construction process

Benefits

  • Monthly income exempt from federal income taxes and California personal income taxes.i.
  • Portfolio diversification.
  • Tenured investment team with expertise across market cycles.