Franklin California High Yield Municipal Fund Class A1

Frequently Asked Questions About FCAMX

What does FCAMX invest in?

At least 80% of the fund's net assets are dedicated to municipal debt instruments, which provide interest income free from typical federal and California personal income taxation. The fund also has the flexibility to allocate up to 100% of its assets to securities whose interest income is subject to the federal alternative minimum tax (AMT). Additionally, investments in municipal bonds originating from U.S. territories can comprise up to 35% of the fund's total assets.

What is the expense ratio of FCAMX?

Franklin California High Yield Municipal Fund Class A1 (FCAMX) charges an expense ratio of 0.66%. This is the annual fee deducted from fund assets to cover management and operations.

What is FCAMX's dividend yield?

FCAMX's trailing-twelve-month yield is 4.55%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of FCAMX?

Effective duration measures FCAMX's sensitivity to interest-rate changes: a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. FCAMX's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of FCAMX?

FCAMX's credit quality breakdown (the share of holdings rated AAA through CCC and below) is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of FCAMX?

Yield to maturity (YTM) is the total return you'd earn from FCAMX if every bond in the portfolio is held to maturity at the current price. FCAMX's YTM is published on the fund's factsheet on the issuer's website. It differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.