Franklin California High Yield Municipal Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Franklin California High Yield Municipal Fund held 803 positions with $3.29B in net assets. Its ten largest holdings made up 10.5% of the fund. The FCAMX share class costs 0.66% a year. Over the 12 months to May 2026, FCAMX returned 7.5%, with dividends reinvested. In 2026 Q2 it added 65 new positions and exited 7.
To provide investors with a high level of income exempt from federal and California personal income taxes. Its secondary goal is capital appreciation to the extent possible and consistent with its principal investment goal.
The fund invests at least 80% of its net assets in municipal securities exempt from federal and California personal income taxes, selecting securities based on credit profile, risk, pricing, and duration management to balance income and return across any rating category and maturity. Up to 20% may be held in taxable securities, and up to 35% in U.S. territory municipals. Because security selection depends on the manager's assessment of risk and return rather than a fixed benchmark, portfolio composition will vary with market conditions and the manager's views.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
San Joaquin Hills Transportation Corridor Agency 0.00% · due 2032-01-15 | 1.27% | $41.84M | — |
Grand Canyon University 5.13% · due 2028-10-01 | 1.24% | $40.76M | — |
M-S-R Energy Authority 6.50% · due 2039-11-01 | 1.21% | $39.83M | — |
Foothill-Eastern Transportation Corridor Agency 0.00% · due 2042-01-15 | 1.21% | $39.74M | — |
California Statewide Communities Development Authority 5.25% · due 2056-12-01 | 1.09% | $35.76M | — |
San Francisco City & County Airport Comm-San Francisco International Airport 5.00% · due 2050-05-01 | 1.06% | $34.76M | — |
Los Angeles Housing Authority 6.00% · due 2062-12-01 | 0.98% | $32.19M | — |
CMFA Special Finance Agency 4.50% · due 2051-08-01 | 0.86% | $28.13M | — |
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 4.78% · due 2058-07-01 | 0.84% | $27.57M | — |
San Diego Unified School District 0.00% · due 2047-07-01 | 0.79% | $26.00M | — |
The 200 largest of 803 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.69% |
| Securitized | 0.59% |
| Cash & short-term | 0.22% |
How it has done
FCAMX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.36%. Past returns are a record, not a forecast.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.66% | +7.54% | +13.89% | +3.10% | -6.51% | |
| 1.20% | +6.89% | +11.80% | +0.08% | -6.69% | |
| 0.56% | +7.63% | +14.19% | +3.51% | -6.47% | |
| 0.51% | +7.67% | +14.33% | +3.72% | -6.45% | |
| 0.81% | +7.48% | +13.35% | +2.32% | -6.53% |
These classes hold the same portfolio, so the 3.64pp spread over 5 years is the cost difference between them — roughly 0.73pp a year — not a difference in what they own.
Fees & fund details
Franklin California High Yield Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Long duration
- Expense ratio, by class
- 0.51% – 1.20%· FCAMX 0.66%
- Portfolio turnover
- 13.89% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
65 new· the largest 8
7 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 83.3% |
| Zero-coupon or unclassified | 11.1% |
| Floating rate | 5.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.7% |
| 1-3y | 2.9% |
| 3-5y | 1.1% |
| 5-10y | 5.5% |
| 10y+ | 89.7% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 51% |
| Credit spreads | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +3.86 yr |
| Investment grade | +3.72 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.05 yr | 1% |
| 5 yr | 0.16 yr | 2% |
| 10 yr | 2.57 yr | 33% |
| 30 yr | 5.04 yr | 64% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.04 yr | 1% |
| 5 yr | 0.16 yr | 2% |
| 10 yr | 2.49 yr | 33% |
| 30 yr | 4.89 yr | 64% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.00 | +0.00 | $7 | $11 |
| 1 yr | +0.05 | +0.01 | +0.03 | $4.6k | $9.7k |
| 5 yr | +0.16 | +0.12 | +0.04 | $39.9k | $12.1k |
| 10 yr | +2.57 | +1.38 | +1.11 | $454.1k | $364.7k |
| 30 yr | +5.04 | +2.21 | +2.68 | $724.8k | $880.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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