Fund Evaluator:
Franklin CA High Yield Municipal C (FCAHX)
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Best Performing in Muni California Long Over the Last Year
| 8.9% | Invesco California Municipal Y (OCAYX) |
| 8.5% | American Century CA High Yield Muni Y (ACYHX) |
| 8.4% | Columbia Strat CA Muncpl Inc Inst (CCAZX) |
| 8.4% | Vanguard CA Long-Term Tax-Exempt Adm (VCLAX) |
| 8.3% | Vanguard CA Long-Term Tax-Exempt Inv (VCITX) |
Fund Details
Franklin CA High Yield Municipal C Overview
Franklin CA High Yield Municipal C (FCAHX) is an actively managed Municipal Bond Muni California Long fund. Franklin Templeton Investments launched the fund in 1996.
The investment seeks a high level of income exempt from federal and California personal income taxes; capital appreciation is a secondary consideration. The fund invests at least 80% of its net assets in municipal securities whose interest is free from regular federal income taxes and from California personal income taxes. It also may have up to 100% of its assets in securities that pay interest subject to the federal alternative minimum tax. The fund also may invest up to 35% of its total assets in municipal securities issued by U.S. territories.
About Franklin CA High Yield Municipal C (FCAHX)
There are 4 members of the management team with an average tenure of 8.26 years: Michael Conn (2020), Daniel Workman (2026), John Bonelli (2020), Christopher Sperry (2004). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal California Exempt TR index with a weighting of 100%. Franklin CA High Yield Municipal C has 804 securities in its portfolio. The top 10 holdings constitute 10.6% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Franklin CA High Yield Municipal C is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Franklin CA High Yield Municipal C has 4.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 99.9% (95.0% domestic bond, 4.9% foreign bond and 0.0% convertible bond). Franklin CA High Yield Municipal C has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $68 million in total assets, which is below the $461 million average for the Muni California Long category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FCAHX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Franklin CA High Yield Municipal C expense ratio is high compared to funds in the Muni California Long category. Franklin CA High Yield Municipal C has an expense ratio of 1.20%, which is 46% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Franklin CA High Yield Municipal C has a portfolio turnover rate of 13%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 34% for the Muni California Long category.
Recently, in the month of June 2026, Franklin CA High Yield Municipal C returned 1.1%, which earned it a grade of C, as the Muni California Long category had an average return of 1.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Franklin CA High Yield Municipal C has a trailing yield of 3.73%, which is above the 3.43% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Franklin CA High Yield Municipal C Grades
Year to date, the fund has returned 2.9%, 0.2 percentage points better than the category, which translates into a grade of C. The fund has returned 7.5% over the past year (grade of C), 4.1% over the past three years (grade of C) and 0.1% per year over the past five years (grade of F) and 1.6% per year over the past 10 years (grade of D).
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FCAHX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FCAHX Return (NAV) | 1.1% | 3.0% | 7.5% | 4.1% | 0.1% | 1.6% |
| FCAHX Grade | C | C | C | C | F | D |
| +/- Category | 0.0% | 0.0% | -0.1% | 0.1% | -0.5% | -0.2% |
| Muni California Long Avg | 1.1% | 3.0% | 7.7% | 4.0% | 0.6% | 1.9% |
| FCAHX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FCAHX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FCAHX Return (NAV) | 2.9% | 2.6% | 3.4% | 4.8% | -12.5% | 3.4% | 3.9% | 9.0% | 0.4% | 6.5% | 0.6% |
| FCAHX Grade | C | D | A | F | F | B | D | B | D | B | B |
| +/- Category | 0.2% | -0.3% | 0.9% | -1.6% | -1.3% | 0.8% | -0.4% | 1.0% | -0.4% | 0.3% | 0.4% |
| Muni California Long Avg | 2.7% | 2.8% | 2.5% | 6.4% | -11.2% | 2.5% | 4.4% | 8.1% | 0.8% | 6.2% | 0.2% |
| Risk Measures | |
| Standard Deviation: | 6.3% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 0.99 - Above Average |
| Category Risk Grade: | D (61% Rank) |
| Beta: | 1.10 |
| R-Squared: | 95% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.7% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $3339 Mil |
| Fund Total Assets: | $ 69 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 14% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 21.7 years | |||
| Average Tenure: 8.3 years | |||
| Managers (Year): Sperry Christopher (2004), Bonelli John (2020), Conn Michael (2020), Workman Daniel (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 804 |
| % in Top 10 Holdings: | 10.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.9% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 95.0% |
| Foreign Bond: | 4.9% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-342-5236 |
| Website: | www.franklintempleton.com |
| Status: | Open |
| Inception Date: | May 1, 1996 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 1.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.65% |
Expenses and Fees | |
| Expense Ratio (%): | 1.20% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | Franklin CA High Yield Municipal A1 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
