Franklin California Tax-Free Income Fund
Franklin California Tax Free Income Fund · Series S000006665 · 5 share classes
data updated 2026-08-10
Fund profile
As filed in the prospectus · 2026 Q2
To provide investors with as high a level of income exempt from federal income taxes, including alternative minimum tax, and exempt from California personal income taxes for California residents as is consistent with prudent investment management and the preservation of shareholders capital.
The fund invests at least 80% of assets in investment-grade municipal securities whose interest is exempt from federal income tax and California state income tax, selecting securities rated in the top four categories by recognized rating services and emphasizing credit quality and long-term income. Up to 20% of assets may be held in securities subject to federal alternative minimum tax or other federal or state income taxes, and up to 35% may be invested in municipal securities issued by U.S. territories. Because the fund's holdings depend on the manager's selection of individual securities based on credit profile, risk, pricing, and other factors rather than tracking an index, portfolio composition will vary with those judgments.
| Share class | Expense ratio |
|---|---|
| FKTFX | 0.61% |
| FRCTX | 1.17% |
| FCAVX | 0.52% |
| FKTQX | 0.48% |
| FTFQX | 0.77% |
Portfolio turnover 11.93% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q1
| Bonds | 98.37% |
| Cash & short-term | 1.00% |
| Securitized | 0.01% |
Latest quarter
What changed since the fund's previous filing
Largest new: California Community Choice Financing Authority ×3, Central Valley Energy Authority, California Municipal Finance Authority ×2, State of California Department of Water Resources, California Statewide Communities Development Authority
Largest exited: Regents of the University of California Medical Center Pooled Revenue, University of California, Los Angeles Department of Water & Power Water System Revenue, Los Angeles Department of Water, Foothill-Eastern Transportation Corridor Agency, Los Angeles County Metropolitan Transportation Authority, Los Angeles Department of Water & Power, State of California
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Feb 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — | |
| — | — | — | — | — |
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-02-28
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 | 81.5% |
| Zero-coupon or unclassified | 11.8% |
| Floating rate | 6.7% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 2.7% |
| 3-5y | 2.1% |
| 5-10y | 6.7% |
| 10y+ | 87.6% |
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 2026Q1
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.
| Investment grade | +5.45 yr |
| High yield | +1.69 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 | 0.20 yr | 3% |
| 10 yr | 3.07 yr | 42% |
| 30 yr | 4.02 yr | 55% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.05 yr | 1% |
| 5 yr | 0.20 yr | 3% |
| 10 yr | 2.99 yr | 42% |
| 30 yr | 3.91 yr | 55% |
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 | $3.6k | $8 |
| 1 yr | +0.05 | +0.05 | +0.00 | $62.1k | $3.0k |
| 5 yr | +0.20 | +0.19 | +0.01 | $245.5k | $13.3k |
| 10 yr | +3.07 | +2.58 | +0.42 | $3.42m | $550.7k |
| 30 yr | +4.02 | +2.64 | +1.27 | $3.50m | $1.68m |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | California Health Facilities Financing Authority4.00% · due 2044-11-01 | 3.05% | $404.51M | — |
| — | San Joaquin Hills Transportation Corridor Agency6.00% · due 2043-01-15 | 1.59% | $210.58M | — |
| — | San Joaquin Hills Transportation Corridor Agency5.95% · due 2040-01-15 | 1.41% | $186.31M | — |
| — | San Joaquin Hills Transportation Corridor Agency6.00% · due 2045-01-15 | 1.40% | $185.82M | — |
| — | San Joaquin Hills Transportation Corridor Agency6.00% · due 2046-01-15 | 1.40% | $185.34M | — |
| — | San Joaquin Hills Transportation Corridor Agency4.00% · due 2050-01-15 | 1.38% | $183.63M | — |
| — | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue5.00% · due 2058-07-01 | 1.36% | $180.86M | — |
| — | San Joaquin Hills Transportation Corridor Agency5.90% · due 2038-01-15 | 1.05% | $139.05M | — |
| — | California Community Choice Financing Authority5.25% floating · due 2054-01-01 | 0.99% | $131.80M | — |
| — | San Joaquin Hills Transportation Corridor Agency4.00% · due 2044-01-15 | 0.99% | $130.88M | — |
Top 10 positions are 14.62% of net assets, top 25 25.64%, across 242 issuers.
See more of this fund's book
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