Franklin California Tax-Free Income Fund
Franklin California Tax Free Income Fund · Series S000006665 · 5 share classes
data updated 2026-09-08
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 Q2
| Bonds | 99.12% |
| Cash & short-term | 0.77% |
| Securitized | 0.01% |
Latest quarter
What changed since the fund's previous filing
Largest new: University of California ×2, California Housing Finance Agency, California Statewide Communities Development Authority, Cerritos Community College District, California Municipal Finance Authority, Southern California Public Power Authority, Fullerton Joint Union High School District
Largest exited: University of California ×2, State of California ×2, Eastern Municipal Water District, California Health Facilities Financing Authority, San Diego County Regional Transportation Commission, Tobacco Securitization Authority of Southern California
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.92% | +10.73% | +3.04% | 4.59% | -5.74% | |
| +5.36% | +8.94% | +0.38% | 4.56% | -5.89% | |
| +6.04% | +11.07% | +3.55% | 4.56% | -5.87% | |
| +6.08% | +11.03% | +3.73% | 4.59% | -5.72% | |
| +5.76% | +10.21% | +2.25% | 4.58% | -5.92% |
These classes hold the same portfolio, so the 3.35pp spread over 5 years is the cost difference between them — roughly 0.67pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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 | 81.8% |
| Zero-coupon or unclassified | 11.6% |
| Floating rate | 6.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.1% |
| 1-3y | 3.1% |
| 3-5y | 1.4% |
| 5-10y | 8.1% |
| 10y+ | 86.4% |
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.
| Investment grade | +5.41 yr |
| High yield | +1.72 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 | 0.20 yr | 3% |
| 10 yr | 3.09 yr | 42% |
| 30 yr | 3.95 yr | 54% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.05 yr | 1% |
| 5 yr | 0.20 yr | 3% |
| 10 yr | 3.03 yr | 42% |
| 30 yr | 3.86 yr | 54% |
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 | $3.1k | $15 |
| 1 yr | +0.05 | +0.04 | +0.00 | $56.9k | $3.9k |
| 5 yr | +0.20 | +0.19 | +0.01 | $249.1k | $15.2k |
| 10 yr | +3.09 | +2.55 | +0.48 | $3.35m | $629.6k |
| 30 yr | +3.95 | +2.62 | +1.23 | $3.45m | $1.62m |
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 | 2.93% | $385.42M | — |
| — | San Joaquin Hills Transportation Corridor Agency6.00% · due 2043-01-15 | 1.56% | $204.72M | — |
| — | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue5.00% · due 2058-07-01 | 1.39% | $182.09M | — |
| — | San Joaquin Hills Transportation Corridor Agency6.00% · due 2045-01-15 | 1.38% | $182.05M | — |
| — | San Joaquin Hills Transportation Corridor Agency6.00% · due 2046-01-15 | 1.38% | $182.04M | — |
| — | San Joaquin Hills Transportation Corridor Agency4.00% · due 2050-01-15 | 1.37% | $179.68M | — |
| — | San Joaquin Hills Transportation Corridor Agency5.95% · due 2040-01-15 | 1.36% | $179.33M | — |
| — | San Joaquin Hills Transportation Corridor Agency5.90% · due 2038-01-15 | 1.02% | $133.72M | — |
| — | California Community Choice Financing Authority5.25% floating · due 2054-01-01 | 0.99% | $130.19M | — |
| — | San Joaquin Hills Transportation Corridor Agency4.00% · due 2044-01-15 | 0.97% | $128.06M | — |
Top 10 positions are 14.35% of net assets, top 25 25.25%, across 246 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free