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Franklin California High Yield Municipal Fund

Fund Category: Tax Free IncomeGo to Prices & Performance page
showing this category of funds.

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Symbol FCAMX
CUSIP 354 025 306
Fund Number 175
Inception Date1 May 03, 1993
Distributions Monthly
Total Net Assets
(all share classes)
As of 03/31/2014
$1,665.3
(millions)

As of  04/22/2014

NAV2 $10.21  
NAV Change $0.01  
POP3 $10.66  
YTD Total Return at NAV 6.11%
Distribution Rate at NAV 4.88%
30-day Standardized Yield4
As of 03/31/2014 (updated monthly)
4.28%

Average Annual Total Returns
As of Quarter End 03/31/2014

w/ Sales Charge w/o Sales Charge
1 Yr -4.02% 0.23%
5 Yrs 9.46% 10.40%
10 Yrs 4.67% 5.12%
Life 5.46% 5.67%

Expense Ratio and Sales Charge As of 10/01/2013 (updated annually)

Gross Expense Ratio5 0.61%
Net Expense Ratio 0.61%
Max Initial Sales Charge 4.25%
CDSC 0.00%
12b-1 Fee 0.10%

Fund Description

Strategy Statement
Portfolio Managers
John Wiley
"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."

John Wiley, 1993
Joined Franklin Templeton in 1989

Strategy, Benefits, Results

Strategy

  • We seek to provide a high current yield.
  • We don't use leverage or invest in derivatives, which can increase portfolio volatility .
  • Our analysts search for attractively valued higher-yielding bonds.
  • We buy and hold for the long term.

Benefits

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

i. For investors subject to the alternative minimum tax, a portion of fund dividends may be taxable. Distributions of capital gains are generally taxable.

Results

Hypothetical $10K Investment

Hypothetical $10K Investment

Investing in the Fund

What Are the Risks?
  • All investments involve risks, including possible loss of principal.
  • Yield and share price will fluctuate with market conditions due to municipal bonds’ sensitivity to interest-rate movements.
  • Bond prices generally move in the opposite direction of interest rates, thus the fund’s share price may decline as the prices of bonds adjust to a rise in interest rates.
  • Investments concentrated in a single state are subject to greater risk of adverse economic and regulatory changes in that state than a geographically diversified fund.
  • In general, an investor is paid a higher yield to assume a greater degree of credit risk.
  • The fund holds a small portion of its assets in Puerto Rico municipal bonds that have been impacted by recent adverse economic and market changes, which may cause the fund’s share price to decline.
  • These and other risk considerations are discussed in the fund’s prospectus.

Minimum Investment

$1,000.00

How Financial Advisors Help You

Speak to your financial advisor about whether this fund is appropriate for you. If you don't have a financial advisor, request a referral.

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Important Legal Information

Footnotes

For U.S. residents only.