FCAQX Fees and Costs — Franklin California High Yield Municipal Fund, Class R6
Data updated: 2026-07-27
The net expense ratio is 0.51%: a 0.46% management fee plus 0.05% other expenses. There are no sales loads or redemption fees. Portfolio turnover was 14%.
FCAQX Fees and Expenses
Annual operating expenses and sales charges of FCAQX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.46% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| Gross expense ratio | 0.51% |
| Fee waiver | — |
| Net expense ratio | 0.51% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FCAQX Costs Over Time
On $10,000 invested in FCAQX, assuming 5% a year before costs, total costs come to $322 over 5 years, cutting the return by 0.54% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.51%) | $54 | $168 | $293 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $54 | $176 | $322 |
| Value after costs | $10,446 | $11,400 | $12,441 |
| Impact on return, per year | 0.54% | 0.54% | 0.54% |
FCAQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 14%
- Securities lending: none during the year
FCAQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo Securities, LLC | $142.5M | 14.09% |
| Goldman Sachs & Co. LLC | $139.8M | 13.82% |
| J.P. Morgan Securities LLC | $132.3M | 13.09% |
| Piper Sandler & Co. | $117.6M | 11.63% |
| Morgan Stanley & Co. LLC | $103.8M | 10.26% |
| Barclays Capital, Inc. | $94.6M | 9.36% |
| RBC Capital Markets, LLC | $85.7M | 8.47% |
| BofA Securities, Inc. | $70.0M | 6.93% |
| Jefferies LLC | $64.6M | 6.38% |
| Raymond James & Associates, Inc. | $60.4M | 5.97% |
Franklin California High Yield Municipal Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FCAQX | Class R6 | 0.51% | none |
| FVCAX | Advisor Class | 0.56% | none |
| FCAMX | Class A1 | 0.66% | 3.75% |
| FCQAX | Class A | 0.81% | 3.75% |
| FCAHX | Class C | 1.20% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.