Fixed Income

FQCHX Franklin Templeton SMACS: Series CH

Overview

See the risks and other important information.

Fund Facts

Benchmark: Bloomberg Municipal Bond California Exempt Index
Fund Inception Date: 06/03/2019
Dividend Frequency, if any: —

Sales Charges, Expenses & Fees

As of 01/01/2025

Gross Expense Ratio²: 0.50%
Net Expense Ratio^2,3: 0.00%
Maximum Initial Charge: N/A
CDSC: N/A
12b-1 Fee: 0.00%

Additional Fund Info

Share Class Inception Date: 06/03/2019
Investment Style: Municipals
Lipper Classification: California Municipal Debt Funds
Morningstar Category⁴: Miscellaneous Fixed Income

Identifiers

Ticker: FQCHX
Fund Number: 3000
CUSIP Code: 35471D305

Manager and Commentary

About the Team

Franklin Templeton Fixed Income

Franklin Templeton Fixed Income is a fixed income specialist with a measured "no surprises" approach that is committed to the goal of delivering clients consistent, predictable fixed income results. We pursue dimensional sources of potential alpha across all global fixed income securities, sectors, and markets.

Franklin Templeton Fixed Income

Managed Fund Since 2019

Managed Fund Since 2020

Latest Insights

November 18, 2025

Sector Views: Proceed with caution

November 12, 2025

Flash Insights: Rate cuts and returns—what past Fed cycles reveal

October 30, 2025

On My Mind: Dancing in the dark

October 28, 2025

Flash Insights: New York (City) state of mind—NYC mayoral election

Portfolio

Assets

As of10/31/2025 (Updated Monthly)

Total Net Assets: $32.28 Million

Positions

As of 10/31/2025 (Updated Monthly)

Number of Holdings

Fund: 77
Benchmark: 8,551

Portfolio Statistics

As of 10/31/2025 (Updated Monthly)

Average Weighted Maturity

Fund: 26.90 Years

Effective Duration

Fund: 9.45 Years

Sector Allocation

As of 10/31/2025 % of Total (Updated Monthly)

Sector Allocation
Sector	% of Total
Special Tax	61.00%
Housing	18.36%
Education	11.12%
Health Care	4.94%
Not Available	1.86%
Local	1.67%
Industrial Dev. Revenue and Pollution Control	0.73%
Other Revenue Bonds	0.41%
Transportation	0.16%
Cash & Cash Equivalents	-0.26%

Holdings
As of 10/31/2025 (Updated Monthly)

Galt Community Facilities District

City & County Of San Francisco CA Special Tax District No 2020-1

City Of Dublin CA

California Public Finance Authority

California Municipal Finance Authority

Chino Community Facilities District

Orange County Community Facilities District

River Islands Public Financing Authority

California Municipal Finance Authority

California Statewide Communities Development Authority

Distributions & Tax

Federal ID Number 83-4556975

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 31	0.000671	—	—	—	—	—	—	0.036834	—
Feb 29	0.000654	—	—	—	—	—	—	0.035892	—
Mar 28	0.000693	—	—	—	—	—	—	0.038042	—
Apr 30	0.000676	—	—	—	—	—	—	0.03708	—
May 31	0.00075	—	—	—	—	—	—	0.041162	—
Jun 28	0.000636	—	—	—	—	—	—	0.034894	—
Jul 31	0.000703	—	—	—	—	—	—	0.038566	—
Aug 30	0.000756	—	—	—	—	—	—	0.041458	—
Sep 30	0.000806	—	—	—	—	—	—	0.03552	—
Oct 31	0.000894	—	—	—	—	—	—	0.039388	—
Nov 29	0.000832	—	—	—	—	—	—	0.036665	—
Dec 31	0.000897	—	—	—	—	—	—	0.039516	—
	0.00897	—	—	—	—	—	—	0.455017	—

Jan 31

Feb 29

Mar 28

Apr 30

May 31

Jun 28

Jul 31

Aug 30

Sep 30

Oct 31

Nov 29

Dec 31

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: —
Specified Private Activity Bond Interest: 1.15%
Dividends Received Deduction: —
Section 163(j): —
Indiana Resident Taxable Income: —
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: —

Tax-Exempt Income By Jurisdiction

California: 99.35%

Florida: 0.63%

Minnesota: 0.02%

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 11/28/2025 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 11/28/2025

Share Prices

As of 11/28/2025

NAV ¹(Net Asset Value): $8.64
POP ⁵(Public Offering Price): $8.64

52-Week Range

Highest NAV As of 12/09/2024: $9.02
Lowest NAV As of 07/18/2025: $8.32

Documents

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Franklin Templeton SMACS: Series CH - Class A	Download Document
Checkbox	Annual Financial Statements and Other Information - Franklin Templeton Strategic Series	Download Document
Checkbox	Semi-Annual Report - Franklin Templeton SMACS: Series CH - Class A	Download Document
Checkbox	Semi-Annual Financial Statements and Other Information - Franklin Templeton Strategic Series	Download Document
Checkbox	Prospectus - Franklin Strategic Series SMACS	Download Document
Checkbox	Summary Prospectus - Franklin Templeton SMACS	Download Document
Checkbox	Statement of Additional Information - Franklin Strategic Series SMACSMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Franklin Strategic Series SMACSMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Franklin Strategic Series SMACSMailed hardcopies unavailable.	Download Document

Risks

All investments involve risks, including possible loss of principal. Fixed income securities involve interest rate, credit, inflation and reinvestment risks, and possible loss of principal. As interest rates rise, the value of fixed income securities falls. Liquidity risk exists when securities or other investments become more difficult to sell, or are unable to be sold, at the price at which they have been valued. Low-rated, high-yield bonds are subject to greater price volatility, illiquidity and possibility of default. Portfolios focused on a single state are subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund. An investor may be subject to the federal Alternative Minimum Tax, and state and local taxes may apply. The portfolio is non-diversified and may invest in a relatively small number of issuers, which may negatively impact the performance and result in greater fluctuation in value. These and other risks are discussed in the fund’s prospectus.

Important Information

Most funds offer multiple share classes. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the prospectus. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Fund's prospectus for additional information.

Franklin Distributors, LLC. Member FINRA, SIPC. All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Reports and other information about the funds are available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

The Bloomberg California Municipal Bond Exempt Index is a market value-weighted index of California investment-grade fixed-rate municipal bonds with maturities of one year or more.
Source: Bloomberg Indices.

Investors should carefully consider a fund's investment goals, risks, sales charges and expenses before investing. The prospectus contains this and other information. Please read the prospectus carefully before investing or sending money.

Footnotes

Net Asset Value - the amount per share you would receive if you sold shares that day. NAV Change indicates a change in the Net Asset Value from the previous business day.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product 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 Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics.
©2025 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.
Public Offering Price – the purchase price for each share of the fund on a given day. It includes the maximum initial sales charge, if any.
Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as S&P Global Ratings, Moody's Investors Service and Fitch Ratings, Inc. When ratings from multiple agencies are available, the highest is used, consistent with the portfolio investment process. Ratings reflect an NRSRO's opinion of an issuer's creditworthiness and typically range from AAA (highest) to D (lowest). The Refunded category consists of refunded bonds secured by the US government or other high-quality securities. The Not Rated category consists of ratable securities that have not been rated by an NRSRO. The Not Applicable category consists of third-party exchange-traded funds and securities that have only a short-term rating and are not cash equivalents. Cash includes equivalents, which may be rated. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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