Fund Evaluator:
Franklin CA Interm-Term Tx-Fr Inc Adv (FRCZX)
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Best Performing in Muni California Intermediate Over the Last Year
| 4.7% | Green California Tax-Free Income Inv (CFNTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Adm (VCADX) |
| 4.5% | American Century CA Interm-T T-Fr Bd Y (ACYTX) |
| 4.5% | Vanguard CA Interm-Term Tax-Exempt Inv (VCAIX) |
| 4.3% | American Century CA Interm-T T-Fr Bd Inv (BCITX) |
Fund Details
Franklin CA Interm-Term Tx-Fr Inc Adv Overview
Franklin CA Interm-Term Tx-Fr Inc Adv (FRCZX) is an actively managed Municipal Bond Muni California Intermediate fund. Franklin Templeton Investments launched the fund in 2008.
The investment seeks to provide as high a level of income exempt from federal income taxes and California personal income taxes as is consistent with prudent investment management and the preservation of shareholders' capital. The fund normally invests at least 80% of its total assets in securities that pay interest free from federal income taxes, including the federal alternative minimum tax, and from California personal income taxes. It invests at least 65% of its total assets in California municipal securities.
About Franklin CA Interm-Term Tx-Fr Inc Adv (FRCZX)
There are 4 members of the management team with an average tenure of 17.79 years: Michael Conn (2020), John Bonelli (2020), John Wiley (1992), Christopher Sperry (2000). 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 MF CA Interm TR USD index with a weighting of 100%. Franklin CA Interm-Term Tx-Fr Inc Adv has 474 securities in its portfolio. The top 10 holdings constitute 15.1% 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 Interm-Term Tx-Fr Inc Adv is part of the Fixed Income global asset class and is within the Municipal Bond fund group. Franklin CA Interm-Term Tx-Fr Inc Adv has 0.6% 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 98.7% (98.2% domestic bond, 0.6% foreign bond and 0.0% convertible bond). Franklin CA Interm-Term Tx-Fr Inc Adv has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $590 million in total assets, which is below the $621 million average for the Muni California Intermediate 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.
FRCZX 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 Interm-Term Tx-Fr Inc Adv expense ratio is average compared to funds in the Muni California Intermediate category. Franklin CA Interm-Term Tx-Fr Inc Adv has an expense ratio of 0.49%, which is 27% lower than its category average, making the fund expense ratio grade a C. 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 Interm-Term Tx-Fr Inc Adv has a portfolio turnover rate of 22%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 47% for the Muni California Intermediate category.
Recently, in the month of July 2026, Franklin CA Interm-Term Tx-Fr Inc Adv returned -1.3%, which earned it a grade of A, as the Muni California Intermediate category had an average return of -1.5%. 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 Interm-Term Tx-Fr Inc Adv has a trailing yield of 3.62%, which is above the 3.02% category average. The fund normally distributes its income monthly.
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 Interm-Term Tx-Fr Inc Adv Grades
Year to date, the fund has returned 0.5%, 0.4 percentage points better than the category, which translates into a grade of A. The fund has returned 4.6% over the past year (grade of B), 3.1% over the past three years (grade of B) and 0.7% per year over the past five years (grade of B) and 1.4% per year over the past 10 years (grade of C).
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FRCZX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FRCZX Return (NAV) | -1.3% | -0.2% | 4.6% | 3.1% | 0.7% | 1.4% |
| FRCZX Grade | A | A | B | B | B | C |
| +/- Category | 0.2% | 0.3% | 0.3% | 0.2% | 0.2% | -0.0% |
| Muni California Intermediate Avg | -1.5% | -0.5% | 4.3% | 2.9% | 0.5% | 1.5% |
| FRCZX Tax Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
FRCZX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FRCZX Return (NAV) | 0.5% | 4.0% | 2.0% | 5.0% | -7.2% | 0.8% | 3.6% | 5.5% | 1.0% | 4.0% | -0.0% |
| FRCZX Grade | A | C | B | C | C | C | D | D | B | D | A |
| +/- Category | 0.4% | 0.0% | 0.3% | 0.0% | -0.0% | -0.1% | -0.2% | -0.7% | 0.3% | -0.4% | 0.4% |
| Muni California Intermediate Avg | 0.2% | 4.0% | 1.7% | 4.9% | -7.2% | 0.9% | 3.7% | 6.2% | 0.8% | 4.4% | -0.4% |
| Risk Measures | |
| Standard Deviation: | 4.0% |
| Total Risk Index: | 0.32 - Low |
| Category Risk Index: | 0.93 - Below Average |
| Category Risk Grade: | B (27% Rank) |
| Beta: | 0.68 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 3.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $1398 Mil |
| Fund Total Assets: | $ 591 Mil |
| Share Class Type: | Adv |
| Portfolio Turnover: | 23% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 33.9 years | |||
| Average Tenure: 17.8 years | |||
| Managers (Year): Wiley John (1992), Sperry Christopher (2000), Conn Michael (2020), Bonelli John (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 474 |
| % in Top 10 Holdings: | 15.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 98.2% |
| Foreign Bond: | 0.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.3% |
Purchase Information
| Fund Family: | Franklin Templeton Investments |
| Phone Number: | 800-342-5236 |
| Website: | www.franklintempleton.com |
| Status: | Open |
| Inception Date: | October 31, 2008 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.49% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.67% |
| Share Class: | Franklin CA Interm-Term Tx-Fr Inc A1 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
