United States
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Effective 5/1/19, this fund changed its distribution policy from managed pay, where dividend rates are set based on projections, to variable pay, where income is distributed as it’s earned. The fund’s final fixed pay distribution occurred in late April and the first variable pay distribution occured in late May. If you have questions, please contact your financial advisor or Shareholder Services.
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Effective 3/1/19, the maximum initial sales charge for purchases of less than $100,000 of Franklin Templeton’s long-term fixed income funds (Class A and A1 shares) was lowered to 3.75%. Please see the prospectus supplement for more information. If you have any questions, please contact your financial advisor or call Shareholder Services.
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Beginning on 10/19/18, Class C shares held for 10 years or more will automatically convert to Class A shares. Thereafter, Class C shares held for 10 years or more will automatically convert to Class A shares on a monthly basis. This conversion allows shareholders to take advantage of the lower expenses offered by Class A shares. Please see the prospectus supplement for more information. If you have any questions, please contact your financial advisor or call Franklin Templeton.
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Class A shares (NASDAQ: FCAMX) were renamed Class A1 and closed to new investors. Existing Class A1 shareholders may continue to add money to their accounts. A new Class A share (NASDAQ: FCQAX) launched with a different expense structure, in which new shareholders can invest. The fund also changed certain sales charges and commissions paid to dealers on Class A and A1 shares. Please see the prospectus supplement for more information. If you have additional questions, please contact your financial advisor or call Franklin Templeton.
Documents
Fund Literature
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Fund Fact Sheet - Advisor
A single-page data sheet describing Franklin California High Yield Municipal Fund's objective, portfolio holdings and performance.
Literature Code: 675-FF Publication Date: 12/19 Next Update: 03/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Fund Fact Sheet
A single-page data sheet describing Franklin California High Yield Muni Fund's objective, portfolio holdings and performance.
Literature Code: 1175-FF Publication Date: 12/19 Next Update: 03/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Product Profile - Advisor
A multi-page overview highlighting the fund's performance, portfolio characteristics, investment process, management team and commentary.
Literature Code: 675-PP Publication Date: 09/19 Next Update: 12/19 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Product Profile
A multi-page overview highlighting the fund's performance, portfolio characteristics, investment process, management team and commentary.
Literature Code: 1175-PP Publication Date: 09/19 Next Update: 12/19 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
Fund Documents
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Summary Prospectus
A summarized version of the prospectus explaining the Franklin California High Yield Municipal Fund's investment goals, principal strategies and risks, as well as sales charges, fees and expenses.
Literature Code: 1175-PSUM Publication Date: 10/19 Next Update: 10/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Prospectus
The prospectus explains the Municipal Securities Trust's goal, investments and risks, as well as sales charges, fees and expenses.
Literature Code: MUN-P Publication Date: 10/19 Next Update: 10/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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SAI
A pamphlet supplementing the fund prospectus. It gives detailed descriptions of the fund's activities and operations.
Literature Code: MUN-SAI Publication Date: 10/19 Next Update: 10/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Annual Report
A discussion of market conditions and fund performance covering the funds' fiscal year, along with a complete list of holdings and detailed financial information.
Literature Code: MUN-A Publication Date: 07/19 Next Update: 07/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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Semi-Annual Report
A discussion of market conditions and fund performance covering the first half of the funds' fiscal year, along with a complete list of holdings and detailed financial information.
Literature Code: MUN-S Publication Date: 01/19 Next Update: 01/20 Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
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XBRL File(ZIP, 1104k)
Literature Code: Publication Date: 10/18 Next Update: Piece must be accompanied by the Quarterly Performance Update, which includes standardized returns,sales Charge and expenses.
Additional Sales Resources
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Account Application Form
Literature Code: GOF-APP Publication Date: 08/19 Next Update: 08/20 Open and invest in most funds using this application.
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IRA Application Form
Literature Code: RIRA-APP Publication Date: 08/19 Next Update: 11/19 Open and invest in a Traditional or Roth IRA, convert your Traditional IRA to a Roth Conversion IRA, or roll over a 401(k), 403(b) or other qualified plan distribution to a Rollover IRA using this application and included documents.
Important Legal Information
- CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
- For investors subject to the alternative minimum tax, a small portion of fund dividends may be taxable. Distributions of capital gains are generally taxable. To avoid the imposition of 28% backup withholding on all fund distributions and redemption proceeds, U.S. investors must be properly certified on Form W-9 and non-U.S. investors on Form W-8BEN.
- Indexes are unmanaged, and one cannot invest directly in an index. Index returns do not reflect any fees, expenses or sales charges.
- Total Returns include change in share price, assume reinvestment of all distributions, and reflect the deduction of fund expenses and applicable fees. Total Returns With Sales Charge: returns reflect the deduction of the stated sales charge. Total returns, distribution rate, and yields reflect any applicable expense reductions, without which the results for those impacted funds would have been lower.
- Your clients should carefully consider a fund's investment goals, risks, charges and expenses before investing. Download a prospectus, which contains this and other information. Your clients should read the prospectus carefully before they invest or send money.
- All investments involve risks, including possible loss of principal. Because municipal bonds are sensitive to interest rate movements, the fund's yield and share price will fluctuate with market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the fund adjust to a rise in interest rates, the fund's share price may decline. Because the fund invests principally in a single state, it is subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund. Investments in lower-rated bonds include higher risk of default and loss of principal. Puerto Rico municipal bonds have been impacted by recent adverse economic and market changes, which may cause the fund's share price to decline. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond's issuer, insurer or guarantor, may affect the bond's value. The fund may invest a significant part of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project would likely affect all similar projects, thereby increasing market risk.
- Performance data represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares.
- All investments involve risks, including possible loss of principal. Because municipal bonds are sensitive to interest rate movements, the fund's yield and share price will fluctuate with market conditions. Bond prices generally move in the opposite direction of interest rates. Thus, as prices of bonds in the fund adjust to a rise in interest rates, the fund's share price may decline. Changes in the credit rating of a bond, or in the credit rating or financial strength of a bond's issuer, insurer or guarantor, may affect the bond's value. The fund may invest a significant part of its assets in municipal securities that finance similar types of projects, such as utilities, hospitals, higher education and transportation. A change that affects one project would likely affect all similar projects, thereby increasing market risk.
Footnotes
- A statistical measurement of the range of a fund's total returns. In general, a higher standard deviation means greater volatility. Based on the fund's monthly returns over the 3-year period ended as of the date of the calculation.
- A statistical measurement of a fund's historical risk-adjusted performance. It is calculated by taking a fund's excess return over that of the three-month Treasury bill divided by its standard deviation. Higher values generally indicate better historical risk-adjusted performance. Based on the 3 years ended as of the date of the calculation.
- The annualized percentage difference between a fund's actual returns and its expected performance given its level of market risk, as measured by beta. Based on the 3-year period ended as of the date of the calculation.
- Percentage of the fund's returns explained by movements in the Barclays Municipal Bond Index. 100 equals perfect correlation to the index. Based on the 3-year period ended as of the date of the calculation.
- A measure of the fund's volatility relative to the market, as represented by the Barclays Municipal Bond Index. A beta greater than 1.00 indicates volatility greater than the market. Based on the 3-year period ended as of the date of the calculation.
- The fund's 30-day standardized yield is calculated over a trailing 30-day period using the yield to maturity on bonds and/or the dividends accrued on stocks. It may not equal the fund's actual income distribution rate, which reflects the fund's past dividends paid to shareholders.
- Public Offering Price — Purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
- Net Asset Value — The amount per share you would receive if you sold shares that day.
- Source: Morningstar®. For each mutual fund and exchange traded fund with at least a 3-year history, Morningstar calculates a Morningstar Rating based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance, and does not take into account the effects of sales charges and loads, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The weights are: 100% 3-year rating for 36-59 months of total returns, 60% 5-year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Morningstar Rating is for the named share class only; other classes may have different performance characteristics. Past performance is not an indicator or a guarantee of future performance.
- ©2019 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
- Indices are unmanaged and one cannot invest directly in them. Index returns do not reflect any fees, expenses or sales charges.
- For performance reporting purposes, the inception date for Classes A/A1, R, R6, Z, and Advisor Class shares of all Franklin Templeton Funds is the date of effectiveness of the fund's registration statement or the first day the fund commenced operations. For Class C shares, generally the inception date is the first day the fund commenced offering such shares. Exceptions: Templeton Global Balanced Fund Classes A and C use the inception date of the old Class A and C shares, renamed Class A1 and Class C1. For Franklin Mutual Series Funds, Franklin International Small Cap Growth Fund and Franklin Pelagos Commodities Strategy Fund, the inception date for Classes A, C, R and R6 shares is the funds' oldest class', Z or Advisor, inception date. Franklin U.S. Government Money Fund Class R6 inception date is the first day it commenced offering such shares. For Franklin California Ultra-Short Tax-Free Income Fund Classes A1 and Advisor Class use the inception date of its predecessor, Franklin California Tax-Exempt Money Fund.
- Prior to 1/1/04, these shares were offered with an initial sales charge; thus actual returns would have differed.
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Franklin Templeton Distributors, Inc.
